CoinJar becomes 2nd largest crypto exchange to be officially registered with the FCA
Great news, Coinjar UK branch has been given official FCA registration becoming one of the first exchanges in the world to do so.
Coinjar was one of my alternatives as a result of the UK government introduced new anti-money laundering and terrorist financing rules that required all cryptocurrency companies to register with the Financial Conduct Authority (FCA) or stop operating.
I suspect registration will become a necessity for all exchanges in the future. Although I was initially sceptical of the motives of the FCA, with people’s hard earned savings at risk and the media full of stories about people losing their pensions to crypto (and other) scams, I now see it as a necessity. I believe a fair percentage of us will benefit from the protection offered by the FCA when we reach our senior years.
From a personal perspective these are my observations:
Criteria: Account Setup
Result: Several days for the account to be KYC verified
Criteria: Access Security
Result: For 2FA Coinjar does give me the choice to authenticate for a 2 week period on a specific device, more convenient than needing 2FA each and every time.
Criteria: Costs
Result: With the App, I have only been converting at a cost of 1% for a transaction, to trade I had to transfer to Coinjar exchange (which was easy) but as I only have a relatively small investment, never seem to have quite enough to meet the minimum trade requirement.
Other Features:
I find Coinjar bundles a useful and efficient method to automatically spread investments across multiple coins for a diverse portfolio.
If you want to join Coinjar please feel free to use my referral link https://cjr.io/oLsT
