Coinjar vs Binance: Wondering which cryptocurrency exchange to use? We've compared Coinjar and Binance across a range of factors including KYC requirements, country availability, product offerings, trading fees, deposit methods and more. Keep reading to find out which exchange is the best fit for you!
CoinJar is an Australian cryptocurrency platform that is licensed by AUSTRAC and that was founded in 2013 by Asher Tan and Ryan Zhou. They have their headquarters located in Melbourne, Australia where they have over 30 employees.
CoinJar is one of the world’s longest-running cryptocurrency exchanges that has helped onboard more than 600,000 people in Australia and the UK. CoinJar's mission to make it as simple and secure as possible for people to invest in the cryptocurrency future.
On CoinJar, users can buy and sell more than 50 cryptocurrencies and the exchange's services are also available on Android and IOS where it has over 100,000 downloads and a somewhat weak 3.6 star rating.
Binance was founded in 2017 by Changpeng Zhao and is registered in Cayman Islands as Binance Holdings Ltd. The company has over 6400 employees and it's services are available in over 180 countries.
As one of the largest and most popular trading platforms, Binance offers a comprehensive suite of trading and financial services including spot trading, futures trading, staking, earn products, launchpad, NFT market place and more.
The exchange supports over 350 cryptocurrencies, numerous trading pairs and is the most liquid exchange in the world with over 120 million users. The Binance Android app has been downloaded over 50 million times and has a rating of 4.4 based on over 1 million reviews.
Coinjar vs Binance Signup & KYC
When it comes to signup and KYC, creating an account on CoinJar requires users to enter their full name, email, password and country of residence. However, it's important to note that Coinjar is only available to residents in the UK and Australia.
Once registered, KYC is mandatory for all CoinJar users, and no buying or selling can occur without a verified account. For those who want to complete KYC on CoinJar, they will first have to download the app to pass identity verification.
The verification process entails providing personal information, submitting a valid government ID and being a citizen of either Australia or the UK.
On the other hand, creating a Binance account takes less than a minute but in order to unlock full account privileges, users must verify their account. Binance requires users to verify their identity through a KYC process, and users cannot trade before completing it.
Users need to submit all of the required information and documents for verification, such as country of residence, address and a government ID. The KYC verification process on Binance can be as short as 15 minutes, but it can take up to 2-3 business days in some cases.
So while both CoinJar and Binance require KYC verification for their users, CoinJar has the more cumbersome process and is only available in the UK and Australia. Binance in contrast is available to users in over 180 countries and a faster signup process than CoinJar.
Coinjar vs Binance Products & Services
CoinJar is a very basic exchange that does not offer too many products and services. They offer basic buying and selling of over 50 cryptocurrencies such as Bitcoin, Ethereum, Ripple, Cardano, Solana, Polygon, Avalanche and a few others.
For those that prefer a classic orderbook, CoinJar also offers a traditional exchange where users can buy and sell via spot trading. Besides buying individual cryptocurencies, users can only buy and sell bundles which is equivalent of index funds with cryptocurrencies.
CoinJar has also issued the CoinJar Card that let's users spend cryptocurrencies like cash wich earns rewards with each purchase. Finally, CoinJar also offers OTC solutions for institutions that wish to buy cryptocurrencies for larger amounts.
The user experience on CoinJar is good and the interface is easy to use for beginners. This is in part because the website is well designed but also because it offers very few products and services.
Moving on, Binance provides a much wider variety of trading services than CoinJar which includes spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading.
Binance also offers futures contracts that can be settled either perpetually or on a quarterly basis, using USDT, BUSD, or other cryptocurrencies. Liquidity on Binance is one of the best in the world with daily spot trading volumes frequently exceeding $10 billion.
In terms of leverage, Binance offers up to 125X on futures and 5X on margin trading with USDT, BUSD, BNB, BT, Alts and fiat as underlying collateral.
Binance also offers trading bots and copy trading, which allows users to follow and copy the trades of successful traders automatically. Lastly, Binance provides leveraged tokens and for users who want to earn on their assets, staking, lending and different types of vaults.
The user experience on Binance is quite good considering that the exchange offers such a wide range of products. Having said that, a smaller exchange like CoinJar will clearly be easier to navigate for beginners.
Having said that, it's worth taking the time to signup and get familiar with Binance considering the wide range of products and lower trading fees it offers.
Moving on to trading fees, let's compare CoinJar and Binance and find out which one is cheaper!
First, let's talk about Binance. They charge a spot maker fee of 0.1% and a spot taker fee of 0.10%. For futures trading, the maker fee is 0.02% and the taker fee is 0.04%.
What's great about Binance is that they offer discounts on trading fees if users monthly trade volumes exceed $1 million or if you hold at least 25 BNB tokens.
Now let's look at CoinJar. For takers, crypto-to-crypto and crypto-to-stablecoin trades on the CoinJar exchange will incur a flat 0.06% fee. The maker and taker fee for users using AUD or GBP as trading pairs begin at 0.1% and can be further reduced for high volume traders.
These trading fees are on par with Binance with the main downside being that they can't match the liquidity available on Binance.
The threshold to receive lower trading fees begins at $100,000 and goes up to $10,000,000. However, for users that use the regular buy and sell functionality (trading) on CoinJar, they will pay a 1% trading fee and 2% for instant buys. That's significantly higher than Binance's fees.
When it comes to deposit methods, CoinJar offers their Australian users three AUD deposit methods which includes PayID, Bank transfer and Blueshyft. PayID has no deposit fee and normally arrives within a minute while bank transfers are also free, but typically arrived in 1-3 business days.
For useres who wish to deposit with Blueshyft, that comes with a 1.5% process fee and arrives instantly. For their UK users, CoinJar allows for GBP deposits via Faster Payments (FSP) which are free and arrive within 1-2 hours.
Users can also deposit EUR via SEPA free of charge with a 1-2 business day arrival time. For users who prefer to use Instant Buy with a credit/debit card, they will have to pay 2% commission fee.
Moving on to Binance, they support over 20 fiat currencies including USD, EUR, AUD, GBP, SEK, DKK, PLN and many others. The fiat deposit methods for Binance include Bank transfers via Swift, Signet, SEPA and Faster Payments (FSP).
Fiat deposits are also possible with Visa, Mastercard, PayID and Advcash. Fiat currencies can be deposited with Visa and Master with a fee of 1.8% while bank transfer via SEPA has a low 1 EUR fee. Advcash deposits are also available but they are more expensive with up to 1.5% fee.
When it comes to withdrawals, both CoinJar and Binance provide their users with options to withdraw fiat and cryptocurrencies.
Fiat withdrawals are also avaialble for CoinJar users via bank transfers. Withdrawals from CoinJar are processed as NPP payments which means that withdrawals are almost instantaneous.
For banks that do not support PayID, the withdrawal will be sent as a standard bank transfer (direct credit) which can take 1-3 business days to arrive. For users that wish to withdraw their cryptocurrencies, that is also possible with a dynamic fee that is unique for each blockchain that is being used.
Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA and GBP via Faster Payments (FSP).Binance charges a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard. 1 EUR withdrawal fee with SEPA. Free bank withdrawals are also available with many other fiat currencies.
Moving on to cryptocurrency withdrawals, for those that want to withdraw Bitcoin, Binance charges a 0.0002 BTC withdrawal fee. For Ethereum and Solana, those fees are 0.000768 ETH and 0.008 SOL.
In conclusion, In our opinion, an exchange like CoinJar can be a good first stepping stone for total beginners who are new to cryptocurrency investing. But we think it's unlikely that users will remain once they come to understand the limitations of the exchange.
Binance is superior to CoinJar is almost every way. This includes a wider range of products and services, more cryptocurrencies, wider country availability and support for more fiat deposits and withdrawals.
It's clear that CoinJar has designed a simple exchange to appeal to beginners who may have no previous experience buy and selling cryptocurrencies. For this segment of users, they may find CoinJar more appealing as Binance can seem intimidating at first glance.
This is understandable and as such, CoinJar can be a good stepping stone for beginners. Having said that, the limitation of the exchange will quickly be obvious and an upgrade will likely be sought.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.