CoinJar Review

What is CoinJar?

CoinJar is a user-friendly crypto exchange where you can start with as little as $10, offering a selection of over 50 cryptocurrencies. Launched in 2013, it facilitates cryptocurrency trading, transfers, and storage with various applications. The platform is renowned for its security, storing over 90% of customer assets offline in multi-signature wallets. Its support is notable, with a dedicated team available seven days a week, ensuring users have a seamless experience. 

It offers unique features like CoinJar Card, integrating crypto spending with everyday life through Mastercard, and Bundles for diversified portfolio management. For businesses and institutions, it presents tailored solutions like CoinJar Clear for integrating crypto trading into apps and systems and CoinJar Payout for enhancing reward programs. With compliance with regulatory bodies like AUSTRAC and the UK's Financial Conduct Authority, CoinJar is a trusted platform for traders in the crypto space.

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CoinJar Features

As a smaller cryptocurrency exchange, CoinJar lacks features and only provides access to a few services, including its crypto debit card, staking options, and mobile app. We have compiled a list below detailing the features offered on CoinJar:

1. Trade Crypto: Buy and sell 50 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Cardano, Dogecoin, and many more.
2. CoinJar Bundles: This product is an equally weighted basket of cryptocurrencies that helps you diversify your portfolio across different sectors within digital assets. 
3. Crypto Staking: Earn up to 1.7% p.a on several tokens, which include Ethereum, Dai, USD Coin, Tether, and Wrapped Bitcoin.
4. Mobile and Desktop Compatibility: CoinJar can be used on both mobile and desktop devices. The application is compatible with iOS and Android phones.
5. CoinJar Card: Powered by Mastercard, CoinJar offers a crypto debit card that allows users to spend any of the 50 tokens on real-life purchases like bills, groceries, and online shopping. Aussie investors will earn CoinJar rewards points for every dollar spent on the card.‍
6. OTC Desk: There is an OTC Desk dedicated to serving institutional-level investors with trades over $50k.

Is CoinJar Regulated?

‍The platform's commitment to security is evident through its partnership with leading custody providers BitGo and Fireblocks, ensuring the safeguarding of assets. With CoinJar custody, you are covered with up to US$250 million in insurance under this premium service. Its operational resilience is highlighted by its uninterrupted service since 2013, which has been backed by significant investors and adherence to regulatory standards set by AUSTRAC in Australia and the Financial Conduct Authority in the UK.

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‍Fees

Trading on CoinJar is the most expensive in Australia, and they currently charge 1% to buy or sell a cryptocurrency with Australian Dollars or British Pounds on the platform. In addition to the 1%, there is a spread that varies between 0.5% - 2%, which is not mentioned in their fee schedule. AUD deposits via card are also expensive, costing 2% per transaction. However, the other payment methods are completely free, including crypto deposits, PayID, and bank transfers. For trading, the maker and taker rebate start from 0.1%.

Supported Cryptocurrencies

The exchange offers 50 different digital assets, including Bitcoin, Ethereum, DeFi coins, alternative Layer 1's like Solana and Avalanche, and more. One of CoinJar's main weaknesses is that it only offers 50 cryptocurrencies to trade. This is significantly lower than other platforms like Bybit, which supports over 1100 tokens, or a local exchange, such as CoinSpot, that provides access to over 410 digital assets. 

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Mobile Application

The CoinJar mobile app allows you to trade crypto on the go through its sleek user interface. It offers the same functionality and UI as its desktop counterpart, with access to trading, customer support, staking options, the crypto debit card and OTC services. The application is supported on both iOS and Android devices, and it can be downloaded on the Apple App Store and the Google Play Store.

Customer Support

One of the downsides of the CoinJar platform is its limited support options. Unfortunately, no live chat feature or contact email is available for the exchange. However, there is an online ticket submission, which allows you to submit a request, and a team member will respond typically within 24 hours. Customer service can be reached between Mon - Fri, 9AM - 2AM & Sat - Sun, 9AM - 5:30PM (AEST). Aside from this, the team can be contacted via Facebook, Instagram, LinkedIn, or Twitter.

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Final Thoughts

In conclusion, CoinJar holds its ground as one of Australia's pioneering cryptocurrency exchanges, offering a user-friendly platform with a focus on ease of use. Its unique selling points include a crypto debit card and staking services, allowing real-world utility and passive income generation. However, it falls short when compared to competitors like CoinSpot and Bybit, which offer a broader range of assets and more competitive fees.