Coinjar Uk Review: Buy Crypto In UK [2021]

Estimated reading time: 10 minutes

Are you looking forward to starting to trade cryptocurrency? We know that it can be a very intimidating experience for beginners. You need not worry; we know what you need to get started. Even if you are not a beginner but an investor looking forward to investing massive amounts, we also got you. 

Coinjar, the best crypto exchange platform is your answer. Therefore, today we brought a review on one of the best platforms for both beginners and advanced level investors that is Coinjar. So, let’s find out everything about Coinjar in detail.

About Coinjar

Coinjar is a cryptocurrency exchange, which allows its users to buy and sell cryptocurrencies. It is an Australian company whose co-founders are Asher Tan(CEO) and Ryan Zhou (COO). Till Feb 2014, it was an Australian company, but currently, it is a UK limited company. Coinjar is backed by the world’s most prominent investors like Boost VC, Blackbird Ventures, and Digital Currency Group. 

This platform has 15 cryptocurrencies available for the UK audience. It is a perfect platform for everyday users, traders, and institutions too. Based on the requirements of the individuals, Coinjar has features that make it worthy. It supports crypto wallet to wallet transfer and also allows the users to do transactions in fiat currency. Aussie Dollar and the British Pound are two fiat currencies that Coinjar supports.

Summary (TL;DR)

  • The platform is simple to use for both novice and advanced level investors to trade cryptocurrencies.
  • It supports two fiat currencies, GBP and AUD, and allows an instant buy and sell option.
  • They have over 400,000 users to boast about.
  • Coinjar has low trading fees for high-volume traders.
  • This platform accommodates both individual and institutional investors and traders.
  • Coinjar manages assets worthy of £50 million and has helped exchange investments of about £750 million.
  • They have both the Android and iOS version mobile applications. (Use coincodecap referral code to get a discount on the fee)
  • Pay a lot of attention to safety and security for users’ data.

How to create an account in Coinjar?

Step 1: Register your account

The foremost step is to visit Coinjar’s official website to register yourself in trading. On the right corner at the apex of the website, you will see the sign-up option. Snap-on the sign-up button and proceed with the following sign-up process.

Step 2: Detail requirement and Create a strong password

After ticking on the Sign-up option, you will require to enter the name, Email, and password. You need to agree with all the terms and conditions of the application.

Coinjar Signup
Coinjar Signup

Step 3: Verification of Email

Succeeding with password creation, Email verification is the next step. You will receive a verification email on your registered Email id. By clicking on the option given in the Email, you can confirm your account and proceed to the next step.

Step 4: Coinjar login

After Email verification, you can sign-in with your account by entering the following details.

Coinjar Login
Coinjar Login

After the sign-up process, you can complete the ID verification.

Step5: Confirmation with basic details

To get full use of the Coinjar platform in context with money exchange and bank transfer features, you need to verify your identity. Also, if you want to be secure from fraud, laundering, and identity misuse theft, you should complete your ID Verification.

  1.  Tap the ‘more’ option and click on ID verification.
  2. Select the country, and tap gets started.
  3. Enter First name tap next, enter a middle name if you don’t, then tap ‘I don’t have a middle name’ and click next, enter the last name, and again tap next.
  4. Enter the date of birth and tap next. Enter the address manually, or you can also search. After completion, tap next.
  5. Go through all the details and tap next if your enter all the details correctly. Then move to the next measure.

Step6: Verify photo ID

You can provide a United Kingdom ID Card, residence permit, and driving license.

  1. Choose the document which you want to provide as proof of your identity.
  2. Read the tips to take a picture and upload it with the documents. Review all the details carefully again and tap next.
  3. The system will check the photo and other details carefully and proceed with the next measure.

Step7: Verification with address

 Verify your bank statement, tax document with your current address mentioned on them.

Step8: Fund your Coinjar account

 Once you completed the verification process, you are now fully ready to deposit fiat money to the Coinjar. The following method help to fund your account from the bank:

  1. FSP
  2. Bank Account
  3. Cryptocurrency

Coinjar Fees

The fee details of a cryptocurrency exchange platform determine the strength of the number of users. Too high fees can make them lose customers, or too low prices can affect its revenues. So, let’s find out the Fee details of Coinjar Uk.

Coinjar Withdrawal Fees

Coinjar UK does not ask for a payment when withdrawing from British bank accounts through FPS (Faster Payments). UK audience can also withdraw altcoins for free. However, for withdrawal of bitcoins, as of 24 June 2020, the fee is calculated dynamically. This dynamic fee calculation depends on your withdrawal amount and blockchain congestion level at the time of transaction. Before 2020, the withdrawal fee of bitcoin was 0.0005 BTC. You can check out the table given below or get information directly from their website for a clear understanding.

Coinjar Withdrawal Fees
Coinjar Withdrawal Fees

Coinjar UK Deposit Fees

Coinjar provides free deposits to British bank accounts. It does not ask for any fee for receiving digital currencies from Coinjar users or other platforms. 

MethodFee
Bank account depositNo Fee
Receiving digital currenciesNo Fee
Receiving digital currencies from CoinJar usersNo Fee

Coinjar UK Exchange Trading Fees

The Trading fees of Coinjar are transparent. They ask for 0.20% of the order value for takers if you trade between Pound Sterling and crypto. For makers, it is about 0.15% of the order value. However, the trading fees are shockingly low for crypto-to-crypto trade. The makers have to pay only 0.05%, and takers don’t pay at all. These crypto trading fees are competitive and roughly match the industry standards. The below image will give an overview of the trading fees.

Coinjar Uk Exchange Trading Fees
Coinjar Uk Exchange Trading Fees

On this platform, paying a flat 1.00% fee (both the takers and makers) for buying and selling cryptocurrencies is also possible—especially when dealing with their more advanced trading platform.

Coinjar UK Review: Deposits

You can deposit the amount for free directly from your account or using FPS, which takes 1 hour or less. In addition to this, individuals can also deposit by cryptocurrency through Coinjar UK wallet services. Overall, the three payments are accepted in Coinjar: Bank transfer, Cryptocurrency, and Faster Payments (FPS). However, the credit and debit card facility is not available. The minimum deposit amount is £5, and the maximum amount is £10,000 per day.

Coinjar Bundles

Coinjar Bundle is a new feature that Coinjar has added recently. You can consider it as a new way to purchase a basket of popular cryptocurrencies in a single transaction. You can track and monitor the performances of these coins without any hindrance. Individuals can access this feature through the Coinjar Mobile app for both Android and iOS devices. 

The most famous bundle available is the “Popular Trio Bundle.” It contains Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH). Coinjar will be adding custom bundles, where users can create their bundles of cryptocurrencies. You can visit the website to get regular updates on the coming features.

Coinjar UK Exchange Review

Coinjar Exchange is a cryptocurrency trading platform, which enables the trading of multiple digital currencies. It allows the users to trade directly with other users, unlike Coinjar, which is a market maker. This feature is usually for professional traders, but other users with their complete verification can also join the Coinjar exchange. Coinjar exchange provides more control to the high volume traders. They can specify the exact pricing, size of each trade, and terms of cancellation. This platform also gives a brief overview of the current crypto market, liquidity, and market value.

You should note that without verification, you can not gain access to Coinjar Exchange.

Coinjar exchange user interface review
Coinjar UK exchange user interface review

Coinjar UK Review: Security

Coinjar gives high importance to security and takes steps to protect the users’ cryptocurrency and personal information. They use multiple strategies to protect customers’ assets and information like data encryption, Transport Layer Security, best practice organization security, and periodic security audits. The machine learning techniques are deployed to find out any suspicious logins and financial frauds.

Coinjar Mobile App

The Coinjar UK platform is available on both desktops and smartphones. Even though most of the trading happens via desktop or laptop, there are still people who prefer using smartphones as well. You can download the app for both your Android and iOS version phones. By using the app, you can continue your trade from anywhere and at any time.

Coinjar Mobile app
Coinjar UK Mobile app Review

Coinjar UK Review: Pros and Cons

Pros

  • Easily understood by users, widely adapted, and accessible.
  • For security purposes, Two-step verification is the requisite step.
  • Available in the mobile application.
  • This platform provides crypto wallets exchange, Coinjar exchange. 
  • Requires less time and easy transaction to deposit from personnel to Coinjar account.

Cons

  • Limited cryptocurrencies are available.
  • Failed to short coins
  • The only UK and Australian residents can deposit and withdraw fiat currency.

Coinjar UK Review: Conclusion

Coinjar is an easy-to-use exchange platform that serves both novice and seasoned traders. Even though the number of cryptocurrencies available is not too high, there are more than 25 pairings to get exposure to the crypto market. Coinjar also supports crypto/fiat money trading pairs, which is not so common. With the high security and competitive trading fees, we can conclude that Coinjar is a competitive exchange in the global market.

Frequently Asked Questions

Is Coinjar safe and Legit?

Coinjar seems to be a safe cryptocurrency exchange platform with over 400,000 users. It is also registered as a cryptocurrency exchange with AUSTRAC, which shows it is a good and secure platform.

Do I need to verify my identity to use Coinjar?

You don’t need verification to sign up for Coinjar. However, it is compulsory to do verification when you decide to deposit or withdraw funds. Also, you need verification to use the Coinjar Exchange feature.

Does Coinjar offer rewards?

Coinjar UK does not offer any rewards, unlike Coinjar Australia. For Australian users, Coinjar offers coupons and discount codes.

Is there any referral program in Coinjar?

Yes, Coinjar has a referral program. Whenever a user uses the referral link to invite friends, they are automatically awarded 500 Coinjar points. But then again, it is only applicable to Australian residents.

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