CoinJar Exchange Review

/CoinJar Exchange Review

CoinJar Exchange Review 2018-07-30T09:02:20+00:00
CoinJar Exchange Review

Quick inner navigation:

  1. What is CoinJar?
  2. CoinJar Review
  3. CoinJar Trading Info
  4. CoinJar Fees
  5. Is CoinJar Safe?
  6. How to use CoinJar
  7. Our rating for CoinJar

CoinJar Complete Exchange Review

The cryptocurrency industry may be decentralized and unregulated, but there is a pattern in how different crypto businesses operate. Most altcoin to altcoin exchanges, for example, are based in China, Hong Kong, and Japan.

Many crypto mining businesses are now located in Eastern Europe. China used to be home of almost every crypto startup, but the government’s tough regulations against the industry pushed crypto businesses out of the country.

While the major cryptocurrency businesses may be located in specific regions in the world, nearly every country has a cryptocurrency exchange that lets traders buy Bitcoin and altcoins using fiat currency.

Coinbase is arguably the most popular fiat to crypto exchange in the US. Cex.io is famous in the UK whereas CoinJar represents Australia. Speaking of CoinJar, this exchange is one of the best-rated bitcoin to fiat exchanges in the world. Below is an in-depth review of the CoinJar exchange.

What is CoinJar?

CoinJar is an online financial marketplace where traders can buy and sell Bitcoins and altcoins using traditional Fiat money. Launched in 2014, CoinJar is one of Australia’s most established cryptocurrency exchanges.

It’s owned by CoinJar UK Limited and registered as a private company in England and Wales. The company’s owners are Asher Tan and Ryan Zhou, both in their 20s. CoinJar’s physical offices are located in Melbourne Australia in spite of being registered in the UK. While it may have been established to target Australian cryptocurrency traders, CoinJar offers its services worldwide.

The Australian dollar, UK pounds, US dollars, and Euros are the main trading pairs on the exchange. Anyone can create a free account and exchange fiat for cryptos. However, the exchange has an unpopular registration method where individuals and institutions pay from $5000 annually to get personalized services.

The registration plans are divided into four. The first plan is free and attracts a flat trading fee of 0.5%. Users can get email support but not phone support. The second plan targets traders with an annual trading volume of at least $100,000. With the plan, market makers are charged 0.2% while takers pay 0.3% per trade. Traders also enjoy phone support. The two plans are called casual and trader accounts respectively.

The third plan is known as the premium plan and costs $5000 per year. With this plan, traders pay a market taker fee of 0.15% and a maker’s fee of 0.1%. Not only do the paying traders get the phone and email support, but they also get a dedicated contact manager.

The final plan targets institutions with extremely high trading volumes and would pay extra to get lower trading fees and personalized services. CoinJar does not reveal the cost of the plan, but they call it the “Volume Commitment Plan.” It comes with trading fees of just 0.05%.

CoinJar Trading Info

With four account types each offering a varying level of benefits, CoinJar is not an average bitcoin exchange. Each account plan has different limitations as described below.

New members can trade up to AUD 2000 without verification. A phone number will be required, but verification does not have to be done immediately. However, the buying and selling limits are raised to AUD25, 000 per day once verification is completed.

You can fund your CoinJar account using Bitcoins for an amount equal to $50,000 per day. The withdrawal limit for Bitcoin is $25,000. Sending to another CoinJar bitcoin address has a limit of $100,000 worth of Bitcoins.

CoinJar does not have a minimum deposit for either fiat or cryptocurrency payments. They also don’t impose deposit fees, meaning you could deposit from as low as $10.

Payment Methods

Wire transfer is the primary method of depositing and withdrawing funds on CoinJar. UK-based traders are, however, allowed to use credit card albeit at a higher cost. In addition to fiat payments, investors can also fund their accounts using cryptocurrencies.

Available Cryptocurrencies

The exchange supports four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Ripple. BTC and AUD are the main trading pairs.

CoinJar Fees

Deposit Fees Withdrawal Fees
Australian BPay Biller users 0.5% 0.5%
UK Credit card payments 2.9% Free
Bank transfers 1% 1%
Cryptocurrencies Free Network Fees

CoinJar fees for regular trading are as follows.

Account Type Maker Fee Taker Fee
Casual Free Account 0.5% 0.5%
Trader Account 0.2% 0.3%
Premium Account 0.15% 0.1%
Volume Commitment 0.05% 0.05%

Special Features

CoinJar offers three API services. One API enables investors to trade on CoinJar via third party services such as trading bots. The second API enables users to access real-time and historical data while the last API is for real-time streaming of marketing information alone.

Premium accounts get a dedicated manager who can be accessed via email and phone contact. Additionally, the exchange offers a hedged account so that you don’t have to purchase and secure Bitcoins to invest in them.

From time to time, CoinJar runs free trading services to new members. Traders who join the exchange now will enjoy zero fees trading services until the end of June 2018.

Is CoinJar Safe?

In the wake of cryptocurrencies getting hacked, safety is one of the biggest concerns amongst cryptocurrency traders. Is CoinJar legit? CoinJar is a legitimate exchange. But is it secure? Outlined are some of the key pointers to Coinjar’s safety:

  • Community Trust

On review sites, CoinJar has an average rating of 7.3/10, a great score for any cryptocurrency exchange. 4 out of every 5 CoinJar exchange reviews are positive. Most users note that they are happy with the company’s ease of operation, professional assistance, and advanced security.

  • Security

CoinJar supports 2-Factor Authentication, the most recommended form of protecting users’ accounts. During the first login attempt, the exchange sends an email for confirmation that you indeed own the account. Users must also have a password to protect their accounts.

CoinJar claims to secure more than 90% of traders’ crypto assets in cold wallets while a small amount is secured online for daily trading. Unlike with many exchanges, there have been no complaints about hacked CoinJar accounts. Most traders, in fact, praise the company’s technical team for quick support where it’s needed.

Additional measures deployed to secure users’ funds include data encryption, regular audits and using multi-signature wallets to store and process withdrawal requests.

  • Customer Support

As already mentioned, more than 70% CoinJar reviews are positive. The company’s customer support is particularly singled out for being quick, professional and helpful. Conventionally, traders contact the company through email. Users report it’s common to get assisted within 24 hours, which is faster than the industry’s standard.

  • Handling Speed

In spite of being customized to attract institutional traders, most traders on CoinJar use the free, casual account. It has the fastest handling speed as most orders on CoinJar involve small trading amounts.

However, the trading amounts are not so small. More than 800 Bitcoins are traded against the Australian dollar on the exchange daily, which is, by all means, a large amount. More than 500 ETH coins and 220,000 Ripple coins are traded daily. Still, institutional traders who want to trade more than $100,000 a day may find CoinJar’s trading volumes limiting.

How to use CoinJar

  • Step 1: Create an Account

Visit coinjar.com and click “sign up” to create an account. Enter a valid email address and a strong password with at least 8 characters. CoinJar will send a link to your email which you must open to confirm your account creation.

Before you are allowed to access your account, CoinJar will email you another link. The link and message ask you to confirm that you are logging into the CoinJar account based on the detected user location. After that, you can successfully log in.

  • Step 2: Simple Verification

After you log into your CoinJar account, you are required to provide an avatar image, a username and submit your phone number. If you want to, you can verify your number through an SMS code.

Verifying your CoinJar account by submitting your ID details will help you raise your buying and selling amount limits.

  • Step 3: Make a Deposit

Bitcoin and the four other supported coins on CoinJar are the easiest to deposit. You don’t have to verify your ID to deposit coins. Simple click “account” on the left panel and select a coin. If you choose Bitcoin, copy the Bitcoin address shown and access your personal cryptocurrency wallet to complete the payment. The Bitcoins should appear in your CoinJar wallet within 30 minutes.

For FIAT deposits, verify your mobile phone number and add your bank details. The fiat deposit process is simple as well. At the same place you select cryptos to deposit, you will find USD/GBP/AUD. When you click any of the fiat pairs, CoinJar will direct you to provide your personal bank details.

  • Step 4: Buy Crypto

Verification takes an average of 3 days while bank deposits take 2-3 days.UK citizens are also allowed to make deposits using credit cards, but there is a 2.9% deposit fee.

Once your funds reflect in your CoinJar account, you can use them to purchase cryptos in a hedged account or purchase cryptos to be deposited in a personal wallet. When you use the hedged account, your account will reflect that you own a particular amount of Bitcoins/altcoins, but you won’t have to secure them.

  • Step 5: Make a Withdrawal

Withdrawing Bitcoins from your CoinJar account is painless and free. Fiat currency withdrawals cost 1% for bank transfers. Australians using BPAY bank payment are charged 0.5% while UK-based traders who choose withdrawals via credit cards only have to pay agent fees from their respective card processors.

CoinJar Services Available to Australians Only

  • CoinJar Swipe- a credit card that can be used for payments throughout Australia. It has daily limits of $999.
  • CoinJar touch- a mobile app available on both iOS and Android devices. Offers the same services offered on CoinJar’s website.

CoinJar Review Summary

CoinJar is an Australian fiat to cryptocurrency exchange. It’s registered in the UK and offers legitimate trading services. The exchange is unique for the most part when compared to other exchanges. With four account types, including 2 premium accounts, traders have the chance to get personalized services, including exclusive account management.

Pros

  • Quick sign up process
  • Offers hedge fund accounts
  • Supports multiple trading pairs
  • Available globally
  • Good reputation

Cons

  • Slow verification process
  • Slightly high fees for free account holders

Who is CoinJar best suited for? The exchange’s account types and features are supposed to attract high rollers and institutional traders. However, most of the trading is done by small volume traders. This makes the site a good marketplace for beginners and traders with average-sized budgets. Learn more about buying bitcoin in Australia.

Thanks for reading our CoinJar exchange review. We publish new articles about exchanges and cryptos every day. Feel free to view the articles and welcome to our site again.

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