CoinJar Review 2020

CoinJar is an online digital currency exchange that allows users to buy, sell, store, and spend digital assets.

As an online exchange, CoinJar gives its users access to its popular digital currency debit card, CoinJar Swipe and its mobile applications. These include CoinJar iOS and Android app.

CoinJar’s products have made digital currencies readily accessible to many across the globe, with CoinJar boasting of more than 400,000 users.

In addition to the apps and digital credit card enabling users to spend digital currencies, CoinJar is also a crypto exchange. As a crypto exchange, CoinJar Exchange and CoinJar OTC Trading desk cater to professional traders as well as individuals and institutions. CoinJar targets individuals and institutions looking to make larger transactions by offering fees as low as 0.1% for high trading volumes.

Investors and traders are able to buy and sell CoinJar supported cryptos, which include Bitcoin (“BTC”), Ethereum (“ETH”), Litecoin (“LTC”), Ox (“ZRX”), Ripple’s XRP (“XRP”), Stellar’s Lumen (“XLM”), Basic Attention Token (“BAT”), Dai (“DAI”), and USD Coin (“USDC”).

Not only does CoinJar support crypto wallet to wallet transfers but also enables users to buy and sell cryptos in fiat currency.

Fiat currencies supported by CoinJar are the Aussie Dollar and the British Pound.

Launched back in 2013, CoinJar is a crypto exchange registered with AUSTRAC and is also a UK registered business under CoinJar UK Limited, headquartered in the UK.

As a fully regulated exchange, CoinJar is compliant with all AML and KYC laws.


CoinJar Platform Attributes

Key attributes of the CoinJar platform include:

  • Simple to use platform allowing novice investors and traders to enter into the crypto sphere.
  • Supports the deposit and withdrawal of cryptos and fiat money.
  • Registered as a crypto exchange with AUSTRAC and AML and KYC compliant.
  • Competitively low trading fees of 0.1% for high volume traders.
  • Accommodates both individual and institutional investors and traders.
  • Focuses solely on Australia and the UK.
  • Multi-product exchange delivering not only CoinJar Exchange but also a digital credit card and mobile app to trade on the go.
  • A mobile-friendly app that is compatible with android and iOS.
  • High emphasis on security.
  • A fast and easy registration process, with the KYC and AML requirements for those looking for a regulated platform.
  • CoinJar’s Knowledge Base: A comprehensive library of articles to assist users. From here users may also contact CoinJar support.

The CoinJar Referrals Program

CoinJar Referrals allows users to invite friends or family to join CoinJar. Key features of the Referrals program included:

  • Immediate credit of 500 CoinJar Reward points when someone signs up using a user’s referral link and completes the ID verification.
  • The new user also receives 500 CoinJar Reward points upon signing up.
  • CoinJar Reward points can be exchanged at the CoinJar Rewards Store, and can also cover the cost of currency exchange within CoinJar transfers.

It is important to note that you will need to be fully verified before being eligible for CoinJar Rewards.

Other CoinJar Rewards include:

  • CoinJar Swipe purchases: 5 points for each Swipe card transaction.
  • Payment from CoinJar to an external BPAY Biller: 1 CoinJar Point for each $ sent to the external Biller.
  • Completing any currency exchange that requires fees (excluding exchange orders): 500 points per Bitcoin traded.

The Pros and Cons

Pros

  • Customer support: While customer support is only available during business hours, the knowledge base platform is comprehensive. There is more than enough detail to assists users to navigate the platform.
  • Deposits and Withdrawals: The platform facilitates the deposit and withdrawal of fiat money and cryptos.
  • Fiat Deposits: After the first transfer, deposits can take as little as 5 minutes to reach the CoinJar account.
  • Simple to use: The platform is easy to use and navigate, supporting both the novice and the more experienced investor and trader.
  • Multi-Product Platform: CoinJar not only offers CoinJar to buy and sell cryptos with fiat money. The platform also delivers crypto wallets, CoinJar Exchange, and CoinJar Swipe.
  • Security: Strong emphasis on security to protect personal information and funds.

Other positives include

  • CoinJar Rewards points: Users are able to earn CoinJar Reward points. These can be used to offset currency exchange fees or exchanged at the CoinJar Rewards Store.
  • Mobile Compatible: investors and traders can go mobile by downloading the CoinJar app from Google Play and AppStore.

Cons

  • CoinJar is regulated and is KYC and AML compliant, removing any option for anonymity.
  • There is only a limited number of cryptos for those looking for access to the broader market.
  • The platform does not offer a demo account for users to familiarise themselves with Swipe and CoinJar Exchange, in particular.

Brokerage Services, Supported Cryptocurrencies & Payment Methods

CoinJar provides a trading platform to support the buying and selling of cryptos. CoinJar Exchange supports the trading of crypto pairings and fiat money/crypto pairings.

Investors and traders are able to purchase or trade the more popular cryptos in the market place.

Users who pre-own CoinJar supported cryptos may transfer these to the compatible wallets provided on the CoinJar platform.

CoinJar supported cryptos include Bitcoin (“BTC”), Ethereum (“ETH”), Litecoin (“LTC”), Ox (“ZRX”), Ripple’s XRP (“XRP”), Stellar’s Lumen (“XLM”), Basic Attention Token (“BAT”), Dai (“DAI”), and USD Coin (“USDC”).

Additionally, CoinJar also accepts fiat money deposits by way of fund transfers. Fiat currencies currently supported include the Aussie Dollar and the British Pound.

Registration

To open an account, go to the CoinJar home page and click on “Sign Up” on the top right-hand side of the site.

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