CoinJar vs Coinbase | The Significant Benefits Of Coinbase
Jack Moreau
Feb 2024
9 min read
Fact checked
Coinjar vs Coinbase: Are you looking for the best cryptocurrency exchange? We've compared Coinjar vs Coinbase across multiple variables such as product range, trading fees, supported countries, deposit methods and much more. Stay with us and find out which platform is the right fit for your trading needs!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
CoinJar, a pioneering cryptocurrency platform, was established in 2013 by Asher Tan and Ryan Zhou. The company is headquartered in Melbourne, Australia, and operates under a license from AUSTRAC with a dedicated team of over 30 employees.
CoinJar exchange
Renowned as one of the world's longest-running cryptocurrency exchanges, CoinJar has successfully facilitated over 600,000 customers in Australia and the UK to engage in transactions involving more than 50 different cryptocurrencies.
The platform's mission is centered on simplifying and securing the process of investing in cryptocurrencies. CoinJar's mobile application, which is available on both Android and iOS, has been downloaded over 100,000 times but has received a modest 3.6-star rating.
CoinJar app
On the other hand, Coinbase, a prominent US-based cryptocurrency exchange, was founded in 2012 by Brian Armstrong and Fred Ehrsa.
Registered in the District of Columbia, the company employs over 5,000 individuals and is known for its intuitive interface, robust security measures, and strict regulatory compliance.
Coinbase exchange
Coinbase supports a multitude of over 200 cryptocurrencies, including Bitcoin, Ethereum, Solana, Cosmos, Polkadot, Cardano and various fiat currencies. The platform offers an array of services, such as spot trading, recurring purchases, staking, and an educational rewards program called Coinbase learn & earn.
Catering to both retail and institutional investors, Coinbase has developed an advanced trading platform, Coinbase Pro, that offers additional features and lower fees. With over 100 million users in over 100 countries mostly from the US and Europe, Coinbase is one of the largest exchanges globally.
The Coinbase app, available on Android and iOS, has garnered 10 million downloads and a solid 4.1-star rating from more than 750,000 reviews.
Coinbase app
Coinjar vs Coinbase Signup & KYC
To register for CoinJar, users are required to provide their full name, email address, password, and country of residence.
Presently, CoinJar services are restricted to residents of the UK and Australia. Individuals residing outside of these two countries will not be able to pass the Know Your Customer (KYC) verification process.
CoinJar signup process
CoinJar mandates KYC verification for all its users and no transactions can be carried out without a verified account.
The verification process entails the provision of personal details, submission of a valid government-issued ID, and citizenship in either Australia or the UK.
To complete the KYC process on CoinJar, users will also need to download the app to finalise the identity verification.
Coinbase, on the other hand, offers a quick and straightforward signup process that takes approximately a minute to complete. Users need to provide their full name, email and a password.
Coinbase Signup
Like CoinJar, Coinbase also requires users to complete the KYC verification process. After submitting the necessary documents, the verification process on Coinbase typically takes a few minutes to a few hours to get completed, depending on the volume of requests they are dealing with at any given time.
Unlike Coinjar, Coinbase is available in 100s of countries and thus does not have the same country restrictions as it's competitor.
Coinjar vs Coinbase Products & Services
CoinJar and Coinbase are both beginner friendly exchanges but differ in the products and services they offer. CoinJar is a very basic exchange that offers simple buying and selling of over 50 cryptocurrencies, as well as bundles that are equivalent to index funds with cryptocurrencies.
CoinJar spot trading
They also offer an OTC desk for institutions and the CoinJar Card that lets users spend cryptocurrencies like cash, earning rewards with each purchase. The user experience on CoinJar is good and the interface is easy to use for beginners.
CoinJar Visa card
However, the exchange's limited range of products and services make it more suitable for first-time users.
On the other hand, Coinbase is one of the leading exchanges in the world with a wider product offering than CoinJar. Coinbase has tailored its services and products mainly for beginners in the crypto world and for institutional clients.
Coinbase Products
Unlike many offshore exchanges that offer high-risk products with leverage up to 100X, Coinbase has steered clear of these to comply with U.S. laws.
This cautious approach has made the platform less appealing to professional traders seeking high leverage, but it has made Coinbase more accessible and easier to navigate for beginners.
Coinbase Interface
At Coinbase, there are two main types of user interfaces. The first is simply named Coinbase and is designed to be beginner-friendly, while the second named Advanced is aimed at experienced traders.
Coinbase Buy & Sell
Coinbase supports over 240 different cryptocurrencies that users can buy either through a user-friendly buy-and-sell feature or via spot trading in the Advanced section.
Coinbase Spot Trading
Additionally, for those looking to invest gradually over time, there's a recurring buy feature, which is great for strategies like Dollar Cost Averaging, where investments are spread out over time.
Recently, Coinbase expanded its offerings to include futures for Bitcoin (BTC) and Ethereum (ETH), as well as perpetual contracts for BTC, ETH, LTC, SOL, XRP and AVAX with a max 5X leverage.
Coinbase Futures Trading
Coinbase currently remains less competitive in the futures market compared to its spot trading, where it frequently ranks among the top three exchanges globally in terms of volume.
Coinbase Trading Volumes
For those interested in earning interest on their holdings, Coinbase offers a competitive 5% interest rate on USDC while users also have the option to earn staking rewards by staking various cryptocurrencies, including ETH, SOL, ATOM, AVAX, and others.
Coinbase Staking
Another unique feature aimed at beginners is the learn-and-earn program. In this program, users can learn about different blockchain projects and earn tokens as rewards for their learning.
In the growing space of NFTs, Coinbase has developed its own NFT platform that lets users mint, explore, buy, and sell NFTs on various blockchains, including Ethereum, Base, and Polygon.
Coinbase NFTs
For those who want to use their cryptocurrencies for everyday expenses, Coinbase offers a Visa Card. This card allows users to spend either cash (USD) or crypto (USDC) and earn rewards on their spending.
Coinbase Visa Card
Coinbase also caters to users who prefer a non-custodial approach to crypto management with its Web 3 Coinbase Wallet.
This wallet supports the storage and management of thousands of coins and tokens and provides easy access across multiple blockchains like Bitcoin, Ethereum, and Solana.
Recently, Coinbase introduced the Coinbase One Membership at $29.99 per month. This membership offers benefits like zero-fee trades, enhanced staking rewards, and priority support.
Coinbase One Membership
Being a public company in the United States, Coinbase is subject to strict regulations and accountability standards, making it one of the safest exchanges for users.
Coinbase Custody
This has made Coinbase a preferred platform for major institutions like BlackRock and Grayscale to trade or custody a wide range of crypto assets, including Bitcoin, Ethereum, and Solana.
Coinbase Prime
Lastly, with Coinbase Prime, high-net-worth individuals and institutions have access to a suite of advanced services. These include advanced trading options, financing solutions, secure cold storage, staking services, and much more.
When it comes to trading fees, Coinbase charges a spot maker fee of 0.40% and a spot taker fee of 0.60%, which is relatively high compared to other exchanges. Trading fees on Coinbase can also be lowered if monthly trade volumes exceed $10,000.
Coinbase spot fees
On the other hand, CoinJar has a flat 0.06% fee for crypto-to-crypto and crypto-to-stablecoin trades. For users using AUD or GBP as trading pairs, the maker and taker fee begins at 0.1% and can be further reduced for high volume traders.
CoinJar exchange fees
The threshold to receive lower trading fees begins at $100,000 and goes up to $10,000,000. For regular buy and sell functionality, users will pay a 1% trading fee and 2% for instant buys. In other words, users can save a lot of money by learning how to spot trade on CoinJar.
Overall, CoinJar offers lower spot trading fees than Coinbase but higher fees for those that don't use spot trading.
When it comes to depositing funds on these two exchanges, there are some key differences to note.
For their Australian users, CoinJar offers three AUD deposit methods which includes PayID, Bank transfer and Blueshyft.
PayID has no deposit fee and normally arrives within a minute while bank transfers are also free, but typically arrived in 1-3 business days.
For users who wish to deposit with Blueshyft, that comes with a 1.5% process fee and arrives instantly.
For their UK users, CoinJar allows for GBP deposits via Faster Payments (FSP) which are free and arrive within 1-2 hours.
Users can also deposit EUR via SEPA free of charge with a 1-2 business day arrival time. For users who prefer to use Instant Buy with a credit/debit card, they will have to pay 2% commission fee.
On the other hand, Coinbase allows for deposits in 3 fiat currencies including USD, EUR, and GBP.
Coinbase fiat deposits
Fiat deposits can be made via ACH, Wire (USD), SEPA (EUR) and Swift (GBP), with ACH deposit being free, Wire Deposit costing $10 USD, SEPA Deposit costing 0.15 EUR, and Swift deposit being free.
If you're a Coinjar user looking to withdraw fiat currency, you're in luck. The exchange offers fiat withdrawals through bank transfers, with withdrawals processed as NPP payments for almost instant access to your funds.
For banks that don't support PayID, withdrawals are sent as standard bank transfers and can take 1-3 business days to arrive. Meanwhile, withdrawing cryptocurrencies from Coinjar comes with a dynamic fee that varies for each blockchain. Not having fixed costs means higher withdrawal fees for it's users.
Moving on, fiat withdrawals on Coinbase are available through ACH, Wire, SEPA, and Swift. ACH withdrawals are free, while wire withdrawals come with a $25 USD fee. SEPA withdrawals cost 0.15 EUR to conduct and Swift withdrawals cost 1 GBP.
Coinbase fiat withdrawal fees
When it comes to withdrawing cryptocurrencies, Coinbase charges a withdrawal fee of 0.0001 BTC for Bitcoin withdrawals, 0.04 ETH for Ethereum withdrawals, 0.03 SOL for Solana withdrawals, and 10 USDT for ERC-20 Tether withdrawals.
In conclusion, Coinjar shines in its simplicity and suitability for beginners and is only available to those residing in Australia and the UK.
Its flat trading fee of 0.10% for crypto trades is notably lower than Coinbase's spot maker and taker fees of 0.40% and 0.60% respectively, making it a more cost-effective choice for those that buy via spot trading.
CoinJar also offers a few unique products like the CoinJar Card and crypto index funds, which are not commonly found in other exchanges.
However, when it comes to the depth of services, range of cryptocurrencies supported, and global reach, Coinbase is the superior platform.
Coinbase offers a broader spectrum of over 200 cryptocurrencies including popular ones like Bitcoin, Ethereum, Solana, Cosmos, Polkadot, and Cardano, which surpasses CoinJar's offering of over 50.
Additionally, Coinbase's more advanced trading platform, Coinbase Pro, and its services like staking, lending, borrowing, and educational rewards program provide a more comprehensive crypto trading and learning environment.
Coinbase's higher fees might be a downside compared to CoinJar, but they can be justified by the added benefits of a wider range of cryptocurrencies, more sophisticated trading tools, and its established reputation in the industry.
It is also more accessible globally, making it a preferred choice for users outside of CoinJar's primary markets in the UK and Australia.
In summary, for cost-conscious beginners especially in the UK and Australia, CoinJar could be a better fit due to its lower fees and straightforward functionality.
For more experienced traders or those seeking a wider range of services and cryptocurrencies, or for users based outside the UK and Australia, Coinbase holds the advantage.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
