CoinJar Review – Fees, Supported Coins, Payment Methods, Verification
Rene Peters
Almost every day, a new crypto exchange appears. According to data from CoinGecko, there are currently more than 600 crypto exchanges. But, rarely can a crypto exchange boast of lasting more than 5 years and having more than half a million satisfied customers.
So, today, we will introduce you to CoinJar. This exchange, founded in 2013 and based in Melbourne, Australia, has helped over 600,000 people get to their share of crypto.
In today’s review, we will talk about this exchange, its services and features, whether and how you can access it, and much more.
So, without further delay, let’s start the review.
What you'll learn 👉
CoinJar Overview – TL;DR
Here is a quick summary of CoinJar:
- CoinJar is an Australian–based company founded in 2013
- It supports 50+ cryptocurrencies
- This crypto exchange has more than 600,000 satisfied users
- Simple and easy-to-use platform
- Secure, private & encrypted
- Instantly buy and sell feature and exchange
- The mobile app is available for iOS and Android devices
- CoinJar has a secure wallet to store purchased crypto
Services & Features
In this section of the review, we will talk a little about the services and features that this cryptocurrency provides. CoinJar provides a variety of different services and features for its users, so let’s dive into the most popular ones so you can choose which one fits your needs best.
Buy & sell crypto
On the CoinJar crypto exchange, you can buy and sell more than 50 different crypto assets.
We will mention BTC, ETH, XRP, LTC, and DOGE as among the most popular crypto assets you can buy on this exchange.
For Australian residents, the biggest feature that CoinJar has is the ability to buy crypto with AUD. You can save a lot of time and money and buy your crypto instantly with this.
Spot exchange
One of the most popular services CoinJar exchange offers is spot exchange. The spot exchange is popular among beginner traders due to its simplicity.
Spot exchange essentially means buying and selling cryptocurrencies in real-time. Spot exchange happens in spot markets between two individual traders or, in this case, exchange-based (via CoinJar).
When using spot exchange, traders can use only assets they already possess. The idea behind spot exchange is for traders to buy crypto assets that they believe will rise in price so that they can sell them later and make a profit.
Crypto card
One of the greatest services that this exchange provides is its CoinJar Card. CoinJar Card is a crypto debit card issues by Mastercard that you can use to spend your crypto assets like cash (both in-store and online).
CoinJar Card doesn’t cost a thing, it has no monthly fees, and every time you use this card, you also get CoinJar Rewards. CoinJar Card comes in two forms – physical and digital.
You can use your physical CoinJar Card to swipe your crypto everywhere that Mastercard is accepted. You can also use it to withdraw cash from ATMs.
With the support of Google and Apple Pay, you can also swipe and spend your crypto securely and instantly from your phone.
CoinJar Card is only available for Australians and UK residents.
| Transfer type | Fee |
| Card issuance – physical and digital | 0 |
| In-store / online purchase | 1% is returned in CoinJar Rewards points |
| Foreign transaction | 2.99% + |
| ATM withdrawal for a physical card | 1% |
| Transaction dispute | $27.50 / per transaction |
CoinJar Bundles
Bundles are the easiest and best way to diversify your portfolio. CoinJar offers a range of crypto bundles that will meet your needs. You just need to choose your Bundle in the app, and after that, with ease, you can buy, sell and unbundle your crypto asset.
On CoinJar, you can pick between many different Bundles. Simply by clicking on Bundle, you can buy a mix of cryptos in just one transaction instead of spending your precious time purchasing each one separately.
CoinJar Supported Coins
Compared to Binance and Coinbase, which provides a much larger selection of digital currencies, CoinJar has slightly over 50. So, we can say that the offering of various cryptos on CoinJar is quite limited.
This exchange allows its customers to convert AUD to more than 50 cryptocurrencies such as BTC, XRP, ETH, LTC, UNI, LINK, Shiba Inu, DOGE, and many more.
This is one of the things that CoinJar can improve to attract even more traders to their platform.
CoinJar Deposits & Withdrawals
Fees
Fees on CoinJar are designed with simplicity in mind. They are proud of the fact that they offer their users in Australia one of the lowest trading fees.
There are no fees included for AUD deposits through BPAY, PayID, Osko, NPP, and Direct debit deposits (that are only available for CoinJar Bundles).
Also, there are no fees for AUD withdrawal to a bank account.
This is an excellent feature for all CoinJar users who are residents of Australia. Still, non-AUD or International withdrawals incur a $20 fee.
Methods
You can deposit funds to your CoinJar account in several different ways:
- BPAY – no fees included
- PayID, Osko, NPP – no fees included
- Cash deposit – 1.5% fee included
- Crypto – no fees included
- Credit/Debit card (Visa and Mastercard) – 2% fee included
Limits
The minimum and maximum depositing/withdrawal limits for any cryptocurrency are not stated on the CoinJar website, so it is safe to assume there are no limits.
For fiat deposits, there is information only for BPAY deposits. On the CoinJar website, it is stated that BPAY has a minimum of $5 per deposit. Maximal single-deposit is $50,000.
So, if you wish to deposit more than $50,000, you can do so by making multiple deposits of less than $50,000. Let’s take an example – if you wish to make a deposit of $90,000, you can simply make one deposit of $50,000 and the second deposit of $40,000.
When it comes to the CoinJar card, the limits are very clear:
- 10 uses on ATM – daily
- 25 transactions – daily
- Top-up limit of $999 – daily
CoinJar Trading Fees
There are two types of cryptocurrency transfers available on CoinJar:
- Sending crypto to another CoinJar user, and
- Sending crypto to external wallet addresses.
When you send crypto to another CoinJar user, there is no fee included. You must pay only a dynamic fee to send crypto to external wallet addresses. These fees can vary by crypto and network congestion. They are recalculated every 15 minutes.
Also, there are 4 fee categories for converting fiat to crypto and vice versa.
| Transfer type | Fee |
| Converting fiat to crypto | 1% |
| Converting crypto to fiat | 1% |
| Converting crypto to crypto | 1% |
| Visa or Mastercard purchase – Instant Buy | 2% |
Spot trading fees
Compared to other crypto exchanges in Australia, trading fees on CoinJar are quite competitive. Also, for higher volume amounts, there are trading fee discounts. For trading between crypto and fiat, CoinJar applies maker/taker fees given in the table below.
| Trading Volume | Taker Fee | Maker Fee |
| $0 – $10 k | 0 % | 0.1 % |
| $10 k – $100 k | 0 % | 0.09 % |
| $100 k – $1 M | 0 % | 0.08 % |
| $1 M – $10 M | 0 % | 0.06 % |
| Over $10m | 0 % | 0.04 % |
Does CoinJar require KYC?
If you want to access all the CoinJar features, then you have to complete the verification process. KYC is mandatory on this platform.
To buy, sell and trade crypto on CoinJar, you first need to verify your identity. You can’t deposit before you finalize the verification steps.
CoinJar supported countries
This platform is available to residents in Australia and in the United Kingdom. Residents of these two countries can buy, sell and trade digital currencies.
On the CoinJars website, we find a statement that says that CoinJar is a globally accessible cryptocurrency wallet that you can use to send, receive, and store your crypto assets.
Nevertheless, this doesn’t mean that traders from all countries can deposit funds to CoinJar. It depends on the local regulations in your country.
Are US investors allowed on CoinJar?
No. Residents of the USA cannot use the services of this platform. On the other hand, they can use the services of a CoinJar wallet.
How to start with CoinJar?
Registration on CoinJar is very straightforward. The process of registering an account can be completed within a few minutes. Here are the steps you can use to register a new account.
- Go to the CoinJar website,
- At the top right-hand corner, click on the ‘Join CoinJar’ button,
- Enter your first and last name and your email,
- Be sure to set a strong password,
- Read and tick the Terms of Service, Policy Agreement, and Collection Statement,
- Click on ‘Sign Up’,
- Verify the email that is sent to your email address.
Note: We highly recommend that you activate 2FA and SMS authentication before depositing any funds for an extra layer of security. You can do this by going to the section ‘Settings’ and ‘Enhanced Verification.’
After you have registered your account, you must perform an ID verification before you can deposit funds and buy your crypto.
To verify your CoinJar account, follow these steps.
- On your account, click on ‘Get verified now’,
- For this example, we will use option – ‘Individual’ (there are also options ‘Company’ and ‘SMSF Investor’),
- Tap on ‘Verify With Digital ID’ (for this, you must be an Australian Citizen),
- Upload your ID document (e.g., Id card, Drivers License, or Passport),
- Enter your details shown on the ID document,
- Click ‘Confirm’ and ‘Submit’.
Does CoinJar have a Native Token?
No. This crypto exchange does not have its own native token.
Is CoinJar legit and safe?
Yes. CoinJar is a legit and safe cryptocurrency exchange. It is registered with the Australian Transaction Reports and Analysis Centre – AUSTRAC in order to combat AML and financing of terrorism.
All CoinJar employees have passed criminal background checks before being employed.
The platform was founded in 2013, which means it has almost a decade of experience. It’s also one of the reasons why CoinJar is so highly regarded in the Australian and UK crypto communities.
Today, CoinJar has one of the most cutting-edge security measures in the industry. This platform uses multiple strategies to protect its user’s assets and information. This includes Transport Layer Security (TLS), data encryption, periodic security audits, and best practice security. In addition, they store 90% of users’ digital assets in offline cold wallets.
Is CoinJar Regulated?
CoinJar is a legit crypto exchange platform. It is regulated and licensed in Australia and the UK.
In Australia, CoinJar’s Digital Currency and Exchange Services is a registered cryptocurrency exchange provider (AUSTRAC Registration No. DCE100749118-001).
In the UK, CoinJar is registered by the FCA (Financial Conduct Authority) as a Cryptoasset Exchange Provider and Custodian Wallet Provider.
Conclusion
The time has come to conclude this review. CoinJar appears to be a legit and safe cryptocurrency exchange where, chiefly, Australia and UK residents can buy crypto.
As we mentioned during this review, the CoinJar team could improve exchange by increasing the number of supported coins and implementing advanced trading tools. The only major complaint is that just slightly over 50 cryptocurrencies are available.
At the end of the day, the best cryptocurrency exchange depends on each individual’s choice. However, in our opinion, if you are from Australia or the UK, CoinJar is a reliable platform that you should give a chance.
FAQs
