Coinjar – Review Introduction
Interested in trading cryptocurrency? You’re not alone. Many investors are eager to put their money into Bitcoin, Ethereum, and other promising digital currencies.
Before diving right in, you’ll need to choose a dependable broker. Coinjar might just be the platform you need to get your feet wet.
This Australian-based broker has everything a beginner needs to start trading crypto and can even serve you as you gain more experience. In this guide, we review Coinjar so that you can decide if this platform is right for you. Read on to learn about its features, pros and cons, and more.
Coinjar Quick Summary
What is Coinjar? It’s a leading broker that serves investors around the world. Since its launch in 2013, it has developed many products to act as a comprehensive cryptocurrency exchange.
One of the broker’s most popular offerings is the ability to sell and buy crypto instantaneously. Investors of all experiences can use fiat money to purchase popular assets such as Bitcoin, Ethereum, and Ripple. The platform stores your assets in the Coinjar wallet and allows you to send them to investors anywhere in the world.
Other products include Coinjar Swipe, a cryptocurrency debit card, and CoinJar Exchange, a more advanced way to trade cryptocurrencies. More on these products later.
For now, understand that Coinjar is a reputable, well-established brand that continues to gain the trust of its users. It is registered with the Australian Transaction Reports and Analysis Centre and employs many security measures to protect your data.
Who Coinjar Is For?
Technically, anyone from anywhere in the world can sign up for the Coinjar wallet to store, send, and receive the platform’s supported digital currencies. However, if you want to buy or sell, you must be a resident of either Australia or the UK. Investors must use either AUD or GBP as their fiat currency and get access to 24 digital assets.
The app is most popular for those who want an easy investing experience. Beginners enjoy the streamlined interface that allows them to buy or sell at the press of a button.
Though beginners are among the app’s most frequent users, advanced investors also rely on this broker for its live crypto charts. They appreciate the visually appealing exchange and the lack of overly complicated order types. They also like that they pay significantly less in fees when they make high-value trades.
Coinjar Company Information
Founders Asher Tan and Ryan Zhou launched the platform in 2013. They combined their vast experience in finance and technology to create a secure, user-friendly cryptocurrency exchange.
Since its inception, the platform has grown to become one of the most popular and well-respected of its kind. The current user base consists of 400,000+ satisfied members who have traded over $1 billion in assets. They appreciate the exchange’s comprehensive services and commitment to continually meet users’ needs.
Though the platform originated in Australia and has headquarters in Melbourne, UK investors can also buy and sell assets through the Coinjar UK exchange. The broker’s wallet is less exclusive as it is available to users worldwide.
One can trust the platform thanks to its tight security measures and registration with the Australian Transaction Reports and Analysis Centre. Additionally, it gains consumer confidence through backing from prominent global investors such as Boost VC, Blackbird Ventures, and the Digital Currency Group.
A major Coinjar pro is that it is user-friendly and accessible to beginners. But, thanks to its Exchange, it also is popular among more experienced investors. Here are some more reasons why users like the platform:
- It prioritizes security through data encryption, AI technologies that catch suspicious activity, and registration with the ATRAC.
- It has a user-friendly mobile app that is compatible with Apple and Android devices.
- The signup process is easy, and verification can take as little as 10 minutes.
- The website contains a wealth of educational resources that teach you how to use the platform.
The platform is also beneficial because of its airtight security features, intuitive app, and vast educational resources.
As great as the platform is, our Coinjar review has found a few drawbacks. Here are some of the most notable:
- UK investors can only make withdrawals via Faster Payments Service (FPS)
- UK investors can’t use the Swipe card.
- There is no demo account or paper trading to let you try it out without using real money
- You can only contact the customer service team by requesting a support ticket.
Unfortunately, there is no Coinjar paper trading. The lack of demo accounts means that you can’t test out the platform before using real money.
However, our Coinjar review can confirm that the platform is very user-friendly and easy to adjust to. The simple design and familiar interface mean investors won’t get overwhelmed, no matter how new they are.
Coinjar Trade Experience
Do you find yourself wondering, “How does Coinjar work?” The broker lets you instantly buy and sell cryptocurrencies after you transfer money to your account. Users cannot negotiate or set custom prices, meaning you must purchase assets at the listed prices. And, when making purchases, you can only bet on the price of the asset going up if you want to profit.
If you prefer, you can use the more advanced Coinjar Exchange. This platform offers lower fees but requires you to navigate more complicated order types.
Coinjar Crypto Trading
Our Coinjar review has found that using this platform for crypto trading is easy. To illustrate, let’s take a look at how to buy Bitcoin on Coinjar.
All you have to do is log in to the Bitcoin exchange, click on BTC, and set up a purchase. After you determine how much AUD or GBP you want to spend, the platform will automatically fill the order.
Coinjar App For Mobile
Now, let’s take a look at our Coinjar app review.
The broker first rolled out its app in 2015, two years after its initial launch. The app was originally only available for iOS, allowing users to access the exchange via their iPhones and iPads.
As the platform continued to expand, investors called for the app to have increasing compatibility with other mobile devices. In 2020, an Android version became available and is just as user-friendly as its iOS counterpart.
Whichever device you use the app on, you can access many of the same features available on Coinjar for desktop. For instance, one can send and receive cryptocurrencies via usernames, wallet addresses, or even QR codes. You can also buy and sell, convert between currencies, make withdrawals from Australian bank accounts, view past activity, set price alerts, and deposit money. Note that the Swipe debit card is not currently available through the app.
The best part is that the app retains all of the website’s security features. Your data is private and encrypted, and the company stores a majority of customer assets in geographically redundant secure locations.
Coinjar Deposits and Withdrawals
If you are an Australian resident, you can make instant deposits via PayID and Blueshyft. You can also use BPAY, but be careful not to conduct credit card transfers via this method as you will face high fees.
If you are a UK resident, you can only deposit funds via Faster Payments Service (FPS).
Currently, the platform only supports withdrawals to Australian bank accounts. If you do not have this kind of bank account, you can access your money by sending a payment to another recipient or a digital currency address.
The trading fees users incur depends on their activity and where they’re based. For instance, UK investors don’t have to pay fees for making deposits, receiving payments, or sending payments to other members on the platform. You will have to pay currency exchange rates and a 1% conversion fee when you purchase a bundle, transfer between digital currency accounts, etc. And, withdrawals of certain currencies (Ethereum, XRP, etc.) are subject to dynamic fees.
Seeing as there is only one type of Coinjar brokerage account, we don’t have a Coinjar Pro review for you. Instead, we’ll describe how you can sign up for the basic tier and what you can use it for.
The platform will send a verification link to your email. After clicking on it, you’ll need to provide some additional information such as your country of residence and phone number. Then, once your profile is complete, you can start depositing funds.
Coinjar Educational Resources
If you have questions on how to use Coinjar, you’ll be glad to hear that there are many educational resources available. The platform’s Knowledge Base offers clear guides on everything from using the exchange to making deposits and withdrawals.
Unfortunately, the resources focus more on teaching users how to use the platform rather than key trading information. If you want to improve your awareness as an investor, you’ll need to look elsewhere.
We should also mention that the company has a YouTube channel with some educational resources. However, it is somewhat lackluster as it has few videos and an infrequent posting schedule.
Coinjar Customer Service
If you have a question or problem that you can’t answer with the platform’s educational resources, you’ll need to contact the support team. Unfortunately, the customer service is somewhat limited.
Representatives are only available Monday through Friday between 8 a.m. and 6 p.m., Melbourne time, meaning you’ll have to handle things yourself on the weekends or after-hours. This limited window is especially inconvenient if you’re using the platform in a different country.
Plus, when you need help, you can’t call a number, send an email, or use live chat. You have to request a support ticket and wait up to a couple of hours for a response (during business hours). Even though the representatives tend to be friendly and helpful, the overall system prevents you from getting instant assistance.
Coinjar Reviews and Reputation
One might wonder “Is Coinjar legit?” To answer this question, we need to look at the company’s reviews and reputation.
For one, it’s been in business for over 7 years and has a loyal customer base. There are many signs it is a reliable broker, such as its status with the Australian Transaction Reports and Analysis Centre. Users can also trust it thanks to the availability of Coinjar stock in the UK, meaning that the company is a registered British business. Additionally, the broker verifies its credibility by abstaining from frowned-upon recruitment methods such as offering Coinjar free stock in the UK.
All investors should verify that the cryptocurrency exchange they’re using is secure. In this next section of our Coinjar review, we address the question, “Is Coinjar safe?”
In short, yes. The trading platform has been around for over 7 years and is one of the industry’s most reputable names. Users can rest easy knowing that the broker has backing from authorities such as the Australian Transaction Reports and Analysis Centre.
Investors will also jump for joy when they hear about all the security strategies in place. The website employs Transport Layer Security, regular audits, data encryption, and AI technologies that detect suspicious activity to stop fraudulent logins. Coinjar’s employees must pass strict background checks and access internal services via cryptographically secure Multi-Factor Authentication. Additionally, users can enhance the security of their accounts through SMS or TOTP authentication.
With all of these security measures in place, it’s pretty clear that this platform puts your safety first. You can feel comfortable depositing money into this exchange and trusting that it will securely store your assets.
The platform’s wallet feature is accessible to investors worldwide, but our Coinjar.com review found that the investors who get the most use out of the platform are those in Australia and the UK. These investors enjoy the convenience of buying, selling, sending, and storing 24 cryptocurrencies as they please.
As the platform continues to grow, it will likely add more currencies and make all of its features accessible to more countries. So, if you want in on this exchange that is perfect for beginners and veterans alike, sign up for an account today. Finally, be sure to bookmark this Coinjar review as it will serve as a handy guide when you start using the platform.
Is Coinjar Safe or a Scam?
The platform is safe and trusted by thousands of investors worldwide. Ensure you have a safe investing experience by avoiding imposter websites.
What Can I Trade on Coinjar?
As our Coinjar exchange review has mentioned, the platform currently supports 24 cryptocurrencies, though it is likely it will add more in the future.
Can You Make Money With Coinjar?
Despite the platform’s fees, it’s possible for investors to make money. Whether you profit will depend on what investment strategy you use.
How Secure Is Coinjar?
The platform is secure thanks to its private data practices, encryption, regular audits, etc.
Is Coinjar Regulated?
While the company is not regulated, it is registered with the Australian Transaction Reports and Analysis Centre.
Is Coinjar a Safe Wallet?
This wallet is safe for users due to the tight security measures such as storing data in geographically redundant locations. However, like with any exchange, users may opt for cold storage as this method can be more secure than an online wallet.
How Do I Withdraw Money From Coinjar?
Users can transfer funds to Australian bank accounts or send a cryptocurrency payment.
Where Is Coinjar Based?
The company is based in Melbourne, Australia and has an office in London, England.
How Does Coinjar Make Money?
The platform makes money via trading fees.
How Can I Deposit Into a Coinjar Account?
UK investors can only make deposits via Faster Payments Service (FPS).
What Is the Minimum Lot Size at Coinjar?
The minimum lot size depends on what cryptocurrency you buy. With Bitcoin, for instance, it is 0.000001 BTC.
When Does a Margin Call Take Place at Coinjar?
Margin trading and margin calls do not take place on this platform.
What Is the Maximum Leverage Offered by Coinjar?
The platform does not offer leverage.
How Do I Open an Account With Coinjar?
To open a brokerage account, simply go to the website and follow the signup steps we discussed in our Coinjar review. Registration and verification should take no more than 10 minutes.
What Trading Platforms Does Coinjar Offer?
The broker has a simple trading platform and a more complicated exchange for experienced investors.
Is Coinjar an ISA?
No, the platform is not an ISA (individual savings account).
Do I Pay Tax on Coinjar?
Any money you make on the platform is subject to your country’s tax laws.
Is Coinjar Legal in the USA?
It is legal for U.S. investors to use the Coinjar wallet for storage. However, they cannot buy and sell cryptocurrencies with this platform.
Is Coinjar Legal in the UK?
Because the platform is based in Australia, British investors often wonder “Can you use Coinjar in the UK?” The answer is, yes!
How Much Is the Coinjar Minimum Deposit?
The minimum deposit may vary depending on what payment method you use. In most cases, you must deposit at least £5.
What Are the Coinjar Market Hours?
The exchange operates 24/7.