Key Takeaways
- Some things on CoinJar are fee-free, while other things incur a charge
- It is important to know what fees and spreads are.
- Here is everything you need to know.
Navigating fees when using a cryptocurrency platform like CoinJar can feel overwhelming, but it doesn’t have to be. This guide breaks down the fees you might encounter when depositing, withdrawing, trading, or sending cryptocurrencies on CoinJar, making it easy to understand what you’re paying for and why.
Fiat Deposits and Withdrawals: No Fees for Most Methods
When you deposit or withdraw Euro (EUR) to and from your CoinJar account, you’re in luck, most methods are free!
Here’s a quick look at the fiat deposit method for Ireland:
-SEPA Deposit (EUR): Free
However, if you dispute a deposit transaction or request an investigation with your bank (for any reason, including fraud), a dispute fee will apply. So keep this in mind when managing transactions.
Cryptocurrency Deposits: Free Across the Board
Good news for crypto enthusiasts: Depositing cryptocurrencies (once they are supported on the platform) into your CoinJar account is completely free, whether you’re receiving funds from an external wallet or another CoinJar member. No hidden costs here!
Keep in mind that additional fees may be applied by your bank provider. This is outside of CoinJar’s control and you should always check with your bank.
Trading Fees: A Flat Rate for Simplicity
When you convert between cryptocurrencies or between fiat and cryptocurrencies, CoinJar charges a straightforward 1% fee based on the transaction amount. This applies to:
-Converting fiat to cryptocurrency
-Converting cryptocurrency to fiat
-Converting one cryptocurrency to another
This flat rate keeps things predictable, so you always know what to expect when trading.
How CoinJar Sets Its Prices
There’s always a difference between the buy price and the sell price — this is called the spread. -If you’re trading about €2,000, you’ll probably get the price you see.
-If you’re trading a lot more money, the gap (spread) between the buy and sell price might be bigger.
-If you’re trading a smaller amount, the gap might be smaller.
Sending and Receiving Cryptocurrencies: Network Fees Apply
Sending cryptocurrencies to another CoinJar member is free, and receiving crypto into your CoinJar account is also free. However, sending crypto to an external wallet may incur a dynamic network fee, which depends on:
-The cryptocurrency being sent
-The blockchain’s congestion level
-The transaction size
You can see the exact fee before confirming a transfer.
What are CoinJar Fees?
CoinJar keeps fees simple and transparent, with no charges for most fiat and crypto deposits, a flat 1% trading fee, and dynamic network fees for external crypto transfers.
Always review the quoted fees before confirming any transaction, and check CoinJar’s settings to customise your reference currency for a clearer view of your account’s value.
