CoinJar Review: Should You Use This Exchange?

March 15, 2022
Reviews
coinjar review

CoinJar is a prominent cryptocurrency exchange based in Melbourne, Australia, which was founded in 2013 to serve individuals in the country only. Since then, however, it has expanded internationally to include the United Kingdom, Europe, and various other nations.

However, because CoinJar has high trading fees of 1%, we can't recommend it as a top crypto exchange in Australia. Instead, we suggest you consider using Capital, which offers bank-level security and zero trading commissions, something not offered by any other crypto platform in Australia.

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What Is CoinJar?

CoinJar is a cryptocurrency exchange based in Australia that was founded in 2013 by Asher Tan and Ryan Zhou, with the main goal at the time being to service customers within the country. Since then, it has expanded internationally to include the United Kingdom, Europe, and various other countries.

CoinJar is a well-known cryptocurrency exchange based in Melbourne that is owned and run by CoinJar Australia Pty Ltd (ABN 75 648 570 807). Users with a credit or debit card may buy cryptocurrencies instantly through the exchange.

CoinJar Features

1. CoinJar Bundles

coinjar review

CoinJar will give you access to its CoinJar Bundles feature, which includes groupings of popular digital currencies that you may purchase as a whole.

It's a one-of-a-kind feature that will be especially beneficial to beginner crypto investors or crypto traders interested in passive portfolio diversification, allowing you to acquire a whole collection of digital currencies at once.

2. CoinJar Card

CoinJar has a cryptocurrency debit card that can be used to pay for items and services from businesses that accept EFTPOS in Australia. You'll earn 100 CoinJar points for each dollar in transaction fees, which you may spend on future trades.

It's also possible to withdraw money from ATMs, as well as make purchases in-store and online.

3. OTC trades

OTC trades of AUD 50,000 and above are supported by CoinJar, allowing individuals and businesses to make off-exchange, over-the-counter (OTC) transactions.

This is a fantastic feature for individuals who want to purchase or sell large quantities of digital currencies without having to use the exchange since it can frequently be more difficult and time-consuming.

Cryptocurrencies on CoinJar

CoinJar supports over 40 different cryptocurrencies, which is a considerably wide array of supported coins. Here is the full list of cryptocurrencies currently supported by CoinJar:

Bitcoin (BTC)0x Token (ZRX)Kyber Network (KNC)Axie Infinity (AXS)Band Protocol (BAND)
Ethereum (ETH)Chainlink (LINK)Paxos Standard (PAX)Fantom (FTM)Mirror Protocol (MIR)
Litecoin (LTC)Maker (MKR)Synthetix Network Token (SNX)Terra USD (UST)Shiba Inu (SHIB)
XRP (XRP)OMG Network (OMG)Sushiswap (SUSHI)Amp (AMP)Fetch.ai (FET)
Stellar (XLM)Compound (COMP)Balancer (BAL)Chiliz (CHZ)Origin Protocol (OGN)
Algorand (ALGO)Uniswap (UNI)Enjin Coin (ENJ)Uma (UMA)Cartesi (CTSI)
EOS (EOS)Yearn.Finance (YFI)GraphToken (GRT)The Sandbox (SAND)Orchid (OXT)
USD Coin (USDC)Aave (AAVE)Tether (USDT)Loopring (LRC)Quant Network (QNT)
Dai (DAI)Bancor Network Token (BNT)Wrapped Bitcoin (WBTC)Injective Token (INJ)Audius (AUDIO)
Basic Attention Token (BAT)Curve DAO (CRV)Polygon (MATIC)Badger DAO (BADGER)

CoinJar Fees

CoinJar does not charge any deposit fees, except for Blueshyft cash deposits (1.5% fee) and Instant Buys made using Visa or Mastercard (2% fee).

CoinJar also charges a 1% conversion fee when purchasing and selling cryptocurrency in fiat currency.

There is a 0.5% fee for using BPAY Biller to withdraw funds to your bank account. When sending Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies, you may be charged depending on the platform's dynamic payment structure.

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In Summary

CoinJar is a prominent cryptocurrency exchange based in Melbourne, Australia, which was founded in 2013 to serve individuals in the country only. Since then, however, it has expanded internationally to include the United Kingdom, Europe, and various other nations.

However, because CoinJar has high trading fees of 1%, we can't recommend it as a top crypto exchange in Australia. Instead, we suggest you consider using Capital, which offers bank-level security and zero trading commissions, something not offered by any other crypto platform in Australia.

OPEN FREE ACCOUNT
Zero trading fees

CoinJar FAQs

How To Withdraw From CoinJar

To withdraw funds from your CoinJar account, you only need to follow these simple steps:

  1. Sign in to your CoinJar account.
  2. Click on the three dots on the top right of your screen.
  3. Select the “Withdrawal” option.
  4. Select the account you want to withdraw funds from.
  5. Select the linked bank account you want to transfer funds to. 
  6. Enter the amount you want to transfer to said bank account.
  7. Click the “Next” option.
  8. Review the transaction details thoroughly before continuing.
  9. You'll receive a payment receipt confirming the transaction.
  10. Select the “Done” option.

Is CoinJar Safe?

Yes, CoinJar is a safe and secure cryptocurrency exchange. The majority of user funds are kept in offline wallets located at several sites around the world. As of now, CoinJar's servers have also not been hacked.

CoinJar also uses two-factor authentication (2FA), data encryption, Transport Layer Security (TLS), and third-party security evaluations, which are all industry-standard security measures.

Finally, the platform employs machine learning to identify suspicious behaviour (for example, fraud and account takeovers).

Is CoinJar Legal In Australia?

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

CoinJar Referral Code

Unfortunately, there are no CoinJar referral codes available at this time.

Does CoinJar report to the ATO?

Yes. Considering that CoinJar is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), it is legally required to report all large transactions to the ATO whenever a fiscal year ends.

Want to earn $50 in the next 6 minutes?

CoinSmart is a highly-rated, fully regulated Canadian crypto platform that’s giving new users $50 for depositing $200 or more. Trade with low fees and withdraw your money at any time.

Click below to claim your $50 bonus today. Offer ends October 1, 2022.
CLAIM MY $50 BONUS
Offer ends October 1, 2022.