Is Coinjar legit? How can you benefit from it? Is it the best choice for you out there? These are some of the questions that we shall be seeking to answer on the overall, in today’s review. In order to give you a comprehensive understanding of Coinjar, we shall go through the review by tackling the following elements about it:
- Is Coinjar Legit? (What is it about?)
- How does it work?
- Cryptocurrencies supported by Coinjar
- The countries supported by Coinjar
- Fees charged on Coinjar
- Is Coinjar Legit or Just a Scam?
- Pros and Cons
Name of the Platform: Coinjar
Official website URL: https://www.coinjar.com/
Overall Rating: 
Recommended: Yes (Australian Customers mainly)
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Is Coinjar Legit? (What is it about?)
Coinjar is one of the many popular online digital exchanges that customers can use if they are out to buy, sell, store, or trade their cryptos. This platform presents a collection of cryptos to more than 400,000 of its customers who are living in different corners of the world.
Coinjar is well-known and recognized in Australia, which is something that could be attributed to the fact that only those living in this region can make deposits and withdraw the underlying currencies with their bank accounts. Those living outside Australia can only deposit their funds in the form of cryptos, from certain crypto wallets.
Coinjar, like many other platforms of its kind, is concerned about expanding its service offerings to its customers such as by regularly updating the number of cryptos. This platform also offers a cryptocurrency index that those who are out to make an income by speculating the trajectory of certain coins can rely on.
How Coinjar Works
Coinjar works in a manner that is similar to that of the other crypto exchanges, thus if you have already used a crypto exchange in the past you will not have a hard time maneuvering through this one. As already highlighted, those living in Australia can fund their Coinjar accounts by making a fiat currency deposit using their bank accounts. This does not mean that they cannot fund their accounts using their crypto wallets. With a fully-funded account, one can exchange the cryptos at will.
The owners of this platform usually generate their income by charging transaction fees as we shall see later on in this review.
Coinjar lets you store the coins that you have purchased in a Coinjar wallet, or send them to a pre-existing Bitcoin wallet. This is something that other platforms of its kind also allow, just to give the customers the liberty to work with the wallet that they are most comfortable with.
As a trader who is out to make your income trading in cryptos, then you can work with the crypto-to-crypto pairs that this platform offers. With the technical charts that Coinjar offers, you can have a much easier time backing up your decisions by collecting data about the performance of various coins in the market.
Coinjar only offers you the opportunity to go along with the price predictions when trading. This means that you cannot speculate on the value of the cryptos that you have speculated going down. For those who would like to go short with the price of the cryptos, platforms such as Coinbase will do a perfect job.
Cryptocurrencies supported by Coinjar
As of now, Coinjar does not support very many cryptocurrencies ( that’s if you compare them with platforms that are well-established. Customers can only access and trade using the coins below:
- BTC
- ETH
- XRP- Ripple
- LTC-Litecoin
- Stellar Lumens
- Tether
- BAT- Basic Attention Token
- Maker Dai
- Ox Token
The coin offerings are usually updated regularly, so you can keep checking your account to see if the coin you are interested in is being offered.
The countries supported by Coinjar
Coinjar is primarily an Australian platform, and it mainly focuses on delivering the ease of crypto exchange to Australian customers. This is the reason only those living in Australia can fund their accounts using fiat currencies sent directly from their bank accounts.
Those living outside Australia should not have problems depositing cryptos into their accounts, since Coinjar does not prohibit any customer from any country. If you have any problem accessing your Coinjar account, it could mainly be as a result of the laws in your country that are out to limit the activities run by crypto exchanges.
Fees charged on Coinjar
You can expect to get charged the following fees as you rely on this platform to achieve various objectives:
Deposit fees
- Using cryptos– free
- BPAY account deposits ( For Australian residents) – Free
- Blueshyft cash deposit ( For Australian residents) – 1.5% of transaction fees
Withdrawal
- Australian bank account- 1%
- Swipe- Free
- BPAY- 0.5%
- External wallet- only network fees are charged
Trading fees
Coinjar only charges 1% trading fees on every trade you make. This may be expensive ( or not) based on the crypto exchange you’re currently using. It is however good to establish the fact that there are platforms that:
- Charge as low as 0.5% per trade
- Or, spread the fees depending on the trade volumes
Is Coinjar Legit or Just a Scam?
So far, I cannot think of Coinjar as a scam. The evidence from existing customers points to this platform being quite reliable. On Trustpilot, this platform has a rating of (3.9/5) stars, which is quite impressive, moreso if you compare this with the ratings that other platforms of its kind have. A (3.9/5) star rating may not be the very best in the industry, but it definitely paints the picture that Coinjar is a platform that is reliable.
One of the main things that you may like about this platform is their customer service, which has been commended by the customers in many reviews for taking their time to resolve customer issues.
Unfortunately, Coinjar seems to be primarily Australian, in the way it offers more banking privileges to those from this region. This directly implies that customers from other regions have to use another platform if they want to bank using their bank accounts. If you are one such customer, then you can have a look at the alternative recommended below:
==> Get more features and better functionality with this platform<==
Pros and Cons
Pros
- User friendly
- Great customer service
Cons
- All features and functionality are only accessible to those living in Australia.
- High trading fees.
Final Words and Verdict
Verdict: Legit
Overall Rating:
Coinjar’s popularity in Australia is definitely due to the impressive work that is being done to ensure that all customers are satisfied. To some extent, if this platform allowed other global customers to access all features, I’d be quite to recommend it. As of now, however, I can only recommend a platform that offers the most functionality when accessed from any corner of the world.
Here is a platform that I think that you will find reliable
Full Review of my #1 Recommended alternative to Coinjar
Thank you for making it to the end of my review about whether Coinjar is Legit. Did you get the answers you were looking for, or do you still have a question? Let me know in the comments section.
I wish you success,
Eric, investor, and team member on Gold Retired!
