CoinJar bitcoin exchange – August 2018 review

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.

Product Name CoinJar Trading Platform
Fiat Currencies USD, EUR, GBP, AUD
Cryptocurrencies BTC, ETH, LTC, XRP
Deposit Methods BPAY, POLi, Blueshyft
Trading Fee 1%
Deposit Fees None
Withdrawal Fees None

Pros

  • 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

Cons

  • Lacks multi-signature capability
  • Not open source
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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 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.

CoinJar includes:

  • 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.

Available countries

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.

From Account
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*
Cash Account 1%* N/A 1%*
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.
  • Verified account holders should expect to have a lot of private information collected about them. CoinJar’s Privacy Policy promises that your private information should not be compromised in any way.
  • Within the CoinJar network, you are free to manage your public profile, including name and image.

Customer support

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

Pros

  • 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

Cons

  • Lacks multi-signature capability
  • Not open source

Next steps

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.

CoinJar Frequently asked questions

Image source: CoinJar

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4 Responses

  1. Default Gravatar
    SueJanuary 2, 2018

    I have yet to receive a response to my email regarding unlocking my account, very disappointed with the service.

    • finder Customer Care
      RenchJanuary 2, 2018Staff

      Hi Sue,

      Thanks for your inquiry.
      Please note that we are not affiliated with CoinJar or any company we feature on our site and so we can only offer you general advice.

      If you are referring to your account with CoinJar, please contact their support team directly to follow up.

      CoinJar ran into a verification time snag recently as its client base expanded rapidly. The company has since tripled its support team to better streamline the verification process. Presently, verification is expected to take four to five days.

      Best regards,
      Rench

  2. Default Gravatar
    MikaDecember 23, 2017

    How much does CoinJar charge to move bitcoins to another wallet … like Bread or Copay (for example)

    • finder Customer Care
      ArnoldDecember 28, 2017Staff

      Hi Mika,

      Thanks for your inquiry

      Transfer fees will depend on the number of coins you want to transfer and where you want it to be transferred. You may want to visit CoinJar’s customer support. 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.

      Hope this information helps

      Cheers,
      Arnold

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