CoinJar is an online financial platform that lets you buy, sell and manage cryptocurrency using traditional fiat currency.
Coinjar is an all-in-one platform for buying, selling and managing bitcoin and multiple fiat currencies side by side, all on your phone.
You can make deposits to CoinJar, or simply link your bank account to your CoinJar account to tap into the bitcoin network anywhere, at any time.
With CoinJar you can get a bitcoin wallet, a competitively-priced exchange and a $0 international money transfer system on your phone.
Exchanges like CoinJar
What is CoinJar and how does it work?
CoinJar gives you a direct link between your bank account and the bitcoin network, all on your phone. This opens up a number of possibilities. For example, you can change currencies wherever you are by buying trading Australian dollars for bitcoin, and bitcoin for the local currency. Or make quick and cost-effective money transfers anywhere in the world, in only seconds, over the bitcoin network.
- A bitcoin wallet. Its features offer to securely hold, transfer and trade bitcoin on your phone.
- Multi-currency bank account functions. You can hold different currencies on your CoinJar account, or link a bank account to CoinJar. This can give you fast, easy and low-cost money changing through the bitcoin network, all over the world. You also have to option of making free withdrawals to your Australian bank account as needed.
- Bitcoin trading. This allows traders to buy and sell bitcoin as needed, at a fair rates determined by a weighted average of all the major exchanges, with a competitive flat 1% fee.
- International money transfer platform. It's possible to use the bitcoin network to send money to anyone, anywhere in the world in seconds with $0 fees.
- EFTPOS card. The no-monthly-fee CoinJar Swipe EFTPOS card can be used to spend bitcoin or dollars at EFTPOS terminals around Australia, or withdraw bitcoin as cash at ATMs.
Although CoinJar isn't marketed for active traders, it also allows you to hedge bitcoin against traditional currencies, including AUD, Euro, US dollar and the British pound. This helps buyers to safeguard funds against wild fluctuations in the price of bitcoin. If you're using CoinJar for your travel money, this means you don't need to be caught short by price changes.
Which cryptocurrencies can I buy/sell?
CoinJar is a multi-currency wallet that integrates bitcoin and traditional fiat currencies such as the US dollar, euro, British pound and Australian dollar. No other cryptocurrency is accepted at this time.
CoinJar is an Australian company, but the platform is available worldwide.
Which payment methods are accepted?
CoinJar only supports bank transfers from Australian banks, but you can transfer bitcoin to CoinJar from other wallets anywhere in the world.
To check your bitcoin address on CoinJar, sign in to the web app, select your “Everyday Bitcoin” account and select “View Address”.
How much will it cost me to use CoinJar?
Compared to traditional banking, CoinJar can offer exceptionally competitive rates on transfers of all kinds. The bitcoin buying fee is a flat 1%, while the market value is determined with a weighted average of all major exchanges.
This means there's an opportunity to buy and sell bitcoin as needed, at a fair price.
|Everyday Bitcoin||Cash Account||Hedged Account|
|Paying/Transferring To||External Address†||Transaction fee†||Transaction fee† & 1%*||Transaction fee†|
|CoinJar Customer||No fee||1%*||No fee*|
|Everyday Bitcoin||N/A||1%*||No fee*|
|Hedged Account||No fee*||1%*||No fee*|
|Swipe||No fee*||1%||No fee*|
|Bank Account||1%*||No fee.||1%*|
† Bitcoin transaction/mining fees are set by the Bitcoin network.
* Transfers involving any currency exchange are subject to CoinJar's transfer rates.
How fast will my funds be available?
Funds transferred into your account from other wallets will be available within a few minutes. However, bitcoin transaction speeds depend on the current capacity of the bitcoin network. CoinJar claims that bitcoin payments can be sent anywhere in the world in as little as six minutes.
However, slower transaction speeds are possible. CoinJar acknowledges that bitcoin transactions have sometimes not been close to instant (~10 minutes) because of network overload.
Are there any transfer limits?
Once verified, you will be assigned a daily limit for making bank transfers (for Australians only) and converting currencies within your wallet.
CoinJar doesn’t publicise its daily transaction limits, but you'll be able to find your own limits in the “Settings” section under “Your Usage”.
Verified accounts can request an increased daily limit.
Is it safe to use CoinJar?
If you are a potential buyer, it's important to investigate the security features of CoinJar before making a decision. The following features are emphasized by the developers:
- CoinJar has the industry-standard 2-factor authentication enabled on all its accounts, which has proven to be a good security protocol.
- Within the CoinJar network, you are free to manage your public profile, including name and image.
CoinJar customer service is available Monday to Friday from 8 AM to 6 PM, Melbourne time. You can generally receive a response within 2 hours, and can contact a specialist directly from your CoinJar account.
It also offers a comprehensive support section to assist with troubleshooting any issues.
CoinJar pros & cons
- More than just an exchange, it also lets you spend and use bitcoin
- Highly regarded and well reviewed
- Automatic 2-factor authentication
- Easy to use and good for beginners
- Works well for mobile device use
- Averaged bitcoin market prices and flat 1% commissions mean you can always get a fair price
- You can hedge bitcoin against several major currencies
- Quick and easy currency changing on your phone
- Allows quick and cost-effective international money transfers
- Offers attached EFTPOS card with no monthly fee
- Lacks multi-signature capability
- Not open source
Your first step should always be to consider the features before deciding to buy. If you want to sign up, CoinJar has made the account registration process quick and easy. To open an account, simply head over to the website homepage and select “Sign up now”. After inputting a few of your details, you'll be up and running.
This initial signup gives you access to the bitcoin wallet feature. If you want to enable bank transfers, you'll need to complete the full ID verification phase.
Frequently asked questions
Image source: CoinJar