Coinjar Crypto Wallet Review: Is It a Secure Option?

Coinjar Wallet is a cryptocurrency wallet that allows you to send, receive, and store digital assets. It also supports high-frequency over-the-counter dealing and has personalized account management facilities for institutional traders.

What is Coinjar Wallet?

So let’s check the offerings of this platform in our Coinjar Wallet review. Here, you can deal in popular crypto coins like Bitcoin, Ethereum, Litecoin, Ripple, Lumens, Algorand, and EOS. It also supports 35 ERC-20 tokens. With Coinjar, you can send and receive digital assets via dedicated mobile apps, managing your crypto coins on the go.

How does Coinjar Wallet work?

After signing in to the platform, you need to visit the settings page. Here, you will find the transfers tab located on the left-hand side. Select this option and it will open a new transfer page. Here, you can choose the source and destination account. Enter the transfer amount and click on “Review” and “Confirm”. 

For converting between assets, you need to navigate to the Convert page and select the source and destination crypto coins. If you wish, you can add a note for future reference. Click on “Confirm” to finalize the conversion. The Coinjar Wallet app works on Android and iOS. It has an intuitive interface that is focused on mobile devices.

Features of Coinjar Wallet

Here are the main features of this platform:

• Instant purchase with credit and debit card

When you are using Mastercard or Visa to purchase digital assets, you need to pay a low fee of 2%.

• Monitor portfolio performance

Through this wallet, you can keep a close on the performance of each asset. Thanks to the instant alerts, you can make decisions with increased confidence.

• Coinjar card

Using this card, you can withdraw money to your bank account and make purchases. It costs nothing to use and you freely spend your assets. Also, you can earn rewards through which you can fund future deals.

What kind of wallet is Coinjar Wallet?

Coinjar is a hot wallet. Each user is provided with an address that they can use to send and receive digital assets. Unlike other wallets, there is no key involved, and all operations occur through the interface. Although it is a good hot wallet for daily transactions, you shouldn’t store a large number of assets in it.

How to send cryptocurrencies using Coinjar Wallet?

Follow these steps to send crypto coins using this wallet:

1. Open the wallet app
2. Select the Send options from the Quick Actions bar
3. Select the source and destination accounts
4. Enter the amount
5. Check the details and confirm

Supported coins

Apart from Bitcoin, Ethereum, Litecoin, Ripple, Lumens, Algorand, and EOS, the wallet supports 35 ERC-20 tokens. 

Is Coinjar Wallet safe?

This wallet employs Transport Layer Security and data encryption to safeguard user data. It uses machine learning to detect unwarranted access and fraud. Most of the digital assets are stored offline in safe locations. There is a reserve fund that covers your assets. 

Does Coinjar Wallet charge fees?

There is a 1% conversion fee applicable when you transfer between digital currency accounts or between a digital currency and a cash account. For LTC, XRP, XLM, ALGO, and EOS, there are no transaction fees. For all other crypto coins, you need to pay a dynamic fee. Although crypto deposits are free, a small fee is applicable for Instant Buy and Blueshyft.

Customer support & reviews 

If you are in need of support, you can check the knowledge base or raise a support request through the website. Unfortunately, on-call and email support are not available. 

This wallet has an average rating of 4.2 on Trustpilot and most of the reviews are positive.

Coinjar Wallet pricing

The wallet itself is free to use, nevertheless, transaction and conversion costs are applicable.

Coinjar vs competitors

Coinjar has advanced security functionalities and unlike some other platforms, allows for trading. However, the customer support is not up to the mark and it is not suitable for storing large amounts of crypto coins.