Coinjar Review (2021) – Is This the Crypto Exchange for You?

Coinjar Review

In this Coinjar Review, we will go in depth on the trading features and how good the Coinjar exchange actually is. The Coinjar exchange is an online digital currency platform that allows it sixers to purchase, sell, store as well as send out digital currency.

The Coinjar exchange offers payment methods such as payments through debit card, their very own in-house app called Coinjar Swipe and also other mobile applications, such as CoinJar IOS and Android app.

The Coinjar exchange has provided their products readily available worldwide with the exchange boasting more than 400,000 users.

In addition to all the applications provided, Coinjar is also a cryptocurrency exchange. Being a cryptocurrency exchange, the platform also offers Coinjar Exchange and also Coinjar OTC Trading allows their platform to cater towards both professional traders as well as novice traders. Coinjar aims to provide support to the common trader to make large transactions by offering trading fees as low as 0.1% for higher trading volumes.

As such, both investors and traders are able to purchase and trade supported cryptocurrencies by Coinjar such as Bitcoin Ethereum Litecoin.

In addition to that, a Coinjar profile allows the support of crypto wallet to wallet transfers and also the option to purchase and sell cryptocurrency using fiat currency. However, fiat currency is limited as Coinjar only provides support for the Australian Dollar and the British Pound.

Coinjar was founded back in 2013 and is registered with both AUSTRAC and also a registered business in the UK under Coinjar UK Limited.

Pros and Cons of Coinjar

Pros

Customer support base of Coinjar is great although only available during business hours. The support team offers a comprehensive knowledge base platform and provides users with more than enough customer support to navigate the platform.

Coinjar allows the withdrawal and deposits of both fiat currencies through bank transfers and also cryptos such as Bitcoin Ethereum Litecoin.

Quick transaction speeds. Deposits can take as little as 5 minutes to reach into the CoinJar account.

CoinJar platform is easy to use allowing faster payments and also supporting both experienced traders and novice users.

Coinjar does not only offer CoinJar to buy and sell cryptocurrencies but also provides features such as crypto wallets and Coinjar Swipe.

Coinjar places a strong emphasis on providing adequate security to protect user information and funds.

Able to earn Coinjar rewards points which can be used to reduce any trading fees Coinjar will place through the Rewards Store.

Coinjar app is compatible ton mobile

Cons

The exchange is regulated, and thus is required by law to comply with relevant KYC and AML regulations, users lose anonymity.

Limited number of cryptos supported on the platform compared to most crypto exchanges.

Does not offer a demo account or training virtual currency for new users to try out new strategies.

CoinJar trading Features

There are a few key trading features of Coinjar. First of all Coinjar’s platform is easy to use which allows traders to easily enter the cryptocurrency trading scene. Coinjar allows the support of depositing and withdrawal of both fiat currencies and cryptocurrencies to and from their Coinjar Account.

Their trading fees are also relatively low with 0.1% for high volume traders which makes the Coinjar platform attractive to both individual and institutional high-profile investors. However, Coinjar only supports trading in Australia and the UK. Coinjar is also known as a multi product exchange which delivers not only crypto trading but also Coinjar Swipe which allows trading on the go.

Other than the traditional option on the platform to buy and sell cryptos, there is also support in place to trade crypto pairings and also fiat currency and crypto pairings. Users who own the supported cryptos on the platform will be able to transfer these out of the Coinjar Wallet.

Coinjar also accepts deposit methods through bank transfers.

Coinjar Referrals program

Coinjar allows its users and customers to invite other people to join Coinjar and they will be rewarded with an immediate credit of 500 CoinJar Reward Points when someone signs up using a referral bink of the recommender’s Coinjar Account and completes ID verification. The new user also receives a 500 CoinJar Reward Points when they successfully sign up for a Coinjar account. The rewarded Coinjar Reward Points can be exchanged at the Coinjar Rewards Store any leftover credits can be used to cover any cost of currency exchange within CoinJar.

Other Coinjar rewards include a 5 points credit for every Coinjar Swipe card transaction. Payment from Coinjar to any external BPAY biller will be rewarded with one Coinjar Point for every dollar sent to the external BPAY biller. Finally, any currency exchange that requires fees will reward a 500 points per Bitcoin traded.

Registration process for Coinjar

In order to start the process of buying and selling crypto on Coinjar, an account needs to first be created. Firstly, to open an account, you will need to click the “Sign Up” button that is provided on the CoinJar home page which is located on the top right hand side of the site.

You will be prompted with some information and after you have filled them up, select “Sign Up”. After that, CoinJar will send you an email to verify your email address and you will need to click “Confirm my account” through your email address.

After confirming, you will be able to sign into the CoinJar platform and prompted to create a username and also provide a profile picture for your account. Subsequently, agree to Coinjar’s terms of service and select “Next”. Next, select the country of residence that you currently reside in and then click “Save”.

After that, you will need to verify your mobile number so the support team is able to verify this and create a two factor authentication security protocol that is linked to your mobile phone. You will be prompted to input a verification code that you will receive through SMS and then click “Verify”.

After verification, you will be then directed to the Coinjar mainpage where your account will be prompted to “Turn on Enhanced Security” It is up to you whether or not you want to do so but we do heavily recommend this option as you will then be able to select whether you prefer a Simple (SMS-based) or Advanced (App-Based) enhanced security to set up two factor authentication.

For demonstrative purposes, we will select the Simple SMS device. After that, enter your mobile number as well as setting up a device name before selecting “Confirm device”

Proceed to enter the verification code that was sent to your mobile via SMS and then click “Add device”. You will subsequently be provided with a verification code via SMS in order to complete the set up.

Get Verified

After the steps above are done, there are still a few more steps such as activating the CoinJar Rewards account and also completing the verification process before you can fully utilise Coinjar’s exchange.

The verification process is important if you wish to deposit and withdraw fiat currency as well as accessing additional features such as the CoinJar exchange and CoinJar Swipe.

To get verified you will need to access your Accounts Page and select “Accounts” on the left hand side of the CoinJar page and select “Get Verified Now” under CoinJar Rewards. You will need to select the type of account which comprises Individual, Company or Trust/SMSF accounts. Take note that you will not be able to change the account type once the ID verification is completed.

We will assume an Individual account type for this review, after selecting that option, you will be redirected to their Identity Services page. After that you will see that Coinjar prompts you to download their mobile app in order to complete this portion of the verification process and a download link will be sent to your mobile through SMS once you have proceeded to the page.

After installing the CoinJar app, you will should click “Get started with your CoinJar account” and then subsequently “Verify Now”

You will then need to go through the app and select the country of residence and prepare any information that is requested which involves a full legal name, date of birth and also current residential address. You are also required to provide a picture of a government issued legal ID such as a passport or a driver’s license. You are also required to provide a proof of address through either a bank statement or a utility bill. Finally you are required to take a selfie in order to compare your face with the photo in your ID.

Once you have prepared all the information and submitted them, CoinJar will complete and confirm the verification process and their customer service will let you know once it has been approved. After being verified, you will then be able to access faster payments as well as immediately deposit funds via a bank transfer into Coinjar and start to buy and sell cryptos.

Additional steps

Other than completing the registration and verification process, there are other steps you should take such as linking your bank account into your CoinJar account to enable quicker bank transfers and deposits into your CoinJar account.

Supported cryptocurrencies

Other than the option to buy and sell crypto, Coinjar supports a wide variety of coins such as Bitcoin, Ethereum, Litecoin, OX, XRP, Dai, USD Token, Stellar’s Lumen and Basic Attention Token.

You will be able to check the list of cryptos by navigating to their buy sell page. This section of the exchange also shows all the crypto/fiat money, and crypto to crypto pairings that are supported by CoinJar.

The Coinjar exchange also allows investors the option to either trade or purchase digital currency. So what this means is that you are not only able to deposit cryptos into your Coinjar account, but also able to deposit fiat currencies into your account using bank transfer from your bank account. Only two types of fiat currencies are supported though, which are the Australian Dollar and British Pound.

Coinjar Exchange

Among the top tier crypto exchanges, CoinJar is considered as an advanced trading platform which allows the creation of a account and enables the trading of multiple digital currencies against Pounds and Bitcoin. Coinjar also allows you to trade directly with either user and get cryptos from their accounts.

Once verified, users are able to join the Coinjar crypto exchange and are charged fees that are tiered based on a 30-day trading volume.

The CoinJar exchange also provides its high volume traders more control over their buy sell orders. This is because on the crypto exchange, investors are able to specify the exact price and also volume of trade and also terms of cancellation if any.

Other tools on the CoinJar exchange also include a detailed overview of the current crypto coins market as well as additional insights and also current market value.

Coinjar additionally allows its users the option to buy or sell at a market or a limit and also provides a dropdown menu that is situated on the top left in order to select a trade pairing funded by bank transfer.

The website also provides interactive charts with time intervals that are adjustable and also indicators that show opening, closing, highs, lows and also volumes.

Other features include an order history situated below the indicator charts and also auction windows that provide investors the option to access fairer prices on their account.

Another great feature of the exchange is that they offer an OTC Trading Desk which offers competitive rates and also a flexible settlement plan which is only available to investors who are looking to trade orders larger than $50,000.

CoinJar Swipe

This product is a crypto debit card which allows its users to spend their digital currency – similar to how a CoinJar wallet works anywhere that accepts EFTPOS in Australia and make cash withdrawals at any ATM that provides cash-out facilities,

Every transaction made using this app allows you to earn 5 CoinJar Reward Points. The debit card can be ordered through the mobile app. You will then be required to transfer at least $29 from your bank account or Coinjar Wallet to pay for your card.

There are swipe limits with maximum daily transactions which includes any purchases, payments or withdrawals at 25 transactions a day. For ATM Cash outs or other users, the maximum daily limit is 10 uses a day. For any maximum daily top-up or spend, a rolling 24 hours window of $999 is placed as a limit.

Coinjar Exchange charts

The exchange also provides its investors with intuitive features such as price charts which provide important analysis information such as price histories for every supported cryptocurrency on the exchange.

The charts are located on their Buy/Sell page and you would just need to simply select the crypto price history that you wish to analyse and scroll down to their “Price Charts” section.

Balances and Trading History

Investors on the exchange will be able to access all balances and transaction histories and you are able to obtain a purchase, sales, deposit and withdrawal histories by navigating into the “Settings” page and subsequently selecting on the “Tax Settings” section and clicking download.

In order to look for your exchange balances, the “Accounts” page will show your account balances and also your CoinJard Rewards balance.

Additionally, under the same “Accounts” page, traders will be able to obtain an account report which contains a history of all trades that you have made on the exchange using your bank account and are dated. Other information includes a timestamp of the trade and also a transaction running balance.

Fill reports and fee reports can also be downloaded from the same account section.

Trading Fees and charges

The exchange is transparent on all fees and this can be shown on the platform. There are a few types of fees which are summarised as Maker & Taker Fees, Deposit Fees, Conversion Fees, Withdrawal Fees, Exchange Fees and CoinjarSwipe Fees and Limits

Maker & Taker Fees

The trading rates are determined based on a user’s previous 30-day trading volume with a taker fee starting at 0.25% and maker fee of 0.15% and reduces to up to 0.10% for takers and 0% for makers. However the trading volumes starts at $10,000 for the first tier and increases to $10,000,000 at the lowest rate.

Deposit Fees

There is no deposit fee charged through using BPAY, NPP, and also receiving digital currencies from both Non-Coinjar and Coinjar users. There is however a 1.5% fee charged on Blueshyft cash deposits.

Conversion Fee

No fees are charged when converting a digital currency account to CoinjarSwipe. However there is a 1% fee charged on conversion between digital currency accounts and also between a digital currency account and Cash account.

Coinjar withdrawal fees.

No fees are charged when you are withdrawing from Cash Account to Bank Account, sending digital currencies to Coinjar members and sending XRP and Litecoin. A 0.5% fee is charged when you send crypto to BPAY biller while dynamic fees are charged depending on the type of cryptos being withdrawn which vary every 15 minutes as the fee is dependent on the blockchain congestion levels as well as amounts being sent.

CoinJarSwipe fees and limits

For the initial ordering cost, it is $29 for printing and encoding the card while you get it free through the CoinJar app and no delivery fee is charged.

No fees are charged for activation, any EFTPOS purchase or withdrawal and inactivity. It is worthy to note however that any disputed transactions will incur a $10 per incident while lost cards will incur $29 for printing and encoding of a replacement card and also no delivery fees.

Coinjar wallet.

You are able to locate your COinJar wallet within the “Accounts” page under the “Accounts” section and you will need to complete the verification process, if not you are only allowed access to Bitcoin.

You can then simply select a new crypto account that you wish to add and then just proceed to either make a buy or sell order on the type of cryptocurrency.

Security

Coinjar strives to provide top-tier level security in order to protect user information as well as user funds and assets on the platform. The security features include two factor authentication which Coinjar encourages all its users to have as it increases level of security.

Coinjar also places account limits to ensure enhanced security. Daily and monthly limits areput in place for bank deposits or withdrawals, digital payments, debit card payments and all other types of internal transfers.

Once ID verification is completed, CoinJar provides its users the option for daily limits to be placed for making any bank transfers as well as fiat currency conversion on CoinJar.

CoinJar also keeps about 90% of their digital assets in remote and geographically redundant secure locations.

CoinJar also employs multi-signature technology in order to protect user assets that are stored online. Any information that the exchange stores and requests are stored in cloud services that are of the utmost strict and possess highest infrastructure security requirements.

Customer Service

Coinjar aims to answer all customer queries within 2 business days and are available on weekdays between 9.00AM to 5.30PM

They also provide a dedicated support page that aims to answer all users’ frequently asked questions that houses a comprehensive library to assist with any queries.

Conclusion

Coinjar is an exchange that is simple to use that provides features that cater to both experienced users as well as novices. Although the number of cryptocurrencies supported on the exchange leaves much to be desired, they provide more than 25 different type of pairings to gain more exposure on the market and the exchange also supports trading between crypto/fiat money pairings which is a feature that is less common in the industry.

Frequently Asked Questions (FAQ)

Can I trade cryptos on the Exchange?

Yes and they are free but you will need to get verified

Do I need to complete verification in order to deposit fiat money?

Yes, you will only be able to deposit Bitcoin until the verification process is complete

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