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CoinJar Review – Is CoinJar Scam or Legit?

CoinJar Exchange Rating
Conclusion
Read our CoinJar review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this CoinJar review before you sign up with the exchange.
Account Types
9.4
Trading Speed
8.9
Customer Service
9.2
Safety
8.7
9.1

CoinJar Review

CoinJar logo

The advent of cryptocurrency saw a great transformation in the evolution of money and also led to creation of the cryptocurrency market which is a new niche in the financial market. This evolution has also brought about various platforms such as the CoinJar exchange platform that enables investors hold, sell and buy various cryptocurrencies.

In using these exchange platforms many investors are able to capitalize and take advantage of the volatility of the crypto market while making huge profits in the process. The cryptocurrency industry being huge as it is, is filled with numerous exchange platforms but we’ll be making the CoinJar exchange review out of so many exchanges.

The CoinJar exchange has been one the top choices for many investors who reside in Australia therefore we’ll be making a review to determine its competitive advantages over other exchanges.

Exchange PlatformCoinJar
Websitehttp://coinjar.com
Deposit and Withdrawal FeeVaries
Trading Fee (crypto-to-crypto)0% – 0.05%
Trading Fee (fiat-to-crypto)0.15% – 0.20%
Payment methodBPAY, PayID / NPP, Cash deposit, and Crypto transfer
SecurityTransport Layer Security, Two-Factor Authentication, Cold wallets, and so on
Trading platformWeb-based platform, and Mobile app
Trading assetsBitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), and lots more

The CoinJar exchange platform is a digital crypto marketplace that allows traders and investors to store, sell, buy, and spend their crypto assets. CoinJar was established in 2013, by Ryan Zhou and Asher Tan who are presently the COO and CEO of the company respectively. Upon establishment, the CoinJar exchange platform based its headquarters in Melbourne, Victoria where it monitors and oversees the entire trading services it offers investors.

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CoinJar website

The CoinJar group of companies is legislated and regulated under the authority of the Australian government and since it was launched it has expanded its services to the United Kingdom, Europe, and some parts of the world. The CoinJar UK which is the British branch of the exchange platform is also registered and regulated in Wales and England.

Furthermore, the overall operations of the CoinJar exchange platform are also backed by top leading companies and investor groups within the crypto industry. These include Digital Currency Group, BlackBird Ventures, and Boost VC.

With brilliant minds behind the creation and building of the CoinJar exchange platform, it is aimed to meet the trading needs of all kinds of traders. The simple design of the exchange platform including its mobile app makes it ideal for the basic and simple trading of various digital assets. Even with its simplicity, experienced and day traders still get to have a decent trading experience and enjoy some advanced features using the exchange platform. 

Presently, CoinJar prides itself on having more than 400,000 clients who have traded more than $1 billion on its trading platform. Being one of the longest-running crypto exchange platforms in the world, CoinJar is quite sizable having more than $75 million in assets under custody.

The CoinJar exchange in offering decent and excellent trading services is well-rated among Australian investors. Now, let’s have a proper look into the features, products, and services offered by the exchange platform.

CoinJar Product and Services

In offering greater competitive advantages over other crypto exchange platforms in the market, the team behind the CoinJar exchange provides innovative services and products to its clients.

These products are intended to offer great flexibility to the services being offered while also adding new and simple methods to the buying and selling of crypto assets. These products offered include;

  • CoinJar Swipe EFTPOS Card

The CoinJar exchange platform takes pride in being the first  Australian crypto exchange to launch a digital currency EFTPOS card that enables investors and traders to convert digital coins into Australian Dollars. This implies that clients of the Coinjar exchange can utilize AUD to pay for goods and services through an EFTPOS terminal.

In the case where the store doesn’t approve of card payments, clients can withdraw cash from the conventional ATM while also checking their crypto wallet balance in the process. Furthermore, the Swipe EFTPOS Card does not incur any transaction fee including monthly fees asides from a small fee on ATM usage and about a 29 AUD payment fee to activate the card at first usage.

The only drawback to the Swipe EFTPOS Card is that it can’t be used internationally by the Coinjar management claims to be working on that aspect.

  • CoinJar Bundles

Another innovative feature offered by CounJar is the CoinJar Bundles enables investors to buy various bundles. This implies that fractions of different crypto assets of your choosing can be bought with a single transaction. However, there are specific percentages that determine the amount of purchase.

The prominent bundles offered include; the Popular Trio (4 BTC/72 ETH/ 44622 XRP), Popular Duo (50% BTC/50% ETH), and so on. The percentage is dependent on the capitalization of the current market and the exchange platform charges a bundle fee of 1% of the total amount spent on the bundle. However, no fee is charged by the exchange platform for holding the bundle

  • CoinJar Exchange

The CoinJar platform also introduced a crypto-to-crypto trading platform known as the CoinJar Exchange. This product is quite different from the CoinJar fiat-to-crypto exchange platform that has been in use since its establishment. To have access to this exchange clients can easily log in using their password and email address. 

The CoinJar Exchange is ideal for investors and traders that know how to read and understand live crypto price charts. The interface is user-friendly, smooth, and minimal which doesn’t look intimidating to the eye at first contact. The Coinjar Exchange is very basic and doesn’t make use of advanced tools and indicators so it is ideal for newbie investors.

Supported Cryptocurrencies

One of the primary goals of the CoinJar exchange platform is to build an incredible trading environment for traders and investors in the crypto market. The exchange platform supports professionals, institutional and individual traders who look to use various digital coins.

To this end, Coinjar lists several digital coins on its trading platform for its clients to buy and sell for profits. These digital coins include;

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Basic Attention Token (BAT)
  • Compound (COMP)
  • USD Coin (USDC)
  • 0x Token (ZRX)
  • Maker Dai (DAI)
  • Stellar Lumens (XLM)
  • Maker (MKR)
  • Uniswap (UNI)
  • Yearn. finance (YFI)
  • ChainLink (LINK)
  • OMG Network (OMG)

With more cryptocurrencies coming into the digital sphere such as the CoinJar exchange platform continues to add more digital coins giving clients the needed flexibility to diversify their portfolio.

Trading Platform

A vital feature many investors look out for when choosing an exchange platform is the trading platform being offered by such a crypto exchange. The trading platform is so important because it oversees the entire trading activity performed by an investor.

As mentioned earlier the Coinjar exchange offers a newly launched crypto-to-crypto exchange known as CoinJar Exchange. Asides from this exchange, CoinJar has been making use of a fiat-to-crypto trading platform since its inception and it offers an exceptional trading experience to investors and traders.

With the fiat-to-crypto trading platform, clients can easily buy various digital coins using fiat currency (AUD) to be precise. This enables newbie investors to buy and sell digital coins easily using the CoinJar exchange platform. 

Asides from these web-based trading platforms, CoinJar exchange also offers a mobile trading app. The mobile app is also as effective as the web-based platform and offers additional advantages in that it allows investors to govern and monitor their trading activities on the go. Its trading services are exceptional offering a smooth and simple interface to facilitate easy trading.

The mobile app is supported by both iOS and Android devices and it’s available for download on Google Play and Apple Store.

Security Protocol

The issue of security has always been a major concern in the crypto industry as the widespread fraudulent activities and cyberattacks have come to be a menace. Being security conscious is no longer a choice as a little mistake either from an exchange platform or the investor can result in loss of funds and personal sensitive data.

To this end, exchange platforms have now taken it upon themselves to provide a safe and secure trading environment, so investors can store and keep their crypto assets with them and trade smoothly without having to contemplate the safety of their investment.

On the investor’s part, it becomes their responsibility to be able to identify exchange platforms that are decent enough to have set up an adequate security protocol and measures to prevent any form of cyberattacks.

For the CoinJar exchange platform, it gives the highest priority to the safety of its client’s investment fund, personally sensitive information, and the exchange itself. And as a result, it makes use of various measures to protect its clients which include periodic security audits, Transport Layer Security, Two-Factor Authentication, Cold wallets, and so on.

The website also makes use of very sophisticated machine learning techniques to identify account takeovers, financial fraud, and suspicious logins. Now, let’s have a look at some of these security measures.

  • Cold Wallets

The CoinJar exchange platform makes use of cold wallets as storage solutions to safeguards secure approximately 90% of its client’s crypto assets. These cold wallets are then further stored and secured offline in strategic locations which guarantee the safety of investment funds even in the case of a successful cyberattack on the platform.

CoinJar also makes a multisig withdrawal process which requires quite a several staff signatures before a withdrawal can be processed. Furthermore, the exchange platform also mentions that it preserves and controls all reserves at all times, with enough assets to underwrite customer currencies and balances.

  • Two-Factor Authentication (2FA)

The CoinJar exchange platform also integrates the 2FA within its security system. This technology offers a double layer of security to clients’ investment funds and trading accounts. Upon activating the 2FA, a six-digit code will always be sent ti clients to verify such activity or transaction.

CoinJar features two types of 2FA to help protect clients’ accounts against unauthorized third-party access. The exchange offers the Google Authentication app and the SMS authentication to this end.

  • Transport Layer Security (TLS)

Transport Layer Security (TLS) is the old version of the Secure Sockets Layer (SSL) many exchanges use today. And since CoinJar is quite an old exchange, using this kind of technology comes as no surprise. And even though the TLS is old, it is still adequate in offering security in terms of communications among a network of computer systems.

Having TLS incorporated within the security system of CoinJar exchange ensures that data and privacy integrity of clients are well assured. This implies that all information provided by clients on the exchange platform is safe, secured, and elusive to third parties.

Deposits and Withdrawals

After registration and verification of the account, the next step for new investors is to fund their trading accounts. To do this, the CoinJar exchange allows clients to deposit both fiat currencies and cryptocurrencies in their trading account.

For the deposit of fiat currencies, CoinJar offers three different payment methods to its clients which include; BPAY, PayID / NPP, and Cash deposit. Clients of the CoinJar exchange can make use of cash deposits to buy various digital coins in more than 1,000 retail outlets across Australia via Blueshyft. However, clients only deposit a minimum of $50 and a maximum of $5,000 each day.

For crypto deposits, CoinJar operates just like a regular crypto exchange allowing its client to send crypto from an external crypto wallet into the unique CoinJar crypto wallet. It takes just a few minutes for the entire transaction to be processed but it takes a longer time when the volume being transferred is huge.

For all the payment methods discussed above, they can also be used by clients to withdraw their accumulated profits anytime they feel the need to.

Commissions and Fees

Every exchange platform in the crypto industry charges investors varied commissions and fees and this is no different with the CoinJar exchange. CoinJar charges its clients various fees on different trading activities they perform in the market and these fees include

  • Spot Fees

The CoinJar exchange platform charges a flat rate fee of 1% on the buying and selling of all crypto assets. And this fee when in comparison to other fiat-to-crypto exchanges in Australia is quite on the high side. However, there’s the option of using the CoinJar Exchange which is a crypto-to-crypto trading platform on CoinJar.

In fact, there are more advanced attributes on the CoinJar exchange that suits crypto investors and trader better compare to the fiat-to-crypto trading platform.

  • Trading Fees

The CoinJar Exchange splits its trading fee into makers and takers fees on trades executed on the platform. However, for crypto and AUD pairs it charges a flat rate for its makers and takers fee which is usually between 0.15% and 0.20% on each trade. The trading fee is usually subtracted from the main balance and therefore does not affect the initial order margin. Furthermore, clients that trade more than $10M in trading volume each month will receive a discount on trading fees seeing them pay as low as 0.10%.

For clients trading, only cryptocurrency pairs like XRP/BTC, ETH/BTC, and so on will get to pay a takers fee of 0% and a makers fee of 0.05%. This trading fee is highly competitive in the crypto world as only a few crypto exchanges can offer this fee. Asides from charging a very low fee, clients still get to enjoy additional discounts on high trading volumes.

  • Withdrawal and Deposit Fees

The CoinJar exchange charges varied deposit fees depending on the payment method used by clients.

For cash deposits, the exchange charges a deposit of 1.5% whereas the deposit is totally free when clients make use of BPAY, Crypto, and PayID / NPP.

For withdrawals, clients withdrawing in AUD don’t have to pay any processing fee. However, for none AUD or international withdrawals, a fee of $20 is incurred. Withdrawing using crypto is also free although clients will have to pay a network fee which is really a small fraction.

Customer Support

The CoinJar exchange platform offers impressive customer support to its clients in all areas. It makes available support agents that are diligent and ready to respond to requests and complaints within 2 business hours.

The customer support is available 5 days a week and from the hours of 8 am to 6 pm Melbourne time. Support can be contacted via an email ticketed system. The exchange platform also makes available a dedicated support page known as Knowledge Base which consists of various articles that assist investors with complaints.

Final Thoughts

The CoinJar exchange platform offers a very simple trading platform that caters to the need of traders regardless of their trading experience. Its low fees on crypto pairs and the security measures employed offers is a great competitive advantage over other exchanges.

If you reside in Australia and you need a simple and prompt way to purchase digital coins, the CoinJar exchange is one of your best bet.

CoinJar Exchange Rating
Conclusion
Read our CoinJar review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this CoinJar review before you sign up with the exchange.
Account Types
9.4
Trading Speed
8.9
Customer Service
9.2
Safety
8.7
9.1

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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