CoinJar Review: Is It a Scam or Legit? Reviewed in 2018

CoinJar Review: The crypto space has witnessed such an exponential growth in the last few years that everyone is now pacing towards acquiring their pie of Bitcoin.

There were no signs of cryptocurrencies 9 years back. No one was aware of the fact that we will indulge in such an era of technology where everything will get revolutionized and digitized in every aspect.

World first witnessed Bitcoins in 2010.

Let me tell you that it is still not late to acquire your share of Bitcoins even though it has surpassed the price of $15000. Crypto market is highly volatile so you just need to keep patience with the price flow to get a great deal of return in near future.

If you are a beginner in crypto space you must be really keen to know about the first step to buy Bitcoins, things to keep in mind, what is the best platform to buy Bitcoins and so on.

After, the intense popularity of Cex.io and Coinmama, there has been numerous exchange platform that launched and also gained a lot of attention towards it.

These platforms paid more emphasis on user-friendly platforms for all the beginners and provide the feature of the easiest way to buy Bitcoins i.e., via credit card, debit card, and many more.

Also, analyzing all the platforms from every dimension is quite a difficult task. So coinscage is here, with yet another review of exchange platform to ease the process of your decision making.

Today, we are going to give you a detailed review on CoinJar, which is an amazing platform to buy you Bitcoins.

So, without any further ado, let us get started.

What is CoinJar?

coinjar

CoinJar is an Australian bitcoin platform that enables buying/selling and spending of bitcoins. It simplifies the payment and payout methods by supporting fiat currencies.

Apart from buying, it allows you to store Bitcoin in an online wallet.

CoinJar was launched in 2013 but has gained more attention ever since and has been ranked in one of the top exchange platforms. Despite being a latecomer in crypto space it has gained popularity and attracted a lot of users.

It is majorly popular as a bitcoin wallet which is suitable for the beginners in crypto space. Another major feature that makes Coinjar different is Bitcoin Debit Cards which is know as Coinjar Swipe.

The supported currency-pool is currently limited to USD, GBP, and BTC.

How to get started with CoinJar?

Getting started with CoinJar is quite easy. So without any further ado, let us see what are the steps involved.

  • The first step is to signup with CoinJar to create a CoinJar.
  • After you will fill the necessary details, you will get a link for activating it on your Email
  • Follow the activation link and provide a username to your CoinJar.

  • After you confirm the username you will be asked to provide the name of your country.
  • In the same dialog box, you will be asked to fill up your mobile number to get the verification code of 7-digit number.

Now after you have your CoinJar, its time to get verified. Let us see what are the processes involved in verification.

How do I need to verify my account?

The verification process is needed to minimise the risks of fraud, identity theft, and money laundering.

The process of verification involves three steps. This include:

  • Filling up your personal details.
  • The second step is to update the scanned picture of your identity documents.
  • The third step is for Compliance Review.

Benefits of completing ID verification:

  • You will be able to transfer Australian dollars to and from your CoinJar.
  • The access to feature to convert funds between bitcoin and Australian dollars (buying/selling).
  • You will be able to order and use CoinJar Swipe
  • You will have fully functional bitcoin wallet for sending, receiving, and storing bitcoin according to your requirements.
  • You will get access to Hedged Accounts.

To get a detailed knowledge of getting started with CoinJar Watch the video.

Withdrawing from CoinJar:

With funds available in your CoinJar, you may wish to send those funds to your personal bank account. To begin this process, you’ll first need to link your personal bank account with your CoinJar.

  • After signing in to your CoinJar, click on payments.
  • There are three options available; ‘Pay’, ‘Request’ and ‘Transfer.’ Choose ‘Transfer’.
  • Select the account you wish to transfer funds from.
  • Select your linked bank account.
  • Enter the amount you want to transfer.
  • Select ‘Review and Confirm’ for an instant quote.
  • Select ‘Pay now’ to transfer the amount to your bank account.

CoinJar Wallet:

Coinjar is a multi-currency wallet that manages all your digital and fiat currency in one place. You can also hold your bitcoins without volatility using Hedged Accounts.

Now, let me clear your understanding of what is a Hedge Account?

Hedge accounting is a way of accounting in which entries for the ownership of a security and the opposing hedge are dealt with as one.

Hedge accounting attempts to reduce the volatility created via the repeated adjustment of a economic tool’s fee, known as marking to market.

This decreased volatility is finished via combining the instrument and the hedge as one access, which offsets the opposing actions.

To get you free multi-currency wallet click here.

Features:

Following are the features of CoinJar;

  • Spend Anywhere: You can pay anyone and anywhere with CoinJar Touch. You can use the CoinJar Swipe Debit Card for any kind of purchases and withdrawals in the supported countries. You can link your local card and bank account for global access to your money through the network of Bitcoin.
  • Send to Anyone: You can send or receive Bitcoins instantly via Bitcoin wallet address or CoinJar username. CoinJar supports 196 countries in total. By CoinJar you also avoid the panic of fluctuation of currency value too.
  • Trade via Bitcoin: You can make the instant exchange on the CoinJar platform with transparent fees. Hedge against GBP, EUR, USD and AUD to protect your bitcoin from price volatility. You can deposit into your account using BPAY®. You can also withdraw to Australian bank accounts, or spend with CoinJar Swipe.

Now after all this let us see what are the pros and cons involved in CoinJar.

Pros and Cons:

Like every coin has two sides BitQuick has also some advantages along with disadvantages. These are:

Pros

  • Positive reviews.
  • 2-factor authentication for security.
  • Easy to use.
  • Ideal platform for all the beginners.
  • Mobile-friendly.

Cons 

  • Slow response of customer support desk.
  • Lack of the feature of multi-signature.
  • It is not the open-source platform.
  • Not enough transaction options for US customers.

Available Countries:

Due to the fact, CoinJar is advertised as a private finance organization, the platform is available Worldwide.

Both buying and selling purposes are supported all across the world. It is to ease the way to buy Bitcoins from anywhere in the world in a user-friendly manner.

Fee Structure:

The bitcoin network provides you the secure and cost-efficient transaction all across the world. You can use CoinJar to buy your bitcoins easily, hedge them against for you available and suitable currencies and buy or sell instantly.

CoinJar has the fair rate of fees which is just 1%(negligible amount). You can deposit and withdraw, spend and send with no fees. You can link your bank accounts and cards around the world and move your money instantly for free.

Whether you’re buying or selling, the 1%  fee keeps it easy to make our trade convenient.

With credit, debit or bank deposits in supported countries, you’ll have access to funds to trade with when you’d like. You can also withdraw for free to a bank, or via Swipe, the CoinJar debit card.

The CoinJar Fair Rate is calculated using a volume-weighted average of all the major exchanges, so you can trade knowing you’re getting a fair exchange rate. With the low spread, low fees, and instant trades, you’ll be positioned to make the right trade at the right time.

How long will it take to receive Bitcoins?

Funds transferred to your account from different wallets could be to be had within a couple of minutes. However, bitcoin transaction speeds rely on the modern-day ability of the bitcoin community.

In preferred, bitcoin payments can be sent everywhere within the international in as little as 6 mins.

Customer Support:

The Customer Support service is quite impressive ever since its launch. CoinJar’s service desk has always been in frequent contact with the community that includes deciding the domain name to the currency wallet.

Also, most of the customer feedbacks are positive in terms of responding time, there are some complaints too, mostly regarding the speed with which bitcoins are delivered to buyers’ CoinJar wallets.

Though the claims themselves to make instant transfers, there are users (as reviews said) out there who made their deposits on Thursday and they did not receive their Bitcoins two days later too.

Others have pointed out that none of the other Australian Bitcoin sellers required personal information from their customers.

Personally, I never had a bad experience of customer support from CoinJar. In fact, their Customer Support Services has improved over a period of time. They had provided exact solutions to all my queries.

To get connected to support team of CoinJar go to:

Team CoinJar:

Is it safe to use CoinJar?

CoinJar offers good security protocols. It has the feature of the two-factor authentication process to ensure secure and safe transaction from both the end.

Verified account holders should expect to have a lot of private information collected about them. The privacy policy of CoinJar ensures that no personal details are used for other purposes.

One key factor that you must know that it has by no means been hacked in any manner ever considering its launched date. Inside the CoinJar network, you’re free to manipulate your public profile, which includes names and photograph.

In conclusion, we can say that it is a legitimate platform for all the potential users.

My take on CoinJar Review:

CoinJar is a great platform for all the beginners in crypto space. It is also quite easy to use for the purpose of buying and selling of Bitcoins in small volumes.

As buying and selling in large volume are sometimes proved to be a complex process due to the feature of strict verification of ID.

Considering CoinJar from every dimension it seems to be a legitimate operation indeed. Unlike some of the other similar services we have thus far reviewed, their corporate profile is spotless and transparent.

The fee involved in the transaction are quite negligible from that of other exchanges and an instant transaction that also supports 196 countries in total is quite a great deal.

Though the platform has never been hacked, I would never recommend you to store huge amount of your funds on a web wallet because there is a risk of losing funds. Hence you can use a more secure wallet like Ledger Nano S.

In my opinion, the platform to quickly buy Bitcoin in Australia. You just have to go through the proper verification process and you are all set to go.

If you got any confusion or queries then don’t forget to comment below and I will be happy to reply back.

Also, read these helpful articles:

Coinjar Review

Coinjar Review
8.2

Ease for Beginners

9.0/10

Customer Support

8.0/10

Reputation

8.0/10

Fees

8.0/10

Payment Methods

8.0/10

Pros

  • Beginner Friendly
  • Mobile support
  • Secure wallet

Cons

  • Average customer support
  • Not available worldwide

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