CoinJar is a cryptocurrency exchange established in 2013 in Australia. The exchange is mainly focused on the local market of Australian investors, although it provides limited services around the world. The exchange is led by co-founders Asher Tan and Ryan Zhou. There is no information where CoinJar's headquarters are located, so it is safe to assume that the exchange is primarily based in Australia.
Information about the team behind the exchange can be easily found online. The fact that information about the team behind the exchange can be easily found online is very comforting and shows that the platform values transparency. Transparency is one of the most important aspects of an exchange platform, as it gives the user insight into the source information and experience of the team behind the platform in the industry. It also gives the user an idea of who they can hold accountable in the event of fraud or an accident.
The platform allows trading in fiat and cryptocurrencies, which makes CoinJar an entry-level exchange.
The exchange offers its users a free e-wallet built into their platform, as well as a separate payment service called CoinJar Swipe. However, the latter is only available to Australian citizens or residents.
There is also CoinJar Touch, a mobile app that can be used for money transfers. This app is also only available to Australians.
CoinJar supports a fairly simple platform. Most of the features that the average user might need are present on a platform with a simple and practical design. The interface lacks certain features that should be present on the exchange's website, for example, there is no visual graphical representation of cryptocurrency markets to view price action, market depth profile, and recent trades.
Users can deposit fiat currency to their account using bank transfers, cash or credit cards. The latter is usually not accepted by many exchange platforms, so this should provide an advantage to those who prefer to deposit currency using credit cards.
All these methods can be used for free. However, the only fiat currencies that are allowed to be exchanged are pounds sterling, euros, US dollars, and Australian dollars. Consequently, users who use currencies other than those mentioned will need to exchange them in advance. This does not negate the fact that the exchange is friendly towards new cryptocurrency investors.
The exchange charges different fees to takers and producers. Fee for takers when trading fiat-cryptocurrency ranges from 0.10% to 0.50%, depending on the volume. This may be a disadvantage, but it is safe to assume that it is compensated by the manufacturers ' fee which is 0%.
As for the exchange of cryptocurrency for cryptocurrency, the recipient's fee is 0.10%, which is much lower than the global average for the industry, and manufacturers are charged 0%. Cryptocurrency-to-cryptocurrency exchange fees are very profitable and provide Coinjar with a significant competitive advantage.
To increase security, CoinJar uses two-factor authentication and password protection for wallets where at least 90% of customers ' digital currencies are stored offline in geographically dispersed and secure locations.
The exchange protects its customers ' information using a number of security measures that include data encryption, transport layer (TLS), periodic audits, and best practices for the organization's security.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.