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Cryptocurrency exchange CoinJar: user reviews and detailed platform review

Review of the CoinJar cryptocurrency exchange: user opinions and detailed service review

The CoinJar cryptocurrency exchange is an Australian platform for buying and selling various digital currencies. The exchange’s website is coinjar.com. Currently, it provides the ability to deposit and withdraw fiat funds, but only for residents of Australia. Users from other countries need to fund their accounts with cryptocurrency.

General information about Coinjar.com

The history of the CoinJar cryptocurrency exchange dates back to 2013. The platform offers trading in five coins: Bitcoin, Ethereum, Litecoin, Ripple, and Zcash. It is particularly popular in Australia, as Australian residents have access to deposit and withdraw funds from their bank accounts.

For foreign clients, this option is not available due to the specifics of Australian financial legislation. However, the project’s administration promises to address the issue of funding the account in foreign currency in the near future.

In addition to the traditional exchange services, CoinJar also offers a cryptocurrency index fund, allowing participants to engage in speculation using a single investment instrument.

Trading mechanism on Coinjar.com

The operation of CoinJar is similar to most cryptocurrency exchanges. The ability to only open long positions restricts traders in speculating on market price declines, making the platform inconvenient for those with limited initial capital.

Each trade on the exchange is subject to a commission of 1% of the order value, which is a significant amount compared to the commissions of other similar platforms.

  • No margin trading;
  • No internal currency exchange;
  • Limited set of analytical tools.

Commissions for operations on Coinjar.com

The CoinJar cryptocurrency exchange offers several options for working with deposits and withdrawing funds, with the following commissions:

  • Deposit/withdrawal in cryptocurrency — free;
  • BPAY (for Australian residents only) — free;
  • Blueshyft (for Australian residents only) — 1.5%;
  • Visa/Mastercard — no commission, internal fees may apply;
  • Australian bank account — 1%;
  • Swipe — free.

The commissions on CoinJar are quite low compared to competitors, making them attractive to traders.

Coinjar.com tools panel

The CoinJar cryptocurrency exchange is not perfectly adapted for clients beyond Australia, but the creators have made it convenient and easy to use. Beginners find it easy to trade on the platform.

The Markets page provides information on available cryptocurrencies for trading. The process of buying or selling takes no more than 5 minutes. However, users from the CIS countries may have difficulty accessing the site.

Coinjar offers quality customer support and an extensive educational material base. However, the lack of Russian localization is a drawback for clients from the CIS countries.

Registration on Coinjar.com

Registration on the CoinJar cryptocurrency exchange is done in 4 stages:

  1. Fill in personal data and confirm registration;
  2. Provide email and password;
  3. Confirm email;
  4. Indicate country of residence and phone number.

After creating a profile, it is necessary to deposit funds. To do this, choose a cryptocurrency and follow the instructions on the Accounts page.

Cybersecurity on Coinjar.com

The CoinJar platform implements a number of measures to ensure user security:

  • Two-factor authentication;
  • Storage of 90% of funds in cold wallets;
  • Use of Multi-sig technologies;
  • SSL encryption.

Although the security level is sufficient to protect against typical attacks, professional hackers may bypass these measures.

User reviews about Coinjar.com

User opinions about the CoinJar cryptocurrency exchange in the Russian-speaking internet are limited. Reviews mainly focus on general information about the project, difficulties for users from the CIS, and the values of the exchange.

Positive reviews indicate that CoinJar fulfills its obligations to clients. Among the negative points, high commissions and the need for verification are often mentioned.

The decision to register on CoinJar is up to you, considering that the platform likely offers trading conditions more suitable for clients from Australia than other countries.

Author: Irina Sherbul

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