In a bid to make cryptocurrency transactions easier, a lot of companies have kickstarted operations as wallet service providers, exchanges, etc. Today, we review CoinJar, a crypto startup involved in the trading of cryptocurrencies both as an exchange and wallet. Is CoinJar a good exchange? Does it offer secure wallet services? Find out in this article.
CoinJar is a cryptocurrency platform which specializes in Bitcoin brokerage and wallet service. Established in May 2013 by Asher Tan (a financial analyst) and Ryan Zhou, CoinJar is used to send, receive, and store cryptocurrency tokens. With major competitors like Coinbase, the Australian based company is out to ensure mainstream recognition of Bitcoin and other cryptocurrencies. It currently supports Ethereum, Ripple, Litecoin, Bitcoin, and many more. In 2018, it launched its internal exchange for experienced traders to trade cryptocurrencies.
It is a secure platform for storing crypto assets. It has a high-level encryption feature. CoinJar reportedly stores customer’s tokens offline to prevent a hack like Mt. Gox or Binance. It has other innovations such as CoinJar Swipe, a digital currency debit card. With this innovation, CoinJar is set to bridge a huge gap between the financial and cryptocurrency industry. CoinJar Swipe is available only in Australia presently and is accepted anywhere that accepts EFTPOS. CoinJar accepts payments in AUD and cryptocurrencies alone. It is also registered with the Australian Transaction Reports and Analysis Centre.
Existing not just as a web service, CoinJar has mobile applications to help ease trades. Available on Android and iOS only. There are presently over four hundred thousand users on the platform with assets worth over $100 million in its custody. The company is backed by venture capitalist firms which include Blackbird Ventures, Boost VC, and Digital Currency Group.
In its six years of existence, CoinJar has developed and added new features to ensure better user experience. We have studied the platform and its features are listed below;
- Wallet Services: CoinJar provides secure storage of crypto assets for its customers. You can store crypto tokens like BTC, ETH, XRP, LTC, etc. on the platform.
- Exchange: As an exchange, CoinJar is built to provide fast, secure cryptocurrency transactions. It features a demo version for its new customers. The exchange provides powerful data insights such as price charts and order book. It has a daily auction window which allows users to have access to fairer opportunities.
- AUD Support: It supports AUD transactions. It also provides hedged accounts for users to temporarily store their assets in fiat currency.
- Customer Support: Its customer support team is available between 9:00 am – 5:30 pm weekdays to attend to customer issues. You can also reach the team on LinkedIn, Facebook or Twitter.
CoinJar is a bitcoin brokerage platform and cryptocurrency exchange. Registered with the Australian Transaction Reports and Analysis Centre, it is a legally recognized platform for trading cryptocurrencies. With multiple exchange-hack stories, CoinJar is rather a safe platform as most of its holdings are stored offline. To trade on CoinJar, visit the website.
- It provides a simple way to store and manage cryptocurrency transactions.
- It offers a fast and secure digital currency exchange.
- CoinJar provides hedged accounts for users who want to store digital currency in fiat.
- It provides additional security features, i.e., two-factor authentication.
- Majority of clients assets are stored offline rather than on the platform to prevent a hack.
- Its features are majorly available for Australian residents. For instance, the Swipe Card is restricted to Australia only.
- The trading platform is only available for a few select currencies.