CoinJar Australia Review 2021 | Is it Safe and Legit?

Estimated reading time: 12 minutes

Are you an Australian resident and looking forward to dipping your feet into cryptocurrency trading? If you are, then you must be looking for a crypto exchange platform. Well, we have good news for you. We know the exact platform you will need. CoinJar, that’s what you need to get started. 

In this article, we will provide you with complete guidance and our review of CoinJar Australia.

What is CoinJar?

CoinJar is one of the most popular Australian crypto exchange platforms. It has more than 400,000 users and gives a lot of leverage to Australian residents. However, it is available for global users, but its main focus is Australia and the UK. Even Uk does not have that many facilities and options compared to the Australians.

CoinJar was founded in May 2013 and is backed by some of the world’s greatest investors, like Digital Currency Group, Boost VC, and BlackBird Ventures. It is one of the most trustworthy and reputable sites for trading cryptocurrencies.

Summary (TL;DR)

  • CoinJar supports both individual and institutional investors and traders.
  • It focus resides on the UK and Australian users. However, CoinJar is also making progress to include more European countries.
  • The Knowledge base platform is comprehensive and helps users to clear all their doubts.
  • CoinJar platform supports two fiat currencies, including AUD and GBP.
  • The low trading fees equivalent to 0.1% is competitively high for high volume traders. 
  • The KYC process is easy to follow and takes only a few minutes to complete.

How to use CoinJar?

The CoinJar registration process is simple and does not take much of your time. Follow the below steps to sign up:

Step1: Enter Signup Process

You should visit the site of CoinJar Australia to register your account. On the website, on the top right-hand corner, you will find a Signup button. Click on that to enter the signup process.

CoinJar Signup
CoinJar Signup

Step2: Fill in the details

You need to fill in personal information like your first and last name, email-id and set a strong password. After filling in all the details, tick on the terms of service and policy agreement. Then click on signup.

CoinJar Signup details
CoinJar Signup details

Step3: Verify the Email

When you click on the signup process, you will receive an email from CoinJar. That email will contain a confirmation link. Click on it and complete your Email verification. 

Step4: CoinJar Login Australia

Now, you can log in to your account. When you sign in for the first time, you need to fill in a few details like username, profile picture, country, and phone number for verification. 

Coinjar Login
Coinjar Login

Step 5: CoinJar Verification Process

This step is compulsory for the users who want to buy or sell Bitcoins using the CoinJar platform. For CoinJar verification, you will need your Digital ID (Australian users) as your verification document. Follow the below steps to verify your account:

  1. Log in to your Account: Visit their site and click on the login button on the top right corner of their website home page. Fill in your email id and password, and click on login.
  2. Enter Verification process: After logging in, click on the ‘Get Verified Now’ option on the dashboard. 
  3. Select the Right Options: After entering into the verification process, you have to select whether you are an individual, Company, or SMSF Investor. (Here, we are selecting individual)
  4. Upload Document: Since you are an Australian user, you should click on the ‘Verify With Digital ID.’ They will ask you to upload the personnel identification like Passport, Driver’s Licence. 
  5. Fill in the Details: Enter the details as shown on your document. Review the information you entered, and click on ‘confirm’ and Submit it.

Note: The Australian users can use the following documents to verify their account:

  • Australian Driver Licence
  • Australian Passport
  • Foreign Passport with Australian Visa
  • Medicare card

CoinJar Deposit

After verifying the details, you can deposit your funds into CoinJar Wallet. The users from Australia can deposit fiat currency to CoinJar using the following payment methods:

  1. PayID/NPP: CoinJar Australia allows its users to send the payment using PayID from their Australian bank account. This is the fastest payment mode, as they add the amount into your CoinJar wallet within a few minutes. Osko® and NPP support PayID deposits. 
  2. BPAY: CoinJar users can also deposit money using BPAY. This is a widely accepted payment method. It usually takes 1-3 business days to credit the amount into the CoinJar wallet.
  3. Cash Deposits: Individuals can buy cryptocurrencies with cash deposits at 1,200+ retail outlets in Australia using Blueshyft. Please note that the minimum cash deposit is $50, and the maximum amount is $5,000 per 24 hours. 
  4. Crypto Deposits: CoinJar users can deposit crypto into the CoinJar unique wallet address, like every other crypto exchange. The deposit time of this mode depends on the type of crypto you are sending. In general, it takes around 15-20 minutes.

CoinJar Fees

CoinJar Withdrawal Fees

The CoinJar withdrawal fees for Australian bank accounts is free. However, to withdraw the bitcoins, as of 24 June 2020, the price is dynamic. This price is calculated after every 15 minutes, depending on the amount you are sending and the blockchain congestion level. Check out the below chart to have precise knowledge regarding the fee structure: 

CoinJar withdrawal fees
CoinJar Austrailia withdrawal fees

CoinJar Deposit Fee

The deposit fee in CoinJar is free of cost. You will only be charged with an amount of 1.5% when making deposits using Blueshift cash deposit.

CoinJar Exchange Fee

The CoinJar Exchange model uses the maker and taker model to determine the trading fees. The cryptocurrency and AUD pairs start from 0.2% ( for takers) and 0.15% (for makers) per trade. The users dealing with a high amount like $10M have to pay only a 0.1% fee. This trading fee gets deducted from the account and does not affect the order’s initial margin. 

The trading fee between cryptocurrency pairs like ETH/BTC and XRP/BTC is 0% for takers and 0.05% for makers. The CoinJar trading fee is quite competitive compared to other exchange platforms. Below is the table of the CoinJar Exchange fee for AUD:

AUD Trading PairsTaker FeeMaker Fee
$0 – $10,0000.20%0.15%
$10,000 – $100,0000.15%0.12%
$100,000 – $1m0.12%0.10%
$1m – $10m0.10%0.08%
$10m+0.08%0.05%

CoinJar Swipe Fees

CoinJar Swipe feature is a new feature that is only available for Australian users. The following table depicts the fee structure for the Swipe feature:

CoinJar Australia Swipe Review
CoinJar Australia Swipe Review

CoinJar Exchange

CoinJar Exchange is one of the products of CoinJar, which is an advanced online digital currency trading platform. Users need to verify their identity to use CoinJar Exchange. This feature is mainly for the traders who know how to read crypto charts and are experienced in the same. However, the charting interface is also made while keeping in mind the beginner level of traders. Due to its low and competitive pricing and additional features like more control over buying and selling orders, people prefer it. 

The other features it offers:

  • It gives an insight into the data with features like live orderbook, market depth, and price charts.
  • CoinJar supports 49 digital currency pairs, including fiat pairs for GBP and AUD.
  • CoinJar Exchange users can also take advantage of the three daily auction windows to get a fairer price and better opportunities.
CoinJar Australia Exchange Review
CoinJar Australia Exchange Review

CoinJar Swipe Review

This is another unique product of CoinJar, which is only available for Australian users. The CoinJar swipe is a crypto debit card that allows users to spend digital currency. With this, you can also withdraw cash at any ATM. You won’t have to pay a penny for activation, transaction fees, and no monthly fees with CoinJar Swipe Card. Although there’s a limit on how much you can use it per day. Below are the details regarding the limitations that you should know:

CoinJar Limits
CoinJar Limits

CoinJar Rewards

CoinJar Rewards is another exciting feature that attracts users to the CoinJar platform. With this feature, you earn a particular amount of points when you perform a specific action. Users can redeem these rewards with gift cards, t-shirts or cover currency exchange fees. You can redeem the earned points from the CoinJar Rewards store. Please note that the reward system is only available for Australian users. Here’s how you will be able to gain the CoinJar Rewards Points:

CoinJar Rewards
CoinJar Rewards

CoinJar Review: Security

Website Security

CoinJar uses numerous ways to protect the user’s assets and personal data, using data encryption Transport Layer Security, periodic security audits, and best practice organization security. The AI used by the CoinJar continuously checks for any threat that may be a threat to the data or financial frauds. And take immediate action against such threats. 

CoinJar Wallet Security

According to CoinJar, 90% of the customer’s digital assets are stored using the cold storage solution. The hardware wallets are stored in offline mode in secure and geographically redundant locations. This platform also uses a Multisig withdrawal process to process the user’s withdrawal. 

CoinJar Two Factor Authentication

CoinJar features two types of two-factor authentication. One is for mobile app, and the other is a general one for both CoinJar mobile apps and websites.

Authenticator App

Authenticator apps are present on your smartphones like Google Authenticator. According to them, they generate a new authentication code every 30 seconds. Once you link your CoinJar account with the app, you should use the code to complete the CoinJar sign-in process. If the users found the SMS unreliable for any reason, these apps are the best options for your CoinJar account security. 

SMS Authentication

This works with the users receiving an SMS on their mobile devices whenever CoinJar needs authentication. All users have to do is enter the code which they received on their phone. This process enhances security. However, the SMS messages are not encrypted, which can cause a security breach. So, we will recommend you to go for the Authenticator apps.

Coinjar Customer Support

The CoinJar has a support option that provides a knowledge base, which acts as a complete guide. It holds all the information related to the features of the CoinJar, how to deposit or withdraw funds, fee details, frequently asked questions, and many more regarding the platform. You can also contact the team through their ticket system. However, there’s no CoinJar contact number available.

CoinJar Australia Review: Pros and Cons

Pros

  • This platform offers fiat money to deposit and withdraw.
  • It is easy to use and navigate and supports both beginners and advanced level traders.
  • The CoinJar exchange allows users to trade at minimal fees.
  • They give high importance to security.
  • The fee structure is competitive compared to other platforms.
  • It also supports both Android and iOS versions of a mobile app. (use coincodecap referral code to get a discount on the fee)

Cons

  • Only 15 cryptocurrencies are available.
  • No facility for live chatting or calling for customer support.

CoinJar Australia Review: Conclusion

In conclusion, we can say that CoinJar Australia offers an odd cross between a traditional bank account and a bitcoin exchange. It offers numerous ways to deposit and withdraw at a minimum cost. The site design and responsiveness of the trade is awe-inspiring and provides a level of satisfaction. Even though there are limited Cryptos, these are enough to give a boost to your trading.

The additional services it offers go beyond other Australian exchanges. Its Swipe card feature to spend bitcoin in your account like a regular debit card is great. Such available tools show that CoinJar is a valuable tool for everyday users.

Frequently Asked Questions

Is there a KYC process to start trading?

Yes, users have to verify their identity before buying and selling the cryptos on CoinJar. They will be required to upload an acceptable document.

How to deposit on CoinJar?

All Australian users can deposit on CoinJar using PayD, BPAY, and Blueshyft. PayD and BPAY work digitally, whereas Blueshyft allows users to deposit cash directly into CoinJar’s wallet from a physical location.

What coins does CoinJar support?

CoinJar supports fifteen coins, including Bitcoin, Ethereum, Ripple, Chainlink, Stellar, USD Coin, Uniswap, yearn.finance, Makers Dai, Maker, Compound, 0x Token, Basic Attention Token, OMG Network, and Litecoin.

Which fiat and cryptocurrencies are supported?

AUD and GBP are two supported fiat currencies on CoinJar.

Does CoinJar have a mobile application?

Yes, you can download the CoinJar mobile app for both Android and iOS smartphones.

Is CoinJar safe?

Yes CoinJar is a safe and legit crypto exchange for Australian and UK citizens.

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