CoinJar Review

As the popularity of cryptocurrency increases, many enthusiasts are always looking for the best platform to manage their digital assets. Therefore, in this CoinJar review, I will cover one of the most popular crypto exchange applications on the market.

This application is one of the longest-standing software for buying and selling Bitcoin and other digital assets. But what sets it apart from other platforms like Binance, Bybit, and Kraken?

If you’re interested in finding out about CoinJar’s pros and cons, I've got you covered.

Verdict at a glance: CoinJar is a user-friendly cryptocurrency exchange offering robust security features, such as advanced encryption and fraud prevention. Key features include Instant Buy, Recurring Buy, and the CoinJar Card by Mastercard. However, this platform does have several drawbacks. It supports fewer cryptocurrencies than other major exchanges, and its full features are limited to Australia and the UK.

What is CoinJar?

What is CoinJar? It is a well-known cryptocurrency exchange platform that has been around since 2013. Founded by Asher Tan and Ryan Zhou, it has built a solid reputation for being user-friendly and reliable. The exchange has roots in Australia and has since expanded its services to the United Kingdom (UK).

CoinJar’s mission is to simplify the digital currency experience for everyone, from beginners to seasoned traders. The platform aims to provide an accessible and secure way for users to buy, sell, and manage their digital assets. Meanwhile, its goals include offering a seamless interface, robust security measures, and innovative services or products.

If you were to read some of the user CoinJar reviews, Australians were quite happy with the platform. They appreciate its local support and seamless integration with the country's banking system.

Additionally, CoinJar's expansion into the UK market has also been noteworthy. Similar to Australia's user CoinJar reviews, UK folks highlighted the platform's commitment to providing British users with a secure and efficient trading experience.

Overall, the application continues to offer a seamless trading experience for users. CoinJar provides various features to buy and sell cryptocurrencies. That said, you can learn more about several standout features of this platform below.

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CoinJar Review: PROS

From its security features to innovative products, the platform has several strengths worth noting.

Robust Security Measures

Security is a critical factor when it comes to cryptocurrency exchanges. So, is CoinJar safe? The short answer is yes. CoinJar incorporates a robust system to keep your digital assets and data secure.

I’ll go into more detail in my CoinJar review about how this crypto exchange implements security measures.

CoinJar’s Digital Infrastructure

First, let’s discuss Coinjar's infrastructure. It's top-notch and designed to accommodate user data and transactions. It is hosted in Amazon Web Services (AWS), which provides secure access control, data encryption, monitoring, and isolation.

Additionally, CoinJar's internal networks are firewall-protected and isolated from the Internet. The application and database run inside private networks, protected by multi-layers of security.

CoinJar Fraud Protection

Furthermore, CoinJar implements comprehensive fraud prevention measures to protect its users. These measures include monitoring suspicious activity, automatic detection of unusual transactions, and immediate response protocols to address potential threats. This proactive approach helps ensure that user funds and data remain secure.

CoinJar Asset Security

When it comes to asset security, CoinJar partners up with BitGo and Fireblocks, two reputable crypto custody providers.

The former is renowned for its multi-signature wallets and advanced security configurations. BitGo offers institutional-grade security and custody solutions, which include comprehensive insurance policies to protect against potential losses.

Fireblocks provide a secure infrastructure for moving, storing, and issuing digital assets. It utilizes a unique, multi-layer security approach that utilizes multi-party computation (MPC).

By the way, MPC is a cryptographic technique that allows multiple parties to compute a function over their private inputs without revealing any individual input^[1]. This ensures CoinJar can conduct high-frequency transactions while maintaining top-tier security standards.

In short, the application takes comprehensive steps to ensure the safety and security of its users’ data and assets. It implements robust digital infrastructure, proactive fraud protection, secure asset storage, and advanced mobile security. Thus, I've addressed the critical question of “Is CoinJar safe?” with a resounding yes.

Various Features for Individuals

Now that you know how CoinJar implements its security measures, let’s delve into the various features that make it a versatile platform for individual users. This crypto exchange offers a range of tools designed to simplify your cryptocurrency experience.

CoinJar Instant Buy

CoinJar has a great feature called Instant Buy, which allows you to purchase cryptocurrency directly with your credit or debit card. This is really convenient for those who want to immediately get their hands on digital assets without waiting.

Users can execute purchases of cryptocurrencies instantly by simply linking a Visa or Mastercard, making it an efficient way to buy crypto on the go. What's more, the Instant Buy feature is available to all CoinJar users in Australia and the UK, ensuring broad accessibility and convenience.

CoinJar Recurring Buy

Another cool trading feature in my CoinJar review is the Recurring Buy option, perfect for dollar-cost averaging (DCA) enthusiasts. With this tool, you can set up automatic, scheduled purchases of your preferred cryptocurrencies.

This feature helps spread out your investment, reducing the impact of market volatility. You can customize the frequency and amount of your purchases, making it easy to fit into your trading strategy. It’s a great way to build a diversified portfolio without constantly thinking about it.

CoinJar Exchange

Now, let’s talk about the CoinJar Exchange application. This software is designed for seasoned users looking for a professional trading environment. CoinJar Exchange offers various trading pairs and allows users to trade with high liquidity and low fees.

The application has a user-friendly interface, providing real-time market data and charting tools to help you make informed trading decisions. You can place various types of orders, including market, limit, and stop orders.

CoinJar Exchange also integrates seamlessly with the main platform, so you can easily transfer funds between your exchange account and your main wallet. This simplifies the process of managing your trades and holdings, providing a streamlined experience for users.

CoinJar Rewards

There is another feature I want to talk about - the CoinJar Rewards. This loyalty program allows users to earn points through their everyday transactions on the platform.

These points can be redeemed for various benefits, such as covering currency exchange fees or getting items. The CoinJar Rewards program adds extra value for users, encouraging them to engage more with the platform. It's a nice bonus, especially for users in Australia, where the program is more emphasized.

CoinJar highlights several features that cater to individual users, enhancing their experience and providing tools to manage their crypto investments efficiently. Additionally, these features show the platform's commitment to providing a user-friendly and versatile platform for crypto enthusiasts.

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CoinJar Bundles for Portfolio Diversification

This CoinJar review wouldn't be complete without discussing its innovative feature: CoinJar Bundles.

The CoinJar Bundles feature lets you buy a collection of popular cryptocurrencies all in one go. Think of it as a one-stop shop for diversifying your portfolio. Instead of making multiple transactions, you can buy a bundle and track its performance easily through the platform. It’s all about convenience and efficiency.

CoinJar offers a variety of bundles tailored to different investment needs. Here are some of the options:

Table: list of CoinJar bundles.

These bundles are designed to give you exposure to different segments of the crypto market, whether you want to stick to the big players or venture into the world of DeFi and meme coins.

As you can see in the table, you have two allocation options if you buy CoinJar bundles: proportional and cap-adjusted allocations. Let’s break down what that means.

Proportional Allocation

Proportional allocation is a straightforward option. Your investment is split evenly among the currencies in the bundle based on their specified weighting.

For example, if you put $1,200 into the Popular Duo bundle (which has a 50% allocation each for BTC and ETH), $600 will be allocated to Bitcoin and the remaining $600 to Ethereum.

Cap-Adjusted Allocation

Cap-adjusted allocation is a bit more strategic. It uses market capitalization to decide the allocation and limits the concentration of the top assets to ensure a diversified portfolio.

For example, in a cap-adjusted bundle with a lot of different cryptocurrencies like CoinJar Universe or DeFi Bundle, the top three by market cap might get 25%, 15%, and 10% of your investment, respectively. The rest of your money is spread across the other tokens in the bundle, ensuring you don’t put all your eggs in one basket.

So, there you have it. CoinJar Bundles make it easy to diversify your crypto investments. Whether you’re new to the crypto world or a seasoned trader, these bundles offer a convenient way to spread your risk and potentially boost your returns. My Coinjar review shows how these bundles can fit into various investment strategies.

Integrated CoinJar Card by Mastercard

This platform not only provides various on-platform features but also offers a product called CoinJar Card. In this review, you’ll learn about this cool feature that makes your crypto transactions more convenient.

First off, what is CoinJar Card? Well, it’s a prepaid cryptocurrency Mastercard that allows you to use your cryptocurrency balance to make purchases anywhere Mastercard is accepted. This includes in-store, online, and over-the-phone transactions.

You don’t need to pre-load the card as it directly uses the funds in your Coinjar Everyday account. So, this makes managing and spending your cryptocurrency seamless and straightforward.

CoinJar Card is packed with features that enhance its usability. Here is the list:

• Global acceptance - You can use the card for purchases wherever Mastercard is accepted, both domestically and internationally;
• Contactless payments - It supports contactless payments, adding convenience for everyday transactions;
• Online and in-store transactions - The card can be used for both online shopping and in-store purchases;
• Zero liability protection - Mastercard’s Zero Liability Protection Policy covers eligible transactions, ensuring peace of mind if your card is lost or stolen;
• Rewards program - Earn one reward point for each dollar spent on eligible transactions, which can be redeemed for various benefits.

Additionally, the CoinJar Card comes in both physical and digital forms. If you prefer using the former, you can order one for free. But if you’re all about the digital lifestyle, you can add the card to your mobile wallet and start spending within minutes.

Furthermore, you can also add your CoinJar Card to Google Pay or Apple Pay. This is especially handy for those who prefer digital wallets over physical cards.

CoinJar Card by Mastercard offers a versatile and user-friendly way to spend your cryptocurrency. If you’re reading some user CoinJar reviews in Australia or user CoinJar reviews in the UK, some might say that this card can be a game-changer for everyday crypto transactions.

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CoinJar Review: CONS

Now that I’ve talked about the pros, it’s important to consider the other side of the coin. No crypto exchange is perfect, and CoinJar has its drawbacks as well. You’ll learn some of the limitations and areas where this platform could improve.

Smaller Range of Supported Cryptocurrencies

One potential drawback I want to discuss in my CoinJar review is the number of supported cryptocurrencies. It supports a decent number of popular coins, such as Bitcoin (BTC) and Ethereum (ETH), and a variety of ERC-20 tokens. However, compared to other major exchanges like Binance, Bybit, and Kraken, the list is relatively limited.

By the way, ERC-20 is a technical standard for creating and using tokens on the Ethereum blockchain^[2]. ERC-20 tokens are created and managed through smart contracts, ensuring transparency and security. Examples of such tokens include Chainlink (LINK) and Uniswap (UNI).

Let’s compare this with other big players in crypto exchanges. Platforms like Binance, Bybit, and Kraken offer extensive lists of supported cryptocurrencies.

For instance, Binance supports hundreds of coins and tokens, providing traders with access to a broad spectrum of digital assets. Bybit and Kraken also support a wider range of cryptocurrencies than CoinJar. This gives users more opportunities to diversify and capitalize on different market trends.

So, why is a limited selection of cryptocurrencies a drawback? For many crypto enthusiasts, being able to diversify their portfolio across a wide array of digital assets is crucial.

With fewer options, CoinJar users might find it challenging to invest in newer or less mainstream cryptocurrencies that could offer significant growth potential. This limitation could be a deciding factor for more experienced traders or those looking to explore beyond popular coins.

So, while CoinJar offers a reliable platform for trading popular cryptocurrencies, its smaller range of supported assets might be a limitation for those looking to diversify extensively. This aspect of my CoinJar review highlights an area where the platform could improve to better compete with other popular exchanges.

Full Trading Features for Supported Regions Only

In my CoinJar review, it’s crucial to highlight that its full trading features are available only in Australia and the UK, where users can complete identity verification. This limitation can be a significant drawback for those outside these regions.

For users in other parts of the world, this restriction means they can’t fully utilize this platform's features. It can be frustrating if you’re looking for a comprehensive trading experience. Compared to other major exchanges like Binance, Bybit, and Kraken, which offer full features globally, CoinJar's regional limitations are quite apparent.

For instance, some users from CoinJar review Australia said that it offers robust features and seamless integration with local banking systems. Similarly, several users from Coinjar review UK highlight the platform’s secure and efficient trading experience for British users.

However, this regional focus means that international users miss out on these benefits. This can make CoinJar less attractive outside these supported regions.

Therefore, although CoinJar provides a robust trading platform for users in Australia and the UK, its limited regional support is a significant drawback. This emphasizes an area where the platform could expand and improve to better compete with exchanges that support global users.

Limited Advanced Trading Features

Another limitation worth noting in my CoinJar review is the absence of some advanced trading features. While CoinJar is great for crypto trading, it lacks some advanced features that more experienced traders might be looking for.

First, CoinJar doesn’t support derivatives trading, like futures and options. These trading tools are popular among advanced traders because they allow for hedging risks and leveraging asset positions. Without these features, users miss out on sophisticated trading strategies that are available on exchanges like Binance, Bybit, and Kraken.

Another area that CoinJar could improve is automated trading. There’s no support for trading bots or copy trading. These features are quite handy because they let you automate your trading strategies or mimic the trades of successful traders. This can save a lot of time and potentially increase your profits.

So, how does this limitation impact users? Well, without these advanced trading features, CoinJar might feel a bit limiting for those who want to dive deeper into the world of crypto trading. If you’re someone who relies on these tools to maximize your earning potential, you might find this platform lacking in this department.

Overall, the lack of advanced trading features is a noticeable drawback. This part of my CoinJar review shows that the exchange platform could definitely improve to cater to advanced traders.

CoinJar Fee Structure

Understanding the platform's fee structure is essential for anyone using this application for cryptocurrency transactions. My CoinJar review provides a detailed breakdown of each fee category to help you make an informed decision.

CoinJar Trading Fees

People will always ask about the trading fee when discussing an exchange review. So, what is CoinJar's trading fee? Is it different from other exchanges?

CoinJar keeps the trading fee simple and transparent, ensuring users can easily understand the costs associated with their transactions. Have a look at the following table:

Table: CoinJar trading fees.

CoinJar charges a flat 1% fee for fiat to cryptocurrency transactions, which is relatively standard in the industry. Similarly, converting cryptocurrency back to fiat money also incurs a 1% fee, providing consistency and predictability for users looking to liquidate their crypto holdings. When converting one crypto to another, the cost remains at 1%.

For those who prefer the convenience of instant purchases, CoinJar charges a 2% fee for transactions made with Visa, Mastercard, Apple Pay, or Google Pay. While this is higher than the standard trading fees, it offers the advantage of immediate transactions.

CoinJar Exchange Trading Fees

If you’re using the CoinJar Exchange application, the fee structure is based on your 30-day trading volume. This system rewards frequent traders with lower fees, making this platform a competitive option for active traders. Here is the list of CoinJar Exchange rate fees:

Table: CoinJar exchange trading fees.

The table above shows taker fees and maker or auction fees. What are they?

So, the taker fee applies to orders that remove liquidity from the market, such as market orders that match immediately against existing orders. CoinJar’s taker fee ranges from 0.10% for smaller trading volumes to 0.06% for the highest trading volumes.

Meanwhile, the maker fee applies to orders that add liquidity to the market, like limit orders that don’t immediately match. These fees start at 0.10% for lower trading volumes and decrease to 0.02% for the highest trading volumes.

Understanding these CoinJar Exchange rate fees can help you optimize your trading strategy and minimize costs, making your trading experience more efficient.

AUD, EUR, and GBP Deposits and Withdrawals

Deposits and withdrawals using Faster Payments are free for UK users, which can enhance the platform’s appeal in the region. Similarly, Euro deposits and withdrawals via the SEPA network are also free.

Australian users benefit from free deposits via PayID, Osko, and NPP, which simplify the process of moving money between their bank accounts and CoinJar. Standard bank transfers for AUD are also free, making this platform a convenient choice for Australian crypto enthusiasts.

That said, it’s clear that the platform offers competitive and transparent fees across its services.

How to Use CoinJar?

Getting started with CoinJar is simple. Let’s discuss a step-by-step guide to help you sign up for your personal account and for entities like companies, SMSFs, or trusts.

How to Create a Personal CoinJar Account

Follow the steps below to sign up for your own account:

Step 1: Visit the Coinjar website and click the [Join CoinJar] button.

Step 2: Enter your personal details, including your name and email address. Create a strong password for your account.

Step 3: You’ll receive an email with an activation link. Click on the link to activate your CoinJar account.

Step 4: Once your account is activated, log in and complete the identity verification process. This involves providing proof of identity and address, which helps ensure the security and compliance of the platform.

Congratulations! Now, you’re ready to dive into the world of cryptocurrency with CoinJar.

How to Create a Company CoinJar Account

If you’re setting up a CoinJar account for a company, trust, or Self Managed Super Fund (SMSF), follow these steps:

Step 1: Sign up to CoinJar with an email address dedicated to your entity. Then, log in to your CoinJar account.

Step 2: Click [Verify your info] in the Getting Started section. A pop-up window will appear, showing you the steps for the verification process. Click the [Continue] button.

Step 3: Select your country from the dropdown list. Then, choose the type of account, such as Company, SMSF, or Trust, and click [Submit].

Step 4: Complete the forms on the subsequent pages and submit your application.

That’s it! After submission, you’ll see an indicator on the Home page showing that your application is in progress. CoinJar’s Compliance Team will review your application, which typically takes up to five business days.

This step-by-step guide in my CoinJar review should help you get started with ease, whether you’re signing up as an individual or for an entity.

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

$30,000 IN REWARDS

Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

$600 WELCOME BONUS

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Conclusions

To wrap things up, the application is a solid choice for many crypto enthusiasts. In my CoinJar review, I've taken you through its security features, various tools, and overall user-friendly experience. Whether you’re into Instant Buy, Recurring Buy, or exploring the innovative CoinJar Bundles, this crypto exchange has got you covered. However, let’s keep it real – there are a few downsides as well. CoinJar doesn’t support as many cryptocurrencies as other exchanges like Binance, Bybit, and Kraken.

Additionally, its full range of features is limited to Australia and the UK. Plus, if you’re an advanced trader looking for sophisticated tools like derivatives and automated trading, CoinJar might not fully meet your needs.

All in all, the platform is a reliable and easy-to-use application that prioritizes security and simplicity. Whether you’re looking for these two aspects in a crypto exchange, this platform offers a compelling option worth considering.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. C. Zhao, S. Zhao, Z. Chen, et al: 'Secure Multi-Party Computation: Theory, practice and applications';

2. P. Cuffe: ‘The role of the ERC-20 token standard in a financial revolution: the case of Initial Coin Offerings’.