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Coinjar Exchange Review: Fees, Pros, Cons & Features

Coinjar is a famous Australian cryptocurrency exchange that allows Australians to buy and sell 5 cryptocurrencies, namely Bitcoin, Ethereum, Litecoin, Ripple and Zcash.
Rating 3.5/5

Coinjar is an Australian cryptocurrency exchange broker that allows you to buy and sell a range of different cryptocurrencies. The platform supports fiat currency deposits and withdrawals, although these facilities are reserved for Australian residents only.

If you’re thinking about buying and selling cryptocurrencies at Coinjar, make sure that you read our comprehensive guide first. We’ll cover everything you need to know, such as fees, supported coins, security, user-friendliness, and more.

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    If you don’t quite have the time to read our guide in its entirety, then our conclusion argues that you should opt against opening an account with Coinjar.

    Not only are fiat currency facilities restricted to all non-Australian residents, but the platform only lists five cryptocurrencies. We prefer regulated platforms such as Coinbase.

    What is Coinjar?

    Coinjar is a cryptocurrency exchange broker that allows you to buy and sell cryptocurrencies. The platform lists five coins in particular – notably Bitcoin, Ethereum, Litecoin, Ripple and Zcash.

    The platform is very popular in Australia, as it allows local residents to deposit and withdraw funds using a bank account. For those based outside of Australia, you can only use the Coinjar platform if you are depositing funds with a cryptocurrency.

    In the future, the team at Coinjar are planning to expand their user base to other countries, however at the time of writing there is no clear indication when this will be.

    On top of its traditional exchange-based services, Coinjar also offers a cryptocurrency index fund. This allows you to speculate on the movement of four cryptocurrencies via one simple investment.

    How does Coinjar Work?

    Coinjar works in a similar way to most cryptocurrency exchanges. If you’re from Australia, you have the option of funding your account via your local bank account. If not, then you’ll need to deposit funds with a cryptocurrency. Once your account is funded, you can then buy and sell cryptocurrencies.

    Coinjar makes their money by charging transaction fees every time you trade.

    Once you’ve bought your desired cryptocurrency, you can then store it via the Coinjar wallet, or withdraw them to private Bitcoin wallets of your choosing.

    On top of traditional brokerage services, you can also trade crypto-to-crypto pairs on the Coinjar platform. This includes a range of real-time technical charts that can assist with your decision-making process.

    When you do trade Bitcoin and other cryptocurrencies at Coinjar, you only have the option of going long. This means that you can’t speculate on the market going down in value. If this is something that you want to do, then you’ll need to use a platform like Coinbase.

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    68% of retail CFD accounts lose money.
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    68% of retail CFD accounts lose money.
    As prices of digital assets are highly volatile, users could lose all or a substantial portion of the value of any digital asset they purchase.
    74% of retail investor accounts lose money when trading CFDs with this provider.
    The price and value of any investment in digital asset products can fluctuate.
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    71% of retail CFD accounts lose money.
    Rating
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    Mobile App Rating
    10/10
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    Mobile App
    Wallet
    Number of Coins
    13410859223412465215
    Trading Fees
    Spreads0.2%Spreads0.1%0.1%0.1%0.1%0.50%Spreads
    Deposit Fees
    N/AN/AN/AN/AN/AN/AN/AN/AN/A
    Withdrawal Fees
    $5N/AN/A0.0005 BTCN/AN/AN/AN/AN/A
    Regulated
    ASIC, CySEC, FCAN/ACySECN/AN/AN/AFCAFCACBI, MiFID
    Min. Deposit
    $50N/A100 EURN/AN/A$10$10$2$100
    Leveraged Trading
    N/A1-200xN/A1 - 100x1 - 100x1 - 10x1 - 100xN/A1 - 30x
    Bitcoin
    $30268.42$40377.55$30386.45$30288.09$40391.88$40393.04$40404.41$40416.27$30371.32
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    $0.43$0.78$0.42N/A$0.23N/A$0.78$0.30$0.43
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    $72.96$108.99$71.96N/A$109.04N/A$109.10$109.04$72.03
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