Coinjar Review for Australia 2022

In this review, we will explore the Australian Coinjar platform’s various features and discuss the payment options and currencies supported by the site. Read on to learn about the CoinJar cryptocurrency exchange and its different products, or skip ahead for fast viewing by clicking on any of the links below. 

Quick disclaimer: The images shown in this review are Crypto Joe’s Coinjar account. This review offers an accurate detailed analysis of the Coinjar website. 

coinjar logo

A brief overview of the Coinjar Exchange

CoinJar is an Australia based exchange with its headquarters in Melbourne. It has expanded globally and has become popular in other regions of the world too. CoinJar has exceeded $1 billion in overall traded volume and provides services to more than 400k customers globally. The platform has a native CoinJar card that allows users to spend cryptocurrencies while shopping. The interface is easy to use and has been built keeping in mind amateur and new users. 

What Service does the Australian Coinjar exchange offer?

1. How Many Cryptocurrencies does Coinjar offer?

CoinJar is a cryptocurrency exchange that allows trading in more than 50 cryptocurrencies. Some of the most popular include XRP,  BTC, XLM, ETH, MATIC, SAND and AUDIO. A little tip if your stuck in which cryptocurrency to buy – try Coinjar bundles. It’s a great option if you’re looking to diversify your portfolio by purchasing cryptocurrencies as a group. And this can be done in one simple transaction! Below is an example. 

coinjar bundle
The above example is a coinjar bundle. It’s called “the popular trio” as you can see you are buying 49% Bitcoin 47% Ether 4% Ripple. This can be purchased in one simple transaction.

2. Coinjar Deposit and withdrawal methods

It allows deposits and withdrawals in Australian dollars and users can deposit through various payment methods such as a debit or a credit card that allows instant purchases. However, instant purchases attract an additional fee. For users looking to deposit cash in Australia, Blueshyft is the best option. PayID and BPAY are also available for users who wish to deposit AUD using their bank accounts. CoinJar provides multiple options to its customers for depositing and withdrawing funds on the platform. You can select a method that is the most convenient option for you. 

3. Coinjar Bundles

CoinJar bundles provide the ability to invest in a basket of cryptocurrency assets through the recurring buy feature. It is a great way to purchase using the dollar-cost averaging method. CoinJar supports direct debits for purchasing bundles and the customer can specify the amount, starting date, and frequency as per their preferences. However, a minimum limit of $10 and a maximum limit of $2000 is applicable for CoinJar bundles.

4. Coinjar Card

CoinJar card is provided in partnership with Mastercard and provides the ability to pay using cryptocurrencies. The CoinJar card is free to use and there are no annual fees. You can use the CoinJar card at physical locations or online just like a normal debit or credit card. For every $1 spent, 100 CoinJar reward points will be credited to your account. These rewards can be utilized for future trades or redeemed in the CoinJar store. Both ApplePay and GooglePay are supported by the CoinJar card. Purchases through the CoinJar card at physical stores and ATM withdrawals are charged at a 1% flat fee. 

5. Shopa Save cashback for Australian Customers

CoinJar also provides the option to redeem Shopa Save cashback as Bitcoin through a partnership. CoinJar and Shopa Save accounts can be linked for receiving $5 in your CoinJar and Shopa Save accounts. 

5. Coinjar (OTC) option

For institutional clients, CoinJar provides an over the counter (OTC) option with sufficient liquidity. OTC trades are permissible in AUD, GBP, EUR, BTC, ETH, XRP, LTC, ZRX, USDC, and BAT only. A minimum of $50,000 is required to qualify as an OTC client. 

5. CoinJar Newsletter

CoinJar provides regular updates about the cryptocurrency markets through its blog. It is a useful feature and helps in keeping its users updated about the various news-making stories in the field of cryptocurrency and blockchain. A regular newsletter is also provided by the CoinJar site to keep their customers updated about the various changes on the platform. 

How long has coinjar been operational?

CoinJar has been offering cryptocurrency trading services since 2013. It started operations from Australia but has branched out into other regions of the world. It supports customers in many countries and is also actively seeking regulation in different regions of the world.  

PROS

Hover Here

1. Support for stablecoins and fiat currencies such as AUD and GBP
2. Coinjar card offers attractive cashback
3. OTC desk for institutional clients
4. Free to deposit in AUD and a cash deposit option available at 1.5%.
5. Recurring buy feature through coin bundles

CONS

Hover Here

1. Limited cryptocurrency pairs available as of March 2022
2. Instant purchase through debit or credit cards attracts additional fees
3. Conversion fee is applicable for transferring funds between digital and cash accounts

Comparison table CoinJar vs CoinSpot vs Swyftx 

Let us compare CoinJar with some other cryptocurrency exchanges such as CoinSpot and Swyftx. 

Exchange Feature

CoinJar

CoinSpot

Swyftx

Coins Available

50+

330+

290+

Fees

0.04%-0.1%

0.1-1%

0.6%

Deposit fees

1.5% for Blueshyft deposits. No fees on PayID and BPAY. 

No fees on bank transfer, POLi, PayID, OSKO. For BPAY-0.9%, and for Cash-2.5%

Free

Withdrawal Fees

0.5% for BPAY.

Free

Free

Coin Staking

Not available

Not available

Available

Customer Service

Email. Phone support for select members.

Live chat support

Live chat support

Demo feature

Not available

Not available

Available

Fiat currencies

AUD and GBP

AUD

AUD, NZD

Coinjar Fees (as of March 2022)

CoinJar charges lower fees than similar platforms. The cryptocurrency exchange charges trading fees ranging from 0.04% to 0.1% depending on the user’s trading volume.

A 1% extra fee is charged as a conversion fee for transferring funds from the currency account to a cash account. However, CoinJar provides the option to further reduce trading fees as CoinJar card rewards can also be used to pay trading fees.  

A foreign transaction fee of 2.99% is also applicable if the client transacts in a currency that is not supported by the CoinJar platform. 

Is Coinjar a legitimate crypto Exchange?

CoinJar is regulated by the Financial Conduct Authority (FCA) in the UK and is actively seeking regulatory approval in various jurisdictions across the globe. The cryptocurrency assets are stored in a mix of hot and cold wallets and the platform provides the ability to utilize two-factor authentication to further secure clients’ accounts. 

The cryptocurrency exchange conducts regular security audits and uses advanced machine learning to keep a close watch on transactions to identify fraudulent and suspicious activity. 

The platform also insists on elaborate Know Your Customer (KYC) procedure to ensure that only verified customers have access to the site. Account verification on CoinJar involves the submission of identity and address documents and the user will also need to upload a selfie to reduce the risk of fraud and impersonation. 

Can I swap coins on Coinjar?

Yes. You can convert a cryptocurrency into another altcoin easily using the CoinJar exchange.

Swapping cryptocurrencies between different tokens is easy and a flat fee of 0.04% is charged for such transactions.

Simply select a suitable cryptocurrency that you wish to convert, for example, Bitcoin (BTC) and another token such as Stellar (XLM), and swap immediately. You can also transfer cryptocurrencies to your personal wallet if you do not wish to trade frequently and are instead interested in holding on to your assets for the long term. 

Coinjar app

The CoinJar application is available for android and iOS devices. Users who wish to trade and monitor their assets all the time can use the CoinJar app. You can also monitor real-time prices and track your rewards through the app function. The CoinJar app provides the ability to trade on tablets and mobile devices at the click of a button. It is a very handy feature for busy customers who do not have access to a desktop or laptop and are always on the move. 

Coinjar Wallet

The CoinJar cryptocurrency wallet provides the ability to store crypto assets in a secure environment. While CoinJar provides good security for crypto assets, it is advisable to move your cryptocurrency funds and transfer them into a secure hardware wallet especially if you plan to hold for the long term. CoinJar claims to store a majority of client’s funds in a cold wallet and also backs up assets through its reserves. 

CoinJar Verdict for Australian Traders

CoinJar provides exciting features such as the ability to spend cryptocurrency for Australian users through its CoinJar card. Utilizing the CoinJar card provides an attractive cashback feature that can reduce trading fees on future trades. CoinJar provides the ability to track and monitor cryptocurrency prices and the user can also set alerts for significant price movements.

A recurrent purchase feature is also available for cryptocurrency bundles on CoinJar. For more advanced traders Coinjar may not be suitable for specific trading strategies. 

How to create a coinjar account (step by step)

Step 1: Go to the official Coinjar website

coinjar step 1
Step 2: Click on “Signup” (on the top right corner). Once you click on Signup, the page will look like this.

coinjar step 2

Step 3: Fill in all the details correctly into the respective fields and then click on “Sign Up”

This is how now your screen will look like when you hit on “Sign up” if all details which you fed into respective places are correct. If not, then the screen will show a pop up to correct the incorrect field.

coinjar step 3

Step 4: To verify the newly created account keeping the coinjar webpage open, log in to your e-mail I’d on the other tab and click on “Confirm my account” and then click on “I’ve verified my email” on the coinjar website.

coinjar step 4

Top 5 crypto exchanges in Australia 2022

Disclaimer:

Cryptocurrencies are speculative and may involve significant risks. We are not financial advisors and do not provide advice on any personal circumstances. We have strived to keep our tables as accurate as possible but fees may change from time to time without our knowledge. In some cases, thinkingofbuyingcrypto.com may earn a commission or a fee from its website tables.

EXCHANGE

CRYPTO ASSETS

TRADING FEES (2022)

EXCHANGE REVIEW

OFFICIAL WEBSITE

DEPOSIT OPTIONS

COINSPOT

RESPONSIVE CUSTOMER SERVICE & LOW MARKET ORDER FEES

4.8/5

RATING 4.8

Thinking of buying crypto rating

300+

Market Orders 0.1%

Instant buy & Sell 1.0%

● PayID
● POLi
● Crypto
● Cash
● Bpay
● Bank Transfer Here

SWYFTX

HIGHLY TRUSTED

4.7/5

RATING 4.7

Thinking of buying crypto rating

290+

0.6%

● PayID
● Osko
● POLi
● Crypto
● Bank Transfer

DIGITAL SURGE

LOWEST FEES

4.7/5

RATING 4.8

Thinking of buying crypto rating

250+

0.5%

● PayID
● Osko
● POLi
● Crypto
● Bank Transfer

COINJAR

GREAT FOR BEGINNERS

4.3/5

RATING 4.3

Thinking of buying crypto rating

30 +

1.0% based on the transaction amount

● PayID
● Osko
● Credit card
● Debit card
● Cash
● Bpay
● Bank Transfer

COINBASE

MOST POPULAR EXCHANGE

3.39/5

RATING 4.3

Thinking of buying crypto rating

95+

Fees vary for australian traders “standard” or “Instant buy/sell”

● Debit card

coinspot review image
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