Buy and sell bitcoin with fiat currency or trade several leading cryptocurrencies on this all-in-one platform.
In this review, we’ll take a closer look at CoinJar’s features, supported currencies and fees to help you work out whether it’s the right choice for you.
|Product Name||CoinJar Trading Platform|
|Cryptocurrencies||BTC, ETH, LTC, XRP, ZEC|
- Supports BTC, XRP, ETH, LTC and ZEC
- BTC/AUD trading pairs available on CoinJar Exchange
- Flat 1% conversion fee
- In-house Australian support team
- Instant, fast and free deposits via bank transfer (PayID) and BPAY
- Instant cash deposits via Blueshyft
- Free withdrawals to your bank account
- Lacks multi-signature capability
- Not open source
What's in this guide?
What is CoinJar?
CoinJar offers two main services to customers: a multi-currency wallet and a digital currency exchange.
CoinJar: A multi-currency wallet
CoinJar offers a personal finance account which you can use to store, buy and sell select cryptocurrencies. By linking your bank account to your CoinJar account, you can also use it to store fiat currency and exchange your Australian dollars (AUD) for digital currency.
- Beginner-friendly platform
- Buy, sell and store BTC, ETH, LTC, XRP and ZEC
- Link to Australian bank account to store fiat currencies
CoinJar Exchange: A digital currency trading exchange
Launched in June 2018, CoinJar Exchange is a digital currency exchange for experienced traders. Offering both fiat/crypto and crypto/crypto trading pairs, the exchange allows you to trade BTC, ETH, LTC and XRP. Its features include market depth and price charts, a customisable layout, time-enforced order types and a dedicated trading API.
- Advanced trading platform
- Trading APIs and charts
You can manage your CoinJar account by using your web browser or by using an Android or iOS smartphone app. You can also link your CoinJar to a CoinJar Swipe, a crypto debit card that allows you to pay with BTC or AUD at 950,000 EFTPOS terminals around Australia or withdraw your crypto as cash at any ATM.
Which cryptocurrencies can I buy/sell?
- Supported fiat currencies: AUD
- Supported cryptocurrencies: 5 cryptocurrencies
CoinJar is an Australian company, but the platform is available worldwide. However, in order to verify your account and enjoy full access to CoinJar's currency exchange and bank transfer features, you’ll need to be an Australian resident.
Which payment methods are accepted?
You can deposit funds in your CoinJar in several ways:
If you want to trade on the CoinJar Exchange, you can deposit funds onto the exchange direct from your CoinJar.
How much will it cost me to use CoinJar?
When you deposit funds into your CoinJar, whether a fee applies depends on your transfer method:
|Blueshyft cash deposit||1.5% fee|
|European Economic Area credit/debit card (UK only)||2.9% fee|
CoinJar’s buying and selling fee is a flat 1% of the market value, which is determined with a weighted average of all major exchanges.
When you’re making a payment or transferring funds from your CoinJar, the fees that apply are outlined in the table below.
- † Digital currency transaction/mining fees are set by each currency’s network.
- * Transfers involving any currency exchange are subject to CoinJar's transfer rates.
From Digital currency account
From Cash account
From Hedged account
|External Address||Transaction fee†||Transaction fee† and 1%*||Transaction fee†|
|CoinJar Customer||No fee||1%*||No fee*|
|Digital Currency Account||1%*||1%*||No fee*|
|CoinJar Swipe||No fee||1%||No fee*|
|Back account||1%*||No fee||1%*|
Fees are indicative and last updated on 20 May 2018.
|AUD trading pair (e.g. BTC/AUD, ETH/AUD)||Taker fee||Maker fee|
|$0 - $10,000||0.5%||None|
|$10,000 - $100,000||0.4%||None|
|$100,000 - $1,000,000||0.3%||None|
|$1,000,000 - $10, 000,000||0.2%||None|
|Cryptocurrency trading pair (e.g. BTC/ETH, BTC/XRP)||Taker fee||Maker fee|
|$0 -$10, 000,000+||0.1%||None|
CoinJar also offers its own rewards system that allows you to accrue points. You can earn points by performing the following transactions and tasks:
- Completing a currency exchange that requires fees
- Making a CoinJar Swipe purchase
- Making a payment from CoinJar to an external BPAY biller
- Making a purchase on the CoinJar Store
- Referring new members
You can use the reward points you earn to cover currency exchange fees, make a purchase from the CoinJar Store or order a CoinJar Swipe card.
How fast will my funds be available?
The time it takes for the funds you deposit into or withdraw from your CoinJar to become available depends on your payment method:
- Blueshyft cash deposits are processed instantly.
- BPAY deposits and withdrawals can take up to three days to process.
- Cryptocurrency deposit and withdrawal processing times depend on the number of confirmations required by the digital currency being sent and the level of network congestion.
- PayID deposits take minutes to process.
Are there any transfer limits?
Once verified, you will be assigned a daily limit for deposits and withdrawals and for converting currencies within your wallet.
CoinJar doesn’t publicise its daily transaction limits, but you can 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?
CoinJar is registered with the Australian Transaction Reports and Analysis Centre. While you can create an account and use CoinJar’s multi-currency wallet without providing any ID, if you want to deposit AUD and buy and sell cryptocurrency, you’ll need to verify your account. As part of this process, you’ll need to provide the following:
- Your name
- Your email address and mobile number
- An Australian passport or driver’s licence
CoinJar also implements the following security measures to help protect your account and funds:
- Multi-factor authentication support
- Storing at least 90% of customers’ digital currency holdings offline
- Using multisig technology to protect digital assets that must be stored online
- Data encryption
- Storing and processing the personal and financial information of customers in cloud services that meet infrastructure security requirements
If you need help with your CoinJar account or a particular trade, CoinJar offers an extensive online knowledge base with “how-to” guides and answers to a large range of frequently asked questions.
If you can’t find the answer you’re looking for, CoinJar customer support is available from Monday to Friday, 8am to 6pm, Melbourne time. You can submit a support ticket online and generally expect to receive a response within two hours.
In addition, CoinJar Exchange members who subscribe to the Trader plan or above can also access phone support.
Pros and cons
- Simple way to manage your digital currency
- Offers brokerage services and a digital currency exchange
- Supports 2-factor authentication and stores the bulk of customer funds offline
- Can be used to send money around the world instantly
- Fiat/crypto and crypto/crypto trading available
- CoinJar Exchange is better suited to advanced traders – casual traders may find other platforms easier to use
- Different features and uses of the wallet and exchange may be confusing for crypto newcomers
- Only offers access to a few digital currencies
Compare CoinJar’s features with those offered by other crypto brokers and trading platforms before deciding if it’s right for you. If you do want to use any of CoinJar’s services, you’ll need to register for an account.
You can sign up for a CoinJar account by providing your name and email address and then creating a password. Next, create a username and select your country of residence before linking your mobile number. Take note that you’ll need to verify your identity if you want to access CoinJar’s full range of features.
Disclosure: At time of writing, the author holds ADA, ICX, IOTA and XLM.