CoinJar is a well-established Australian cryptocurrency exchange that accepts clients from all over the world, but with limited functionality. It allows trading in Bitcoin for GBP, EUR, USD and AUD.
Additionally, CoinJar supports sending of funds, not only in Bitcoin, but in fiat, too. There is also the features CoinJar Touch and CoinJar Swipe, with which CoinJar account holders can pay and send money. This service is available only for Australians.
– Fiat. On CoinJar clients can trade Bitcoins for GBP, EUR, USD and AUD and vice versa. The platform also allows hedging through a Hedged Account. Bitcoin can be hedged against the aforementioned fiat currencies.
– Payment methods. Unlike many crypto exchanges, CoinJar provides several and quite convenient payment methods for fiat currencies. It accepts credit cards (Australian through the BPAY Biller service and UK), bank transfers, POLi (for Australians).
– Trading Fees. The trading fees of CoinJar are not the lowest, but more in the average for the global industry. Compared to some other Australian exchanges like CoinTree and CoinLoft, however, CoinJar’s fee is much lower.
– Transfer Fees. The transfer fees charged by CoinJar depend on the payment method. Transferring Bitcoins is free of charge, except for the miner fee that has to be covered by the client (normal procedure for the majority of cryptocurrency exchanges). Transfers between accounts within CoinJar is free, except from Cash account, which comes with a 1% charge. Transfers to bank accounts is 1% and to BPAY Biller (Australian clients) is 0.5%. There is also an additional BPAY Biller fee. As for incoming payments with credit cards from the UK, the fee is 2.9%.
– Wallet. CoinJar offers its clients a free e-wallet, where they can store their Bitcoins either by themselves, or hedged against the GBP, EUR, USD and AUD. This service is available globally.
– Cards. CoinJar accepts payments with credit cards, but only for UK residents (outside Australia).
– CoinJar Swipe. We have already mentioned the payment service CoinJar Swipe available for Australian customers. It is available though a card and can be used for payments both in AUD. It has its own set of fees and daily limits, similar to most bank cards, but we are not going to delve into those details.
– CoinJar Touch. This is a mobile payment and money transfer application for Android and iOS devices. Again available only for Australian clients.
– Platform. Our impression from CoinJar’s trading platform are mixed. On one hand it is easy and intuitive for just converting Bitcoins into fiat currencies or the other way around, but on the other hand the platform, if it can be called like this, lacks some basic features like an order book, trading history, etc., let alone charting tools. The only charts available, are the price charts.
– Speed. The actual trading speed is decent, but, according to some reviews, client verification is quite slow. According to CoinJar’s own site, the process requires 1 to 3 business day, although is usually completed within 24 hours. If one needs to buy or sell Bitcoins fast, this is probably not the service for them.
– Anonymity. CoinJar’s services are not anonymous and the exchange requires submission of a copy of government ID. There is also a requirement for a proof of address.
– Security. CoinJar is very fastidious, to the point of being annoying, about passwords. This is not a bad thing, but we could not find information where the client funds are actually stored. Our suspicion is that, considering it is offering payment and transfer services, a significant portion of the funds is stored online, which suggests that despite all efforts, two-factor verification and password protection, it can be hacked.
– Leverage. CoinJar does not offer leveraged trading, much like the vast majority of cryptocurrency exchanges. There are several, like Kraken, CexIo and Quoinex, who do, for those who are interested in something more similar to forex trading. Then, there are also a large number of forex brokers who offer CFDs on the major cryptocurrencies to trade on margin. Unless you need cryptocurrencies for something, this is quite an easy option to dabble in the bitcoin mania, without having to set up a new account and go through verification process with an exchange. Besides, trading in the crypto CFDs is done on the already familiar platform offered by the respective broker.
– Mobile App. CoinJar does not offer a bespoke mobile trading app, or trading through CoinJar Touch. Not that many crypto exchanges have mobile trading apps, but one would expect an exchange that already has a mobile app, to offer the service through it.
– Coins. Despite being well-established and offering several different type of services, CoinJar only offers trading in Bitcoins. On one hand, this is understandable, as this is the most popular cryptocurrency, but on the other, it would have been nice if there was more variety.
– Limits. There are CoinJar usage limits. For unverified accounts, the transfer and daily usage limit is AUD 2000. After verification, the limits can be increased.
CoinJar offers a variety of services, in addition to buy and selling of Bitcoins. This is a good thing, as long as they are able to handle the requests, which does not seem to be the case, judging by the recent client complaints, at the time of writing this review.
It is understandable, considering the mass Bitcoin hysteria of the past months, but it can sure is very frustrating to the clients. It seems that CoinJar currently experiences long delays both with new customer onboarding and with processing tickets and orders, which does not make it very reliable for the time being.
CoinJar Review Conclusion
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