Despite the pandemic, Australia's cryptocurrency ecosystem continues to thrive. DeFi is booming, and a five-year blockchain path has been created for institutional adoption. These trends in crypto remain impressive, considering the country has just 25 million people.
But when it comes to the world of blockchain and economics, the "Land Down Under" remains well ahead of many other developed nations. Of course, Australians have always proven enthusiastic early adopters of technology, from smartphones to smart homes.
So, it's little wonder Australians have embraced digital currencies, too. This penchant for the new has also influenced the development of many Aussie exchanges. With that in mind, let's take a look at CoinJar, one of the nation's leading crypto products.
What Is CoinJar?
Founded in May 2013, CoinJar is one of Australia's leading digital currency exchanges. Headquartered in Melbourne, Victoria, the platform is known for its easy-to-use and simple innovations and products.
CoinJar offers clients various services, including a crypto debit card, a secure CoinJar wallet application for smartphones and other mobile devices, and a crypto electronic funds transfer at point of sale (EFTPOS) card.
The platform has fostered a reputation for being trustworthy. For this reason, CoinJar boasts more than 400,000 users. They have traded more than $1.5 billion in cryptocurrency assets on the site.
Some of the world’s most forward-thinking investors support the platform. These include companies such as Digital Currency Group, BlackBird Ventures, and Boost VC.
CoinJar Review: Key Features
What else do customers love about CoinJar? The site's interface proves both intuitive and streamlined, particularly for crypto newbies. Yet, it can fulfill the varied needs of those with more experience, too. Nevertheless, the most advanced users will likely feel limited by the simplified platform.
CoinJar supports a variety of different services funded by the Australian Dollar (AUD). What's more, many customers have also fallen in love with the CoinJar debit card, known as the CoinJar Swipe.
What do they love about it? It permits customers to use cryptocurrencies for many mainstream purchases, making the integration of digital currencies into daily life a cinch.
Besides CoinJar Swipe, the company also offers a fiat-to-crypto exchange and its CoinJar Exchange, which operates solely in cryptos.
Who is CoinJar Exchange suited for? Investors and traders who understand how to read live crypto charts.
The Exchange proves clean, minimal, and sleek, which makes trading a visually appealing experience. That said, it remains somewhat basic and doesn't offer advanced drawings tools, indicators, and order types.
How to Use CoinJar
How do you use CoinJar? Registering an account is simple, and you can complete it within minutes. Head to the CoinJar website, where you'll click on the "Sign Up" link located at the top right-hand corner.
Type in your first name, last name, and email address when prompted. You'll also need to choose a strong password for your account. From there, read and click on the policy agreement and terms of service.
After you've added this information, click the submit button. From there, you'll need to verify your email address.
When you log into CoinJar for the first time, you'll need to create a CoinJar username and upload a profile picture. You must also select your country of residence and add your mobile number for verification.
You should set up and activate two-factor authentication (2FA) and SMS authentication before depositing funds. This highly recommended step provides an additional layer of security. To activate these features, go to "Settings" and then the "Enhanced Verification" section.
How to Verify Your CoinJar Account
Before you can sell and buy cryptos such as Bitcoin on the platform, you must also verify your account. How do you do this? The process is automated through Digital ID via Australia Post. Like registration, it only takes a few minutes to complete all of the steps.
To get started, log into your CoinJar account and click on the "Get Verified Now" option on the dashboard. You'll need to select whether you're a self-managed super funds (SMSF) investor, company, or individual.
Next, click on "Verify With Digital ID," proving you're an Australian or UK resident. You'll upload an identification document such as a driver's license or passport, and then you'll fill in the details from your ID document on the form.
Double-check that you've submitted your information correctly, and then hit the "Confirm" option to submit your verification information.
How to Fund Your CoinJar Account
Once you've completed these steps and your account gets verified, you can fund your wallet. How do you do this? One of the easiest and most popular ways remains depositing Australian dollars (AUD) via bank transfer.
But you can also deposit fiat currency into your account via cash deposit or BPAY. Unlike wire transfers and cash deposits, which are typically instantaneous, BPAY takes between one and three business days to complete.
What about deposit and withdrawal fees? Only cash deposits come with a deposit fee, and it equals 1.5 percent.
What about withdrawals? You won't pay any fees when transactions take place in AUD. For international or non-AUD withdrawals, be ready to pay a $20 fee.
What about cryptocurrency deposits? Users can deposit these funds into their CoinJar wallet.
But know that these transactions will take a little extra time, depending on the crypto coin you're sending. Expect to see funds post in about 15 to 20 minutes.
Is the CoinJar Cryptocurrency Exchange Secure and Safe?
With CoinJar, you'll enjoy multiple security features. These features protect customers' wallet assets whether we're talking Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or other assets. The company takes security seriously.
You can see this reflected in the variety of ways it safeguards funds. These include:
- Data encryption
- Transport layer security
- Periodic security audits
- Best practice organization security
These are but a few examples of the safety measures in place to protect your crypto assets.
What are the Coinjar Fees?
CoinJar users will pay a flat one percent fee across all trading assets to sell and buy crypto instantly. When you compare this rate to other fiat-to-crypto platforms in Australia, it proves relatively high.
For this reason, some people prefer to buy and sell on the CoinJar Exchange, which relies on a different fee structure.
Like many other crypto exchanges out there, CoinJar relies on a maker-taker model for trading fees. These rates begin at 0.2 percent and go up to 0.15 percent per trade.
This trading fee will get deducted from your account balance and won't impact the order's initial margin. When you trade more than $10 million (AUD), you'll pay fees of just 0.1 percent.
The Pros and Cons of CoinJar
- Confidence-boosting base of 400,000+ users
- Reputable and well-established reputation
- Innovative crypto products
- Variety of deposit methods
- Mobile trading app
- Limited user nationalities currently supported
- The interface is a bit complicated
- Limited charting features
- Some of the fees charged appear steep next to other exchanges
Review for CoinJar: Frequently Asked Questions (FAQs)
It also makes sense to take a look at customers' most frequently asked questions when it comes to CoinJar. These inquiries and their answers will provide you with valuable insight into whether this platform's ultimately right for you.
Which Countries Support CoinJar?
Only individuals living in Australia and the United Kingdom have access to the platform as users. Despite these exclusive trader requirements, CoinJar is a globally accessible digital currency wallet. It can be used to receive, send, and store crypto.
That said, this doesn't mean traders in all countries can deposit funds into CoinJar. This is due to local regulations in individual countries.
Does CoinJar Have A Referral Program?
Absolutely! You can share a referral code promoting the exchange through videos, content, placements, or articles.
When individuals sign up with CoinJar using your referral link and complete ID verification, you'll automatically be rewarded with 500 CoinJar Rewards points. You can exchange these at the CoinJar Rewards Store.
Must You Go Through the Know Your Customer (KYC) Process To Start Trading on CoinJar?
As we've already discussed, you must verify your identity before you can start buying and selling. New users must upload their personal identification documentation. These KYC measures protect the exchange and investors against counter-terrorism financing and anti-money laundering.
As you can see, there are many compelling reasons to give CoinJar a whirl if you're a resident of Australia or the United Kingdom.
That said, don't stop your cryptocurrency research at just one platform. Instead, explore our extensive exchange broker guide resources.
Where to start? Check out our comprehensive comparisons of cryptocurrency platforms to find the best company for your financial needs.