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CoinJar Review - is it scam or safe?

CoinJar Review - is coinjar.com scam or good cryptocurrency exchange?

RATING: 2.5 / 2 REVIEWS ForexBrokerz CoinJar

RECOMMENDED BITCOIN BROKERS


 Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 1%

 

CoinJar is a well-established Australian cryptocurrency exchange that accepts clients from all over the world, but with limited functionality. It allows trading in Bitcoin for GBP, EUR, USD and AUD. 

 

Additionally, CoinJar supports sending of funds, not only in Bitcoin, but in fiat, too. There is also the features CoinJar Touch and CoinJar Swipe, with which CoinJar account holders can pay and send money. This service is available only for Australians. 

 

CoinJar Advantages

 

- Fiat. On CoinJar clients can trade Bitcoins for GBP, EUR, USD and AUD and vice versa. The platform also allows hedging through a Hedged Account. Bitcoin can be hedged against the aforementioned fiat currencies.

 

- Convenient Payment methods. Unlike many crypto exchanges, CoinJar provides several and quite convenient payment methods for fiat currencies. It accepts credit cards (Australian through the BPAY Biller service and UK), bank transfers, POLi (for Australians).

 

-  AverageTrading Fees. The trading fees of CoinJar are not the lowest, but more in the average for the global industry. Compared to some other Australian exchanges like CoinTree and CoinLoft, however, CoinJar's fee is much lower.

 

- Transfer Fees. The transfer fees charged by CoinJar depend on the payment method. Transferring Bitcoins is free of charge, except for the miner fee that has to be covered by the client (normal procedure for the majority of cryptocurrency exchanges). Transfers between accounts within CoinJar is free, except from Cash account, which comes with a 1% charge. Transfers to bank accounts is 1% and to BPAY Biller (Australian clients) is 0.5%. There is also an additional BPAY Biller fee. As for incoming payments with credit cards from the UK, the fee is 2.9%.

 

- Wallet. CoinJar offers its clients a free e-wallet, where they can store their Bitcoins either by themselves, or hedged against the GBP, EUR, USD and AUD.  This service is available globally.

 

- Accepts Cards. CoinJar accepts payments with credit cards, but only for UK residents (outside Australia).

 

>> See crypto exchanges accepting credit cards <<

 

- CoinJar Swipe. We have already mentioned the payment service CoinJar Swipe available for Australian customers. It is available though a card and can be used for payments both in AUD. It has its own set of fees and daily limits, similar to most bank cards, but we are not going to delve into those details. 

 

- CoinJar Touch. This is a mobile payment and money transfer application for Android and iOS devices. Again available only for Australian clients. 

 

- Simple Platform. Our impression from CoinJar's trading platform are mixed. On one hand it is easy and intuitive for just converting Bitcoins into fiat currencies or the other way around, but on the other hand the platform, if it can be called like this, lacks some basic features like an order book, trading history, etc., let alone charting tools. The only charts available, are the price charts.

 

CoinJar Disadvantages 

 

- Slow Speed. The actual trading speed is decent, but, according to some reviews, client verification is quite slow. According to CoinJar's own site, the process requires 1 to 3 business day, although is usually completed within 24 hours. If one needs to buy or sell Bitcoins fast, this is probably not the service for them.

 

- No Anonymity. CoinJar's services are not anonymous and the exchange requires submission of a copy of government ID. There is also a requirement for a proof of address.

 

- Security. CoinJar is very fastidious, to the point of being annoying, about passwords. This is not a bad thing, but we could not find information where the client funds are actually stored. Our suspicion is that, considering it is offering payment and transfer services, a significant portion of the funds is stored online, which suggests that despite all efforts, two-factor verification and password protection, it can be hacked.

 

- No Leverage. CoinJar does not offer leveraged trading, much like the vast majority of cryptocurrency exchanges. There are several, like Kraken, CexIo and Quoinex, who do, for those who are interested in something more similar to forex trading. Then, there are also a large number of forex brokers who offer CFDs on the major cryptocurrencies to trade on margin. Unless you need cryptocurrencies for something, this is quite an easy option to dabble in the bitcoin mania, without having to set up a new account and go through verification process with an exchange. Besides, trading in the crypto CFDs is done on the already familiar platform offered by the respective broker.

 

>> See our list of regulated bitcoin forex brokers <<

 

- No Mobile App. CoinJar does not offer a bespoke mobile trading app, or trading through CoinJar Touch. Not that many crypto exchanges have mobile trading apps, but one would expect an exchange that already has a mobile app, to offer the service through it. 

 

- Few Coins. Despite being well-established and offering several different type of services, CoinJar only offers trading in Bitcoins. On one hand, this is understandable, as this is the most popular cryptocurrency, but on the other, it would have been nice if there was more variety. 

 

- Limits. There are CoinJar usage limits. For unverified accounts, the transfer and daily usage limit is AUD 2000. After verification, the limits can be increased.

 

 

Conclusion 

 

CoinJar offers a variety of services, in addition to buy and selling of Bitcoins. This is a good thing, as long as they are able to handle the requests, which does not seem to be the case, judging by the recent client complaints, at the time of writing this review. 

 

It is understandable, considering the mass Bitcoin hysteria of the past months, but it can sure is very frustrating to the clients. It seems that CoinJar currently experiences long delays both with new customer onboarding and with processing tickets and orders, which does not make it very reliable for the time being. 

 

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Traders` reviews for CoinJar

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Slippage

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Price feed

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time to clear funds

So far it has been a week and I still don't have my funds, when you ask a question there is no straight forward answer I have been going round and round for 3 days, I thought it was me being an idiot but so far 3 other people very experienced people don't understand anything either, I have lost so much money dealing with this company it not funny.
I have got to the point of telling them if they will not release my funds then refund them back to the account they came from, and again no understandable answer.
I am about to cont the financial authorities as it does not look like I am getting my funds back

Michael Coombe 07/05/2019

CoinJar scam

I have lost access to my account since they turned on the two-factor verification and DID NOT SEND ANY CODES TO MY MOBILE PHONE. All I need to do is login and withdraw my money but their support is very unhelpful.

Yu 06/16/2019

Coinjar removed my 2 factor security lost 80k

coinjar pressured financial ombudsman in August 2018, i lost my bitcoin, 80k worth due to the removal of my 2 factor security?, what company does that without a phone call to the account holder? with that much in funds in the account?, lets just push a trolley on the street with 80k and leave it there its no different

i even notified coinjar by direct message on twitter 3 days before the 2 factor security removal i was being hacked and they ignored it? they did receive the information and acknowledge, but never passed it on to their internal IT security team, so the left hand did not know what the right hand was doing within coinjar with its staff

said i should have used the word compromised email and not hacked, thats ludicrous, they had no phone numbers to call and thats why i used twitter, coinjar reply saying lets talk really they have done everything to block or ignore me
Useful

Derek Pater 03/16/2019

coinjar gave the hacker 80k of my bitcoin


coinjar removed my 2 factor security from my account

I direct messaged their twitter and informed coinjar 3 days before about the hackers

80k Of bitcoin Was removed from my account after
Coinjar removed my 2 factor
I lost $80,000- worth of bitcoin they have done everything possible to avoid their responsibility even with the financial ombudsman case for half a year until August 2018, and a bus load of lawyers threatened FOS, FOS CASE 511278

Poor service and un Australian very poor security and service, I never received a phone call before they removed my 2 factor security, other company bitcoin service providers in Melbourne
called me directly for my new account, coinjar did everything to
not contact me and only sent me a letter due to FOS being envolved

Comments below from a IT expert

Conclusion
It is clear that photo ID was obtained by a third party posing as a Coinjar support representative via the means outlined above.
My professional opinion is that Coinjar were negligent and were fully aware of significant funds in the account, failure to perform further verification before removing MFA directly resulted in the account being compromised as the photo ID supplied was time stamped

Derek Pater 03/13/2019

CoinJar scams

Coin Jar scammed me.
They refuse to return my money.

Thomas Morrison 11/01/2018

Identity verification

I received an email yesterday to verify my identity as required by AUSTRAC. Is this a legitimate email?

John Stanley 09/27/2018

CoinJar Scam - attempting to withdraw my investment back

In my experience after many weeks of attempting to withdraw my investment back to me bank, I have found the coinjar team are deliberately refusing to refund my money by various cunning strategies such as repeatedly NOT sending me a verification number, meaning I cannot access my account. Or they send the verification number so late that I have grown tired of waiting.

My advice is NEVER EVER TRADE WITH COINJAR AND COINBULL IS EVEN WORSE IF THAT WERE POSSIBLE.

Dennis Stanbridge 05/24/2018

NOT an exchange, more like an ancient money changer

Money changer, not a platform for real traders. You're charged on the spread and a fee for trading.

Boby Bitcoin 03/11/2018

Money not in Bitconnect account

Wondering where the $5160 has gone

Greg hill 12/29/2017

coinjar will not last

Forex Brokerz:
You might want to clarify "well established" in your review: coinjar is a recent "startup" run by 2 guys both in their early 20's, with little experience in international finance. Coinjar have barely been operating for a few years: I would hardly call that "well established".

Your review focuses on the technical aspects and ignores the human side: like many high tech start-ups the technical aspects of coinjar are decent (though I would not say it is easy to use or has a lot of features).
And like many tech startups the human side and customer side of their business sucks: there is virtually no support and the responses from the company are very very slow.

My own experience with coinjar has been more like a nightmare than a simple inconvenience: if the banks treated their customers like coinjar does they would be hauled before the regulator. Of course the whole cryptocurrency phenomenon is completely unregulated and there are many cowboys in the industry trying to make a quick buck. I count coinjar amongst those.

yusuf 12/23/2017
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