Coinjar Review 2022: Australian Crypto Exchange

Coinjar is Australia's oldest crypto exchange offering users 30 tradable coins and even a crypto Mastercard.

About Coinjar 

Coinjar is Australia’s oldest crypto exchange, having launched in 2013. This well-established and reputable exchange allows Aussies to buy, sell and spend digital assets like Bitcoin, Ethereum and several others. Having seen some success after launching in the Australian market, Coinjar expanded its operations to the UK at the end of 2014. These are still the only two that the Coinjar cryptocurrency exchange is available in. This page will give an in-depth review of the Coinjar exchange, covering everything from its trading fees to its security to its customer service, and then comparing them to other Australian exchanges. 

Quick Summary

  • Website: coinjar.com/
  • Headquartered: Melbourne, Australia
  • Trading fees: Varies
  • Listed cryptocurrencies: 50+
  • AUD Deposit and withdrawal fees: Free for BPAY and NPP, 2% fee for Visa and Mastercard deposits
  • Deposit limit: $50k
  • Fiat currencies: AUD & GBP
  • Deposit Methods: PayID
  • Australian-based customer service: Yes
Open Coinjar Exchange Account

Pros

  • Features its own crypto card (powered by Mastercard)
  • Easy to use app and desktop trading platform
  • OTC trading desk
  • Wide range of deposit methods
  • Zero deposit fees for PayID and BPAY

Cons

  • Limited range of cryptocurrencies
  • Trading fees higher than the industry average
  • Does not offer futures, leverage or margin trading

Our honest thoughts on Coinjar

We do not consider Coinjar to be the best Australian crypto exchange. After using the Coinjar trading platform and app, there are definitely a lot of positives to this exchange, however, we also found things that could be improved. The trading platform has a very nice and simple interface, making the process of buying, selling and storing crypto easy. They have a mobile app available which is useful for when trading on the go. 

Coinjar’s biggest and best feature that separates it from the other Australian crypto exchanges is its own Coinjar card. The Coinjar card is powered by Mastercard and allows users to spend their crypto like cash as participating retailers, both online and in-store. We will discuss the finer details of this card later. 

Unfortunately, there are a few downsides to the Coinjar cryptocurrency exchange. Firstly, the exchange only lists 30 cryptocurrencies. This may seem like a lot, but it is not compared to other Coinjar alternatives like Swyftx, Coinspot and Binance. All 3 of these exchanges list over 200 coins. Coinjar lists cryptocurrencies with large market caps like Bitcoin, Ethereum and Cardano. However, a lot of people like to invest in smaller-cap altcoins, as these are more likely to offer larger returns on investment. If this is you, then Coinjar probably isn’t the best exchange option. If you’re more risk-averse and focused solely on investing in large-cap coins, then we would recommend Coinjar. 

Coinjar’s fees are higher than the industry average. For general buy and sell orders, there is a fee of 1%. If you’re looking for a cheaper exchange, then we recommend using Swyftx (0.6%), Binance (0.1%) or Digital Surge (1%).

Exchange Website Cryptocurrencies Fees Supported Visit Website
310+ 0.6% AUD, USD & NZD Join Swyftx
351 1.0% AUD Join Coinspot
250+ Varies AUD, USD, GBP & more Join Crypto.com
280+ 0.5% AUD Join Digital Surge
353 0.1% AUD, USD, NZD & GBP Join Binance
140+ Varies USD, NZD & GBP Join Coinbase
50+ Varies AUD & GBP Join Coinjar Exchange
30+ 0 USD, GBP & more Join Nexo

What is Coinjar? 

Coinjar is an Australian based exchange. Having launched in 2013, Coinjar beat Coinspot to be Australia’s first-ever crypto exchange. It was founded by Asher Tan and Ryan Zhou whose vision was to create a place where Aussies could buy Bitcoin with peace of mind knowing that the company was based in Australia. 

The Coinjar exchange allows users to buy and sell crypto and also spend it using their own crypto card. Since launching, it has extended to the UK, allowing residents to deposit GBP to buy crypto.

Is Coinjar safe? 

Coinjar has made a strong commitment to ensure that their customers can buy and sell crypto in a safe environment. They employ a number of advanced security measures to protect user accounts from scammers, hackers and bad actors online. 

Coinjar is an AUSTRAC registered exchange that employs the following security measures: 

It’s these security practices and Coinjar’s reputation, that we consider Coinjar to ve a very safe option of trading and storing digital currency. 

Coinjar features and benefits 

A lot of Australians use Coinjar for a number of reasons. They have a number of key features which improve the trading experience of its users. Below we have provided insight into a number of features offered by Coinjar: 

iOS and Android apps 

Coinjar has its own fully-featured app available on both iOS and Android devices. Choosing an exchange that features its own app is very important. In our experience, trading crypto, it is very convenient to do it from your mobile device, rather than logging onto your computer. The Coinjar app has all the features of its desktop trading platform. Users can buy, sell and trade cryptocurrencies as well as view integrated charts and monitor price movements of coins. The app has biometric authentication which adds an additional layer to its security.

Trading fees and spreads

The Coinjar fee structure listed on their website can be quite confusing. If you’re looking to place an instant buy or sell order (most common order), then there is a fixed trading fee of 1% for these trades. On the other hand, trading fees are also determined on your 20-day trading volume and whether you’re a maker or a taker. 

A maker creates a buy or sell order that isn’t carried out straight away, thus creating liquidity for others to buy and sell instantly. Takers are the people that buy or sell immediately. Here is a breakdown of the maker/taker fees on the Coinjar exchanges: 

Tier of tradeTaker feeMaker fee
Crypto to crypto0%0.5%
$0 to $10,0000.20%0.15%
$10,000 to $100,0000.15%0.12%
$100,000 to $1 million0.12%0.10%
$1 million to $10 million0.10%0.08%
$10 million +0.08%0.05%

The instant buy/sell trading fee of 1% is higher than other Australia crypto exchanges like Swyftx (0.6%), Digital Surge (0.5%) and Binance (0.1%). Coinspot also has a trading fee for instant buy and sell orders of 1%. 

Listed cryptocurrencies

Coinjar only lists 30 cryptocurrencies which is limited compared to other exchanges. Cryptocurrencies listed on the Coinjar platform include top 10 crypto assets by market cap like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL) Tether (USDT) etc. It also lists altcoins like Synthetix (SNX), Compound (COMP), AAVE, EOS, Polygon (MATIC), Basic Attention Token (BAT) and more. 

They rarely add to their existing list of assets, so it is clear they are targeting customers looking to invest in more well-known and reliable digital assets. Other exchanges like Coinspot, Swyftx and Binance list hundreds of cryptocurrencies. 

Customer support

Coinjar does not have an online live chat or customer support team to instantly assist with customer queries. Instead, customers can file a support ticket via email. Unfortunately, if you have an urgent question or concern that needs to be addressed urgently, the Coinjar team can take up to 24 hours to respond to support tickets. VIP customers can use Coinjar’s direct phone line to chat with a customer service representative during business hours.

If you have any questions about Coinjar’s trading platform or app, you can visit their support page which provides a number of answers to these questions. 

Coinjar crypto card 

Coinjar has released its own card, called the Coinjar Swipe card. This is one of the most exciting and innovative components of the Australian exchange. This is the first crypto card of its kind in Australia and it can be used to buy goods and services all around the country. The card is supported by Apple Pay and Google Pay which means you can tap it from your phone. Alternatively, you can request the real thing, which can be used to tap, insert and swipe your crypto holdings anywhere that Mastercard is accepted. 

Any Coinjar customer can request the Coinjar card and it’s completely free to set up. Simply open the Coinjar mobile app and tap the card icon. Next, pick a cryptocurrency that will be used as your spend account. When this is done, you can tap, insert or swipe your crypto to pay for goods and services. 

Keep in mind, small fees apply when you pay with your crypto or withdraw it. 

Coinjar bundles 

Coinjar offers a number of bundles that allow customers to diversify their portfolio with a number of different cryptocurrencies. Coinjar does not allow you to change the ratio of the bundle. The most popular bundles on their exchange include:

Coinjar withdrawal fees

Coinjar charges zero fees for withdrawing AUD from your account to your bank account.

How to sign up and trade on Coinjar 

If you would like to open a Coinjar account and start trading the 30 cryptocurrencies listed on their exchange, then simply follow the steps detailed below. 

Step 1: Create an account 

Click the link at the top of this page to take you to Coinjar’s signup page. You’ll be required to enter your full name, email address and create a secure account 

Step 2: Verify your email  

In order to activate your account and start trading, you’ll need to verify your email address. You can verify your email address by inputting the code sent to your email. 

Step 3: Provide further details

Next, you’ll need to provide a couple more details like your phone number and country of residence. You’ll be sent a code via SMS. You’ll need to provide this code to verify your phone number. 

Step 4: Deposit funds 

Now that your account is activated, you’ll need to deposit Australian dollars (AUD). You can deposit funds via a number of payment methods including bank transfer, OSKO, PayID, BPAY, Blueshyft. 

Alternatively, you can deposit crypto from an external wallet into your Coinjar account. Simply, navigate to the page of the crypto asset you’d like to deposit. Click on the ‘ actions’ box to get the public address of this wallet. This public address is what you’ll need to provide when withdrawing from your external wallet to your Coinjar wallet. 

Step 5: Buy crypto 

Once the funds have arrived in your account, you can then buy crypto instantly. 

Frequently Asked Questions

Is Coinjar better than Swyftx?

We did a comparison of the top Australian crypto exchanges and came to the conclusion that Swyftx is the best exchange overall in Australia. Although Coinjar has a number of great trading features and its own crypto card, Swyftx is better in a number of fields including customer support, trading fees and listed cryptocurrencies.

Is Coinjar easy to use?

Yes, the team at Coinjar have obviously worked very hard to ensure that their app and trading platform is easy to use. It is very simple to deposit funds and then navigate to the instant buy/sell page to trade crypto assets listed on their platform.

Is Coinjar Australian based?

Yes, Coinjar was founded in Australia and its headquarters are in Melbourne. Despite this, Coinjar has expanded its services to the UK allowing Brits to buy and sell crypto on their platform as well.

Does Coinjar offer tax reporting?

You can export your trading and transactions history from your COinjar account for tax reporting. Whilst they don’t provide a tax report, this information can be used to help you calculate your total gains/losses from your crypto trades.

Is Coinjar regulated?

Yes, Coinjar is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). AUSTRAC ensure that crypto exchanges and other financial companies remain compliant with tax laws as well as anti-money laundering laws stated in the Counter-Terrorism Financing Act 2006.

What fiat currencies does Coinjar support?

Coinjar supports deposits and trades made with AUD and GBP. This is so both Australian and UK users can trade with their home currency. It’s important that you select your country of residence when you sign in so that your account is showing your preferred fiat currency.

How do I withdraw from Coinjar?

To withdraw fiat currency (AUD) from your Coinjar account, select the withdraw button at the top right corner of your account. Ensure that there is a linked Australian bank account and then enter the amount you wish to withdraw.

Does Coinjar offer leverage?

No, Coinjar does not offer leverage trading on its platform, nor does it offer futures trading or staking.