Coinjar Crypto broker review: Is Coinjar a trustworthy crypto broker?
Coinjar is an Australian based cryptocurrency exchange that focuses more on the local market. The exchange provides simple trading solutions and considers transparency as its stronghold. The team behind the firm maintains transparency and maintains an active web profile. Coinjar is popular in Australia but has certain limitations outside of it. This review delves into the trading infra of Coinjar and if any investment is safe and trustworthy.
About Coinjar
Coinjar, the crypto-exchange company was established by Asher Tan and Ryan Zhou in the year 2013. The firm also allows crypto index funds and has ambitions to expand to regions other than Australia. At present (at the time of writing this review), Coinjars only allowed investors from Australia and highlights itself having avid in-house support locally.
Coinjar is on the verge of expanding its global arm, wherein only depositing cryptocurrency is allowed outside Australia. Likewise, fiat currency withdrawal and deposits are only limited to Australian residents. Apart from being the longest-operating digital asset exchange, its simplicity and user-friendless have made it extremely popular in Australia. They are also noted for innovative solutions like crypto debit card, crypto EFTPOS services. Coinjar is surprisingly not regulated by any authorizing bodies, although the trading platform comes under the registration of the Australian Transaction Reports and Analysis Centre. The company is claiming to comply with domestic and international anti-money laundering rules.
What can you trade with Coinjar
Coinjar is a cryptocurrency exchange that allows only to select cryptocurrencies and allied fiat currencies. The list of cryptocurrencies allowed are:
- Bitcoin
- 0x
- Ripple
- USD Coin
- Ethereum
- Zcash
- 0x
- Basic Attention Token
The crypto assets Coinjar offers is relatively less but has managed to catapult cryptocurrency trade drive locally.
Payment Methods at Coinjar
Coinjar brings innovative solutions to deposit/purchase assets, some of the popular methods are;
- Bank wire
- Bank cards
- Poli Pay
- BPay
- Blueshift
The mentioned payment methods are only limited within Australia, the coins can be purchased from 1200+ cashpoints throughout Australia. There are no withdrawal charges locally for both coins and altcoins. This concession is likely to change in the future as Coinjar is starting to levy charges citing “blockchain congestion”. Depositing can be done via cash or bank account without any fee and transacted immediately. The crypto coins can be deposited directly to your unique wallet address and the processing time depends on the type of coin sent. The transacted coins are displayed in the account after 10-12 minutes.
Trading platform
Coinjar provides two basic trading platform solution
- Web browser-based Interactive Window
- Coinjar App (Android & iOS)
The trading platform allows a total of 8 crypto coins and related activities using both browsers and mobile app. The platform is simple and intuitive to come across with minimalistic menus and sections. The design makes the job easy for beginners and removes the unnecessary display of infographics. Coinjar has its wallet for cryptocurrencies to store coins that the platform allows. The app replicates the trading functions of the desktop on mobile but with limitations.
Customer Support at Coinjar
The “Support” section of the Coinjar website has a comprehensive set of useful FAQs directed at various issues and knowledgebase articles. There is however no telephone assistance, live chat, and social media handles. They only support tickets and a dedicated telephone number if the user has subscribed to the Coinjar trader plan. Overall, the customer support at CoinJar is not satisfactory.
Customer reviews about Coinjar
Customer reviews are an important insight into product and service performance especially in the case of online exchanges. Coinjar seems to have vibrant online clout and reviews from its users reflect positive reception. Coinjar has received a “4-star” review rating from Trust pilot that makes it stand out. Some of the reviews by the customers are mentioned below;
A user with the profile name “Nick Gaffney” expressed the positive outcomes of trading with Coinjars and making the buying process easy.
Another user with the profile name “Damian Cullen” described his displeasure over customer service of Coinjar and the slow responses he was subjected to.
Overall, considering the rating of Trustpilot, and based on the positive ratings of most users, it can be concluded that Coinjar is a neat and secure crypto trader that can be trusted.
Conclusion
Coinjar is a great source of crypto trade with a simple trading platform and diverse options for payment methods. The only downside is the limitation within Australia and less availability of other coins and altcoins. It has obtained a score of C+ in a test conducted by the Observatory (Mozilla), which fairs against most exchanges with the score of F. Coinjar is a safe and vibrant trading platform with some local Fintech integration, making it a robust and innovative alternative over other traditional alternatives.