Coinjar wallet review

Coinjar
Intuitive Ease of use,  Low Privacy,  Wallet platform Private Keys Stored

Coinjar is simple to use and provides a great deal of functionality. Although some services are available worldwide the best functionality is only in Australia. They do issue debit cards to Australians that will allow you to spend bitcoins everywhere. They also provide some advanced security options.

CoinJar can be used as a free Bitcoin wallet for world-wide users, offering support for fiat-currency deposits and withdrawals (AUD only). Bitcoin can be hedged against the USD, EUR, GBP and AUD to protect it from price volatility. Also, CoinJar provides Australia's first Bitcoin debit card, called CoinJar Swipe, that can be used for ATM cash withdrawals or merchant terminals.

Company / organization behind the wallets

CoinJar is backed by leading investors AngelCube and Blackbird Ventures. The company was founded in 2016 by Asher Tan (@ashertn - Twitter) and Zhou Tong (@zhoutong - Twitter). CoinJar was listed by The Sydney Morning Herald as one of the 13 Australian start-ups to watch in 2016. There have been press allegations that Zhou Tong has been involved in past wrongdoings at Bitcoinica, one of the companies he founded.

Crypto Currencies Support

Traditional Currency Support

  • Australian Dollar (AUD)
  • Pound sterling (GBP)
  • Euros (EUR)
  • US Dollar (USD)

Language Support

  • English

Supported Systems

  • Android
  • iOS

CoinJar has two security pillars, one being the strong unique passwords each users chooses and the second is the Enhanced Security (also known as Multi-Factor Authentication). The Enhanced Security package can be set-up by choosing SMS authentication or TOTP (Time-based One-Time Password ). Overall this wallet software is a hot-storage option and should be treated with caution.

Summary:

Security
Low
2 Factor Authentication
Yes
Multi-Signature
No
Private Keys Stored On
Wallet platform
Storage Type
Hot storage
Transactions Validation
SPV or Lightweight client
Hierarchical Deterministic
No

What happens in the event of a disaster/theft/loss?

The user has a 'root key', 'recovery phrase' or 'word seed' that can be used to regenerate private keys.

Compared to other wallet platform, CoinJar has a more user-friendly approach to the non-tech-savy persons. Also it provides a great option for users that haven't had any experience with Bitcoin, since they can make a top-up from their bank account instantly.

Summary:

This wallet is targeted to Australian customers and seamless transition between the crypto world and the real world. It's easy to buy, sell and spend bitcoin with this wallet. Security is not their main priority but there are some extra options that make it reasonably safe.

Ease of use
Intuitive
Suitable For
Millennials
Account activation process
Involved
Transaction fees
Set transaction fees
Setup fee
$0.00

Functionality:

  • Buy coins using bank account
  • Withdrawal funds to bank account
  • Issue a debit card

CoinJar can be used as a free Bitcoin wallet for world-wide users, offering support for fiat-currency deposits and withdrawals (AUD only). Bitcoin can be hedged against the USD, EUR, GBP and AUD to protect it from price volatility. Also, CoinJar provides Australia's first Bitcoin debit card, called CoinJar Swipe, that can be used for ATM cash withdrawals or merchant terminals.

The wallet platform has built the exchange function in their own software and manages it locally.

Help and
support:

  • FAQ section
  • Contact form
  • Email

Personal information for activation account:

  • Name
  • Email Address
  • Phone Number
  • Passport/ID
  • Proof of address

Most common
customer complaint:

long response times for customer support.