Key Features & Advantages of CoinJar

CoinJar has some key features, that we have summarised here:

What Services does CoinJar offer?

Below are the best services that CoinJar has on their platform, you can decide for yourself if it's the best cryptocurrency exchange for your needs.

Simple interface:  CoinJar's interface is user-friendly, and is easy for a beginner to understand. Here is a screenshot of the CoinJar platform below so you can get a feel for what it looks like. 

Buy crypto instantly with AUD:  For Australian crypto investors, the biggest feature that your exchange must have, is the ability to buy crypto with AUD. CoinJar offers this so you can save your time and money (no need to convert to USD) and buy your crypto straight away. 

Visa and Mastercard deposits supported:  CoinJar is one of the few Aussie crypto exchanges that offers deposit using Visa and Mastercard. It is convenient if you prefer making your deposits using Visa or Mastercard, but note there is a 2% fee. Personally, I would use NPP to deposit, which doesn't incur any fees. That way you can buy more crypto with your AUD, instead of it being chewed up in fees.

iOS and Android apps available:  CoinJar has its app on Apple App Store and Google Play Store. This enables you to access your digital currency anywhere and any time so you can stay ahead of the curve. You can buy, sell, view your portfolio with ease on any device.

CoinJar Mastercard:  CoinJar has released a card - powered by Mastercard - that enables you to make purchases in-store or online, just like cash. You can load the CoinJar card with whichever crypto you want from your CoinJar account. The card is free to set up, has no monthly fees, and you even earn CoinJar Rewards when you spend. There is also the option to spend your crypto using Apple Pay or Google Pay, using your phone or smartwatch, without the need for a physical card.

Excellent security:  CoinJar has the best security measures in place to protect your cryptocurrency and personal information. Some of the many strategies employed include data encryption, Transport Layer Security, periodic security audits and best practice organisation security. At least 90% of customers' digital currencies are stored offline in geographically-redundant, secure locations.

USD Trading:  Unlike many other Australian crypto exchanges, CoinJar has added the functionality of USD trading. This means that you can trade your crypto against US prices. However, there are no USD deposits or withdrawals available at the time of writing. You can only use it as a trading currency.

Dollar Cost Averaging:  If you have been investing in cryptocurrency for a while, you would have heard of Dollar Cost Averaging (or DCA). This is a method of reducing volatility while investing in crypto, by making regular purchases of crypto over time. CoinJar offers a Bundles Recurring Buy where you can automatically purchase a bundle of coins at a set interval, with payments from a debit or credit card. If you set this up and leave it until the next bull run, you could come back to a decent return on your investment.

CoinJar Fees

CoinJar Deposit Fees

There are various deposit methods with different fees:

NPP deposit: Free

Blueshyft cash deposit: 1.5%

Visa/Mastercard instant buy: 2%

Apple Pay/Google Pay instant buy: 2%

Faster Payments: Free

CoinJar Transaction Fees

Buying crypto with fiat: 1%

Selling crypto with fiat: 1%

There is currently no option to buy crypto with another crypto, CoinJar only offers buying and selling with fiat currencies.

CoinJar Withdrawal Fees

CoinJar charges zero fees to withdraw AUD from your account to your Australian bank account.

Pros and Cons of CoinJar

Is CoinJar a legitimate exchange?

Yes, CoinJar is a legitimate Australian cryptocurrency exchange founded in 2013. It is backed by some of the world's top investors, and is also registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) to combat money laundering and financing of terrorism.

All CoinJar employees are required to use cryptographically-secure Multi-Factor Authentication such as hardware U2F keys to access internal services. Engineers do not have access to application credentials or production servers, and all deployments are performed independently by a deployment server. CoinJar staff have all passed criminal background checks before being employed.

Verdict

CoinJar isn't a bad choice for Aussie crypto investors, it has some enviable features, like the CoinJar card and the ability to deposit using Visa and Mastercard. However, we think the lack of cryptocurrency choice (only 50+ coins available) and the higher transaction fees push us towards other options.

There are some great alternatives to CoinJar, and if you are interested in researching the best crypto exchanges in Australia, click here. There is also an interesting comparison test we conducted using our personal crypto accounts on the best crypto exchanges (Swyftx, CoinSpot and Crypto.com). For the results of that test, click here.

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