Summary: CoinJar is a popular cryptocurrency exchange in Australia that offers 50 cryptocurrencies to trade, plus staking services and a CoinJar crypto card that allows users to spend their assets on real-life purchases. Outside of the debit card, CoinJar is a relatively inferior platform to alternatives like CoinSpot or SwyftX, which offer more assets, features, and lower fees.
- CoinJar Debit Card that allows your to spend Crypto in your account.
- Over 50 cryptocurrencies with high trading fees at 1% per transaction.
- Easy to use mobile and web app available on iOS and Android.
What is CoinJar?
CoinJar is one of Australia’s oldest digital currency platforms, renowned for its user-friendly interface and variety of services that promote easy interaction with cryptocurrencies. Launched in 2013, CoinJar facilitates seamless cryptocurrency trading, transfers, and storage with various applications. With its CoinJar Swipe Debit Card, users can conveniently spend their digital assets in real-world situations.
As a small 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:
- Trade Crypto: Buy and sell 50 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Cardano, Dogecoin, and many more.
- CoinJar Bundles: This product is an equally weighted basket of cryptocurrencies that helps you diversify your portfolio across different sectors within digital assets.
- Crypto Staking: Earn up to 1.7% p.a on several tokens, which include Ethereum, Dai, USD Coin, Tether, and Wrapped Bitcoin.
- Mobile and Desktop Compatibility: CoinJar can be used on both mobile and desktop devices. The application is compatible with iOS and Android phones.
- 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.
- OTC Desk: There is an OTC Desk dedicated to serving institutional-level investors with trades over $50k.
Is CoinJar Regulated?
CoinJar has been operating in Australia since 2013, making it one of the country’s oldest and most trusted exchanges. It is regulated in Australia by the Australian Transaction Reports and Analysis Centre (AUSTRAC). AUSTRAC regulates all digital currency exchanges that offer services to Australians. This ensures compliance with Anti-Money Laundering and Counter-Terrorism Financing laws.
The platform provides specialised custody and insurance for customers seeking extra peace of mind. This extra package lets you store your crypto with BitGo, the world's largest cryptocurrency custodian. With CoinJar custody, you are covered with up to US$250 million in insurance under this premium service.
Trading on CoinJar is the most expensive in Australia, and they currently charge 1% to buy or sell a cryptocurrency on the platform. AUD deposits via Visa or Mastercard are even more expensive, costing 2% per transaction. However, the other payment methods are completely free, including crypto deposits, PayID, POLi, and bank transfers.
The exchange offers 50 different digital assets, including Bitcoin, Ethereum, DeFi coins, alternative Layer 1's like Solana and Avalanche, and many more. One of CoinJar's main weaknesses is that it only offers 50 cryptocurrencies to trade. This is significantly lower than other platforms like Binance, which offer over 300 tokens.
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. 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.
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. Aside from this, the CoinJar team can be contacted via Facebook, Instagram, LinkedIn, or Twitter.
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, which allow for real-world utility and passive income generation.
However, it falls short when compared to competitors like CoinSpot and SwyftX, which offer a broader range of assets and more competitive fees. While CoinJar is a regulated and trusted entity, its high transaction costs and limited asset offerings may deter seasoned investors. The platform does shine in its mobile compatibility, but its customer support options are notably limited.