CoinJar Guide – For Australians

What is CoinJar?

CoinJar is an Australian bitcoin platform that allows users to buy and sell bitcoins. To date, CoinJar has over
70,000 customers and has processed $100 million worth of transactions.

Deposits into CoinJar are made using a number of different methods including POLI, BPAY or Cash Deposits.

CoinJar also has many features which provide it an advanatage over it’s competitors including:

✅ Hedged Accounts
✅ Buying and Selling Bitcoin only costs a flat 1% fee
✅ Fee Free Transfers using BPAY and POLi
✅ Fast Transfers (seconds)
✅ Debit Card to withdraw Bitcoin Balances

How Do I Signup to CoinJar?

The signup process for CoinJar is relatively easy.

Step 1. Navigate to the CoinJar website, Fill in Your Personal Information & Click Register

Click on the following link: CoinJar

Fill in your “Full name” and “Email address” (as per the screenshot below).

Once this is done, click the “Sign Up Now” button.

Step 2. Create a Password and Click Signup

You will then be taken to another screen where you will be required create and confirm a new password.

Once this is done, click signup (see the screenshot below):

Step 3. Go to your Inbox to locate the “signup” email and Confirm Your Account

Go to your inbox, locate the confirmation email and open it.

Once open, click on the “Confirm My Account” button (see the screenshot below).

Your should be redirected to the CoinJar main page where you will recieve the following confirmation message “Your Account was successfully confirmed. You can now sign in.”

 

Step 4. Login using your “Email Address” and “Password”

Step 5. Choose a username 

You will then be asked to choose a username.

Note! This cannot be changed.

Step 6.Verify Your Phone Number

You will then be asked to verify your account with a “phone number”. 

Note! This can be completed at a later period.

Step 7. Complete the Steps to Get Verified

In order to buy and sell bitcoin, ethereum, litecoin and ripple you will be required to go through a verification process.

Click on the “Get Verified now” link (see the screenshot below).

This should take you to a screen where you will be required to go through 3 stages: “filling out your personal details”, “uploading your identity documents” and completing a “compliance review” (see the screenshot below).

Once this ID verification process is complete you will be free to use your account. For reference, CoinJar mentions that it should only take 1-3 business days:

How Does the Trading Process Work?

CoinJar is different to a cryptocurrency trading platform whereby you will be buying and selling cryptocurrencies from other users.

Instead, what will be happening if that you would be buying and selling cryptocurrency to CoinJar itself. Prices for bitcoin are determined using a “mid market rate”, that is CoinJar combines the spot rate of bitcoin from multiple exchanges and averages them to arrive at the mid-market rate.

Note! If you are lucky CoinJar is rolling out functionality that also give you the option to buy/sell other cryptocurrencies besides bitcoin including Ethereum, LiteCoin and Ripple. Note this does not seem to be active for all accounts but is expected to be available for all accounts in the near future (see the screenshot below).

Fee Structure

It is inexpensive to trade on CoinJar with the fee structure as follows:

  • Deposits: Free (POLi, BPay, Internet Banking), 2.5% (Blueshyft)
  • Trading Fees: 1%

Buying CryptoCurrency

Step 1. Load Your Account with Funds

To load funds into your account, click on “Quick Deposit”. (screenshot below)

Once this is selected you will be presented with 3 options.

I have listed these below with some extra information:

Step 2. Purchase Bitcoin (Litecoin, Ethereum and Ripple can also be enabled)

To purchase Bitcoin click on “Payments” on the left hand bar.

Then click on “Transfer”:

Then enter in the amount to be transferred in AUD. Once complete click “Review and Confirm”.

This should take you to the “Review and Confirm” Page. If you are happy, click “Pay Now”.

Once your transaction is complete, you should recieve the following confirmation screen.

As discussed, these same series of steps can be completed if you have the Ethereum, Litecoin or Ripple options enabled.

Selling CryptoCurrency

1. Select the “Sell” Option

Click on “Trade” on the left hand sidebar and then select “Sell”.

2. Fill in the Amount of Cryptocurrency to be Sold

Enter in the amount to be sold in AUD or BTC (note there is an icon that allows the currency to be substitute).

Once this is complete, click “Review and Confirm”.

3. Review and Confirm the Amount to be Sold 

Review the amount of cryptocurrency to be sold.

The funds should be transferred to your cash account.

Select “Pay Now” once happy.

4. Transaction Confirmation Screen

You will then be presented with a confirmation screen to confirm your transaction.

(Bonus) Step 3. Adding a Litecoin, Ethereum or Ripple Account

To add an account click “Add Account”:

Then select the account you want to add. Note in this example we are selecting Ripple. Once complete, click “Add Account”.

Once complete, your account should be added as follows:

P.S. If you would like to sign-up to CoinJar click here.

If you would like to sign-up to similar cryptocurrency to cryptocurrency exchange, you can sign up to Binance. Click Here for a guide to the sign-up process.

P.P.S We also recommend storing your cryptocurrency on cold storage wallet like the Nano Ledger S (click here) or Trezor (click hereor KeepKey (click here).

P.P.P.S If you would like to get an EDGE ON YOUR CRYPTO TRADES, we recommend you use a charting tool like Trading View (click here to sign up for FREE)

Note, TradingView is free to use but also has paid upgrades that provide extra benefits like automated SMS and email alerts.

P.P.P.P.S You can also get access to PREMIUM TRADING SIGNALS in one EASY TO USE PACKAGE (to be used with TradingView) from the following site:  https://www.cryptotradesignals.org/

(Bonus) Tired of trading? Prefer to HODL? Click Here to check the out our post on the how to earn passive income from with masternodes. We also provide recommendations for the Top 4 cryptocurrencies that earn returns of between 6%-93% per annum.

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