What Are the Supported Cryptocurrencies on CoinJar?

What are the on CoinJar? What does "supported" mean? How do you avoid common mistakes like sending unsupported tokens to your wallet? We have all the answers in this article.

What Does "Supported Cryptocurrencies" Mean?

A "supported cryptocurrency" refers to any digital asset that CoinJar enables you to trade, store, send, and receive within its platform. Each cryptocurrency comes with specific technical and regulatory requirements.

For example:

Trading

You can buy and sell supported cryptocurrencies directly on CoinJar.

Storage

Supported cryptocurrencies can be stored in your CoinJar wallet.

Sending and Receiving

CoinJar supports transactions for these cryptocurrencies, which means you can send them to external wallets or receive them into your CoinJar account.

Support Matters: Permanent Loss

If a cryptocurrency isn’t supported, or isn’t supported on a certain network, CoinJar cannot process transactions involving that token.

Sending an unsupported token to a CoinJar wallet address could result in the permanent loss of your funds. Understanding which cryptocurrencies are supported is essential to ensure your transactions are safe and successful.

Put simply, if you try to send a type of crypto that CoinJar doesn't support, or try to send crypto using an unsupported network/blockchain, to your CoinJar wallet, it won't work.

You could lose that money forever. So always double-check that the cryptocurrency you're using is one that CoinJar accepts. Stick to the supported list, and you'll be good to go.

CoinJar's Supported Cryptocurrencies

CoinJar supports a wide range of cryptocurrencies. Here's an overview of the key categories of tokens available on CoinJar:

Major Cryptocurrencies

These are some of the most popular and widely-used cryptocurrencies:

-Bitcoin (BTC)

-Ethereum (ETH)

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-Litecoin (LTC)

-Cardano (ADA)

-Dogecoin (DOGE)

-Polkadot (DOT)

-Solana (SOL), and more.

ERC-20 Tokens

ERC-20 tokens are a specific type of cryptocurrency built on the Ethereum blockchain. CoinJar supports many well-known ERC-20 tokens.

Note that Unsupported ERC-20 tokens sent to your CoinJar wallet may be irretrievable. Always verify that the token is supported before initiating a transaction. Here are some supported ERC-20 tokens on CoinJar.

-USD Coin (USDC)

-Tether (USDT)

-Shiba Inu (SHIB)

-Uniswap (UNI)

-Chainlink (LINK)

-Decentraland (MANA), and many more.

Layer 2 and Ecosystem Tokens

CoinJar also supports Layer 2 solutions and specific ecosystem tokens, such as:

-Arbitrum Tokens: Arbitrum (ARB), Ethereum (ETH)

-Optimism Tokens: Optimism (OP), Ethereum (ETH)

Solana Ecosystem Tokens

Solana is a high-performance blockchain known for its speed and low fees. CoinJar supports the following tokens within the Solana ecosystem:

-Bonk (BONK)

-Dogewifhat (WIF)

-Render (RENDER)

-Solana (SOL)

-Official Trump (TRUMP)

-USD Coin (USDC)

Layer 2 solutions and ecosystem tokens offer several advantages. Transactions on these networks are significantly cheaper than on base-layer chains. Reduced congestion leads to quicker confirmations. Tokens like those in the Solana ecosystem support decentralised applications (dApps) and new use cases.

Other Notable Tokens

-Avalanche (AVAX)

-Tezos (XTZ)

-Algorand (ALGO)

-Tron (TRX)

-Various tokens in the Polygon ecosystem (e.g., POL).

For a full and regularly updated list of supported cryptocurrencies, visit the page.

Common Mistakes to Avoid

Cryptocurrency transactions can be irreversible, so it’s crucial to avoid these common mistakes.

Sending Unsupported Cryptocurrencies

If you send an unsupported cryptocurrency (or a supported token on an unsupported blockchain) to your CoinJar wallet, the funds could be permanently lost. For example:

-Sending a token built on Binance Smart Chain (BSC) instead of Ethereum.

-Sending a token that isn’t listed on CoinJar.

Solution: Always double-check the list of supported tokens on CoinJar before sending funds.

Using the Wrong Blockchain

Some cryptocurrencies exist on multiple blockchains. For example:

-USD Coin (USDC) exists on Ethereum, Solana, and other blockchains.

-Sending USDC on Solana to an ERC-20 (Ethereum-based) CoinJar wallet might result in the loss of your crypto.

Solution: Ensure you're sending the token on the correct blockchain. CoinJar will specify the network for deposits. Follow these instructions carefully.

Note: CoinJar does offer multichain functionality for select tokens, meaning that tokens can be sent over different blockchains.

ETH support: In addition to ERC-20, you can now send and receive ETH on both the Optimism and Arbitrum One networks.

USDC can be sent over ERC-20 and also Solana.

POL Transfers: POL can now be transferred using both ERC20 and POL networks.

ARB and OP Networks: You can now send and receive ARB and OP tokens using the Arbitrum and Optimism networks respectively.

Misunderstanding ERC-20 Tokens

Many users confuse ERC-20 tokens with other Ethereum-based assets. Always confirm that the exact token is listed as supported by CoinJar. Unsupported ERC-20 tokens sent to your CoinJar address may be permanently lost.

Safely Send and Receive Cryptocurrencies on CoinJar

To help you avoid costly mistakes, follow these steps when sending or receiving cryptocurrencies:

Check the Supported Cryptocurrencies List

Before initiating any transaction, confirm that the cryptocurrency and its blockchain are supported by CoinJar. How?

By going to the CoinJar app > Deposit>Cryptocurrency>select your crypto and then you will see a choice of available networks.

Verify the Wallet Address

Double-check the wallet address and ensure it matches the correct cryptocurrency and blockchain.

Review CoinJar's Knowledge Base

CoinJar offers detailed guides on how to safely. Take a moment to review these resources if you’re unsure.

Contact Support for Assistance

If you accidentally send an unsupported token or make a mistake, . However, it is important to understand that recovery isn’t always possible.

Additional Tips for CoinJar Users

To make the most of your CoinJar experience, keep these tips in mind:

Educate Yourself

Explore the CoinJar Blog and CoinJar Learn to deepen your understanding of crypto.

Stay Updated

CoinJar occasionally updates its list of supported cryptocurrencies. Check regularly for new additions or delistings.

Final Thoughts

Understanding which cryptocurrencies CoinJar supports is a key part of using the platform effectively and safely.

By taking a few extra moments to confirm token compatibility and following best practices for sending and receiving cryptocurrencies, you can avoid unnecessary headaches and potential losses.