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CoinJar Review (2022)

Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.

CoinJar Review
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
  • Functionality
4.7

Summary

CoinJar allows UK and Australian residents to buy, sell, and store Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and 48 more. 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 competitive too, but it does look like you’ll pay higher exchange rates when buying or selling some cryptocurrencies.

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.
  • 4.2* Trustpilot rating (over 1900 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 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 51 other cryptocurrencies.

Disadvantages

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).

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:

  • They have over 400,000 users.
  • They actively manage about £50 million worth of assets.
  • They have helped exchange more than £750 million worth of assets.

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.

They have a 4.2* Trustpilot rating with over 2000 reviews. The most common complaint is about CoinJar’s slow response to support requests.

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 Coinbase Pro or Kraken. 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 expanding into a number of European countries in the near future.

Supported Cryptocurrencies

CoinJar currently supports 52 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)
  • 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)
  • TerraUSD (UST)
  • 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)

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 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 £10,000 per day.

Since May 2021, UK residents have also been able to instantly buy Bitcoin (BTC) and any other supported cryptocurrency with a debit or credit card. You can link up to 3 cards to your account and most people will have a limit of £10,000 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.

Australian users can deposit AUD into CoinJar via PayID, BPAY, 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.
  • BPAY is like a normal bank transfer. It can take days for a BPAY deposit to be credited on CoinJar.
  • 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.

 DepositWithdrawal
UK Bank Transfer (GBP)FreeFree
PayID (AUD)FreeNA
BPAY (AUD)VariesVaries
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 seem 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 above 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.

When I tested CoinJar, its prices were about 0.2% higher than the real BTC to GBP exchange rate. Just to emphasise, this is a variable rate. You’ll have to check the competitiveness of this exchange rate before you buy.

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.

Wait. How do I check the competitiveness of CoinJar’s exchange rate?

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 Preev or by finding a relevant market on a popular cryptocurrency exchange like Binance or Coinbase Pro.

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)1.0%
Litecoin (LTC)1.5%
Ripple (XRP)1.0%
Chainlink (LINK)2.0%
0x (ZRX)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 0.04% 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.

Here’s how you can earn these CoinJar Reward Points:

ActivityPoints Earned
Buy & Sell Cryptocurrency (AUD Only)1 point for every 10 AUD
CoinJar Card Transactions5 points per $1 in fees.
CoinJar Store Purchases5 points
Refer a Friend Bonus500 points

This isn’t currently available in the UK – but will be rolled out in the near future.

CoinJar Bundles

CoinJar has recently added CoinJar Bundles, which 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 Australian users. It can be used anywhere that accepts Mastercard (35+ million places).

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.

Here are some of CoinJar Card’s fees I picked out:

FeeAmount
Card IssuanceFree
Account ManagementFree
Purchases1.00%
ATM Withdrawal1.00%
Foreign Transactions2.99%

And these are CoinJar Card’s limits that you need to know about:

LimitsAmount (AUD)
Maximum Daily Spend$5000
Daily Transactions25 Transactions
Minimum ATM Withdrawal Amount$20
Maximum Daily ATM Withdrawal Amount$1000
Maximum Daily ATM Withdrawals5

Learn everything you need to know about it in my CoinJar Card review.

CoinJar Alternatives

Coinbase Twitter header

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. When I’ve tested it out on different days, I’ve paid about 1.2% in fees. Just keep in mind that the fees you’re charged might vary day-to-day.

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 in 10 mins).

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!

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4 thoughts on “CoinJar Review (2022)”

  1. 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.

    Reply
    • 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!

      Reply
  2. 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

    Reply
    • 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!

      Reply

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