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Introducing Instant Buy - purchase digital currency with your Visa or Mastercard credit/debit card!

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This article is intended for Australian members. If you're looking for instructions for CoinJar UK, visit this article.


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Instant Buy is a fast and easy way for CoinJar members to directly purchase digital currencies using your Visa or Mastercard, with only a 2% fee.

With Instant Buy, you have the convenience of buying digital currencies without first making a deposit to your Cash Account.

 

What can be purchased with Instant Buy

You can use Instant Buy to instantly purchase any supported digital currency on CoinJar. The ability to purchase CoinJar Bundles using Instant Buy will be coming in a future update.

 

Supported cards for Instant Buy

CoinJar supports all Australian Visa and MasterCard credit or debit cards for Instant Buy.

 

How to use Instant Buy 

  1. On the CoinJar app: Click on Buy/Sell in the bottom menu bar.
    On the CoinJar website: Click on Buy/Sell at the top of the page.
  2. Select a cryptocurrency and then Buy.
  3. Select your payment method - if you've already linked a credit/debit card, skip to step 6.
  4. Select Link a credit or debit card.
  5. Enter your card number and select your desired billing currency.1
  6. Select your newly linked card as the payment method.
  7. Specify the amount you wish to buy in AUD and click Next.
  8. You will be redirected to our payment provider. On this page, you may be prompted for two-factor authentication by your financial institution to authorise the transaction.2
  9. Carefully review the fee, the conversion rate, and the amount that you will be purchasing.
  10. Read the Terms of Service and tick the checkbox if you agree. If you do not agree to the Terms of Service, cease the transaction.
  11. Click Confirm. 
  1. If you select a currency other than your home currency, you may be charged a foreign exchange fee by your credit card provider.
  2. Funds will not be debited from your card, or credited to your CoinJar, until the authorisation process on your bank's site is complete.

Fees, account limits, and reserved balances for Instant Buy 

Fees

Most digital currency purchases using Instant Buy will be charged a 2% fee.

Additional fees may apply in some circumstances:

Credit cards

  • Your credit card provider may charge a cash advance fee. Please contact your financial institution for more information.
  • Selecting a currency other than AUD as your billing currency may incur foreign exchange fees by your financial institution.

Debit cards

  • Selecting a currency other than AUD as your billing currency may incur foreign exchange fees by your financial institution.

Account limits

Most CoinJar members will be able to purchase up to $10,000 worth of digital currencies per day. Your account limits may vary and you can check your CoinJar's limits at any time by signing in to your CoinJar and navigating to the Usage and limits section within General of the Settings section.

All CoinJar members can have at most 3 active cards at any given time and only 3 different cards can be linked to a CoinJar in a rolling 30 day window, counting all cards that are unlinked.

 

Reserved Balances

Each time a credit or debit card is used to purchase digital currency, that amount purchased will be added to your reserved balance.

Digital currency purchased with a credit or debit card won’t be able to be withdrawn from the CoinJar platform for 7 days. The digital currency amount can be sold and converted as normal, however the initial amount (or its equivalent in AUD or other digital currency) cannot be withdrawn until the 7-day reserve period has expired.

 

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