Is CoinJar Really Safe? A Must Read Before Investing in Crypto…
Whether you are an amateur looking to enter the crypto market, or an expert exploring the option of adding CoinJar into your portfolio, this is the article for you.
We have gone deep and extensively researched the CoinJar exchange platform so that you can get all that information you need to make an informed decision. Is this site a good option for you? Find out below…
Ease of use
The CoinJar website is very easy to use for both beginner and expert traders. It has a simplistic design that you can navigate effortlessly.
All processes, including signing up, verifying the account, depositing cash, trading, and withdrawing the money, are straightforward.
You will not need external help to complete any procedure, whether on the website or app.
CoinJar has adopted password protection and two-factor verification strategies to prevent unauthorised persons from accessing your wallet.
At least 90% of all the digital currency is stored in geographically redundant offline locations. This ensures that not much is lost in case of a hack, increasing your chances of reimbursement.
The 10% of information stored online is under strict security measures.
This platform charges a 1% fee every time you make a trade.
This is a little more expensive than most trading sites in Australia, but the high fee makes it infeasible for short-term crypto investments.
They also use a maker or taker model, together with a volume of trade, to determine the rate charged for crypto to FIAT trades.
CoinJar supports a variety of cryptocurrencies, including the popular Bitcoin (BTC), Ethereum (ETH), Litecoin, and ZCash.
Less popular alternatives like 0x, Stella Lumens, and Basic Attention Token are also available to trade.
Other currencies you can buy and sell on the platform include; Uniswap, XRP, USD Coin, Yearn Finance, Maker, Compound, LINK, Omise Go, etc.
You can only trade 15 currencies which is pretty limited.
Deposit & withdrawal methods
You can deposit and withdraw on CoinJar either through the supported cryptocurrencies or FIAT money. The AUD and GBP are the only FIAT currency accepted at the moment.
Crypto withdrawals can be made to compatible wallets, and FIAT withdrawals are made through transfers to linked bank accounts.
The processes are easy to execute, with the platform offering an easy-to-understand interface.
The customer support team at CoinJar works from Mondays to Fridays, from 8 am to 6 pm, Melbourne time.
They use a ticket system with a response time of about 2 hours and are unavailable on weekends. This can be problematic for traders from outside Australia or those performing trades past these hours.
A comprehensive how-to guide and answers to FAQs are provided on the platform’s website.
User interface screenshots
CoinJar has a very user friendly interface…
Editors CoinJar review
Hey, there, trader!
My name is Warren, an aussie crypto trading enthusiast. I’ve been using the CoinJar trading platform for about 7 months now, and I am truly impressed. The CoinJar platform is safe and uncomplicated to use for both amateurs and professionals.
Here is a comprehensive review based on my experience.
CoinJar Sign-Up Process
The account creation process is easy to do and straight forward. On the CoinJar platform, click on the ‘Open a CoinJar Today’ box. You then enter your name and email address on the spaces provided, then click on the ‘Sign Up Now button.
You will need to re-enter these details and choose a strong password in the next pop-up.
After confirming your email address, you have to select a username and country of residence to complete the sign-up process. A current phone number is also needed to enable the two-factor verification security feature. You have the option of adding a profile photo.
The security of your investment should be one of your top priorities. Hacking is fairly common in the crypto market, and several investors have lost their money and had their data breached.
CoinJar uses two-factor verification and strong password protection requirements to prevent unauthorised trading from occurring. More than 90% of the resources are also stored offline to enhance security. Data encryption, periodic security audits, and Transport Layer Security (TLS) are also used for data safety.
In addition to having a simple web interface, CoinJat also has a mobile app that is user-centric. It’s available for both Android and iOS devices.
What They Could Improve On
CoinJar is an expensive platform for short-term traders, as they charge a flat trading fee of 1% for crypto buyers and sellers.
The platform’s customer care service also needs to be improved because they don’t have a live support feature, and the ticketing system takes too much time.
Overall, CoinJar is a safe & trusted platform and is a great option for anyone beginning their cryptocurrency journey.
Top Features on CoinJar
CoinJar is one of the top crypto trading sites in Australia, with over 400,000 users. Some of the key features that have enabled this level of service include;
- A transparent team since the information about those making the platform work can easily be found online. This improves the traders’ confidence in the platform as they know who to blame in case of company-related trading losses.
- It is a safe platform with security measures on a personal trader level and a company-wide protection level.
- A simplistic approach to the design of the platform’s site and app, making it easier for new and experienced traders to conduct business.
- Includes a native wallet that can be used worldwide, storing widely used currencies like BitCoin, Zcash and Ethereum.
CoinJar’s designers went a long way into ensuring newbies will not be lost when using the app or the site. The platform supports a variety of AUD deposit methods, including Cash Deposit, BPay and PayID.
Innovations such as the CoinJar debit card to use for cryptocurrency spending will also pique your interest.
Is CoinJar Safe?
CoinJar is not regulated by any national financial body at the moment, raising a huge question on its safety. In case the platform ceases to exist, the consumer is not protected from the company’s actions.
The company, in light of these challenges, has come up with ways to increase consumer confidence.
First, information on the directors and management of the platform is easily available online. This ensures that you know the people to blame in case anything unplanned happens to your investment.
CoinJar has also invested heavily in security features; a password and two-factor authentication procedure are in place to authorise every transaction. This keeps all private accounts protected from unwanted access.
More than 90% of the crypto resources are stored offline, ensuring that a hack will not deplete your investment. Other holistic approaches to the security of digital resources like data encryption, frequent security audits, among other strategies, are implemented on the platform.
With this huge investment, CoinJar has never experienced any major security lapses or hacks and is considered a safe crypto trading option.
It is also important to note that CoinJar is registered by the Australian Transaction Reports and Analysis Centre. The platform is also fully compliant with both international and Australian regulations on money-laundering.
The CoinJar Cryptocurrency Wallet
CoinJar has its own native cryptocurrency wallet available for use by its traders anywhere in the world. You can store five currencies in the digital store, including BitCoin, ZCash, Ethereum, Ripple and Litecoin.
This wallet is secured using password access and multi-factor authentication, features that enable you to send and receive funds, review transactions made and check your balances.
The CoinJar mobile app can be downloaded on Android and iPhone devices to run concurrently with the wallet. There are some limitations on what you can do on the phone application compared to when working on the desktop website, but it’s more flexible in terms of where you can trade.
CoinJar Debit (Swipe) Card
You can apply for a CoinJar debit card. This swipe-card allows you to spend the digital currency on your account at any EFTPOS accepting retailer in Australia. You are also able to withdraw cash from an ATM or merchant with debit card facilities.
No activation, monthly charges or transaction fees are applicable to get this card.
The CoinJar is a relatively new feature designed for crypto trading beginners that understand live crypto chart behaviour. The platform lacks many features needed for expert trading and is subject to a different fee structure from the main site.
It also has a separate interface that is easy on the eye.
In Which Countries is the Platform Supported?
Traders that reside in Australia and the United Kingdom can open an account and trade on the CoinJar platform. They can also send, receive and store cryptocurrencies from anywhere in the world.
Local regulations can, however, restrict the depositing of digital resources in select countries.
5 Quick Reasons Why CoinJar is the Crypto Platform for You
- High Liquidity – The platform hosts more than 400,000 active traders. This enables you to buy and sell crypto fast and easily as there is always a person willing to trade.
- An Easy to Use Platform – Processes within the platform are designed to be easy to perform even by new traders. The interface is appealing and can be understood with ease, making it perfect for beginners.
- Your Investment is Safe – You cannot guarantee that any crypto platform is safe from hackers and fraudsters. CoinJar has, however, taken many seemingly effective methods to ensure the security of your investment.
- The CoinJar Debit Card – If you are looking for an easy way to use digital currency to pay for items, the CoinJar swipe card can be a good option.
- Mobile App – For people who are always on the go, you can trade easily using the CoinJar mobile app.
How to deposit funds into CoinJar
You can deposit FIAT money (AUD or GBP) into your CoinJar Account in three main ways;
It is an instant deposit method that enables payment from an Australian bank account linked to your profile. The transactions are enabled by Osko & NPP and are available 24/7.
BPay is a widely accepted and used method of depositing FIAT currency into your CoinJar account. It takes about 1 to 3 business days for the transaction to reflect in your crypto account.
- Cash Deposits
You can deposit cash directly into your account through the more than 1200 CoinJar outlets across Australia. Deposits can be between AUD 50 and 5,000 in 24 hours. The transaction is instant, and you can trade with the deposit immediately.
Selecting the crypto platform to trade on is one of the most deliberated questions for many beginners in the business. Your choice should consider factors such as;
Cost and Fees – You are in business, after all. Platforms that offer cheaper fees would mean better returns for every trade.
Security Features – Keeping your crypto resources safe should be a huge concern.
Ease of Use – Beginners with no experience in trading will prefer platforms that are easy to use.
Variety of Trading Tools – How many crypto-crypto and FIAT-crypto combinations can you trade-in on the platform? Currently, CoinJar only has 15 digital assets, which is extremely low compared to other sites. They however, update their coins regularly.
Customer Support – The ease of contacting a company customer representative.
If, for any reason, CoinJar is not an appropriate choice for you, here are 3 other top recommended cryptocurrency exchanges I would recommend.