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What is CoinJar?

Vidhu Bajaj avatar
Vidhu Bajaj
- 2 min read
What is CoinJar?

CoinJar is a Melbourne-based cryptocurrency exchange platform launched in 2013 by co-founders Asher Tan and Ryan Zhou. Its audience base in the early years was limited to Australian users, but it has since expanded internationally to many different countries. It enables users to buy, sell, store, and trade over 50 different cryptocurrencies. Launched just four years after Bitcoin came into existence, CoinJar is one of the longest-running crypto exchanges globally.

Besides functioning as a cryptocurrency exchange, CoinJar offers a separate suite of services (CoinJar Clear, CoinJar Custody, and CoinJar Payout) that are designed to help businesses get started with using cryptocurrencies as a mode of finance and payment.

CoinJar features for Australians

Even though CoinJar has expanded internationally, it still delivers services tailored to the Australian audience. Payment systems popular in Australia, like PayID and Blueshyft, can be used for making payments on CoinJar. CoinJar also does not charge any fees when AUD is withdrawn from a user’s CoinJar account to their bank account. 

CoinJar members can spend their cryptocurrency online and in physical stores using their CoinJar card. CoinJar says on its website that the card is free to set up, and there’s no monthly fee for using it. Eligible transactions using the card earn reward points that can be redeemed at the CoinJar Rewards Store.

Another interesting feature on the platform is CoinJar Bundles, where various cryptocurrencies are grouped together and can be purchased as a single bundle. This allows users to diversify and spread their investments over a range of cryptocurrencies rather than on individual ones. The CoinJar Universe bundle, for example, is a bundle of the top 25 cryptos on CoinJar, and this bundle can be purchased as a single entity. You can then sell the bundle as a whole or unbundle it and trade individual cryptocurrencies.

How to buy Bitcoin with CoinJar?

You need to sign up and open an account on CoinJar to buy Bitcoin or any other cryptocurrency listed on the exchange. To join CoinJar:

  1. Step 1: Sign up for an account on CoinJar.com or via the CoinJar app.
  2. Step 2: Verify your identity by providing the relevant details and documents. You can check this identity verification guide to learn about the different documents needed to open an account on CoinJar.
  3. Step 3: Transfer fiat currency into your CoinJar account via bank transfer, debit card, credit card, or any of the other supported payment methods.
  4. Step 4: You can now buy, sell, hold and trade Bitcoin or other cryptocurrencies on the platform.

Note that the CoinJar exchange could charge you a transaction fee when you use it for buying and selling cryptocurrencies. You can find more information about the fees charged by the exchange on their pricing and fees page. You could also consider comparing the fees, features and benefits offered by different cryptocurrency platforms to select one that best suits your investing style.

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Product database updated 14 Jul, 2024

This article was reviewed by Personal Finance Editor Peter Terlato before it was published as part of RateCity's Fact Check process.