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Instant Buy — purchase cryptocurrency directly with your credit/debit card

Tim
  • Updated

This article is intended for members in the United Kingdom. If you're looking for instructions for CoinJar Australia, visit this article.


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Apple Pay and Google Pay

You can now use Apple Pay or Google Pay with Instant Buy. These payment methods are exclusive to the CoinJar mobile app.

 

Instant Buy allows you to add cryptocurrency to your CoinJar — without first making a fiat deposit. CoinJar supports all UK Visa and MasterCard credit or debit cards.

 

Bear In Mind

If you use a credit card to buy cryptocurrency, you would be putting borrowed money at risk of loss.

 

How to use Instant Buy 

With Apple Pay or Google Pay With a card linked to your CoinJar
  1. Tap Buy/Sell in the bottom menu bar of the CoinJar mobile app.
  2. Select a cryptocurrency and then Buy.
  3. Tap on the dropdown menu above the keyboard and select Apple Pay or Google Pay.
  4. Enter the amount you wish to buy in GBP and click Next.
  5. Review the fee, conversion rate, and purchase amount. Read the Terms of Service and tick the checkbox if you agree. 
  6. Tap image_logo_apple-pay_1280w.png or image_logo_google-pay_1280w.png to proceed.
  7. You'll be redirected to Apple Pay or Google Pay to finalise the payment. 
  1. Tap Buy/Sell in the bottom menu bar (in the mobile app) or at the top of the page (in the website).
  2. Select a cryptocurrency and then Buy.
  3. Tap on the dropdown menu above the keyboard and select your linked card as the payment method.

    You may need to link a card by selecting Link a credit or debit card, and then entering your card number/choosing your desired billing currency.1
  4. Enter the amount you wish to buy in AUD and click Next.
  5. Review the fee, conversion rate, and purchase amount. Read the Terms of Service and tick the checkbox if you agree.
  6. You'll be redirected to our payment provider. Your banking provider may need you to complete two-factor authentication (2FA) to complete the payment.2
  1. You may be charged a foreign exchange fee by your card provider if you select a currency other than your home currency.
  2. Funds will not be debited from your card/credited to your CoinJar until your bank has authorised the payment.

Important Information 

Fees

Cryptocurrency purchases using Instant Buy will incur a 2% fee.

Your credit card provider may charge a cash advance fee. Please contact your card provider for more information.

Selecting a currency other than AUD as your billing currency may incur foreign exchange fees by your card provider.

 

Account limits

Most CoinJar members will be able to purchase up to £5,000 worth of cryptocurrencies per day. Your account limits may vary, and you can check your CoinJar's limits at any time by:

All CoinJar members can have up to three active cards at any given time.

You can only link three different cards to a CoinJar in a rolling 30 day window — counting all cards that are unlinked.

 

Reserved Balances

Instant Buy purchases are subject to a seven day balance reserve. This is an essential part of our fraud prevention initiative. After seven days have passed, you'll be able to transfer your funds externally as intended.

Linked cards

The first purchase you make with a linked debit or credit card will be held in the reserved balance for seven days. Future Instant Buys made using the same card will not be subject to the reserve period. 

Apple and Google Pay

Each purchase you make using Apple Pay or Google Pay will be subject to a seven reserve period. This is because of the way Apple and Google Pay encrypt your data. 

 

Instant Buy, Bundles and Recurring Buy

You are able to add funds to Bundles your Credit/Debit Card using Instant buy. All previously mentioned fees, limits and restrictions apply to funding a Bundle via Instant Buy.

Recurring Buy, where you set up regularly scheduled payments to add funds to your Bundles, is also subject to the above fees, limits and restrictions as these payments are processed via the instant buy system.

 

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