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Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    CoinJar Review 2023: Fees, Security and more

    Coinjar Review

    CoinJar Review: Our Opinion

    Our CoinJar review highlights that the exchange innovates a lot in the digital currency realm, providing high-level data encryption and easy access to fiat currencies. CoinJar trading fees and transaction fees are low, and high-level security measures are offered to make the crypto exchange a safe space for users. It allows you to deposit fiat currencies, especially AUD from a supported Australian bank account and GBP from UK banks with ease.

    CoinJar Australia Pty Ltd is an Australia-based cryptocurrency exchange that has been operating since 2013. They are Australia’s oldest cryptocurrency exchange, targeted toward a diverse market but user-friendly especially for Australians. They’ve had over 600,000 customers in the past years, and the exchange has had billions of dollars traded on it in the form of Bitcoin, Ethereum, ADA, and any other popular cryptocurrency that you can think of.

    CoinJar’s mission is to make the purchase and selling of cryptocurrency as easy as possible. It envisions a future where people with minimal education and technical knowledge will easily be able to partake in one of the biggest phenomena that the financial world has seen in recent times. They want to be more than exchange – they want to combine all the useful financial decentralized applications out there into a single system that handles everything for the user. They have a variety of products like their Android and iOS applications, CoinJar Bundles that allow you to easily diversify your portfolio, and CoinJar Card, a MasterCard that allows you to directly spend your cryptocurrency on services like Apple Pay and Google Pay.

    CoinJar has been constantly at the forefront of the development and improvement in the blockchain industry. They’ve constantly been keeping up to date with their competitors, making sure that they stay ahead of the competition. They also have values that are focused on the happiness of the customer, thus every functionality that they bring is guided towards making the life of the customer easier. The exchange is backed by well-known investors like Blackbird, Digital Currency Group, and boostVC.

    coinjar review

    History of CoinJar

    CoinJar was created by Asher Tan and Ryan Zhou. Asher Tan is currently the CEO of the company. Asher was always passionate about technology and finance and wanted to do something in the realm of FinTech. The advent of cryptocurrencies with the birth of Bitcoin planted the seed in his mind, and in 2013, Asher started working on his vision, encapsulating it in the form of CoinJar, an exchange that goes beyond the limitations of exchange and envisions becoming a complete package.

    Ryan Zhou is the co-founder of CoinJar. Like Asher, he was interested in both finance and technology and had the qualifications to prove his skills in both realms. He is a full-stack engineer along with an expert in financial matters. Ryan is highly accomplished academically, with a Bachelor of Commerce, a CFA Charter, and a Masters in Computer Sciences from the University of Melbourne. Due to his work at CoinJar and his exceptional qualifications, Ryan was listed in the 30 under 30 in Asia in 2018.

    Both of the founders have dedicated almost a decade of their life to ensuring that CoinJar becomes a great financial product provider for everyone on the blockchain. The company has currently more than 400,000 users, managing more than £50 million worth of assets. The company has an excellent rating on Trustpilot, with more than 4,000 reviews and a 4.2 rating.



    Currently Supported Cryptocurrencies and Countries

    Currently, the exchange is only available to users inside the UK and Australia. Although CoinJar has been around a long time and is looking to expand into other European countries, they have not done it as of yet. The company is focused on providing service of the highest quality to customers, so it has made sure that its expansion does not adversely affect its current members. International members can only use CoinJar as a wallet to store, send, and receive cryptocurrency.

    Keeping in line with this ideology, they have also kept the number of cryptocurrencies on their exchange limited to only 57. The reasoning behind it is again the same. The company focuses on retaining quality over quantity, trying not to make the mistake many exchanges make by listing every other coin out there. Here is the exhaustive list of all the coins available on the exchange:

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • OMG Network (OMG)
    • Compound (COMP)
    • Uniswap Protocol token (UNI)
    • yearn.finance (YFI)
    • Aave (AAVE)
    • Bancor Network Token (BNT)
    • Curve DAO (CRV)
    • Kyber Network (KNC)
    • Paxos Standard (PAX)
    • PAX Gold (PAXG)
    • Synthetix Network Token (SNX)
    • SushiSwap (SUSHI)
    • Litecoin (LTC)
    • XRP (Ripple)
    • Stellar Lumens (XLM)
    • Algorand (ALGO)
    • EOS (EOS)
    • USD Coin (USDC)
    • Dai (DAI)
    • Basic Attention Token (BAT)
    • Ox Token (ZRX)
    • Chainlink (LINK)
    • Maker (MKR)
    • Badger DAO (BADGER)
    • Band Protocol (BAND)
    • Mirror Protocol (MIR)
    • Shiba Inu (SHIB)
    • Fetch.ai (FET)
    • Origin Protocol (OGN)
    • Cartesi (CTSI)
    • Orchid (OXT)
    • Quant Network (QNT)
    • Audius (AUDIO)
    • Crypto.com Coin (CRO)
    • ImmutableX (IMX)
    • Biconomy (BICO)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Solana (SOL)
    • Polkadot (DOT)
    • Tezos (TZS)
    • OMG Network (OMG)
    • Compound (COMP)
    • Uniswap Protocol token (UNI)
    • Aave (AAVE)
    • Bancor Network Token (BNT)
    • Curve DAO (CRV)
    • Kyber Network (KNC)
    • Paxos Standard (PAX)
    • PAX Gold (PAXG)
    • Synthetix Network Token (SNX)
    • SushiSwap (SUSHI)
    • Balancer (BAL)
    • EnjinCoin (ENJ)
    • GraphToken (GRT)
    • Tether USD (USDT)
    • Wrapped BTC (WBTC)
    • Polygon (MATIC)
    • Axie Infinity (AXS)
    • Fantom (FTM)
    • Amp (AMP)
    • Chiliz (CHZ)
    • Uma (UMA)
    • The Sandbox (SAND)
    • Loopring (LRC)
    • Injective Token (INJ)

    The process of adding a new cryptocurrency to the crypto exchange is very rigorous, ensuring that users aren’t exposed to cryptocurrencies and projects that are substandard. CoinJar is in the process of adding more good projects, but it takes its time to ensure safety and reliability.

    coinjar list crypto

    Payment Methods CoinJar Account

    The payment methods vary for Australian and UK users. Australian users can directly deposit AUD into their CoinJar account through Blueshyft and PayID. Blueshyft lets users do in-store payments for accessing digital services. It has more than 1,500+ sites all over Australia and is equipped with an iOS platform. PayID uses the New Payments Platform (NPP). PayID is the best way to go if your bank supports it since the money is instantly credited to your account, making the process extremely fast and hassle-free. Apart from these two options, Australian users always have the option of buying crypto using their credit or debit cards.

    As for UK users, they can use the Faster Payments Service (FPS) to deposit money through their bank into CoinJar. The upper limit is £10,000 while the minimum amount is £5. The limits are the same if you buy crypto through credit and debit cards. Users in the UK can link up to 3 bank accounts to their CoinJar account. 

    CoinJar Exchange and Coinjar Platform Fees

    When we refer to the CoinJar platform, we will be talking about CoinJar as a market maker. When we refer to CoinJar Exchange, we will be referring to the product CoinJar Exchange in which CoinJar allows users to trade with other users directly based on the prevalent supply/demand ratios in the market.

    Buying And Selling Fees

    CoinJar tries to keep its crypto trading fees as competitive as possible while remaining profitable (of course). At the outset, the flat rate of buying and selling on the CoinJar Platform appears to be 1%. However, there are nuances to the process that can seem difficult to understand at first. For example, you would imagine that any time you buy or sell BTC on the platform, you’d be charged the 1% rate. That’s not what happens, though. CoinJar Platform charges you a rate that is above the real rate. The excess can be variable between 0-0.2%. 

    If you purchase through a card, the difference is even higher and deposit fees can go up to 2%. This difference is determined by seeing the rate you are being offered on CoinJar and then comparing it with rates other exchanges are offering by going on a website called Preev.

    It might sound like CoinJar is unjustly charging higher fees, but the truth is that this is how rates work on exchanges and CoinJar’s rates are extremely competitive when it comes to purchasing directly via debit or credit cards. This phenomenon is not limited to BTC, and other coins on CoinJar have a similar relationship, with ETH being 1%, LTC 1.5%, XRP 1%, LINK 2%, and ZRX 0.2% above the real exchange rate.

    This is what happens when you trade on CoinJar. If you go to the CoinJar exchange and indulge in crypto-to-crypto trading, you’ll pay 0.1% in transaction fees at maximum.

    Deposit and Withdrawal Fees

    It is extremely easy for Australian users to deposit and withdraw their money from CoinJar. The same goes for UK users since bank transfers of GBP to CoinJar are free. If you’re Australian, using BlueShyft will cost you a deposit fee of 1.5% and PayID will cost you nothing. If you use BPAY, there will be variable withdrawal and deposit fees. 

    Like most other service providers out there, CoinJar will charge you nothing for depositing your cryptocurrencies into CoinJar. However, it will cost you to withdraw your coins.

    How withdrawal works is that you send your coins from one wallet to another using the blockchain, therefore the receiver pays nothing while the sender has to bear the cost of the blockchain’s gas fees for putting the transaction through. The gas fee is thus wholly dependent on what blockchain you’re using and what amount you’re sending.

    CoinJar’s Products

    coinjar clear

    CoinJar Clear

    CoinJar Clear is one of CoinJar’s solutions for businesses. It allows businesses to bring secure access to cryptocurrencies to their customers. It is a very unique solution that was designed with the collaboration of ASX200 and FTSE companies. 

    It offers a cryptocurrency exchange that can be offered as a service by a company to its users. It offers a company’s users direct access to its 50+ cryptocurrencies, from within the company’s application and UI, something that has never been done before.

    The API is highly customizable, allowing companies to use this malleable tool whichever way they want for their users. Furthermore, CoinJar Clear offers 24/7 access to the exchange, lightning-fast trades with CoinJar’s specially designed liquidity engine, individual sub-accounts for customers, order management systems, multi-signature and storage custody solutions, and a fully customizable asset and fee structure.

    CoinJar Clear also has all the safety features that come with CoinJar – ensuring that businesses and their customers get the best experience of the exchange.

    CoinJar OTC

    CoinJar OTC is a trading desk solution targeted toward big or high-frequency traders, commonly known as whales in crypto terminology. It provides access specifically to users who want to trade above $50,000 in volume. 

    CoinJar OTC boasts that it provides the best pricing system in Australia, with low fees, rapid quotes, and flexible settlement periods for users who want the ease of access while making high-volume trades. CoinJar OTC has many services that users can avail of. They have a Concierge service, with a dedicated and responsive desk that guides customers through all the processes involved in a trade. CoinJar taps its global reserves to provide instant liquidity, no matter what the volume of the trade is. Furthermore, CoinJar makes sure that users get access to all of the coins available on its primary exchange.

    There are also multi-layer encryption and periodic security audits to prevent any fraudulent activity on the service. They use the best industry practices to ensure the customer’s safety. The support team is equipped with advanced machine learning algorithms to discuss any form of financial fraud that might take place on the trading desk.

    CoinJar Card

    CoinJar’s prepaid Card is powered by Mastercard’s technology. It is accepted anywhere that Mastercard is accepted, and supports Apple Pay and Google Pay. It charges a 1% fee on all in-store and online purchases. The fee is credited back as CoinJar reward points to users.

    It is easy to get access to the CoinJar card. You just have to download the application on your mobile device, give proof of identification, and deposit your Australian Dollars using Bpay, Pay ID, or any other service. You can then start to purchase, deposit, and start spending cryptocurrencies. The CoinJar Card is currently exclusive to Australian users, but CoinJar plans to expand the service first to UK users, and then to Europe at large.

    The benefits to having the CoinJar card are that it allows you to spend crypto like fiat currencies or cash without having to worry about exchanging it first. It automatically converts your digital currency during the payment process, and also allows you the luxury of choosing between a physical and virtual card. The best thing perhaps is that you get rewards for every dollar spent, which you can redeem from the CoinJar Rewards Store. 

    At the moment, the 1% transaction fee for the crypto debit card is perceived to be quite high by some users. There’s also a maximum spending limit of $5,000 AUD per day, limited to 25 transactions. If you want to withdraw cash, the maximum ATM withdrawal limit is $1,000 AUD and 5 withdrawals per day.

    CoinJar’s Security Features

    If you discount everything else, the one place where CoinJar truly stands out is its security and safety features. It is well-regulated with a great verification process as well as other security features.

    coinjar review security


    CoinJar’s exchange is registered in both the UK and Australia. As we mentioned before, CoinJar is backed by well-known entities like the Digital Currency Group, BlackBird Ventures, and boostVC. CoinJar is registered with the UK Conduct Authority in the UK, a qualification that very few other exchanges have.

    It is registered as the CoinJar Group of Companies with the Australian Transactions Reports and Analysis Center in Australia. Due to these regulatory reasons, CoinJar uses an extensive verification process to prevent fraudulent activities on the exchange and protect its users.

    Verification Process

    An extensive list of documentation is required to use all of CoinJar’s features. You will need your driver’s license, passport, ID card, and a document proving your address to register on CoinJar. The process can take up to 3 days, but it is necessary to provide the security that CoinJar boasts that it provides its users.

    Security Features Encryption Transport layer security (TLS)

    CoinJar uses advanced machine learning algorithms to look for suspicious activity on the platform. Security has always been a big concern for CoinJar, thus they make sure that no malicious activity gets through their net. Apart from that, CoinJar also sports encryption, privacy measures, and TLS (Transport Layer Security) throughout the platform. Two factor authentication is also offered.

    Fraud Protection

    As we previously touched upon, CoinJar uses multi-level data encryption technology. It also has consistent and regular security audits to prevent fraudulent activity and increase investor confidence. Their support team keeps a close eye on account takeovers, financial fraud, and suspicious logins to provide customers with maximum safety.

    Asset Security

    CoinJar’s assets are secured by Fireblocks and BitGo, two of the best-performing custody providers in the cryptocurrency world. Most of CoinJar’s assets are in cold storage (stored offline) or private wallets, with full currency reserves maintained at all times to cover all of their users’ balances to provide instant liquidity.

    Trusted Exchange

    CoinJar has been one of the longest-running and most trusted crypto exchanges out there, and it has been operating with little to no downtime since 2013. It is backed by some of the top investors in the world and is compliant with AUSTRAC, and the Financial Conduct Authority (FCA) in the UK.

    Customer Support

    customer support coinjar

    CoinJar’s approach to customer support leaves a lot of room for improvement. Since CoinJar claims to be a platform that puts customers first, it is quite strange to see how they handle their customer support department.

    To start, there is no concept of 24/7 support, which is something a lot of other exchanges and service providers in general offer these days. Support is only provided between 9 AM to 6 PM during office hours in the CoinJar office according to the Australian time zone.

    The process is handled through the generation of tickets, and customers report having to wait hours before finally receiving a response. Although VIP users get preferential treatment, even they do not get a live session with a support individual.

    CoinJar is lacking in this respect since it doesn’t come close to standard industry practices. Customer Support is a well-known problem in the blockchain industry as of now, and we can only hope that as progress is made in other departments, companies will also improve upon their Customer Support skills.

    The Verdict

    You were here for the CoinJar review, and are here for our final verdict. Our CoinJar review highlights that the exchange innovates a lot in the digital currency realm, providing high-level data encryption and easy access to fiat currencies. CoinJar trading fees and transaction fees are low, and high-level security measures are offered to make the crypto exchange a safe space for users. It allows you to deposit fiat currencies, especially AUD from a supported Australian bank account and GBP from UK banks with ease.

    There are a lot of exchanges out there, but few that offer the level of security and trust that CoinJar offers, especially to users based in Australia and the UK. Their customer support team leaves a lot of room for improvement, but their reasonable trading fees and advanced security measures, such as storing digital assets offline in secure locations still put CoinJar ahead of the race when compared to other exchanges.

    Our extensive analysis of the Australia Crypto Exchanges doesn’t stop here. You can also read about our Cointree Review as an alternative to CoinJar or you can check out our Guide on the best crypto exchanges available to Australians to choose the right crypto exchange for you among our picks.

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