In this Coinjar review, we dive into the specifics of trading and the quality of the Coinjar exchange. Coinjar Exchange is an online digital currency platform that allows six people to buy, sell, store and distribute digital currency.
Coinjar’s exchange offers payment methods like debit card payments, its own app called Coinjar Swipe, and other mobile apps like CoinJar iOS and Android.
The Coinjar exchange has made its products available to more than 400,000 users worldwide.
Besides all the apps it offers, Coinjar is also a cryptocurrency exchange. As a cryptocurrency exchange, the platform also offers Coinjar Exchange and Coinjar OTC Trading, so their platform can serve both professional traders and beginners. Coinjar aims to help the average trader execute large trades by offering trading commissions as low as 0.1% on larger trade volumes.
This allows investors and traders to buy and trade Coinjar-supported cryptocurrencies, such as Bitcoin, Ethereum and Litecoin.
In addition, the Coinjar profile supports crypto-currency to wallet transfers, as well as the ability to buy and sell crypto-currency with fiat currency. However, the exchange rate for fiat currency is limited because Coinjar only supports Australian dollars and British pounds.
Founded in 2013, Coinjar is registered as Coinjar UK Limited with AUSTRAC and is a UK registered company.
Pros and cons of Coinjar
Coinjar’s customer service is excellent, but only available during business hours. Support provides a comprehensive knowledge base and helps users navigate the platform.
Coinjar allows you to withdraw and deposit money via bank transfer, as well as cryptocurrencies such as Bitcoin Ethereum Litecoin.
Fast transaction speed. Deposits can be made to your CoinJar account in as little as 5 minutes.
The CoinJar platform is easy to use and allows you to make payments faster. It is suitable for both experienced and novice traders.
Coinjar not only offers CoinJar for buying and selling cryptocurrencies, but also features like cryptocurrency wallets and Coinjar Swipe.
Coinjar focuses on proper security to protect users’ information and funds.
The ability to earn Coinjar Bonus Points that can be used to reduce the redemption fees Coinjar awards through the Rewards Store.
The Coinjar application is compatible with a wide variety of mobile phones.
The exchange is regulated and thus legally required to comply with relevant KYC and AML rules, and users lose their anonymity.
The limited number of cryptocurrencies supported by the platform compared to most cryptocurrency exchanges.
Does not offer demo account or virtual currency training for new users to try new strategies.
Characteristics of the parts trade
There are several important trading features of Coinjar. First, Coinjar’s platform is easy to use and allows traders to easily enter the cryptocurrency trading scene. Coinjar allows you to make deposits and withdrawals of currency and crypto-currencies to and from your Coinjar account.
Their transaction fees are also relatively low, at 0.1% for high volume traders, making the Coinjar platform attractive to high level individual and institutional investors. However, Coinjar only supports transactions in Australia and the UK. Coinjar is also known as a multi-product exchange that not only offers cryptocurrency exchanges, but also Coinjar Swipe, which allows you to trade on the go.
In addition to the traditional option on the platform to buy and sell crypto, there is also onsite support for trading crypto pairs, as well as fiat and crypto currency pairs. Users who have supported cryptocurrencies on the platform can transfer them from their Coinjar wallet.
Coinjar also accepts bank transfer as a deposit method.
Program for recommended components
Coinjar allows its users and customers to invite others to join Coinjar, and they will be rewarded with an instant credit of 500 CoinJar bonus points when someone signs up with a referral link to a Coinjar referral account and performs identity verification. The new user will also receive 500 CoinJar reward points upon successful registration in a Coinjar account. In the Coinjar Reward Shop, you can redeem Coinjar Reward Points for a remaining balance that can be used to cover exchange fees in CoinJar.
Other Coinjar rewards include a 5 point credit per Coinjar Swipe card transaction. A Coinjar payment to an external BPAY ATM will be rewarded with one Coinjar point for every dollar sent to an external BPAY ATM. Finally, any currency exchange that requires a payment earns 500 points for every bitcoin exchanged.
Registration procedure for Coinjar
To begin the process of buying and selling crypto-currencies on Coinjar, you must first create an account. To open an account, you must first click on the Sign Up button, located in the upper right corner of the CoinJar homepage.
You will be asked to enter some details and once you have done so, select Save. CoinJar will then send you an email to confirm your email address, and you will need to click Confirm My Account using your email address.
Next, you need to verify your mobile phone number so that the support team can verify it and create a security log with two-factor authentication associated with your mobile phone. You will be asked to enter a verification code, which you will receive by SMS, and then click Verify.
Once you are verified, you will be redirected to the Coinjar homepage where you will be asked to activate advanced security. It all depends on whether you want it or not, but we highly recommend this option because it allows you to choose whether you prefer basic security (via SMS) or advanced security (via application) to set up two-factor authentication.
For the sake of clarity, we choose the simple SMS device. Then enter your mobile phone number and set the name of the device before selecting Confirm device.
Enter the verification code that was sent to your mobile phone via SMS and then click on Add Device. You will then receive a verification code by SMS to complete the configuration.
After completing the above steps, there are a few more steps like activating your CoinJar Rewards account and completing the verification process before you can take full advantage of the Coinjar exchange.
The verification process is important if you want to deposit and withdraw fiat currency, and also access additional features like CoinJar Exchange and CoinJar Swipe.
To be verified, you must go to your account page and select Accounts on the left side of the CoinJar page and select Get Verified Now under CoinJar Rewards. You must select the account type, including individual, corporate, or trust/SMSF accounts. Note that you cannot change the account type once the identity check is complete.
We accept one type of individual account for this exam. After choosing this option, you will be redirected to the Identity Services page. You will then be asked by Coinjar to download their mobile app to complete this part of the verification process. As soon as you click on the site, a download link is sent to your mobile phone via SMS.
After installing the CoinJar application, you need to click on Start a CoinJar account, and then click on Verify now.
You will then need to browse the application, select your country of residence and fill in all the requested information, namely your full legal name, date of birth and current residential address. You must also provide a photo of an official identification document, such as. For example, a passport or driver’s license. You must also provide proof of your address in the form of a bank statement or utility bill. Finally, take a selfie to compare your face to the picture on your ID card.
Once you have prepared and submitted all the information, CoinJar will complete and confirm the verification process and its customer service team will notify you of the approval. Once you are verified, you will have access to faster payments and you can deposit money directly to Coinjar via wire transfer and start buying and selling crypto products.
In addition to the registration and verification process, there are other steps to take, such as linking your bank account to your CoinJar account for faster transfers and deposits to your CoinJar account.
In addition to being able to buy and sell cryptocurrencies, Coinjar supports a wide range of coins, including Bitcoin, Ethereum, Litecoin, OX, XRP, Dai, USD Token, Lumen by Stellar and Basic Attention Token.
You can check the list of cryptos by going to their buy and sell page. This exchange section also shows all crypto/fiat money, and crypto to crypto pairs that are supported by CoinJar.
The Coinjar exchange also offers investors the opportunity to trade or buy digital currencies. So this means that you can not only deposit cryptocurrencies into your Coinjar account, but also fiat currency into your account via bank transfer. However, only two types of fiat currencies are supported: the Australian dollar and the British pound.
Among the leading cryptocurrency exchanges, CoinJar is considered an advanced trading platform that allows you to create an account and trade multiple digital currencies against pounds and bitcoins. Coinjar also allows you to trade directly with any user and receive crypto-currencies from your accounts.
Once verified, users can join Coinjar’s crypto-currency exchange and receive tiered commissions based on trading volume over 30 days.
CoinJar Exchange also gives its high volume traders more control over their buy and sell orders. This is because on a cryptocurrency exchange, investors can determine the exact price, as well as the trading volume and any termination conditions.
Other tools in the CoinJar exchange include a detailed overview of the current crypto-currency market, as well as additional information and current market value.
Coinjar also allows its users to buy or sell on the market or with a limit, and offers a drop-down menu in the top left corner to select a bank-funded exchange pair.
The site also offers interactive charts with customizable time intervals, as well as indicators showing openings, closings, highs, lows and volumes.
Other features include an order history below the indicator charts and bid windows that give investors access to the correct prices in their account.
Another important feature of the exchange is that it offers an over-the-counter trading desk with competitive prices and a flexible settlement plan that is only available to investors who wish to place trading orders of more than $50,000.
Scanning of rooms
The product is a cryptographic debit card that allows users to spend their digital currency – similar to the way a CoinJar wallet works – at any location that accepts EFTPOS in Australia, and to withdraw cash from any ATM that offers withdrawal services,
For every transaction you make with this application, you can earn 5 CoinJar Reward Points. The debit card can be ordered via the mobile application. You will then need to transfer at least $29 from your bank account or Coinjar wallet to pay for your card.
There are usage limits, with a maximum number of 25 transactions per day, including all purchases, payments or withdrawals. For receipts or other users, the maximum limit is 10 uses per day. A continuous 24-hour window of $999 is set as the limit for each reload or maximum daily spend.
Room change grid
The exchange also offers its investors intuitive features, such as price charts, which provide important analytical information, such as price trends for each cryptocurrency supported on the exchange.
The charts are located on their buy/sell page, and all you need to do is select the price trend of the crypto you want to analyze and scroll down to the price chart section.
Balances and transaction history
Investors on the exchange have access to all balances and transaction histories. You can view your purchase, sales, deposit and withdrawal history by going to the Settings page, selecting Tax Settings and clicking Download.
To search for account balances, account balances and CoinJard Rewards account balances are displayed on the Accounts page.
In addition, on the same account page, traders have access to an account report, which contains the history of all transactions you have made through your bank account on the exchange and is dated. Other information includes the time stamp of the transaction and the current balance of the transaction.
Completion reports and expense reports can also be downloaded from the same section of the account.
Negotiation costs and fees
The exchange is transparent about all costs and these can be viewed on the platform. There are several types of fees that add up, such as creation and purchase fees, deposit fees, conversion fees, withdrawal fees, exchange fees, and CoinjarSwipe fees and limits.
Costs of manufacturing and installing equipment
Trading rates are based on a user’s last 30 days of trading volume, with a Taker of 0.25% and a Maker of 0.15%, and are reduced to 0.10% for Takers and 0% for Makers. However, the transaction volume starts at $10,000 for the first level and goes up to $10,000,000 for the lowest bid.
There are no deposit fees when using BPAY, NPP and receiving digital currency from non-users of Coinjar or users of Coinjar. However, 1,5% commission is charged for depositing Blueshyft money.
CoinjarSwipe does not charge any fees when converting an account to digital currency. However, for conversions between digital currency accounts and between digital currency accounts and a cash account, a 1% conversion fee is charged.
Condensate removal costs.
There are no fees for withdrawing money from your bank account, sending digital currency to Coinjar members and sending XRP and Litecoin. When sending crypto to a BPAY account, a fee of 0.5% is charged, while a dynamic fee is charged based on the type of crypto included, varying every 15 minutes as fees vary based on blockchain congestion and amounts sent.
Commissions and restrictions on the sale of spare parts
The first order costs $29 to print and encode the card, while you can get it for free through the CoinJar app, with no shipping costs.
There are no activation, purchase or withdrawal fees for EFTPOS or inactivity. It should be noted, however, that each disputed transaction costs $10 per incident, while lost cards cost $29 to print and encode a replacement card, and there are no shipping fees.
You can find your COinJar wallet on the Accounts page, under Accounts. You must complete the verification process unless you only have access to bitcoins.
Next, select the new cryptocurrency account you want to add and then place a buy or sell order per cryptocurrency type.
Coinjar is committed to providing a high level of security to protect users’ information, funds and assets on the platform. Security features include two-factor authentication, which Coinjar encourages the use of by all its users as it increases the level of security.
Coinjar also sets account limits for added security. Daily and monthly limits are introduced for bank deposits or withdrawals, digital payments, debit card payments and all other types of internal transfers.
After verifying identity, CoinJar offers its users the ability to set daily transfer limits, as well as perform currency conversions on CoinJar.
CoinJar also stores approximately 90% of its digital assets in remote, geographically redundant secure locations.
CoinJar also uses multi-signature technology to protect users assets stored online. All information stored and accessed by the Exchange is stored on cloud services that meet the most stringent and highest infrastructure security requirements.
Coinjar aims to answer all customer queries within two working days and is available on weekdays from 9am to 5.30pm.
They also offer a dedicated support page that aims to answer the most common questions from all users, with an extensive library that can answer all questions.
Coinjar is an easy-to-use exchange marketplace that offers features that satisfy both experienced users and beginners. While the number of cryptocurrencies supported by the exchange leaves a lot to be desired, they do offer more than 25 different types of pairs to get more exposure to the market, and the exchange also supports trading between crypto/fiat currency pairs, which is a less common feature in the industry.
frequently asked questions (FAQ)
Can I trade cryptocurrencies on an exchange?
Yes, and they are free, but you have to check.
Do I need to fill out a verification form to deposit money?
Yes, you can only deposit bitcoins until the verification process is complete.
With over 10 years of experience as a financial analyst, Eric is well aware of the potential of cryptocurrencies, particularly bitcoin, and its impact on the global economy. He is determined to share everything he knows about cryptocurrencies here.
frequently asked questions
CoinJar – secure wallet?
Is CoinJar a wallet or a purse?
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