Coinjar Review UK 2023: Fees, Pros & Cons
CoinJar Review UK: Our Opinion
The CoinJar exchange is an easy-to-use platform, built for beginners, that allows users to trade any available digital currency of their choice. The CoinJar platform stands out for its low fees and support for the GBP fiat currency.
An Overview of CoinJar UK
The CoinJar exchange was founded by Asher Tan and Ryan Zhou in 2013. Asher Tan, a finance guru, and technology enthusiast is the co-founder and CEO of the Coinjar exchange. Ryan Zhou, also a finance expert and a full-stack engineer is the COO of the platform.
CoinJar exchange is backed by some popular investors including blackbird, the digital currency group, and boost VC. And at the moment the platform hosts over 600,000 customers, has facilitated billions of buy and sell trades of digital currencies, and offers more than 50 digital currencies.
Key Features of CoinJar Uk
The CoinJar card is a prepaid Mastercard crypto debit card that allows users to pay for goods and services with a crypto CoinJar account. The card can be used both online and in-store, it is accepted anywhere Mastercard is accepted worldwide and it is compatible with both Apple Pay and Google Pay. Crypto spent from the card is taken purely from the user’s nominated CoinJar everyday account.
The CoinJar crypto debit card can be accessed within the CoinJar mobile app. Cardholders can view their spend history, change their spend account, check their card details, change their PIN and even put the card on hold from the mobile app.
The CoinJar card has a digital copy and a physical copy. Users who wish to own the physical Coinjar debit card can place an order and it will be delivered within the stipulated time frame. The physical card can be used to make ATM withdrawals. The card can also be used for contactless payments and overseas purchases.
For every £1 spent using the CoinJar crypto debit card, you will earn 2 CoinJar reward points. The reward points can be used to cover the cost of future trades in the CoinJar mobile app.
There is no card issuance fee for both digital and physical cards. Foreign transactions attract a fee of 2.99%+. Cash machine withdrawal using the physical card attracts a 1% fee while users are charged £12.50 per transaction for every transaction dispute.
The CoinJar bundles feature allows users to buy different crypto assets in one single transaction. Bundles are great for crypto traders who wish to grow their portfolios. Bundles make the buying of crypto assets easy and also help users cut down on transaction fees. CoinJar bundles contain pre-selected cryptocurrencies. Users can unbundle, buy and sell the crypto assets in a bundle whenever they wish to.
Bundles available on CoinJar include Bitcoin Bundle, CoinJar Universe, Popular Duo, DeFi Bundle, Stable Bundle, Popular Trio, XLM & XRP, Ethereum bundle, Green bundle, and ERC-20 bundle.
To buy a bundle, sign in to your CoinJar account on the mobile app and tap the “Bundles” icon. Once you do this, you will see the full list of available bundles. Select the bundle you want and click “Add Funds to Bundle” and follow the on-screen prompt to complete the purchase.
Once purchased, the bundle will be disbanded and the cryptocurrencies will be stored in their respective wallets. Each crypto asset can be managed independently after the purchase.
CoinJar offers institutions and businesses the ability to create their crypto products via CoinJar Payout. CoinJar Payout is an easy-to-use solution that allows institutions to offer crypto rewards to their customers. Crypto rewards can be in the form of one-off prizes, cashback equivalents, and loyalty bonuses. The customers can cash out their rewards in Bitcoin and all the other cryptocurrencies available on the CoinJar exchange.
CoinJar offers a simple Payout API that can be customized to suit the needs of the institution. This allows each business to create crypto products that suit their customers. Once a business applies for the CoinJar Payout, the Coinjar Plug-and-play API will be customer ready in six weeks.
Businesses that wish to enroll in CoinJar Payout can do so by filling out the application form on the CoinJar Payout page on the CoinJar exchange website. They are also required to sign up to the CoinJar exchange as a corporate customer and prepay their account. Once the necessary verification is done, the client will have access to CoinJar’s API.
CoinJar Over-The-Counter (OTC)
CoinJar OTC is available to crypto traders and high net-worth individuals that wish to trade over £25,000 on the CoinJar exchange. OTC clients have fast, secure, and personalized access to over 50 cryptocurrencies available on the CoinJar exchange. CoinJar OTC supports fiat currencies like GBP, USD, and AUD.
CoinJar offers one on one service to its OTC clients via a dedicated account manager. The account manager ensures that trades are made securely and at the best possible price. OTC traders on CoinJar enjoy low fees, fast and secure trades, zero spillage, globally sourced liquidity, zero extra fees, and Bid/Ask spread on quoted prizes.
Crypto traders and organizations that wish to use the CoinJar trading desk must have a fully verified CoinJar account. They are also required to pre-fund their CoinJar account with the assets they wish to trade. Any bank transfer from the trader’s account must match the “beneficial owner” name on CoinJar.
CoinJar Clear is an easy out-of-the-box solution that helps the crypto market to cooperate with organizations and their clients. It is designed in collaboration with ASX200 and FTSE companies.
As a revolutionary cryptocurrency exchange as a service, CoinJar Clear gives institutions direct access to over 50 liquid crypto markets from their app. This enables the client’s customers to buy and sell crypto as well as earn crypto rewards. CoinJar Clear has a clean user interface, a customizable API, and also has a client management system.
CoinJar Clear users have access to the tools needed to build the required crypto offerings for their clients. They also have access to gas trades with CoinJar’s propriety liquidity engine, built-in fully-featured order management systems, and 24/7 access to all tradeable products on the CoinJar exchange.
Other features available to CoinJar Clear users include customizable asset and fee structures tailored to suit each business’s needs, individual sub-accounts for the customers, and advanced multi-signature and cold storage custody solutions.
Cryptocurrencies Available on CoinJar
CoinJar supports over 58 cryptocurrencies on the platform. Available cryptocurrencies include Bitcoin, Basic Attention Token, Dogecoin, USD Coin, Stellar, OMG Network, Ethereum, Cardano, EOS, XRP, Stellar Lumens, Tezos, Litecoin, Dai, Chainlink, Compound, Curve DAO, Polkadot, Sushi swap, Uniswap, Algorand, Axie Infinity, etc.
CoinJar Review UK: Fees
CoinJar offers the following deposit, withdrawal, and trading fees.
GBP Deposits and Withdrawals
- Faster Payments Service: No fees
- Receiving Digital Currencies: No fees
- Back Account Withdrawals: No fees
Digital Currencies Transfers
- Transferring cryptocurrencies to CoinJar exchange users: No fees
- Transferring cryptocurrencies from the CoinJar platform to external addresses: Dynamic fees
CoinJar Platform Trading
- Converting fiat currencies to cryptocurrencies: 1%
- Converting cryptocurrencies to fiat currencies: 1%
- Converting crypto to crypto: 1%
- Credit/debit card purchase: 2%
- Google Pay/Apple Pay: 2%
- Physical and digital card issuance: No fee
- Online and in-store purchases: 1% returned in CoinJar rewards store rebates
- Foreign transactions: 1%
- Transaction disputes: £12.50 per transaction
Trading Fees on CoinJar Exchange
The CoinJar platform uses a trading volume-tiered system for administering its trading fees:
30-day Trading Volume: £0-£60,000
- Taker Fee: 0.10%
- Maker Fee: 0.10%
30-day Trading Volume: £60,000-£600,000
- Taker Fee: 0.10%
- Maker Fee: 0.08%
Trading Volume: £600,000-£6m
- Taker Fee: 0.08%
- Maker Fee: 0.04%
Trading Volume: £6m+
- Taker Fee: 0.06%
- Maker Fee: 0.02
Crypto to crypto and crypto to stablecoin
- Trading Volume
- Taker Fee: 0.06%
- Maker Fee: 0.00%
CoinJar Review UK: Payment Methods
The CoinJar supports 2 fiat currency methods to deposit funds for UK users: the Faster Payments Service (FPS) and Instant Buy via the direct purchase of cryptocurrencies using a supported Visa or Mastercard fiat currency credit/debit card. In addition, the CoinJar platform supports GBP deposits via the 2 methods.
Before you can use both GBP payment methods to deposit funds on the CoinJar exchange you’ll need to complete their identity verification process. Also, when you make a transfer, the bank account from which you deposit funds should be under the same name as the verification documents you sent to the CoinJar platform.
That said, the Faster Payments Service method does not charge deposit trading fees and shows up in your CoinJar exchange account within 2 hours.
To deposit to your CoinJar wallet using the Faster Payments Service, click or tap on the Deposit icon on the home screen. Next, choose Bank Transfer (FPS) and copy the sort code and your unique account digits. Open your bank account app and follow the prompts to complete the deposit. This will differ for various banks. After this, input the CoinJar wallet account number and sort code. If you’re prompted to enter the beneficiary name, write CoinJar UK Limited.
Lastly, enter the amount you want to deposit and finalize the transaction.
First, deposits made to your fiat currency CoinJar wallet may take up to 1 business day.
For the Instant Buy payment method, you can use your card either with Apple Pay or Google Pay or by linking your card to the CoinJar wallet. To use this payment method, open the CoinJar app. Next, tap the buy and sell button at the bottom of your screen. If you’re using the website, click the buy and sell button at the top of your screen.
Next, choose a digital currency and then tap Buy. Choose to link credit/debit card as your payment method and type your card’s number and preferred fiat currency for billing.
State the amount you intend to buy in GBP and tap Next. Click confirm and finalize the transaction.
CoinJar is registered with the Financial Conduct Authority UK. All its assets are secured by Fireblocks and BitGo. CoinJar stores the majority of our assets in private multi-signature wallets and cold storage wallets offline. It employs data encryption at different levels as well as Transport Layer Security and institutional-grade organization security to protect customers’ accounts.
CoinJar also maintains full currency reserves. The reserve has enough assets to cover over 100% of all CoinJar customer balances.
To ensure the security, monitoring, data encryption, and isolation of users’ data, CoinJar Exchange hosts its digital infrastructure with Amazon Web Services. Also, the CoinJar mobile app and database servers all run inside private networks which are separated between staging and production environments. Its internal networks are also firewall-protected, encrypted, and isolated from the internet. All public-facing services are handled by dedicated load balancers. These load balancers only handle HTTP requests.
The CoinJar Customer support team monitors all accounts to easily detect CoinJar account takeovers, suspicious logins, and financial fraud.
That said, all of CoinJar’s internal services and databases are secured by cryptographically secure Multi-factor authentication. All deployments are independently performed by a deployment server and the engineers do not have access to production servers or application credentials. Also, all CoinJar employees are required to pass a criminal background check before being recruited, they also take part in regular anti-money laundering and security training.
To boost their wallet security, CoinJar customers can secure their accounts with two-factor authentication. CoinJar cryptocurrency exchange also recommends the use of complex passwords from password managers like LastPass, iCloud Keychain, and 1 Password.
Corporate clients have access to high-value insurance options, unique segregated wallets, and real-time transaction tracking.
CoinJar crypto exchange has a real-time status page where customers can check for updates on outages and other issues concerning the CoinJar platform. The status page shows the current status of the CoinJar crypto wallet and services as well as details about upcoming maintenance. CoinJar also runs a Bug bounty program.
CoinJar offers up to 0.10% p.a. on 5 crypto assets via CoinJar Earn including; ETH, USDC, USDT, DAI, WBTC
CoinJar Review UK: Opening a CoinJar Exchange Account
To open a CoinJar exchange account, go to the CoinJar website here.
- Next, click the menu bar button located at the upper top right corner of your page. Scroll down within the menu bar and click the “Join” button.
- The CoinJar crypto wallet platform will require your details such as first name, last name, email address, password, and country.
- Read and agree to their terms of service and click “Sign up”.
- A message with a confirmation email will be sent to the email address you entered in the previous personal details field. You will need to click the provided link to activate your account.
- Clicking the confirmation email message link will redirect you to the CoinJar sign-in page. Here, you’ll need to enter your CoinJar username and password to sign in.
- Once that’s done, you’ll need to complete ID verification as while the CoinJar crypto wallet is available to all users if you wish to use CoinJar’s fiat currency exchange and bank transfer features, identity authentication is required.
- To begin, log into your Identity Portal and follow the on-screen instructions provided. The process typically takes about a couple of minutes to complete.
- First, the Identity Verification step requires you to choose your country and nation of citizenship. Next, click “Get Started”.
- Input the following details as required and click “Next” after entering each one: first name, middle name, last name, Date of Birth, and residential address. If you do not find your address on the drop-down menu you can enter it manually.
- Go over your details and click “Next”.
- Next, CoinJar will request a proof of identity document like a Photo ID.
- Click “Next” to start and then select the document you’ll use for identity verification.
- CoinJar exchange will provide some tips on how to take an acceptable picture for ID verification. Go over them and click “Next”.
- Follow each prompt to take pictures of your document and ensure all sides of the ID are clear and visible. Hit “Next”.
- CoinJar’s system automatically checks for photo quality before permitting you to go to the next stage. However, in certain situations, the CoinJar wallet will require that you submit an additional document before allowing you to proceed to the next step.
- Lastly, the CoinJar exchange requires that you take a selfie to finalize the Identity Verification process. To begin this process, click “Next” and go over the tips for taking a great ID verification selfie.
- Once you’re through, click “Next” then follow the prompts to take your selfie. CoinJar’s systems still check your photo quality automatically.
That’s it, you’ve created your CoinJar account. All that’s left is adding two-factor authentication to your CoinJar wallet.
CoinJar Review UK: Trading Experience
To trade cryptocurrency or convert digital assets on the CoinJar exchange you need to place an order. This is unlike the fiat currency exchange within CoinJar as trades on the CoinJar exchange are done with other users of the platform. So the price of assets on offer within the cryptocurrency exchange is determined by what other users want to trade for.
To begin the trade you’ll need to transfer your fiat currencies to the CoinJar cryptocurrency exchange if you don’t yet have funds on the platform. The CoinJar cryptocurrency exchange supports the trading of all digital assets by the platform. And all digital currencies can be traded against GBP, AUD, and Bitcoin.
To transfer funds, once you’ve signed in to the CoinJar exchange, go to your Settings page by clicking the Settings icon located at the bottom left of the CoinJar cryptocurrency exchange interface.
Next, you’ll need to choose the Transfer tab, and then select the account you intend to send to, and enter the amount. You can make payment via your bank account using the Faster Payments Service.
That said, after depositing you’ll need to place a new order. The information you fill on in the Trade Section within the exchange determines the type of order you intend to place, the price and amount of trade, and the cryptocurrency pair you intend to trade.
To buy and sell, you can choose to buy using a portion of your available balance or sell one currency for another. CoinJar offers a buy/sell toggle within the exchange that will allow you to switch between buying and selling. You can also choose to buy or sell by hitting a specific side for the order book.
The CoinJar exchange offers 2 types of orders: Limit orders and Market orders. By default, the limit order is the selected order type when trading on CoinJar. This allows traders to choose the amount and price of a buy or sell transaction they want to make. After submission, the order will be added to the Order Book and stay there until it is fulfilled
Market orders on CoinJar are a request to buy or sell assets instantly at the best available price. Before placing a market order you’ll be shown an estimated total, which is an approximate price of the whole trade taking into consideration the various price points that your offer should be filled at.
For advanced options, CoinJar exchange supports the Maker or Cancel order, Good till Cancel order, and Immediate or Cancel order types. Immediate or Cancel will only place an order if it can be filled with the current trades available. Good till Cancel will keep your order active till a new order is placed to fill it. The Maker or Cancel order will close an order if it will immediately satisfy another order on the Order Book.
CoinJar offers customer support online every day of the week. Customers with complaints and requests can reach customer support by submitting a request online. The request should contain detailed information about the problem and a Screenshot of the page the customer is stuck on.
CoinJar also has a Knowledge base. Users are encouraged to check the Knowledge base for possible answers to their questions before contacting customer support. CoinJar does not provide customer support via Phone, email, or Live chat.
CoinJar users can also stay up to date with product announcements and all other relevant information about the platform by checking the CoinJar blog or subscribing to the Newsletter.
Coinjar is a great platform for beginners and intermediate traders. Customers attest to having a good trading experience. There are however lots of complaints on Trust Pilot about poor service from the customer support team.
CoinJar Review: Does CoinJar Offer Education?
Yes, CoinJar offers Bitcoin and cryptocurrency education via the CoinJar Blog. The platform covers topics like Crypto Tax UK, How to Secure your Crypto, How to Select which Cryptocurrency to Invest in, etc.
CoinJar Review: Is CoinJar UK Right for You?
CoinJar UK is best for beginner and intermediate crypto traders searching for an easy-to-use crypto exchange that supports local UK payment methods.
CoinJar UK is an easy-to-use cryptocurrency exchange that caters specifically to UK citizens and has location-friendly features in payment methods. However, CoinJar UK isn’t for a global audience, it offers a very limited selection of cryptocurrencies and has basic features that advanced users will not find compelling.
Our extensive analysis of the UK Crypto Exchanges doesn’t stop here. You can also read about our Binance UK Review as an alternative to CoinJar.
Most frequent questions and answers
CoinJar UK is registered by the Financial Conduct Authority as a Crypto Asset Exchange Provider and Custodian Wallet Provider in the UK.
CoinJar has been offering its services since 2013 and has not had any major security incidents. It secures users’ assets using Transport Layer Security, data encryption, and other security features.
Yes, you can make money on CoinJar when you buy and sell cryptocurrencies. When you buy digital assets you’ll make money if the price of the assets goes up. And you can sell for a profit by selling your coins higher than you bought them.
Yes, CoinJar reports to HMRC.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.
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