TokenJar
Exchange Fees
Deposit Methods
Cryptos (13)
UPDATE 1 September 2020: We have not been able to access the website of this exchange lately. We receive a 404-error message when we try to access, together with a:
"Sorry, servers are down for upgrade maintenance. We will be back shortly"
Pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard. We will revive it though if it ever comes back to life and the statement on servers being down for maintenance upgrade turns out to have been true.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
TokenJar Review
TokenJar is a robust decentralized exchange (DEX), built for Ethereum and ERC-20 tokens. It is based on the 0x-protocol.
Something unique with this exchange is that all you need is MetaMask. You don’t need to go through KYC, the exchange does not hold your assets at any time of a trade, and there are no barriers for trading.
The platform is also available as an app for iPhones or Android phones.
The exchange does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that US-investors can trade here.
General information on DEXs
DEXs are becoming increasingly more popular, mostly due to the following factors:
- They do not require a third party to store your funds, instead, you are always directly in control of your coins and you conduct transactions directly with whoever wants to buy or sell your coins.
- They normally do not require you to give out personal info. This makes it possible to create an account and right away be able to start trading.
- Their servers spread out across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
However, DEXs normally have an order book with lower liquidity than centralized exchanges.
TokenJar Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at TokenJar:
TokenJar Fees
TokenJar Trading fees
When you hear about this exchange’s trading fees, you might not believe what you hear. This is because TokenJar does not charge any trading fees at all. TokenJar is one out of a dozen exchanges or so in the world that doesn’t charge any trading fees at all. Needless to say, this is very consumer friendly and competitive.
TokenJar Withdrawal fees
With respect to the withdrawal fees, at this platform you only have to pay gas fees. This means that the exchange itself does not make any money from your withdrawals, but the fees involved are just the fees you pay to miners in order to process the transaction and incorporate it onto the blockchain. For Ethereum, the gas fee on the date of writing this review (8 October 2019) was 0.004 USD…
To conclude, the fees here are insanely competitive!
Deposit Methods
TokenJar does not – like all (or at least close to all) other DEXs – accept any deposits of fiat currency. This means that investors without any previous holding of crypto assets can’t trade at this trading platform. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
TokenJar Security
The servers of DEXs normally spread out across the globe. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that DEXs are virtually immune to attacks. This is because if you take out one of the servers, it makes little to no difference for the network of servers in its entirety. However, if you manage to get into a server at a centralized platform, you can do a lot more harm.
Also, if you make a trade at a DEX, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized platform, however, you normally hold assets at that exchange. That is, until you withdraw them to your private wallet. A centralized platform can therefore be hacked and your funds held at such exchange can be stolen. This is not the case with respect to decentralized exchanges.