CoinJar Review 2022: Is It Safe to Use?

COINJAR

This CoinJar review revealed that CoinJar is well known digital currency market with good security features. CoinJar has numerous unique features and also a few limitations. In this CoinJar review, we will look at the features, safety, pros, cons, and cryptocurrencies available for exchange in CoinJar.

Introduction

CoinJar is a digital currency market with a major focus on the Australian Market. It has spread globally into Europe, Uk, and other countries. CoinJar was founded by Asher Tan and Ryan Zhou in 2013 having its headquarters in Melbourne, Victoria.

CoinJar has traded billion in Cryptocurrency and also has over 400,000 users. In CoinJar users have access to transact using debit cards, credit cards, and Pay ID. The review on coinJar found that some popular world-famous investor like Digital Currency Group, Boost VC, and Blackbird Ventures strongly supports them.

Review of coinJar Features

 Overview of coinJar fees

There is different fee requirement for different transactions. The flat fee to buy and sell Crypto instantly on Coin jar is a 1% fee. The trading fees vary with the amount you are transacting. The maker/taker fees between AUD/GBP pairs and cryptocurrencies start from 0% and 0.05%. Trading above $10M dollars can make you pay a trading fee as low as 0.1%. if you are trading a small amount, you might as well pay up a 0.5% fee.

The XRP/BTC and ETH/BTC have a maker/taker fee of 0.04% and 0% respectively.

Deposit fees vary based on the deposit method. For BPAY, CRYPTO, and PayID / NPP, no fee is charged. For Cash Deposit, you will be paying a 1.5% fee. Credit and Debit card deposit attracts a 2% fee.

For AUD withdrawals, you won’t pay any processing fee while non-AUD and International withdrawals attract a $20 fee. This is asides from the network fee that you will be charged by the exchange you are making your withdrawal from.

After the review on CoinJar, you can say that the fees compete favorably with that of other exchanges.

Account management

You can access your CoinJar account through the website. Once you log in to your account through the website, you can perform most of your transactions. Scrolling to the left menu you will be able to transfer funds/crypto, view your account settings, and buy and sell your coins. If you are a beginner, navigating the website might prove a little difficult. This is because of the absence of the visual chart representation that shows the cryptocurrency markets and enables you to see the market depth profile, recent trades, and price actions.

You can also access your account through the CoinJar App. With the mobile application, you can trade instantly and access all the features of the exchange on your android and iOS.

Product

The products or services available in coinJar are the Swipe card and Exchange.

  • Swipe card- coinJar made it possible for users to buy goods and services from merchants. The CoinJar card product is a debit card that you can use to transact with merchants that receive EFTPOS payments. This service is available for users within Australia. Asides from buying goods and services, you can also withdraw from the ATM using the card. There is no extra fee attached to the CoinJar swipe card.
  • Exchange – CoinJar’s original exchange is the fiat-to-crypto exchange before they introduced the CoinJar exchange. If you are an experienced trader, then you will find the

 

Account Opening

You will have to create an account for you to be able to transact with CoinJar. The account creation can be done in a few steps.

  • Go to the CoinJar website and click on Signup.
  • Provide your first and last name as instructed
  • Your email and password
  • Read the terms of service and policy agreement and click on it
  • Select sign up
  • Go to your email and verify

With this, you have created your account. However, after the first CoinJar Login, you will be asked to set your username, upload your profile picture, select your country of residence, and also provide your number for verification.

For additional security, it is important that you activate your two-factor authentication and SMS authentication.

Another important thing you will have to do is your ID verification. This is important if you must trade to AUD using CoinJar. The ID verification can be done in a few steps.

  • Login to your account
  • On the dashboard, select Get Verified now
  • Identify yourself by choosing if you are an Individual, SMSF investor, or Company.
  • If you are an Individual, select, Verify with Digital ID
  • Upload either your Driver’s license, passport, or any other thing you can use for identification.
  • Provide all the correct details.
  • Crosscheck the information you provided.
  • Confirm and Submit

Security

CoinJar put so many measures in place to ensure that the assets, accounts, and wallets of members are well protected. coinJar employs some strategies like Transport Layer Security, Data encryption, periodic security audits, and also best practice security audits to enable them to protect users’ assets.

The wallet stores assets using cold storage. The offline storage offers an additional layer of security. For the hardware wallets, they are stored offline. CoinJar also uses the Multisig withdrawal process. With this, before you can withdraw, different staff will have to process your transaction.

Your account can’t be accessed by anyone because of the Authentication Mobile App and SMS authentication. For the authentication mobile app, you can link them to your CoinJar account. You can access any of the authenticator apps or you can use Google authenticator. The apps are fully encrypted so they can’t be viewed by a third party.

SMS authentication, they are not fully encrypted so there might be cases of security threats. During your account registration, coinJar will send a code to your phone through SMS. All you need do is enter the code sent to your phone.

Read: Coinmine review

Pros of CoinJar

  • With the CoinJar card, you can trade in a fast and comfortable way. The card is most beneficial if you don’t want to HODL.
  • CoinJar has an interface that is easy to navigate.
  • You can easily purchase your Cryptocurrency with either a credit or debit card.
  • They have good security features that keep assets, wallets, and accounts of users safe.
  • The mobile app feature makes trading quick and convenient

Cons of CoinJar

  • The buy and sell fees and very high. They can’t compete with other wallets with moderate trading fees.
  • There is a lack of trading volume and liquidity.
  • There is no room for earning passive income. CoinJar is yet to add the staking option or recurring order features.

Is CoinJar Safe?

This review on CoinJar found that CoinJar has a clean record. No cases of hacking or any form of theft have been recorded with CoinJar. I guess this can be attributed to their tight security features. 90% of their user’s assets are usually stored offline. Offline storage is a secure and good means of storing assets

The two-factor authentication features help CoinJar protects the accounts of users.

To keep your account safe, you also have a role to play. While registering your account ensure that you use strong passwords and keep them safe. Exposing your password or key phrases to a third party is a risky thing to do.

Also, do the two-factor authentication. To achieve better security, ensure to try and download the authentication apps like google authentication and link them to your CoinJar account.

CoinJar Supported Coins

Some coins that are available for exchange in CoinJar include, Bitcoin, XRP, Ethereum, Litecoin, Ox, LINK, Yearn Finance, Uniswap, Compound, Mkaer, Stella Lumens, USD Coin, Shiba Inu, Dogecoin, Basic Attention Token, Omise Go, and others. The coins available for exchange is limited and this poses a big limitation to CoinJar.

Coinjar review 2022

Conclusion

The CoinJar exchange is good and safe to use. It is not 100% perfect but you are sure your assets are safe with them. Ensure that you take the necessary security measures like two-factor authentications while creating your account. One of the biggest limitations CoinJar has is the limited cryptocurrencies available for exchange. If you want a wallet with more cryptocurrencies, you can try out others available.

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