CoinJar Cryptocurrency Exchange Review

CoinJar Cryptocurrency Exchange Review

Daniel Chan

August 4, 2021

Cryptocurrency

What is CoinJar?

CoinJar is an Australian crypto exchange established in 2013, and has expanded into the UK. It is suited for traders of all types - beginners, experienced traders and even institutions. It does not seem to be as popular as the best Australian crypto exchanges such as Swyftx and Digital Surge but if you are looking for an alternative exchange, it has its advantages.

  • Web Address: www.coinjar.com
  • Main location: Melbourne, Australia
  • Mobile app available: Yes
  • Deposit Methods: BPAY, NPP, Blueshyft, Visa/Mastercard, Cryptocurrency
  • Trading Fees:  1%
  • Deposit Fees:  BPAY: Free, NPP: Free, Blueshyft: 1.5%, Visa/Mastercard: 2%, Cryptocurrency: Free
  • Fiat Currencies: AUD, GBP
  • Cryptocurrencies: BTC, ETH, LTC, XRP, ALGO, XLM, EOS, & 35+ more

My Overall Thoughts on CoinJar

CoinJar has some good features but it would not be among my top choices for Aussie crypto investors. I like that the platform is easy to use, there is a mobile app available, and it supports Visa and Mastercard deposit options that are not usually offered on other Australian exchanges. The real standout feature for me is their new CoinJar card, which is a Mastercard loaded with your crypto, so you can spend it online and in-store. 

However, the downside of CoinJar is the limited range of only 30 cryptocurrencies, and the higher trading fees of 1%. If low fees are important to you, I would suggest Swyftx (0.6% fees) and Digital Surge (0.5% fees). If you want access to a greater variety of coins, CoinSpot has over 290+ cryptocurrencies you can buy. You can also read a comprehensive review on the best Aussie exchanges by clicking here.


Key Features & Advantages of CoinJar

CoinJar has some key features, that I have summarised here:

Alternatives to CoinJar

If you are researching other crypto exchanges besides CoinJar, I would recommend reading the best cryptocurrency exchanges in Australia. For a simple comparison, I have included a table below which summarises the 5 best Aussie exchanges.

Comparison Table of the Best Crypto Exchanges in Australia

Swyftx
CoinSpot
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
Swyftx
CoinSpot
Digital Surge
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, XRP, BCH, ADA & 300+ more
BTC, ETH, BNB, ADA, XRP & 270+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
0.6%
Market order: 0.1%, Instant buy: 1%
Market order: starts from 0.5%, Instant buy: 0.5%
Included in spreads
0.1%

What Services does CoinJar offer?

Below are the best services that CoinJar has on their platform, you can decide for yourself if it's the best cryptocurrency exchange for your needs.

Simple interface:  CoinJar's interface is user-friendly, and is easy for a beginner to understand. I have put a screenshot of the CoinJar platform below so you can get a feel for what it looks like. 

Buy crypto instantly with AUD:  For Australian crypto investors, the biggest feature that your exchange must have, it the ability to buy crypto with AUD. CoinJar offers this so you can save your time and money (no need to convert to USD) and buy your crypto straight away. 

Visa and Mastercard deposits supported:  CoinJar is one of the few Aussie crypto exchanges that offers deposit using Visa and Mastercard. It is convenient if you prefer making your deposits using Visa or Mastercard, but note there is a 2% fee. Personally, I would use NPP to deposit, which doesn't incur any fees. That way you can buy more crypto with your AUD, instead of it being chewed up in fees.

iOS and Android apps available:  CoinJar has its app on Apple App Store and Google Play Store. This enables you to access your digital currency anywhere and any time so you can stay ahead of the curve. You can buy, sell, view your portfolio with ease on any device.

CoinJar Mastercard:  CoinJar has released a card - powered by Mastercard - that enables you to make purchases in-store or online, just like cash. You can load the CoinJar card with whichever crypto you want from your CoinJar account. The card is free to set up, has no monthly fees, and you even earn CoinJar Rewards when you spend. There is also the option to spend your crypto using Apple Pay or Google Pay, using your phone or smartwatch, without the need for a physical card.

Excellent security:  CoinJar has the best security measures in place to protect your cryptocurrency and personal information. Some of the many strategies employed include data encryption, Transport Layer Security, periodic security audits and best practice organisation security. At least 90% of customers' digital currencies are stored offline in geographically-redundant, secure locations.

CoinJar Fees

CoinJar Deposit Fees

There are various deposit methods with different fees:

BPAY deposit: Free

NPP deposit: Free

Blueshyft cash deposit: 1.5%

Visa/Mastercard instant buy: 2%

CoinJar Transaction Fees

Buying crypto with fiat: 1%

Selling crypto with fiat: 1%

There is currently no option to buy crypto with another crypto, CoinJar only offers buying and selling with fiat currencies.

CoinJar Withdrawal Fees

CoinJar charges zero fees to withdraw AUD from your account to your Australian bank account.

Pros and Cons of CoinJar

Pros
  • CoinJar card available - spend your crypto like cash
  • Simple interface for new users
  • Visa/Mastercard deposits supported
  • AUD and GBP fiat currencies
  • iOS and Android apps
Cons
  • Only 30 cryptocurrencies
  • Trading fees of 1%

Is CoinJar a legitimate exchange?

Yes, CoinJar is a legitimate Australian cryptocurrency exchange founded in 2013. It is backed by some of the world's top investors, and is also registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) to combat money laundering and financing of terrorism.

All CoinJar employees are required to use cryptographically-secure Multi-Factor Authentication such as hardware U2F keys to access internal services. Engineers do not have access to application credentials or production servers, and all deployments are performed independently by a deployment server. CoinJar staff have all passed criminal background checks before being employed.

Verdict

CoinJar isn't a bad choice for Aussie crypto investors, it has some enviable features, like the CoinJar card and the ability to deposit using Visa and Mastercard. However, I think the lack of cryptocurrency choice (only 30 coins available) and the higher transaction fees of 1% push me towards other options.

There are some great alternatives to CoinJar, and if you are interested in researching the best crypto exchanges in Australia, click here. There is also an interesting comparison test I conducted using my personal crypto accounts on 4 of the best Australian crypto exchanges (Digital Surge, Swyftx, CoinSpot and Independent Reserve). For the results of that test, click here.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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