A Review of CoinJar 2022

Exchanges and platforms for cryptocurrencies typically offer their registered users individualized cryptocurrency accounts or wallets in which they may store and secure their digital assets. One of these prominent cryptocurrency trading platforms is called CoinJar, and it has been drawing a significant number of users to its site recently. It is a trustworthy site that caters to traders of all experience levels, from novices to experts. It allows a seamless conversion of fiat currency to the digital currency, just like the majority of cryptocurrency exchanges do, which is what attracts investors from all over the world to try their hand at crypto trading.

In this review of CoinJar, we will assist traders in analyzing the features, benefits, pros, and negatives of CoinJar so that they can become familiar with the platform prior to registering an account.

What exactly is the CoinJar?

CoinJar is a trading platform for cryptocurrencies that was established in May 2013 by Asher Tan and Ryan Zhou and is situated in Australia. It is headquartered in Melbourne, which is located in Victoria. The cryptocurrency exchange provides users with a straightforward user interface in addition to cutting-edge products such as the crypto debit card, the crypto EFTPOS card, and a CoinJar wallet application that is safe and compatible with mobile devices.

Although the cryptocurrency market and investors in Australia are the primary focus of the exchange, it also offer some of its services to customers located in other parts of the world. There are more than 400,000 users who are registered with CoinJar, and more than $1.5 billion worth of digital currencies being traded.

The exchange has received backing from a number of prominent investors, some of which are BlackBird Ventures, Boost VC, and Digital Currency Group, to name just a few. Additionally, in addition to the typical cryptocurrency exchange-based services, CoinJar now provides a cryptocurrency index fund to traders. This fund enables traders to speculate on the price movements of any four accepted cryptocurrencies with just one easy investment.

How Does CoinJar Come Into Play?

CoinJar operates in the same manner as the other leading cryptocurrency exchanges in Australia. The local bank accounts of Australian citizens are one of the possible sources for funding the digital wallets associated with their accounts. For those using the platform for other purposes, it is possible to make deposits using any of the supported cryptocurrencies. Once the funds have been added to the account, traders will have easy access to purchase and sell any digital currency that is supported.

CoinJar generates revenue by imposing transaction fees on traders whenever a trade is executed on its platform. This is how the company makes money. After making a purchase of cryptocurrency coins, dealers also have the option of storing those coins in a CoinJar wallet. They also have the option to withdraw the money to their own personal bitcoin wallet or the best cryptocurrency wallet. CoinJar provides its users with real-time technical charts that assist them in making informed trading decisions, in addition to the typical brokerage services that it offers. This allows CoinJar to facilitate the trading of cryptocurrency pairs.

The Main Attributes of CoinJar

The following benefits are available through the CoinJar exchange:

• A straightforward and uncomplicated platform ideal for first-timers.

• Accepts deposits in AUD via a variety of free deposit methods.

• The CoinJar Swipe crypto debit card is a wonderful tool for market participants.

Traders are able to trade from anywhere with the use of compatible mobile trading apps.

• Allows users to make deposits and withdrawals using both traditional currency and cryptocurrency.

• Traders of any size can participate, from individuals to institutions.

• Identified as a member of AUSTRAC and AML.

• A strong focus placed on safety.

• A streamlined onboarding procedure that complies with KYC standards.

• A sizable knowledge base along with a full and extensive library for the benefit of merchants.

An Analysis of CoinJar, Including Both Pros and Cons

Pros:

• In comparison to other standard cryptocurrency exchanges, CoinJar’s many capabilities, which include a cryptocurrency wallet, exchange, and swipe, provide users the ability to do significantly more with their digital money.

• A good platform for newbie traders.

• Competitive fee structure.

• Compatible smartphone application.

• Traders who earn CoinJar Rewards points have the option of redeeming those points at the CoinJar Rewards Store or using them to reduce the cost of currency conversions.

Cons:

• Only a select few digital currencies are supported at this time.

• The pricing is determined by the current spread, which is subject to change during the day.

• The customer service department is unavailable on the weekends.

The Procedure for Creating a CoinJar Account and Signing In

The procedure for logging in to CoinJar is fairly straightforward and may be completed simply adhering to the steps that are stated below:

• Navigate to the official CoinJar website and, while there, look for the “Sign Up” option in the page’s upper-right hand corner. This will allow you to access the registration form.

• Provide your first name, last name, email address, and a robust password in the space provided on the form.

• You must accept the terms and conditions of the CoinJar exchange.

• To create an account, click the “Create Account” button, and then verify your email address by clicking the link that was delivered to the email address the user gave throughout the registration process.

After the user has successfully logged in to their CoinJar account for the first time, they will be prompted to choose a username, upload a photo of themselves, provide a valid mobile number, and then indicate their country of residence before the primary registration process is considered to be finished.

How Can You Confirm That Your CoinJar Account Is Real?

Users are not permitted to begin trading (buying or selling) Bitcoin on the CoinJar platform until they have first verified their trading account on the CoinJar website. The process of verifying your account on CoinJar is completely automated and just takes a few minutes to finish using Digital ID, which is provided by Australia Post.

The following is a list of the actions that must be taken to verify an account:

• When logging in to your CoinJar trading account, use the credentials that you have previously established for this account.

• On the dashboard, select the “Get verified now” tab and click on it.

• Determine if you are an individual, a company, or an SMSF investor, and then select the appropriate status.

• Navigate to the “Verify with Digital ID” tab and click there.

• You will be required to upload a government-issued ID verification (maybe a Passport or a Drivers Licence).

• Provide your information in the same format as the identification paper.

• Take some time to go over the information.

• First, select the tab labeled “Confirm,” and then select the “Submit” tab.

What exactly is the CoinJar Swipe app?

CoinJar makes available to traders in Australia a crypto debit card known as the CoinJar Swipe card. With this card, traders are able to spend cryptocurrency at any retail location in Australia that accepts EFTPOS payments. Additionally, cash can be withdrawn by merchants at any of the ATM locations or merchant vendors that provide cash-out capabilities.

The CoinJar Swipe Debit Card is only offered to people who are citizens of Australia; it cannot be used in any country outside of Australia, either online or off. Additionally, at this time, it is not accessible to those living in the United Kingdom; however, the CoinJar team is working with card providers to make the service available in the United Kingdom.

What is the function of the CoinJar Swipe Debit Card?

The main difference between the CoinJar Swipe card and standard debit cards is that it may be used to make cryptocurrency transactions instead of traditional ones. The CoinJar Debit Card does not have any fees associated with the transactions, the monthly fees, or the activation fees. Additionally, there are no charges levied for loading fees when AUD transactions, EFTPOS purchases, or withdrawals are made using the CoinJar debit card. The loading fee for cryptocurrency coins is the same as the standard exchange fee that CoinJar charges.

CoinJar is compelled to enforce some transaction limitations that it has set, and cardholders are responsible for adhering to these limits. There is a limit of 25 free transactions per day that can be completed using the card; after that, you will be charged a price for each transaction. The maximum amount that can be added to the card each day is 999 dollars, and the bare minimum you should have on the card is also 999 dollars.

Methods of Payment for Coinjar

In order to add an additional layer of protection to their accounts, users should first verify their accounts, then activate two-factor authentication and SMS authentication before depositing funds into their accounts. Users need to navigate to the “Settings” tab and click on the “Enhanced Verification” portion of the page in order to learn more about the security options and enable two-factor authentication (2FA). After this step has been completed, users will be able to immediately navigate to the “Deposit Funds” page, where they can complete the appropriate deposits, and then immediately begin trading without being subject to any limitations.

Various Methods of Deposit

To deposit fiat currency into their CoinJar wallets, registered users have the option of using any of the following payment methods:

PayId/NPP

This is an instant payment method that enables customers to send payments from any supported Australian bank account completely free of charge by utilizing the PayID payment system. NPP and Osko® are able to provide support for PayID systems at any time of the day or night, 24 hours a day, seven days a week.

Blueshyft

This is another another cost-free payment gateway that enables registered users of the CoinJar platform to make cash deposits in order to purchase any of the supported cryptocurrencies. The Blueshyft payment system is accepted at more than 1,200 different retail locations in Australia and the rest of the world. In order to utilize Blueshyft, users are required to make a cash deposit of at least $50 and no more than $5,000 in a period of 24 hours.

Card for debit or credit transactions

In order to purchase cryptocurrencies using the CoinJar platform, customers are able to make deposits to their CoinJar accounts using a debit card, a credit card (Mastercard or Visa), or both.

Deposits in Cryptocurrency

On the CoinJar exchange, just like on most other cryptocurrency exchanges, registered users have the ability to deposit cryptocurrency coins straight to their own unique wallet address. The exact cryptocurrency coin that users are using to fund their wallets is a factor that determines how long the processing time is. However, the sum usually displays in their wallet within a maximum of fifteen to twenty minutes after the transaction has been completed.

CoinJar Service Fees

CoinJar’s Commissions on Trades

Takers are subject to a different cost structure than creators under CoinJar’s pricing model. The cost charged to takers for performing trades from fiat currency to cryptocurrencies ranges from 0.1 percent to 0.5 percent each transaction, depending on the volume of trades. On the other hand, the makers charge for the same transaction is 0%, which cancels out the effect of the takers fee if traders are concerned about that aspect of the transaction. When exchanging cryptocurrencies with other cryptocurrencies, the cost charged to takers is a flat rate of 0.1%, while the fee charged to producers is 0%.

The trading costs are deducted from the account balances of the traders, and as a result, the initial margin of the order that was made is unaffected by this deduction. Users who trade more than $10 million worth of assets will be required to pay a trading fee that is as low as 0.1%. See the table below for further information on the various fees.

Spot Fees

To buy and sell cryptocurrencies instantaneously, CoinJar charges a flat cost of 1% per trade for all trading assets. This fee applies to all trades. If traders feel that this fee is a little high in comparison to the average fee charged across the global industry, they can try out other trading options at CoinJar; the platform offers more advanced options such as charts and orders to cater to the requirements of cryptocurrency traders and professional investors.

Charges Applicable to Deposits and Withdrawals

The transaction costs associated with placing deposits of fiat currencies into a CoinJar wallet are determined by the payment methods that the traders select. There are no transaction fees applied to deposits made via BPAY, PAYID/NPP, or cryptocurrency. Whereas CoinJar assesses a flat cost of 1.5% for cash deposits and a fee of 2% for payments made using a debit or credit card, the fees for cash deposits and card payments are respectively.

When withdrawing AUD, traders are not subject to any processing fees; however, when withdrawing other currencies or amounts that are not denominated in AUD, traders are subject to a flat withdrawal cost of $20. The cryptocurrency exchange will impose a network fee for all cryptocurrency withdrawals, the amount of which is once again determined by the load on the blockchain. The table that follows provides information about the costs associated with deposits.

In addition, the table that follows provides information about the fees associated with withdrawals, and if you want to learn more, you may visit the CoinJar website.

Countries as Well as Their Currencies CoinJar is here to back you up.

You must be a resident of either the United Kingdom or Australia in order to engage in cryptocurrency trading (buying and selling) on CoinJar. Traders who do not reside in Australia or the United Kingdom can still sign up for an account on the platform; however, they will only be able to use the exchange as an online cryptocurrency wallet to send, receive, or store cryptocurrencies; they will not be able to engage in any trading activities on the platform.

CoinJar currently supports approximately 24 different digital currencies, some of which are Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), Ethereum (ETH), 0x Token (ZRX), Aave (AAVE), Algorand (ALGO), Chainlink (LINK), Bancor (BNT), EOS (EOS), Basic Attention Token (BAT), Curve DAO Token (CRV), Maker (MKR), Compound (COMP), Dai Among the several fiat currencies, CoinJar supports Australian Dollars and British Pounds.

Is it safe to use CoinJar?

According to the findings of our research of CoinJar Australia, it is reasonable to infer that CoinJar is a completely trustworthy cryptocurrency trading platform that is authorized by AUSTRAC. The CoinJar exchange makes use of stringent anti-money laundering precautions, a machine learning system, and two-factor authentication in order to keep customer funds secure and to investigate any transactions that appear to be questionable.

Protection for Websites

CoinJar employs a number of methods, including data encryption, TSL (Transport Layer Security), frequent security audits, and a variety of other cutting-edge machine learning techniques (MLTs), in order to identify suspicious logins, financial fraud, and account takeovers.

Protection for Wallets

At least 90 percent of the funds held in users’ CoinJar wallets are kept in a secure cold storage facility. Only offline and in multiple geographically diverse locations do the hardware wallets keep their contents.

2FA

CoinJar’s two-factor authentication can be accomplished by either the Authenticator app or through SMS authentication. A client’s mobile device will have an app called Authenticator put on it. This software will operate by producing a new authentication code once every 30 seconds after it has been loaded. The trader will be able to use the code to successfully log in to his CoinJar account as soon as the app has been connected to his CoinJar account. The application utilizes top-tier encryption and is available to anyone with a reliable internet connection.

On the other hand, mobile phone service providers do not encrypt text messages, making them vulnerable to security flaws such as being intercepted or having their ports forwarded. When CoinJar requests authentication from a user, the SMS authentication process causes the user’s mobile device to get a text message with a verification code. All that is required of them is to key in the code that was sent to them.

Customer Service in the CoinJar Evaluation

CoinJar provides its users with a comprehensive customer support section, in which users can browse through the Frequently Asked Questions (FAQs) or submit a ticket for any assistance related to services such as account and identity verification, depositing funds via a bank transfer, sending cryptocurrency payments, and a great deal more.

The only time the customer support team is available is between the hours of 8:00 am and 6:00 pm, Monday through Friday, Melbourne time. This is a challenge for traders who do not have a physical presence in Australia, since they may be compelled to communicate with the customer care personnel at inconvenient times.

Because CoinJar traders have easy access to customer service phone numbers if they subscribe to the CoinJar trader plan, However, the traders can only get in touch with the staff through the support ticket service the vast majority of the time.

The Final Thoughts Regarding CoinJar

Each user’s preferences should be taken into consideration while determining which cryptocurrency exchange is the finest. It would appear that CoinJar is a good option for people living in the UK and Australia. Investors are drawn to it because of its straightforward design, which is simple and straightforward to use. As a result, it is ideal for novices who wish to trade (buy and sell) Bitcoin (BTC) and other popular cryptocurrencies in a hurry. Therefore, if you are interested in purchasing Bitcoin (BTC), you should consider using CoinJar because it is a trustworthy platform that offers reasonable costs.

FAQs

What Is the Quality of CoinJar?

According to the review of Coinjar, this platform is an easy-to-use cryptocurrency exchange that was built primarily for beginners to experience easy crypto trading (buy and sell bitcoin and other major cryptocurrencies) at competitive trading costs. Coinjar was developed primarily for novices.

Is CoinJar a local business?

CoinJar was initially launched in the year 2013 in the country of Australia, and there is currently no additional information accessible regarding the headquarters of CoinJar in any other country. As a result, it is reasonable to believe that CoinJar is a cryptocurrency exchange based in Australia.

Is Purchasing Bitcoin Possible on CoinJar?

Yes, buyers on CoinJar have the option of using either cash or fiat currencies to acquire Bitcoin.

Is CoinJar a Trustworthy Wallet to Use?

CoinJar Australia does, in fact, provide its customers with a secure cryptocurrency wallet that can be used to store crypto coins until such time as they are ready to be sold for a profit at the appropriate time. The client’s assets and personal information, along with other sensitive data, will remain secure within the wallet thanks to its “bank-like” security mechanisms. Roughly ninety percent of the funds belonging to customers are kept in offline cryptocurrency wallets that are kept in safe places.

Two-factor authentication (2FA), data encryption, Transport Layer Security (TLS), and frequent security audits are some of the ways in which CoinJar safeguards the information of its customers. CoinJar also ensures that its security measures are up to date by conducting regular audits.

Is There A CoinJar App For Mobile Devices?

CoinJar Australia does indeed offer a mobile app that can be used on mobile devices running either the Android or iPhone operating systems. The mobile application is released at the same time as the mobile wallet. The application is available for free download on both the Apple App Store and the Google Play Store.

The user interface of the mobile app is identical to that of its desktop counterpart, and users are able to immediately carry out any and all tasks using the mobile app. There is an additional software available, which goes by the name “CoinJar Touch,” that can be used to make instantaneous money transfers. However, the only people who may use this app are Australian nationals.