CoinJar Review
Summary
CoinJar allows UK and Australian residents to buy, sell, and store Bitcoin (BTC) and a growing number of other cryptocurrencies. Registration and verification are quick, taking just 10 minutes from start to finish for me. Once you’re in, CoinJar’s website and mobile app are simple and easy to use.
UK residents can deposit GBP via a UK bank transfer (which is credited within minutes). You can also instantly buy any supported cryptocurrency with a debit or credit card. CoinJar’s fees are transparent and competitive (1% normally, or 2% if you use a debit/credit card).
This post has been sponsored by CoinJar, but I’ve produced this review myself and I have full editorial control of what is said (just like everything else on quickpenguin.net).
What is CoinJar? How does it work? Can you trust this platform?
In this CoinJar review, I’ll clear up all the questions you might have about it – including what countries can use it, supported cryptocurrencies, how its fees work, and more.
Advantages & Disadvantages
Advantages
- Established in 2013.
- 4.1-star Trustpilot rating (over 2000 reviews).
- Registered with the FCA as a cryptoasset business.
- Verified in less than 10 minutes.
- GBP deposits are credited quickly (within minutes).
- Can instantly buy cryptocurrencies with a debit or credit card.
- Makes it quick, simple, and easy to buy and sell supported cryptocurrencies.
- Has an excellent mobile app (iOS & Android).
- Supports Bitcoin (BTC) and 56 other cryptocurrencies.
- GBP, EUR, and AUD trading pairs available to users in the UK and Australia.
Disadvantages
- No live chat or phone support available.
- Some alternatives with lower fees are available.
What Is CoinJar?
CoinJar is an Australian company that was established in May 2013. However, it has been registered as a UK limited company since February 2014. The co-founders are Asher Tan (CEO) and Ryan Zhou (COO).
In 2023, they have more than 600,000 users and have helped exchange “billions” worth of assets.
CoinJar has also been registered with the Financial Conduct Authority (FCA) as a cryptoasset business since 30th September 2021.
Here are some quick facts about CoinJar:
- Over 600,000 users.
- Have helped exchange billions worth of assets.
- Has a 4.1-star Trustpilot rating with over 2000 reviews.
It’s financed by a few venture capital firms, which includes Digital Currency Group, Boost VC, and Blackbird Ventures. You can find out more on CoinJar’s Crunchbase page.
How Does CoinJar Work?
When you use CoinJar, you’ll be buying or sell cryptocurrencies directly with CoinJar. You cannot negotiate or set a custom price with them and will only be able to buy and sell at the prices that they offer through their online portal.
This is similar to what’s offered by Coinbase or Luno.
For more experienced users, it also offers CoinJar Exchange. This is a cryptocurrency exchange that is similar to Kraken or Binance. When you get a CoinJar account, you’ll automatically get access to the CoinJar exchange too.
CoinJar Exchange has lower fees than CoinJar and allows you to submit advanced order types (i.e., taker or maker, with some time enforced options). If you’re a trader, it also has some other features that you’d expect from a cryptocurrency exchange.
Supported Countries
You can only buy and sell cryptocurrencies on CoinJar if you’re a resident of the UK or Australia.
If you’re located outside of the UK or Australia, you can still register an account on CoinJar. However, you’ll only be able to use it as an online cryptocurrency wallet (i.e. send, receive, and store cryptocurrency).
In a recent press release, CoinJar noted that they’re looking to expand into a number of European countries in the near future.
Supported Cryptocurrencies
CoinJar currently supports 57 cryptocurrencies.
This includes:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Lumens (XLM)
- Algorand (ALGO)
- EOS (EOS)
- USD Coin (USDC)
- Dai (DAI)
- Basic Attention Token (BAT)
- 0x Token (ZRX)
- Chainlink (LINK)
- Maker (MKR)
- OMG Network (OMG)
- Compound (COMP)
- Uniswap Protocol token (UNI)
- yearn.finance (YFI)
- Aave (AAVE)
- Bancor Network Token (BNT)
- Curve DAO (CRV)
- Kyber Network (KNC)
- Paxos Standard (PAX)
- PAX Gold (PAXG)
- Synthetix Network Token (SNX)
- SushiSwap (SUSHI)
- Balancer (BAL)
- EnjinCoin (ENJ)
- GraphToken (GRT)
- Tether USD (USDT)
- Wrapped BTC (WBTC)
- Polygon (MATIC)
- Axie Infinity (AXS)
- Fantom (FTM)
- Amp (AMP)
- Chiliz (CHZ)
- Uma (UMA)
- The Sandbox (SAND)
- Loopring (LRC)
- Injective Token (INJ)
- Badger DAO (BADGER)
- Band Protocol (BAND)
- Mirror Protocol (MIR)
- Shiba Inu (SHIB)
- Fetch.ai (FET)
- Origin Protocol (OGN)
- Cartesi (CTSI)
- Orchid (OXT)
- Quant Network (QNT)
- Audius (AUDIO)
- Crypto.com Coin (CRO)
- ImmutableX (IMX)
- Biconomy (BICO)
- Dogecoin (DOGE)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- Tezos (TZS)
CoinJar is actively assessing other cryptocurrencies, so it’s likely that more will be added to this list in the future.
Payment Methods
UK residents have a three payment methods they can use to get cash into CoinJar.
Firstly, UK residents can deposit GBP into CoinJar with a UK bank transfer via the Faster Payments Service (FPS). The minimum deposit is £5, and the upper limit for most people is £25,000 per day.
When I tested CoinJar, my initial deposit was credited in about 3 hours. The follow-up deposit I made a few hours later was credited to my CoinJar account in less than 5 minutes, which is what you’d expect from a payment made via the FPS.
Secondly, UK residents can deposit EUR into CoinJar with a SEPA bank transfer. The upper limit on deposits are lower though, at the equivalent of £5,000 per day.
Finally, UK residents have also been able to instantly buy Bitcoin (BTC) and any other supported cryptocurrency with a debit or credit card. When I checked my own account’s limits, this appeared to be limited to £5,000 per day.
Australian users can deposit AUD into CoinJar via PayID and Blueshyft:
- PayID utilises the New Payments Platform (NPP), which means it should be credited near instantly. However, that’s not supported by all Australian banks just yet. If yours does support PayID, then this seems like the best way to go.
- Blueshyft allows you to instantly deposit cash into your CoinJar account from a number of locations across Australia.
Australian users can also instantly buy supported cryptocurrencies on CoinJar with a debit or credit card.
CoinJar Fees
Deposit & Withdrawal Fees
Unless you’re an Australian looking to deposit AUD using Blueshyft, it doesn’t cost anything to get your money into CoinJar. You can also withdraw GBP or AUD free of charge.
| Deposit | Withdrawal | |
|---|---|---|
| UK Bank Transfer (GBP) | Free | Free |
| PayID (AUD) | Free | NA |
| Blueshyft (AUD) | 1.5% | NA |
You can deposit Bitcoin (BTC) and any other supported cryptocurrency into CoinJar for free.
However, you will be charged a dynamic fee to withdraw most cryptocurrencies from CoinJar. The only exceptions to this are for withdrawals of Litecoin (LTC), Ripple (XRP), Stellar Lumens (XLM), Algorand (ALGO), and EOS (EOS).
It’s normal to expect dynamic fees for cryptocurrency withdrawals, as the cost of sending transactions on blockchain networks can significantly vary from day-to-day.
Buying & Selling Fees
The fees you’ll get charged when buying or selling Bitcoin (BTC) on CoinJar are transparent and competitive.
There’s a flat 1% fee when you buy, sell, or exchange any cryptocurrency.
On top of this, you’ll be quoted Bitcoin (BTC) prices that are close to the real BTC to GBP exchange rate. When I tested CoinJar, its prices were about 0.2% higher than the real BTC to GBP exchange rate.
This exchange rate is variable and determined by the best possible price that is available on CoinJar Exchange.
In total, this meant that I paid about 1.2% in fees when I bought Bitcoin (BTC) on CoinJar.
If you want to use a debit or credit card to instantly buy Bitcoin (BTC), then you’ll be charged a higher fee of 2%. This is extremely competitive – and makes it one of the best places to buy Bitcoin (BTC) with a debit card in the UK.
When you’re buying cryptocurrency on CoinJar, they’ll tell you what exchange rate you’re buying or selling at. I’ve highlighted this in the image below.
You’ll need to compare that to the real exchange rate. You can find this out for Bitcoin (BTC) with something like Coindesk’s BPI or by finding a relevant market on a popular cryptocurrency exchange like Binance.
Plug these two numbers into this calculator. This will tell you the percentage difference between the two numbers.
When I checked other cryptocurrencies available on CoinJar, the prices I was quoted were a little inconsistent (see table below for a sample). Again, this is because the exchange rate you’re offered for each cryptocurrency is determined by the best price on CoinJar Exchange at the time you’re buying or selling.
| Cryptocurrency | % Above Real Exchange Rate |
|---|---|
| Ethereum (ETH) | 0.3% |
| Litecoin (LTC) | 0.6% |
| Ripple (XRP) | 0.2% |
If you’re looking to use CoinJar Exchange, you’ll pay a slightly lower fee. Instead of paying a flat 1% fee, you’ll pay a maximum of 0.10% in fees (but this is lower depending on your monthly volume). If you trade between cryptocurrencies on CoinJar Exchange, then you’ll only pay up to 0.06% in fees.
CoinJar Rewards
When you perform certain actions on CoinJar, you’ll be rewarded with CoinJar Reward Points that can be redeemed in the CoinJar Rewards Store.
You can redeem points for things like exclusive discounts, gift cards, t-shirts, and socks. You can redeem some points to execute a fee-free currency exchange too.
Here’s how you can earn these CoinJar Reward Points:
| Activity | Points Earned |
|---|---|
| Buy & Sell Cryptocurrency | 1 point for every £5 transacted |
| CoinJar Card Transactions | 2 points per £1 spent on eligible purchases |
| Refer a Friend Bonus | 500 points |
CoinJar Bundles
CoinJar Bundles allows you to buy various bundles of cryptocurrencies in a single transaction. You can then easily track the performance of that bundle over time.
One of the bundles available is the ‘Popular Trio Bundle’, which provides you with a weighted allocation (based on market capitalisation) to Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
You can check out all the bundles available via the CoinJar mobile app or its web interface. If you want more details, check out this knowledgebase article.
CoinJar Card
CoinJar also offers a crypto debit card, called CoinJar Card, for UK and Australian users. It can be used anywhere that accepts Mastercard (which is pretty much everywhere these days).
The best thing about this?
Unlike some alternatives (e.g., Crypto.com Visa Card), it covers your spending (in-store and online) by automatically converting cryptocurrencies that you’re holding in your CoinJar account. It’s all handled on-demand. Pretty cool.
If this is something you’re curious about, then check out my full CoinJar Card review.
Here are some of CoinJar Card’s fees I picked out:
| Fee | Amount |
|---|---|
| Card Issuance | Free |
| Account Management | Free |
| Purchases | 1.00% |
| ATM Withdrawal | 1.00% |
| Foreign Transactions | 2.99% |
And these are CoinJar Card’s limits that you need to know about:
| Limits | Amount (AUD) |
|---|---|
| Maximum Daily Spend | $5000 |
| Daily Transactions | 25 Transactions |
| Minimum ATM Withdrawal Amount | $20 |
| Maximum Daily ATM Withdrawal Amount | $1000 |
| Maximum Daily ATM Withdrawals | 5 |
CoinJar Alternatives
The closest alternative to CoinJar is Coinbase.
Like CoinJar, Coinbase is great for beginners who have never bought, sold, or stored cryptocurrencies like Bitcoin (BTC) before. Its fees aren’t market-leading, but it’s a great way to quickly and easily buy and sell cryptocurrencies.
Another similar alternative is Luno.
Luno’s mobile app is superb and they have competitive fees if you deposit GBP using a UK bank transfer (1.5%). However, they support fewer cryptocurrencies than CoinJar or Coinbase. To find out more, check out my Luno review.
I’ve reviewed lots of other ways that you can buy Bitcoin (BTC) in the UK. Check my overview of the best ways to buy Bitcoin (BTC) in the UK to explore more.
The Bottom Line
CoinJar seems like a good option for UK and Australian residents.
CoinJar’s platform has a simple design that is easy to use and perfect for beginners who want to quickly buy and sell Bitcoin (BTC) and a growing number of other popular cryptocurrencies.
If you’re looking to buy Bitcoin (BTC), CoinJar’s fees seem competitive too. You’re charged a fixed fee of 1% when buying with GBP deposted with a UK bank transfer, or 2% if you want to instantly buy a cryptocurrency with a debit or credit card.
For more advanced users, there’s also CoinJar Exchange. It doesn’t have as much GBP trading volume as alternatives (although it is growing), but it has everything you’d want from a cryptocurrency exchange. You’ll also pay lower fees if you use this (max 0.10%).
Register on CoinJar’s website (and get verified quickly).
Have Questions?
Thanks for reading this CoinJar review!
Have a question about CoinJar?
Let me know in the comments below and I’ll get back to you ASAP!
Just when I thought that my mind was finally made up to start with Kraken then I read this review. Coinjar looks great but from all other conversation I have read the consensus is to not use an exchange that does not allow you access to your private key for self cold wallet storage of your coins, thoughts please.
Thanks for commenting, Mark!
A common expression in the crypto-space is “not your keys, not your coins”. The idea behind this is that people should not custody of their cryptocurrency by withdrawing from a cryptocurrency broker or exchange to a wallet that ONLY they control. However, this means you’re responsible for keeping your funds safe (and there’s no one to help if something goes wrong).
Most places I’ve checked out (including Kraken and CoinJar) do allow deposits/withdrawals of cryptocurrencies they support. PayPal and Ziglu don’t though. Revolut is another one – but it is currently testing out BTC withdrawals for Metal (paid plan) users.
Hope this helps a little!
Hi Dean,
Firstly, thank you for the informative beginner-friendly website. The crypto asset world is a daunting experience for the novice!
I might start with Coinjar. I accept your position on Coinbase Pro (much cheaper than Coinbase) but I am not ready for an exchange and if I become ready I could use the Coinjar exchange.
It is the Coinjar bundles that interest me. I invest in stocks & shares but not in the individual securities. I use fund managers like Fidelity, Liontrust, Schroders, etc. So when it comes to crypto assets I am seeking a similar fund manager type approach and only Coinjar and eToro seem to provide this.
The Coinjar Universe bundle is market cap weighted although the cap is adjusted. E.g. Although BTC makes up around 44% of the crypto-market (today), the Coinjar Universe bundle limits exposure to max 25%. Also, although the initial 1% entry fee is fine, the quarterly rebalancing (good) looks like you have to unbundle (free) but then purchase the rebalanced bundle and incur another 1% fee. That said, it looks like you can simply stay put (choosing not to follow the rebalance) as per your original investment and no additional fees apply.
eToro have a ‘CryptoPortfolio’ but although they say the portfolio is market cap based, their current BTC exposure is just 21%. There appears to be a degree of coin evaluation in the eToro portfolio, like I get from my fund manager, but the rebalancing is not as regular as for Coinjar Universe, apparently it is yearly or at their discretion. Comparing the two approaches, I think it is six of one, half a dozen of the other.
Perhaps it is too early to expect easy-access, managed, diversified crypto funds like there are for stocks & shares but are you aware of any other bundle/fund type offerings out there for the average Joe? (I don’t mean private crypto asset management that requires six-figure minimum investments).
Best Wishes
Penny
Thanks for the kind words, Penny! I’m glad you’ve found it useful.
You’re correct about the CoinJar Bundles – it won’t automatically rebalance, you have to manually go through the motions. However, if you unbundle and sell (the easiest option), then you’ll pay a 1% fee. You’ll then pay another 1% fee to re-buy the bundle.
An alternative I’ve come across is the Bitpanda Crypto Index. However, this looks like it charges a 1.99% fee whenever you buy/sell (which seems a bit steep).
Another option is to use something like Shrimpy.io, which can be configured to be like a weighted index fund. However, this is a paid tool ($15 per month if you pay ahead for a year) and is more hands-on than CoinJar’s Bundles or eToro’s CryptoPortfolio. That said, once you’re got it all configured the way you want it, then you don’t need to mess around with it too much.
Hope this helps!