Founded in 2013, CoinJar is one of Australia's oldest and most famous cryptocurrency exchanges with over 600,000 users. But is it worth the hype and are there better choices for buying crypto?
Here at RankFi, we've compared and reviewed over 50 cryptocurrency exchanges. We put CoinJar to the test to see how it stacks up to the competition when it comes to fees, altcoins, security, and more. Let's jump in.
Our Review
CoinJar offers 50+ cryptocurrencies, beginner and advanced features, and a 1.09% total purchase fee for buying Bitcoin which was 7th place when tested. If you 're looking for something very easy to use, CoinJar is great. However, if you want the lowest fees, lots of coins, lots of features and more, there are better choices for Australians right now.
3.5/5
🏆 Overall Ranking ? |
💰 Fees Average |
📲 Features Average |
🇦🇺Deposit & Withdrawals Average |
👍 Ease Of Use Above Average |
🔒 Security Average |
Where It Shines:
Where It Falls Short:
Overview
📲 Features | Header | 🔐 Security | Header |
---|---|---|---|
Coins Mobile App Web App Beginner Friendly? Pro Trading Terminal Limit Orders Recurring Buys Bundles Staking Margin Futures OTC 24/7 Support | 50+ Yes Yes Yes Yes Yes Yes Yes No No No Yes No | App 2FA Uses Cold Storage? AUSTRAC Regulated? Any Hacks or Incidents? Insurance Policy View Login History Address Whitelisting Crypto Withdrawals Allowed Year Founded Publicly Traded? | Yes Yes Yes No* Yes No No Yes 2013 No |
💰 Fees | 0.0/5 | 🏦 Deposits & Withdrawals | 0.0/5 |
$100 Buy After All Fees $100 Sell After All Fees Best Deposit Fee Best Withdrawal Fee Trading Fee BTC Spread (Feb 18, 2022) BTC Withdrawal Fee ETH Withdrawal Fee | $98.91 $98.25 Free Free 0.10% - 1.00% 0.84% Dynamic Dynamic | AUD Fiat Wallet? Direct Bank Transfer POLi PAYid Credit/Debit BPay Other Fiat Currencies | Yes Yes No Yes Yes Yes Yes |
- Total fees and spread was tested Feb 18, 2022 and is subject to change
Screenshots
Updated: Sep 8, 2021








About CoinJar
CoinJar is one of Australia's longest running crypto exchanges founded in 2013. They are based in Melbourne and the platform is available in the UK as well.
Early on, they received funding from multiple venture capital firms and have now grown into 400,000+ users, $1+ billion traded and $100+ million of assets under custody. Their website and mobile app makes it easy for beginners and experienced investors to trade crypto.
Is CoinJar Legit?
CoinJar is a legitimate cryptocurrency exchange that is legal and compliant under Australia's strict financial sector. They've been open since 2013 and are a registered Digital Currency Exchange (DCE) with AUSTRAC.
Opening An Account
Application Time | 5-10 minutes |
KYC Verification | Yes |
Instant Verification | Yes |
Who Is Eligible? |
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Sign Up Requirements |
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Opening a CoinJar account is similar to opening a bank account and requires personal info like government ID. CoinJar requires to verify your identity by law as does any centralized crypto exchange in Australia.
Once you have your ID and personal info ready, opening an account is straightforward and takes 5-10 minutes. Most users will be instantly verified and ready to make deposits and withdrawals.
Security
Past Incidents
CoinJar is co-founded by Zhou Tong. It's important to note that his previous company, Bitcoinica, was "hacked" for 43,554 Bitcoin and there are many allegations that he is a suspected thief. There is an entire reddit thread with more information. However, CoinJar itself has not had any hacks or incidents since being founded in 2013.
Company Security Features
- 90% of assets are held in offline cold storage that's geo-distributed
- Registered AUSTRAC company
- They claim to have full reserves at all times
- Periodic security audits
- 24/7 they automatically look for suspicious logins
- Strict organizational security for employees
- Employees must pass a criminal background check
- Bug bounty program - get paid to find security bugs and vulnerabilities
- See the rest here
User Security Features
- 2FA for login and/or transactions (SMS or app)
- Biometric login (eg. Face ID, Touch ID)
- Set up 4-6 digit passcode for payments and to change settings
- Add trusted devices
Other Notes
- Long track record in Australia and crypto industry (founded in 2013)
- Backed by large venture capital firms which adds a little more legitimacy
Can You Trust CoinJar?
Founded in 2013, CoinJar is one of Australia's longest running crypto exchanges and has a good track record. They've never lost users funds, they hold 90% of assets in offline storage and they offer many security features such as 2FA and more.
Although CoinJar is considered trustworthy, centralized exchanges always have a small risk of hacks, confiscation and more. The safest way to store your crypto (especially large amounts) is on a hardware wallet where you own the private keys.
Features
CoinJar has a simple user-interface that is easy for beginners to navigate. Let's break down everything you can do on the CoinJar platform:
List of Features:
- Web, iOS and Android app
- Instant Buy and Sell
- Pro Trade
- Bundles
- Recurring Buys
- Swap
- CoinJar Swipe Card
- Free Bitcoin when you Shop
- And more!
1. Web, iOS and Android App
You can conveniently access CoinJar on all of your devices. They have a very user-friendly platform that offers features both for beginners and advanced traders.
2. Instant Buy and Sell
CoinJar offers Instant Buy and Sell for quick and beginner friendly trading. You can pay with your cash account for a 1% fee or via credit/debit card for a 2% fee.
Source: Coinjar.com
3. CoinJar Exchange (Pro Trading Interface)
Advanced traders can access limit orders, market orders, detailed price charts, an order book and more on CoinJar's pro trading terminal. Best of all, it only has 0.1% fees versus 1%-2% on the default platform.
The downsides are it's only available in your browser and not in the mobile app yet.
4. Bundles
Bundles let you purchase a basket of pre-selected cryptocurrencies in one purchase. Currently, CoinJar has 10 bundles to choose from ranging from Defi Bundles, ERC-20 Bundles and more.
5. Recurring Buys
CoinJar lets you set up automatic direct debits from your bank account and automatic purchases of cryptocurrencies. This lets you dollar cost average into the market based on the settings you choose.
You can customize how often purchases are made (weekly, monthly, etc) and the limit is currently at $10-$2000 per payment.
6. Swap
The "Convert" button lets you easily convert one cryptocurrency to another without having to trade to Australian dollars first. This saves you a bit of of time and clicks.
7. CoinJar Swipe Card
The CoinJar Card is a prepaid Mastercard that lets you spend your crypto when online and in-store shopping. You can choose which cryptocurrency you'd like to spend from your account and for every $1 AUD spent, you receive 100 CoinJar points.
There are no monthly fees but there is a 1% transaction fee every time you use the card (which is earned back in points).
Other Features
- Pay friends via CoinJar username or wallet address
- Save wallet addresses and create contacts
- Custom price alerts
- Download transaction reports for taxes
- Institutional accounts
- OTC trading desk
- Refer a friend program
Deposit & Withdrawals
AUD Deposit Methods
Type | Fee | Time | Limits |
---|---|---|---|
PayID | Free | Near Instant | ? |
BPay | Free | 1-4 days | $5 - $50,000 |
Credit/Debit | 2% | Instant | ? |
Blueshyft (Cash) | 1.5% | Instant | ? |
AUD Withdrawal Methods
Type | Fee | Time | Limits |
---|---|---|---|
Direct Bank Transfer (NPP supported banks) | Free | Near Instant | ? |
Direct Bank Transfer | Free | 1-3 Days | ? |
Crypto Withdrawal Fees
Coin | Fee | Minimum Withdrawal |
---|---|---|
Bitcoin | Dynmaic | ? |
Ethereum | Dynamic | ? |
CoinJar Fees & Spread
Fee Type | Amount |
---|---|
Regular Trading Fee | 1.00% |
Exchange Trading Fee | 0.10% maker / 0.00% taker fee |
AUD Deposits | Free |
AUD Withdrawals | Free |
BTC Spread | 0.84% |
Other Fees | N/A |
CoinJar Exchange Trading Fees
CoinJar Price Test (Feb 18, 2022)
This data is subject to change as spreads and prices change daily. However, we tested CoinJar and 10+ other platforms simultaneously to help you compare true fees on each platform.
Header | Amount | Ranking |
---|---|---|
$100 Buy After All Fees | $98.91 (1.09% total fee) | 7th overall |
$100 Sale After All Fees | $98.25 (1.75% total fee) | 12th overall |
BTC Spread | 0.84% | 10th overall |
BTC Buy Price | $55,859 | - |
BTC Sell Price | $55,442 | - |
Ref. Price Difference | Buy: +0.09% Sell: -0.75% | - |
Reference Price (Google) | $55,859 | - |
The "$100 After All Fees" adds everything from when you deposit money to make your order plus the reference price difference.
The price test was conducted by logging into all platforms simultaneously and collecting buy/sell orders. We did this as quickly as possible (within minutes) in order to be as accurate as possible since prices can change rapidly. Find out more about our testing process.
CoinJar had a total purchase fee of 1.09% for buying Bitcoin. This was 7th place out of 15 crypto exchanges meaning there are many cheaper platforms available. The total selling fee was 1.75% which was 12th place.
The Pro Exchange is significantly cheaper because it only has a 0.10% trading fee versus 1%. The cheapest platforms we found were Binance AU and Kraken.
CoinJar Card Fees
Activity | Fee |
---|---|
In-Store & Online Purchase | 1% (returned as CoinJar Rewards Points) |
Yearly Fee | $0.00 |
Card Replacement | $0.00 |
Inactivity Fee | $0.00 |
Foreign Transaction | +2.99% |
ATM Withdrawal | 1.00% |
Transaction Dispute | $27.50 |
Customer Support
CoinJar says their support "is available close to 24/7." You can submit a request from inside the app or browser or email them directly. They also have a knowledge base covering many FAQs and articles. Lastly, you can see a website status page for incidents and outages in real-time.
CoinJar Compared
Here is recent data comparing CoinJar versus other popular Australian platforms:
We are tracking the 15+ most popular Australian crypto exchanges. Compare the entire industry below:
Coins | Total Purchase Fee | Trading Fees | $AUD Deposits | Beginner Friendly | Advanced Features | Website | |
---|---|---|---|---|---|---|---|
600+ | 0.15% | 0.10% | Yes | No | Yes | ||
18 | 1.24% | 0.85% | Yes | No | Yes | ||
110+ | 4.50% | 2.90%* | No | Yes | No | ||
50+ | 1.09% | 0% - 2.00% | Yes | Yes | Yes | ||
30+ | 0.14% + $50 | 0.10% | Yes | Yes | Yes | ||
370+ | 1.89% | 0.10% - 1% | Yes | Yes | Yes | ||
280+ | 2.36% | 0.05% - 0.9% | Yes | Yes | No | ||
150+ | 1.30% | 0.00% | Yes | Yes | Yes | ||
270+ | 1.04% | 0.50% | Yes | Yes | Yes | ||
150+ | 1.45% | 1.00% | Yes | Yes | No | ||
30 | - | 0% | Yes | Yes | Yes | ||
27+ | 1.68% | 0.50% | Yes | Yes | Yes | ||
50+ | 0.43% | 0.16% / 0.26% | Yes | Yes | Yes | ||
700+ | 2.23% | 0.10% | Yes | No | Yes | ||
270+ | 0.41% | 0.08% - 0.1% | No | No | Yes | ||
320+ | 0.95% | 0.60% | Yes | Yes | Yes |