Review: CoinJar

Take your first steps into crypto with this user-friendly, if limited, exchange.

  • Good for finding your feet in crypto and HODLing
  • Not so great for ambitious trading strategies
4.3 ★★★★★ (30 reviews) Write a review

2

Fiat currencies

42

Cryptocurrencies

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Details

Product Name CoinJar Cryptocurrency Exchange
Fiat Currencies AUD, GBP
Cryptocurrencies BTC, ETH, XRP, EOS, LTC, XLM, USDT, OMG, ZRX, MKR, & 30+ more
Deposit Methods Cash
Credit card
Cryptocurrency
Debit card
Bank Transfer (PayID/Osko/BPAY)
Trading Fee Maker: 0.05-0.15%
Taker: 0.0-0.20%
Deposit Fees BPAY: No fee
NPP: No fee
Cash: 1.5%
CoinJar users: No fee
Withdrawal Fees Cryptocurrency: Fees vary
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: AUD, GBP
  • Supported cryptocurrencies: Approximately 42 cryptocurrencies

Which payment methods are accepted?

  • Cash
  • Credit card
  • Cryptocurrency
  • Debit card
  • Bank Transfer (PayID/Osko/BPAY)
Go to CoinJar's website

What's it like to use CoinJar?

Fees and limits

Please note that the below fees are for Australian users.

Fees for buying $1,000 of Bitcoin

CoinJar charges a flat 1% fee on most cryptocurrency buy transactions, so for $1,000 worth of BTC you'll pay $10.

However, this goes up to 2% if you're directly buying with fiat via a credit or debit card – which of course leads to a $20 fee.

This is at the higher end of the market – it's common to encounter transaction fees of as little as 0.25%.

Also, you should watch out for semi-hidden costs: CoinJar often quotes crypto prices up to 2% higher than their wholesale values.

Note that these fees are for buying BTC – CoinJar does not charge "taker" fees.

How do I create an account at CoinJar?

Before funding your account, we strongly recommend activating 2-factor and SMS authentication so you can have the peace of mind of extra security.

These can be turned on by going to your account page, clicking on "Settings" and heading to the "Enhanced Verification" tab.

Staking and rewards

At the time of writing, staking is not supported on CoinJar.

Lending and borrowing

CoinJar does not provide liquidity in this way, or support its users doing so for each other.

Margin trading

At the time of writing, CoinJar does not offer margin trading.

Derivatives

Futures, short-selling, options and so on – none of these are offered by CoinJar.

This keeps things simple, but obviously places a significant limit on how ambitious you can get with your trading.

Additional features

CoinJar offers OTC and institutional solutions, but we don't need to worry too much about them here.

The 2 offers that are more compelling to a consumer audience are its crypto bundle products and the forthcoming CoinJar Card.

Bundles are collections of the major cryptocurrencies you can buy to automatically diversify your holdings. Think of them as being a little like tracker funds in more conventional investing, where holdings can be determined by either percentages or relative values of the stakes. These add to CoinJar's appeal for beginners, given the minimal level of thought required.

CoinJar Card allows users to treat their cryptocurrency as cash wherever Mastercard is accepted. At the time of writing, Coinjar Card supports 30 cryptocurrencies without any ongoing fees.

Customer support

Customer support is CoinJar's Achilles heel.

Based in Australia, the support team works regular office hours on Melbourne time. Since Australia isn't exactly convenient for the rest of the world, this can create issues for European or American users who may not be enthusiastic about having to find a time that suits them between 9am and 6pm at the CoinJar office.

For most clients, comms are handled via a ticketing system, with responses generally within a maximum of 2 hours.

However, if you are on the CoinJar trader plan, you will have access to a special direct line for power users. That said, even they don't have access via live chat or social media.

Another issue: The support site is well off the industry pace in both breadth and depth.

Is CoinJar safe to use?

  • Regulation

CoinJar is not regulated by any recognised national body.

  • Verification process

If you wish to make full use of the CoinJar platform, you must verify your identity.

You'll need a passport, driver's licence, ID card or resident permit, along with a recent document proving your address.

These are reviewed automatically, but occasionally CoinJar's compliance team may need to step in and manually review your documents. This can take up to 3 days.

This is a blanket policy for all users, without exceptions, justifying a high degree of confidence in the service.

  • Security features

90% of the funds held by CoinJar are stored in offline wallets.

Encryption, privacy measures and TLS (transport layer security) are industry standard.

CoinJar claims to hold at all times sufficient reserves to cover customer balances with matched durations and in the appropriate currencies, although this is of course difficult to verify.

At the time of writing, Finder could find no evidence of any successful hacks of the CoinJar platform.

Verdict

Overall, while it may market itself as an exchange, CoinJar just can't compete with more sophisticated services like Binance or Coinbase, and anyone looking for real trading should look elsewhere.

This may sound like a criticism, but it is in fact an enormous strength, given how confusing and intimidating trading platforms and even wallets can be to beginners. If this is the first dip of your toe into crypto, it is ideal.

That said, it's best if you're dipping your toe from Australia, given the far more limited service users in the UK face, with fewer payment platforms supported, and the all but non-existent service that users in other countries face.

So, Aussie beginners – this is the one for you, provided you don't want your hand held too much. Not into trading but want to HODL? CoinJar is perfect.

Anybody else – there are plenty of competitors on the market.

Compare CoinJar against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

308
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 290 cryptos.
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD, NZD

284
cryptocurrencies

Finder Exclusive: Receive $10 BTC on Sign up and Verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

272
cryptocurrencies

Promo: New users earn up to USD 100 in bonus rewards on qualified deposits and trades. Valid till 31 December 2021. T&Cs apply.
Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
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Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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4 Comments

    Default Gravatar
    Sue
    January 2, 2018

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

      Avatarfinder Customer Care
      Rench
      January 2, 2018

      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

    Default Gravatar
    Mika
    December 23, 2017

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

      Default Gravatar
      Arnold
      December 28, 2017

      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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