CoinJar cryptocurrency exchange
- Trading Fee
- Maker: 0.02-0.10%
Taker: 0.06-0.10% - Deposit methods
- Bank transfer, Credit card, Cryptocurrency, Debit card, SEPA, Faster Payments (FPS), Apple Pay, Google Pay
- Available cryptos
- BTC, ETH, LTC, XRP, XLM, ALGO, EOS, SOL, ADA, XTZ & 53 more
Our verdict
Take your first steps into crypto with CoinJar, a cheap and user-friendly exchange that has its limitations.
CoinJar is our pick as the best crypto exchange for low fees because it offers the lowest fees from exchanges we've reviewed and it's ideal for beginners and long-term investors. While it started adding more advanced trading software - it doesn’t yet compete with the likes of Kraken. Still, CoinJar is ideal if you’re looking for a quick and easy platform to get started with.
The platform also provides a transparent fee structure and a built-in wallet to keep your assets safe. However, it is important to note that CoinJar is currently only available to use in the United Kingdom and Australia. In case CoinJar isn’t suitable for you, check out our deep-dive comparison of the best crypto exchanges.
Pros
-
Simple and easy to use platform
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Built-in crypto wallet
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Instant card payments
Cons
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Limited services for active trading
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Wait time for withdrawals
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Not so great for ambitious trading strategies
Details
Product details
| Product Name | CoinJar Cryptocurrency Exchange |
| Fiat Currencies | GBP, EUR, AUD, USD |
| Cryptocurrencies | BTC, ETH, LTC, XRP, XLM, ALGO, EOS, SOL, ADA, XTZ & 53 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card SEPA Faster Payments (FPS) Apple Pay Google Pay |
| Trading Fee |
Maker: 0.02-0.10% Taker: 0.06-0.10% |
| Deposit Fees |
Cryptocurrency: Free FPS: Free Visa / Mastercard purchase: Free (2% for Instant Buy) Apple Pay / Google Pay purchase (Instant Buy): 2% |
| Withdrawal Fees |
Bank transfer: Free Cryptocurrency: Free |
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
Finder scores
| Supported cryptocurrencies | ★★★★★ |
|---|---|
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Staking/earning | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
| Overall score | 4.2 |
Overview of CoinJar
CoinJar is an Australian-based cryptocurrency exchange that was established in 2013. It is one of the oldest crypto exchanges currently on the market. The exchange allows users to enter the world of cryptocurrency investing through a simple and beginner-friendly platform. While offering a vast range of digital assets, the platform is uncomplicated and could be the perfect starting point for inexperienced investors.
Although initially targeting those new to crypto, the exchange now also offers a range of advanced trading features, such as charting software and different order types. The exchange can be used via both desktop and mobile applications, and users can top up accounts using both card or bank transfers.
- If this is your first exchange. You will find a beginner-friendly platform which offers a varied range of digital assets but keeps things simple.
- If you’re switching exchanges. Coinjar has added advanced trading features along the way, so you can take advantage of different order types and charting software.
What to know about CoinJar
Although more commonly used as a route for those looking to HODL (hold) cryptocurrencies over the long term, the exchange has now expanded to include an advanced trading platform for those looking to capitalise on short-term moves.
The regular platform offers users the opportunity to buy and sell cryptocurrencies using fiat currency reserves. Once purchased, cryptocurrencies can be stored securely on the exchange’s built-in crypto wallet and tracked using the exchange’s live market data. Alongside investing, users can access the advanced digital currency trading platform and Over-The-Counter (OTC) services.
Transferring fiat and cryptocurrency
CoinJar has a wide range of payment methods available to customers, making it easy to transfer both fiat and cryptocurrency. It even has an instant buy option where customers can use their debit or credit card or Apple Pay or Google Pay to directly purchase digital currencies. Just keep in mind, there is a 2% fee attached to this transaction.
Fees and costs
CoinJar charges a flat 1% fee for converting fiat to cryptocurrency and vice versa, as well as converting cryptocurrency to cryptocurrency.
If you send crypto to an external wallet address, you may be subject to an outgoing transaction fee. However, there are no fees for sending crypto to CoinJar members or receiving crypto into your CoinJar.
Trading cryptocurrency pairs on the CoinJar Exchange is charged differently in comparison to adding or withdrawing funds to your main CoinJar account.
Note that the fees can change depending on your trading volume within the last 30 days.
| GBP trading pairs* | Taker fee | Maker/auction fee |
|---|---|---|
| £0 – £60,000 | 0.10% | 0.10% |
| £60,000 – £600,000 | 0.10% | 0.08% |
| £600,000 – £6m | 0.08% | 0.04% |
| £6m+ | 0.06% | 0.02% |
| Crypto trading pairs* | Taker fee | Maker/auction fee |
|---|---|---|
| All volume | 0.06% | 0.00% |
What’s it like to use CoinJar?
Getting started
Signing up is simple with ID verification all done through CoinJar’s mobile app.
CoinJar wallet
The on-platform CoinJar wallet is a warm and friendly introduction to how a crypto wallet works.
Trade easily
You can buy or sell a range of popular cryptocurrencies directly using either fiat cash reserves or a bank credit or debit card.
Does CoinJar have good customer support?
Customer support on the exchange is provided in the form of a detailed FAQ section. If an answer cannot be found there, a customer support representative can be contacted via a ticketing system. Responses are generally sent within 2 hours.
Reports on Trustpilot are largely positive, with users reporting quick response times and swift resolutions.
| Channel | Support offered | Wait times |
|---|---|---|
| “Contact us” form | Yes | Within 2 hours |
| Live chat | No | N/A |
| Email support | No | N/A |
List of services on CoinJar
At the time of writing, CoinJar has limited services in terms of trading and creating orders. But it does have some interesting additional features.
Cryptocurrency Bundles on CoinJar
For a more consumer audience, CoinJar offers crypto bundle products. Bundles are collections of the major cryptocurrencies you can buy to automatically diversify your holdings. Think of them as being a little like tracker funds in more conventional investing, where holdings can be determined by either percentages or relative values of the stakes. These add to CoinJar’s appeal for beginners, given the minimal level of thought required.
Recurring Buy on CoinJar
Dollar Cost Average (DCA) is now available with CoinJar Bundles Recurring Buy. You can set up weekly, fortnightly or monthly purchases at your chosen rate. The appeal is that you can regularly purchase crypto using your debit card, meaning less of an up-front investment and more diversification of your portfolio. There is a 2% debit card fee, but you can cancel and withdraw at any time.
Trust rating
Past hacks
CoinJar has not had any past hacks.
Security audits
Security is a key priority for CoinJar, with a dedicated page outlining the features that it implements. Encryption, privacy measures and TLS (transport layer security) are applied throughout and the exchange harnesses machine learning algorithms to spot suspicious behaviour.
Insurance
Additionally, 90% of the funds held by CoinJar are stored in offline wallets to avoid external breaches. CoinJar also claims to hold at all times sufficient reserves to cover customer balances with matched durations and in the appropriate currencies.
Signing up on CoinJar
Go through a step-by-step guide on the sign-up process, and how to pass KYC.
- Step 1. Visit CoinJar’s homepage and click on “Join CoinJar”.
- Step 2. The next step is to enter your email address and then set up a password. You will shortly receive a verification email in your inbox.
- Step 3. Simply click on the link sent to you to confirm your email address and continue with signing up.
- Step 4. CoinJar will prompt you to create your account username and confirm which country you are in.
- Step 5. You will now have access to CoinJar’s dashboard, but you will need to get your identity verified to make full use of its features. In order to do this, you will need to download CoinJar’s app.
- Step 6. First, you will need to input your personal information including name, address and DOB.
- Step 7. Next, upload a picture of your government-issued ID.
- Step 8. To check that it is you, you will need to undergo a face scan in the app. All you need to do is place your face in the oval frame on screen and follow the instructions.
- Step 9. You will also need to provide proof of address in order for your account to be verified. You can submit a bank statement, utility bill or council tax statement.
- Step 10. All that’s left to do is sit back and wait. In our road test we received confirmation this took a couple of hours.
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