CoinJar opens “Australia’s fastest digital currency exchange”
The fastest draw in Australia?
At its heart, CoinJar is a straightforward bitcoin brokerage, charging a flat 1% commission on buys, with prices based on a weighted market average. Now on 7 June, citing popular demand from its users, CoinJar is introducing "Australia's fastest digital currency exchange."
"Traders are looking for more sophisticated and advanced ways to capitalise off the volatility of digital currency," said CoinJar CEO Asher Tan. A digital currency trading platform has been a long-requested product from the company’s customers and in line with demand, we've developed CoinJar Exchange. Cryptocurrency and blockchain is growing in popularity and as mainstream demand grows, the industry must also grow to meet it."
"CoinJar Exchange boasts a superior trading engine which processes and fills orders faster than any of its competitors in Australia. This reduces latency and provides sophisticated and retail traders with a faster experience when trading using the CoinJar Exchange," the press release reads.
"Integration with buy and sell orders from other exchanges will provide greater market liquidity, allowing CoinJar traders to enter and exit with ease. The exchange also has an open trading application programming interface (API), allowing developers to build, and traders to use advanced algorithmic trading systems to give them an edge."
It offers BTC, ETH, LTC and XRP trading, with a range of features including market depth and price charts, multiple auction windows and time-enforced order types, through a customisable interface. It doesn't offer additional order types such as stop limits.
There are varying fee structures and services for traders, ranging from a flat 0.5% maker and taker fee at the lowest rung to from 0.05% for institutional traders who commit to a high volume of trading.
Although for anyone who wants to take it for a speed test, CoinJar is offering 0% trading fees until the end of June.
- Casual - Free account, with 0.5% maker and taker/auction fee, and email support.
- Trader - Free with $100,000 annual trade volume, 0.3% taker and 0.2% maker/auction fee. This account tier gets priority email support as well as phone support.
- Premium - AUD$5,000 per year account fee, 0.15% taker and 0.1% maker/auction fee. All the customer service benefits of the Trader package, along with a dedicated account manager.
- Institutional - With a commitment to a certain trade volume, this account tier can get "from" 0.05% taker to "from" 0.05% maker/auction fee, and all the other customer service benefits.
The exchange will run across three discrete 8-hour trading sessions per day, with the final 10 minutes of each being an auction phase where orders are accepted but not matched.
The volatility of cryptocurrency markets can present a tempting option for traders, especially in an environment where concerted hodling no longer seems to be the easy path to wealth that it appeared in 2017. And speed is naturally an important factor in getting a leg up on the competition.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and NANO.