CoinJar Exchange Review | Learn About Fees & Features
Jack Moreau
Jun 2024
9 min read
Fact checked
Are you interested in learning about CoinJar and how it stacks up against other cryptocurrency exchanges? Look no further as we have researched and analyzed CoinJar's features, fees, and user experience to help you make an informed decision. Read on to discover if CoinJar is the right exchange for you!
CoinJar is an Australian cryptocurrency exchange platform that was founded in 2013 by Asher Tan and Ryan Zhou. With over 600,000 registered users in Australia and the UK, CoinJar is one of the world's longest-running cryptocurrency exchanges.
Coinjar exchange
The exchange is licensed by AUSTRAC and has its headquarters located in Melbourne, Australia, where it employs over 30 people. CoinJar's mission is to make it as simple and secure as possible for people to invest in the cryptocurrency future.
The exchange offers a small range of over 50 cryptocurrencies, including well-known coins such as Bitcoin, Ethereum, Tether, Litecoin, Algorand, Cardano, and Chainlink.
CoinJar cryptocurrencies
CoinJar exchange is also available on Android and IOS, where it has over 100,000 downloads with a somewhat weak 3.6-star rating. Despite this, CoinJar has proven to be a reliable and trustworthy exchange with a loyal user base.
Coinjar app
CoinJar Signup & KYC
The signup process on CoinJar is straightforward, users must first enter their full name, email, password and country of residence. Coinjar is currently only available to residents in the UK and Australia, so users outside of these two countries won't be able to pass KYC.
Coinjar signup
CoinJar is an exchange that requires KYC verification for all users. Without having a verified account, no buying or selling can occur on the platform. The KYC verification entails providing personal information, submitting a valid government ID and being a citizen in either Australia or the UK.
To complete the KYC process on CoinJar, users will first have to download the app in order to pass identity verification.
CoinJar Products & Services
CoinJar is a basic cryptocurrency exchange that offers buying and selling of over 50 cryptocurrencies including Bitcoin, Ethereum, Ripple, Cardano, Solana, Polygon, Avalanche, and more. Users can either buy and sell within the regular interface (more expensive) or they can buy and sell using the spot exchange.
Coinjar spot trading
Besides individual cryptocurrencies, users can buy and sell bundles, which is equivalent to index funds with cryptocurrencies.
Coinjar bundles
CoinJar has also issued the CoinJar Card that allows users to spend cryptocurrencies like cash and earn rewards with each purchase.
Coinjar card
Additionally, the exchange offers OTC solutions for larger whales or institutions that wish to buy cryptocurrencies for larger amounts but with lower slippage.
CoinJar OTC
The user experience on CoinJar is good, with a well-designed website that is easy to use for beginners. However, the exchange offers very few products and services, which limits the growth potential of the company and the usability for more experienced users.
Having said that, we find CoinJar to be a good first stepping stone for total beginners who are new to cryptocurrency investing. For users who are looking for additional products and services, we recommend exchanges like Binance and OKX.
When it comes to trading fees, CoinJar charges a flat 0.06% fee for takers in crypto-to-crypto and crypto-to-stablecoin trades on their exchange. For those using AUD or GBP as trading pairs, the maker and taker fee starts at 0.1% and can be further reduced for high volume traders.
CoinJar exchange fees
The threshold for receiving lower fees begins at $100,000 and goes up to $10,000,000. Users who trade using the regular buy and sell functionality pay a 1% trading fee, while instant buys incur a 2% fee.
CoinJar trading fees
Needless to say, this is much more expensive and should and could be avoided by simply buying and selling via the spot exchange.
CoinJar offers a variety of deposit methods for their Australian and UK users. For Australian users, they can deposit AUD using PayID, bank transfer, or Blueshyft.
PayID has no deposit fee and arrives within a minute, while bank transfers are free but take 1-3 business days to arrive. Depositing with Blueshyft incurs a 1.5% processing fee but arrives instantly.
Coinjar fiat deposits
For UK users, CoinJar allows for GBP deposits via Faster Payments (FSP), which are free and arrive within 1-2 hours. EUR deposits can be made via SEPA, which is also free but takes 1-2 business days to arrive. Instant Buy with a credit/debit card is also available but incurs a 2% commission fee. Overall, CoinJar offers convenient and affordable fiat deposit options for their Australian and UK users.
CoinJar Withdrawal Methods
CoinJar is a cryptocurrency exchange that offers both fiat and cryptocurrency withdrawals. For fiat withdrawals, users can withdraw their funds via bank transfers, which are processed as NPP payments, making the process almost instantaneous.
However, for banks that do not support PayID, the withdrawal will be sent as a standard bank transfer, which can take 1-3 business days to arrive.
When it comes to withdrawing cryptocurrencies from CoinJar, the fees for Bitcoin withdrawals come with a 0.0003 BTC fee while Ethereum has a 0.005 ETH fee. For users that with to withdraw their Solana, that has a 0.01 SOL fee while and ERC-20 Tether has a 7 USDT fee.
CoinJar crypto withdrawals
Overall, CoinJar provides users with a convenient and easy way to withdraw both fiat and cryptocurrencies.
In conclusion, CoinJar is a well-established Australian cryptocurrency exchange platform that has over 600,000 registered users in Australia and the UK. It offers a beginner-friendly platform with a limited range of over 50 well known and well established cryptocurrencies.
CoinJar's exchange platform is available on Android and IOS and has over 100,000 downloads. Besides spot trading, CoinJar also offers crypto index bundles, an OTC desk and their own Visa card.
In terms of trading fees, those begin at 0.06% for crypto to crypto pairs and moves up to 0.1% for those buying with fiat trading pairs like AUD and GBP. CoinJar also offers a variety of convenient and free fiat deposit options for AUD and GBP.
Overall, we think CoinJar is a great option for beginners who want to invest in cryptocurrencies in a simple and easy to use way.
Having said that, CoinJar is not suitable for users who want exposure to a wider range of cryptocurrencies or more experienced users looking for more advanced features and trading options.
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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.
