CoinJar Review

CoinJar Ratings at a Glance

Crypto Management Options

Did you ever have a piggy bank when you were young? It may not have been an actual porcelain pig, but you probably had a little jar or container where you’d stuff your tooth fairy money or any quarters you’d find in the swimming pool. You didn’t earn interest on these “deposits,” but that was okay because your end goal was usually ice cream or an action figure.

Now the goal of storing coins is a little different. You don’t have a piggy bank, but you probably do have a digital wallet or at least an account with a cryptocurrency exchange. CoinJar is a cryptocurrency exchange where users can buy, sell, send and receive digital assets 

CoinJar clients can open an account in minutes. Account holders can trade cryptocurrencies on the exchange or store them in the CoinJar digital wallet. With a CoinJar account, you can send cryptocurrencies to anyone around the world (although certain actions will only be permitted if you reside in the U.K. or Australia). 

Buying, selling and transferring might sound like features any cryptocurrency exchange worth its code has, but CoinJar plans to offer a fourth feature soon: spending. The CoinJar Card will allow clients to spend their digital assets alongside fiat currencies with unprecedented ease.

CoinJar is great for both novice cryptocurrency investors and experienced traders. The exchange platform has a number of tools for advanced traders like candlestick charts, various order types and an underlying order book. 

CoinJar has a FAQ-like section on their website called the Knowledge Base with a wealth of information for inquiries. Both current clients and prospective ones can search the Knowledge Base for topics like identity verification, making deposits, using the exchange and setting up different account features.

The article selection is vast and you can find the answer to most basic inquiries, but if you can’t find what you’re looking for, you’ll need to submit a support ticket. The support ticket feature allows you to upload images and screenshots, so be as specific as possible when submitting your request for a prompt answer. There’s no direct email address, phone number, or chat support feature currently available.

For CoinJar clients in Australia, there are no fees for sending or receiving cryptocurrencies from other CoinJar accounts. Depositing and withdrawing cash to/from your account is also free and instant when using PayID. (Blueshyft cash deposits are tagged with a 1.5% fee). Additionally, you can buy crypto instantly using a Mastercard or Visa for a 2% fee. Conversion fees are 1% for most users andthere’s no fee for the pre-paid Mastercard CoinJar Card. 

If you want to send cryptocurrencies to outside sources, you’ll need to pay a dynamic fee, which changes every 15 minutes based on exchange volume. However, certain cryptocurrencies like XRP and Litecoin carry no transaction fees.

Clients in the U.K. will pay the same 2% instant buy fee when using a Visa or Mastercard, but Faster Payment Service deposits are free. Like Australian clients, conversion fees are 1% and dynamic transaction fees apply to most cryptocurrencies (XRP and Litecoin are once again free of transaction fees).

The CoinJar mobile app is available for both iOS and Android operating systems. It’s a sleek and intuitive mobile app with all the accessibility and features provided by the desktop platform. Users can buy, sell and exchange digital assets without hassle while monitoring their accounts from the easy-to-navigate dashboard.

Overall, the mobile app is a big selling point for CoinJar. Users can perform all the necessary banking functions for converting fiat currencies into digital ones with the convenience of a few taps. CoinJar clients can even order their CoinJar Card right from the app.

CoinJar provides plenty of value to users by simplifying the process of opening and funding a cryptocurrency wallet. All banking can be done from a singular platform — deposits, withdrawals, transfers, purchases and sales. Not only do users get access to a speedy exchange but also a digital wallet to store their assets. 

More than 30 different digital currencies can be purchased through CoinJar, including less well-known coins like SushiSwap, Enjin and Balancer. The addition of the CoinJar Card (available as both a physical and digital card with Apple and Google Pay functionality) will be a major boost as well since it allows spending of digital assets with no transaction fee. Imagine buying a coffee with Ethereum on a credit card without incurring a fee!

Advanced users can access complex trading features on the exchange, including advanced order types and API functionality. Fees are low, the mobile app is sleek, and the optionality is impressive. CoinJar clients will be happy with the offerings they’re provided.

From signup to your first trade, the onboarding process is efficient and painless. Linking your bank account can be done without much resistance, and fiat currency can be easily deposited for cryptocurrency buys. The desktop and mobile app both have complete functionality, so clients can buy and sell while at home on the laptop or while traveling with a smartphone.

The Knowledge Base has an array of informative articles if you run into trouble, but the site and platform have a very low learning curve. Accessibility is one of the main themes promoted by the CoinJar development team and it shows. The experience is simple enough not to frustrate any novice users, but there are enough bells and whistles to keep advanced traders happy.

About security — CoinJar takes it very seriously. Over 90% of digital assets held by clients are kept offline in cold storage. For assets kept online, a multi-sig technology offers a layer of protection, and customer deposits are always backed by sufficient assets. The platform’s infrastructure is built on Amazon Web Services and customer accounts are protected by multi-factor authentication, biometric logins and periodic security audits. CoinJar goes so far as to include machine learning techniques when tracking suspicious activity.

CoinJar vs. Competitors

One advantage CoinJar has over its competition is the CoinJarCard. Reducing friction is currently a major focus in the cryptocurrency industry and a pre-paid crypto Mastercard with no transaction fees will go a long way in bringing digital currencies to skeptical users. 

The security features are also impressive compared to other exchanges. If reducing friction is the No. 1 focus in the cryptocurrency industry, the improving security is a close 2nd. Security breaches are devastating to digital asset exchanges since there’s no FDIC or SIPA to make customers whole. CoinJar takes security to heart by overloading its system with checks and failsafe measures to ensure client safety.

Finally, the platform is just a delight to use. You’ll never be confused or unsure of how to proceed and even if you get stuck — the Knowledge Base can provide answers. Setup and deposits are easy and you can buy your first cryptocurrency almost immediately after signing up.

Since 2013, CoinJar has been providing reliable cryptocurrency trading and storage to clients in Australia and now the U.K. Offering both an exchange and online wallet, CoinJar allows users to buy, sell, exchange and transfer digital assets to other users all over the globe. The fees are low compared to other exchanges and the introduction of a pre-paid crypto Mastercard could be a game-changing move in the adoption of digital currencies. 

CoinJar is a great starting point for those new to cryptocurrency, but they also have advanced features on the CoinJar exchange for seasoned investors. No matter your experience or trading skill level, CoinJar has something for you.

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