CoinJar Review 2023 Is It Really Legit & Safe? BEWARE Of This

In terms of protecting its digital infrastructure, CoinJar’s internal systems are fully encrypted, firewalled, and isolated from the internet. To further reduce the risk of hacks, the exchange has separated the networks of its database servers and applications by implementing different staging and production environments. The app has a clean and simple interface, though certain features can occasionally bug out. When this happens it is best to sign in to the website to complete whatever you are trying to do.

Is CoinJar A Safe Wallet?

Yes, CoinJar Australia offers a safe cryptocurrency wallet that can be used to store crypto coins until they are ready to be sold for a profit at proper time. The wallet ensures ‘bank-like’ security features to keep client funds and personal information safe. Approximately 90% of clients’ funds are stored in offline crypto wallets located at secure locations.

CoinJar protects its clients’ information using a double layer of security measures that include 2FA authentication, data encryption, Transport Layer Security (TLS), and by conducting regular security audits.

CoinJar wallet uses a cold storage solution to store at least 90% of their customer’s digital assets according to the website. The hardware wallets are stored offline in geographically-redundant, secure locations. The exchange also uses a multisig withdrawal processwith multiple staff required to process withdrawals. Interestingly, the exchange states that they maintain full reserves at all times, with sufficient assets to cover customer balances and currencies. CoinJar Exchange is suited for traders that understand how to read live crypto charts.

CoinJar Review: Conclusion

CoinJar utilizes Sift to prevent payment fraud and account takeover while delivering fast, simple experiences to hundreds of thousands of users. To purchase and sell cryptocurrencies on CoinJar, you must first authenticate your identity. These safeguards are in place to protect the exchange and its investors from money laundering and terrorism funding.

The article selection is vast and you can find the answer to most basic inquiries, but if you can’t find what you’re looking for, you’ll need to submit a support ticket. The support ticket feature allows you to upload images and screenshots, so be as specific as possible when submitting your request for a prompt answer. There’s no direct email address, phone number, or chat support feature currently available.

Only Australian residents can withdraw and deposit fiat currency. CoinJar is one of the most secure cryptocurrency exchanges and implements a range of security measures to keep user funds and personal information safe. Some of the many strategies employed include high-level data encryption, Transport Layer Security, periodic security audits, and best practice organization security. It also uses various advanced machine learning techniques to recognize suspicious logins, financial fraud, and account takeovers. At least 90% of customers’ digital currencies are stored offline in geographically-redundant, secure locations.

CoinJar clients will be happy with the offerings they’re provided. Will pay the same 2% instant buy fee when using a Visa or Mastercard, but Faster Payment Service deposits are free. Like Australian clients, conversion fees are 1% and dynamic transaction fees apply to most cryptocurrencies . They are available for residents of Australia and the United Kingdom. As we mentioned during this review, the CoinJar team could improve exchange by increasing the number of supported coins and implementing advanced trading tools.

Can you make money on CoinJar?

Bring more, earn more

With CoinJar Rewards the more you use your CoinJar, the more you earn. Simply make any buy or sell using your ID-verified CoinJar wallet to start earning points. CoinJar Reward Points can be used to cover the cost of your next trade or transfer with CoinJar.

We believe Coinjar to be a very secure solution for trading and keeping digital money due to these security measures. CoinJar has launched cutting-edge items to distinguish itself from Australian digital currency market rivals. These products strive to diversify their service offering by introducing new ways to put cryptocurrencies in the hands of hundreds of thousands of users.

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This ensures that the company remains fully compliant with domestic and international anti-money laundering rules. CoinJar features a unique referral scheme in which you invite your friends to register an account via your affiliate link, and both of you get 500 points in rewards. These rewards can be used to pay for commissions or at the platform’s digital shop. The Biden administration has been accused of trying to “quietly” ban bitcoin, ethereum and other cryptocurrencies in a move that’s been described as “Operation Choke Point 2.0″… Taking this up a notch, all potential staff are scrutinized for any links to criminal activity. Two-factor authentication works by receiving SMS on your mobile app when CoinJar requires authentication.

coinjar review

In addition to its low fees and purchasing power that it provides, The CoinJar Card is a great entry-level debit card for crypto enthusiasts due to the rewards it generates. 1% of the the transactions amount will be returned as CoinJar Points where they can be used to cover crypto trading fees or obtain merchandise and gift cards from the CoinJar Rewards Store. CoinJar Rewards can also be generated by referring friends and family to CoinJar and completing crypto-to-crypto trades on the mobile app.

CoinJar Exchange Trading fees

With your account verified, you can now deposit fiat currency, make Visa and Mastercard deposits, buy and sell cryptocurrencies, etc. Yes, Bitcoin is one of the many cryptocurrencies offered on the CoinJar exchange. Bitcoin can be purchased with funds from a bank account or instantly bought with a Visa or Mastercard credit card. Yes, CoinJar’s wallet uses advanced security features to keep your digital assets safe whether using the desktop or mobile version of the platform. The security features are also impressive compared to other exchanges. If reducing friction is the No. 1 focus in the cryptocurrency industry, the improving security is a close 2nd.

Seeking a senior architect for a remote option, flexible hour position requiring five+ years’ relevant engineering experience, familiarity with TDD/BDD. If you don’t quite have the time to read our guide in its coinjar review entirety, then our conclusion argues that you should opt against opening an account with Coinjar. If you are using a screen reader and are having problems using this website, please email for assistance.

coinjar review

They do not reflect any official governmental approval or regulatory compliance. Despite the lack of multiple ways to contact customer service, tickets will be responded to throughout the week and even weekends. We found the quality of customer service on CoinJar to be excellent.

Deposit fees

On the CoinJar crypto exchange, you can buy and sell more than 50 different crypto assets. The cryptocurrencies it supports are more than enough for beginners since they are the most dominant ones in terms of market capitalization. We also like that they support two dollar stablecoins which makes Coinjar interesting for remittances to other countries. The app is especially useful if you use the Coinjar debit card and you want to quickly transfer funds from your Cash or Crypto Account to the ‘Coinjar Swipe Account’. One last thing worth mentioning is that Coinjar only offers so-called spot-trading.

Need 1 to 2 years of accounting experience and a relevant accounting degree and working toward a CPA/CA. Coinjar is not regulated by a national financial body, meaning that your funds are never 100% safe. This also means that you are offered no consumer protections in the event that the platform seized to exist. At the time of writing, Coinjar has not experienced any major hacks, although this doesn’t mean that the platform is immune to external malpractice. 74% of retail investor accounts lose money when trading CFDs with this provider.

We are required by law to follow government rules and regulation. This means that we perform automated and manual security checks on a continuous basis, and we may temporarily or permanently restrict a small number of accounts in line with our Terms of Service. We’re sorry that you were inconvenienced by this, and we’re continuing to work on streamlining our security processes to ensure fewer disruptions. We have passed your feedback on to our support and product teams. We don’t offer phone support and our team usually gets back to customers within 4 hours. Yes, CoinJar Australia has a mobile app that is compatible with both Android and iPhone devices.

CoinJar offers a crypto debit card called the CoinJar Swipe card that allows Australian traders to spend cryptocurrencies at retail outlets in Australia that support EFTPOS. Traders can also withdraw cash at any of the ATM outlets or merchant vendors having cash-out facilities. CoinJar isn’t a bad choice for Aussie crypto investors, it has some enviable features, like the CoinJar card and the ability to deposit using Visa and Mastercard. However, I think the lack of cryptocurrency choice (only 50+ coins available) and the higher transaction fees of 1% push me towards other options. With the wide range of support for cryptocurrencies, CoinJar is a more global solution than a lot of competitors.

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. CoinJar has a crypto trading exchange that is called CoinJar Exchange. It’s a different product from the CoinJar fiat-to-crypto exchange that has been established for many years.

CoinJar Reviews

It is a reputable and trustworthy crypto exchange that istrusted by over 500,000 users with over $1.5 billion traded in cryptocurrency. The exchange is backed by some of the world’s most forward-thinking investors including Digital Currency Group, Boost VC, and BlackBird Ventures. AUD withdrawals do not incur any processing fee whereas for international or non-AUD withdrawals a flat withdrawal fee of $20 is charged from the traders. For cryptocurrency withdrawals there is a network fee charged by the exchange which yet again depends on the blockchain load. This is an instant payment method that allows users to send funds for free using the PayID payment system from any supported Australian bank account. PayID systems are supported by NPP and Osko® at any time during the day 24/7.

  • Although there are thousands more, it’s important for exchanges to keep the quality of supported tokens high.
  • As you can see from the screenshot below, once you’ve chosen the cryptocurrency that you want to buy, all you need to do is enter the USD amount.
  • Before depositing funds, 2FA and SMS authentication is highly recommended to be set up and activated for extra account security.
  • Make and accept payments from external accounts and other CoinJar users.
  • The exchange is supported by leading investors including BlackBird Ventures, Boost VC, and Digital Currency Group to name a few.

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy. So, if you are not trading, our warm recommendation is to keep crypto in your wallet.

On top of traditional brokerage services, you can also trade crypto-to-crypto pairs on the Coinjar platform. This includes a range of real-time technical charts that can assist with your decision-making process. Once you’ve bought your desired cryptocurrency, you can then store it via the Coinjar wallet, or withdraw them to private Bitcoin wallets of your choosing. Coinjar makes their money by charging transaction fees every time you trade. 68% of retail investor accounts lose money when trading CFDs with this provider. The Australian crypto market is expanding rapidly, and various exchange platforms are available.

Cryptos (

This positions Coinjar somewhere in the middle in terms of number of supported crypto assets. Although there are thousands more, it’s important for exchanges to keep the quality of supported tokens high. First, you’ll need to sign-up for an account by submitting your details and confirming your email address. 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. The website also uses advanced machine learning techniques to recognize suspicious logins, account takeovers and financial fraud.

The platform supports fiat currency deposits and withdrawals, although these facilities are reserved for Australian residents only. Coinjar is an excellent choice for users who are new to crypto and want a platform that’s easy to use, offers good support and is secure. Once your bank account has been linked go to the ‘Accounts’ section and choose ‘Cash Account’. Below you can see the options available to Australian residents.PayID is a new real-time payment scheme in Australia which allows you to transfer funds almost instantly to Coinjar. However, not all Australian banks support it yet, so you might want to check if your bank is part of it. If your bank is not part of it you can either do a normal bank transfer or use the Cash deposit option.

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