Author: Harry Napier
Coinjar exchange review: is it a good choice?
Coinjar is an Australian cryptocurrency exchange that has been online for more than 7 years. It seems to have gained some popularity in Canada, but not all users are sure whether it can be truly trusted. To help you find out whether this is a trustworthy service, we have prepared this Coinjar review.
About Coinjar
The company is one of the largest in the industry in the Australian market. However, it is also a loud name in other countries: Canada, the USA, Great Britain, Russia, etc. It works globally, so there are no restrictions. Its headquarters are in London, recently relocated from Melbourne.
The company has been working since 2013 and has got a lot of experience on the market. It works with a decent number of cryptocurrencies. The fees are quite low as the platform is designed to be used daily. Coinjar is popular among both newcomers and professional. This speaks a lot of the platform.
What can you trade with Coinjar?
Several cryptocurrencies can be used with this platform. These include:
- Bitcoin
- Ethereum
- Ripple
- Litecoin
- ZCash
Each of these can be traded against AUD or BTC. Therefore, the only fiat currency used is the Australian Dollar.
Fees at Coinjar
There are different types of fees at Coinjar. For instance, if you use the broker platform where it is possible to instantly buy and sell crypto, then you have to pay 1% for all methods but BPAY Biller where the fee is 0.5%.
The fees for using the exchange depend on your trading volume. The taker fees start at 0.3% and the more you trade, the less you have to pay. It can change to 0.01 if more than $10 million are traded. Makers also pay fees, but they start at 0.2% and can be reduced to 0%.
It is good to know that there are no inactivity fees. However, if you make a deposit with Blueshyft, you will have to pay 1.5%. Detailed information can be found on Coinjar’s official website.
Coinjar wallet
The service provides a free cryptocurrency wallet for operations within the exchange. It can be used through the web version or mobile. It seems to be quite secure because of the Multi-Factor Authentication and other security features which make it look safe.
We remind our readers that storing funds on exchanges is not safe because there is a high risk that the service will be hacked.In only 2019 there were 12 major hacks with people losing a lot of money. Better use your own wallet for storing huge amounts and leave only what you can afford to lose.
Payment methods
There are various payment methods at Coinjar. These include:
- PayID
- BPAY
- Blueshyft
- Cryptocurrencies
Deposits in fiat can only be made by using the Australian Dollar. Other fiat currencies are not accepted.
Mobile application
Coinjar has also got a mobile application that works with most mobile phones and tablets. It keeps most of the features available on the desktop version and quite comfortable to use. With it, you can trade wherever you are: public transport, other cities, vacations, etc. It has many reviews on Play Market and App Store, most of them are positive.
Customer support at Coinjar
The customer support at this exchange seems to be at a completely higher level than in comparison with other similar services. Even though most of the issues do not require a live agent and can be resolved by using the Knowledge Base (which is pretty good too!), you can contact the support and receive a quick answer. Requests can be left in a form on the website. The answers are sent to your email. We were a bit disappointed that some of them looked like scripted texts, but it took less than a day and that it already not that bad.
Navigation
The easier the usage of the platform is, the more customers it attracts. Coinjar has a simple modern design that is great for newcomers. Professionals will admire the availability of features despite the simplicity of the design. There are several sections that are well-structured and comfortable to use.
Advantages and disadvantages of the platform
We have gathered the positive and negative sides of the exchange so that you could quickly estimate whether it is a good choice for you.
Pros
- Many features: brokerage service, exchange, Swipe
- User-friendly interface
- Low fees
- Works with popular cryptocurrencies
- Has a mobile app
- Good knowledge base
Cons
- Not a lot of coins to work with
- Only AUD as for fiat
- Each product has a different fee
- Spreads are not very good
Customer reviews on Coinjar
The majority of user opinions on Coinjar is positive. This is good because taking all the previous points, the company seems to be really good and it would be a pity if there were any issues with the customers.
Here is what a user with the nickname Gavin Becker thinks of the exchange.
According to his review, the customer support is very good here. We have already discussed this point a bit higher.
Another user, Tee Allen, says that he started working with Coinjar when he was a newcomer to the field.
After he had passed the verification process, he got a good trading experience and understood that the platform was legit. It also looks like he was using the mobile application and remained satisfied.
Conclusion
Coinjar is an experienced cryptocurrency exchange that works with 5 coins and 1 fiat currency. It provides different types of services like brokerage, exchange, and others. There is a free crypto wallet and a mobile application. The navigation on the website and in the app is easy because of the simple and efficient interface. The customer support is quite good, although it is not rare for them to use scripted answers. Finally, customer reviews on Coinjar are mostly positive and there are no major issues.
What do you think of this company?
