Review: CoinJar - A Cryptocurrency Exchange and Wallet Service
In the world of cryptocurrency, many companies have emerged to facilitate easier transactions, offering services such as wallet storage and exchanges. In this article, we take a closer look at CoinJar, a cryptocurrency startup that operates as both an exchange and a wallet service. We assess whether CoinJar is a reputable exchange and how secure its wallet services are.
About CoinJar
CoinJar is a cryptocurrency platform specializing in Bitcoin brokerage and wallet services. Founded in May 2013 by Asher Tan, a financial analyst, and Ryan Zhou, the platform is designed for sending, receiving, and storing various cryptocurrency tokens. While competing with major players like Coinbase, this Australian-based company aims to promote the mainstream adoption of Bitcoin and other cryptocurrencies. CoinJar currently supports cryptocurrencies like Ethereum, Ripple, Litecoin, Bitcoin, and more. In 2018, it introduced its internal exchange, catering to experienced cryptocurrency traders.
CoinJar prioritizes security by offering high-level encryption and storing customer tokens offline to minimize the risk of hacks, drawing a contrast to incidents like Mt. Gox or Binance. It also offers innovative solutions like CoinJar Swipe, a digital currency debit card, aiming to bridge the gap between traditional finance and cryptocurrencies. Currently available only in Australia, CoinJar Swipe is accepted wherever EFTPOS payments are welcomed. CoinJar conducts transactions in AUD and cryptocurrencies exclusively and is registered with the Australian Transaction Reports and Analysis Centre.
Not limited to a web service, CoinJar provides mobile applications for Android and iOS users to facilitate trading. With over four hundred thousand users and assets exceeding $100 million under its custody, the platform has garnered support from venture capitalist firms including Blackbird Ventures, Boost VC, and Digital Currency Group.
Features
Over its six years of operation, CoinJar has continuously evolved and introduced new features to enhance the user experience. Some of the platform's key features include:
- Wallet Services: CoinJar offers secure storage for various crypto assets, allowing users to store tokens like BTC, ETH, XRP, LTC, and more.
- Exchange: As an exchange, CoinJar facilitates fast and secure cryptocurrency transactions. It provides a demo version for new users and offers valuable data insights such as price charts and order books. Additionally, it includes a daily auction window, granting users access to fairer trading opportunities.
- AUD Support: CoinJar supports AUD transactions and provides hedged accounts, allowing users to temporarily store their assets in fiat currency.
- Customer Support: CoinJar's customer support team is available on weekdays from 9:00 am to 5:30 pm to address customer inquiries. They can also be reached via LinkedIn, Facebook, or Twitter.
Summary
CoinJar serves as both a Bitcoin brokerage platform and a cryptocurrency exchange, holding legal recognition from the Australian Transaction Reports and Analysis Centre. In a landscape marked by various exchange hacking incidents, CoinJar stands out as a secure platform, as it stores most of its holdings offline. If you are interested in trading on CoinJar, you can visit their website for more information.
