CoinJar Review: Pending deposit for two weeks, outgoing transaction failed | ICORating


Wallet and digital currency exchange services

Pending deposit for two weeks, outgoing transaction failed

4 Accepted
I researched a few other exchanges like Coinspot, but found that Coinjar has the lowest relative exchange fee. The exchange will screen you when you apply, e.g. providing ID. It can take a few days or more to process a transaction. I suspect this is because the exchange needs to convert funds in their account to Bitcoin so that after the AUD arrives in the Coinjar account, it can be instantly converted to Bitcoin. With Coinjar, you can use a debit card to make EFTPOS payments with Bitcoin or AUD, or ATM withdrawals.I have made three deposits that have been successful, one successful withdrawal, and the largest deposit so far of $29000 that has the date on Coinjar as 22 May that is still marked as pending as of 8 June 2017 (which was sent from my Bank account on 18 May). I sent a support request to Coinjar yesterday to expedite the processing of the deposit.I also tried to do a transaction via Shapeshift to convert the coins into ETH to a MyEtherWallet address around the 18th of May, but the transaction never processed. There have been no outgoing transactions from my Coinjar account. I contacted Coinjar on 23 May, but never received a response, and followed up today.Based on my experience so far, it doesn't look good! It makes me suspect that Coinjar is either shortstaffed due to the recent surge in cryptocurrencies, or facing financial difficulties. I suspect the former case is more likely, as mentioned in their reply to Wheresmybitcoin on 30 May. I was at least able to withdraw funds. However, I am still weary as there has been no response from them so far. The number of similar enquiries about the lack of service is alarming. Their status update webpage, and Facebook and Twitter accounts all give a reasonable reason for the delayed payments: blockchain congestion, due to the surge in cryptocurrency prices and people jumping on the bandwagon. So because of this I will give them three stars, because it appears that the delayed payment is outside of their control, although having an option to pay a larger miner fee would be good.After commenting on their Facebook account with my support reference on 9 June 3 hours ago, there was a reply to that an hour late, and I got a reply to my ticket at 11:25.Hi James,Thank you for getting in touch.Just so you're aware, this $29,000 bank transfer has automatically been placed on hold because it greatly exceeds your daily deposit limit of $2,500.With authorisation from our Security Team, your funds have now been approved and added to your Cash Account. If you're interested in possibly increasing your daily limits for future transfers, please refer to the following Knowledge Base article for further details.Managing your CoinJar's daily limitsOtherwise, our Security Team is just requesting for you to remain within that daily deposit limit for all future transfers. If you wish to deposit a large sum into your CoinJar, you're welcome to split the amount up into portions equal to $2,500. These seperate transfers can be sent on the same day, and will be approved automatically as your CoinJar's daily deposit limit resets each 24 hours.Regarding your bitcoin transfer, is record of this showing in your CoinJar's transaction history? If you sign in to your CoinJar and navigate to your Accounts, you'll be able to select an Account (Everyday Bitcoin for example), and then choose any previous transaction to view full details of the transfer.If so, could you please provide the following information so I can escalate this to our Engineering Team?The date and time of the transaction:The amount of the transaction:The account sent from (Cash Account / Everyday Bitcoin):The bitcoin address sent to:Kind regards,AdrianCoinJar SupportI'm generally available to respond between 9:00 AM to 5:30 PM, Monday to Friday (Melbourne time).I've updated my review to 4 stars.
James Ray
08 Jun 2017 by Trustpilot

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