CoinJar Exchange Review

Local/Regional Exchange - cannot be rated at this time.

CoinJar is a cryptocurrency exchange that was established in 2013 in Australia. The exchange is mainly focused on the local market of Australian investors, though it does provide limited service worldwide. The exchange is led by co-founders Asher Tan and Ryan Zhou. Information on the team behind the exchange can be easily found online. There isn’t any information about any other location that CoinJar is headquartered in, hence it is safe to assume that the exchange is mainly based in Australia.

The exchange charges different fees for takers and makers. The fee for takers when conducting fiat-crypto trading range from 0.10%-0.50% depending on volume. This could be a disadvantage, however, it is safe to assume that this is canceled out by the makers fee, which is 0%. As for crypto-to-crypto trading, takers fee is flat 0.10%, which is well below the global industry average, and makers are charged 0%. The fees for crypto-to-crypto trading are very advantageous and provide Coinjar with a significant competitive edge.

Fiat-crypto trading is allowed on the platform, making CoinJar an entry-level exchange. Users can deposit fiat currencies into their account via bank transfers, cash or credit cards. The latter is usually not accepted by many exchange platforms, hence it should provide an advantage for those who prefer depositing currency via credit cards. All of these methods can be used without a fee. However, the only fiat currencies that are allowed on the exchange are GBP, EUR, USD, and AUD. Hence, users who use currencies other than the ones mentioned will need to exchange them beforehand. This does not take away from the fact that the exchange is friendly towards new cryptocurrency investors.

For enhanced security, CoinJar uses two-factor authentication and password protection for the wallets with at least 90% of customers’ digital currencies stored offline in geographically-redundant, secure locations. The fact that information about the team behind the exchange can be easily found online is very comforting and shows that the platform values transparency. Transparency is one of the most important aspects of an exchange platform, as it gives the user an idea about the background information and experience of the team behind the platform in the industry. It also gives the user an idea about who they can hold responsible in the case of fraudulent activity or mishap.

Though the exchange is very transparent, comments by users online have not been particularly positive. Many users have claimed that the exchange has mishandled their accounts and/or funds. The platforms online show that almost none of these users have been contacted by CoinJar’s customer service, which is alarming for those who value customer support. This does not particularly render the platform user-friendly, which is a deterring factor.

On the other hand, CoinJar writes: "We pride ourselves on having great customer service - we are diligent about responding to complaints and feedback. We have excellent reviews and sometimes the occasional disgruntled customer. View our track record at one of Australia’s most trusted third party review sites: https://au.trustpilot.com/review/www.coinjar.com"

The exchange offers its users a free e-wallet that is built into their platform, as well as a separate payment service called CoinJar Swipe. However, the latter is only available for those who are either citizens or residents of Australia. There’s also CoinJar Touch, which is a mobile app that can be used for money transfers. This app is only available for Australians as well.

CoinJar supports a quite simple platform. Most features that the average user can need is present on the platform, with a simple and practical design. Many exchange reviews mention that the interface lacks certain features that should be present on an exchange’s website, such as some certain tools and trading history.