Independent Reserve is one of the 1st cryptocurrency exchanges established in Australia and is used mainly by the residents of the country and New Zealand. It is stamped as full compliance, regulated, and a part of the ADCA (Australian Digital Commerce Association). The company undergoes audits, and hence, it is most trusted and fewer risks involved. The Australian Transaction Reports and Analysis Centre (AUSTRAC) and ADCA have collaborated to develop a juristic framework for the cryptocurrency laws in Australia.
Independent Reserve Review – Platform Interface
Independent Reserve Summary
|Supported Fiat Currencies||AUD, USD, NZD, SGD|
|Minimum Deposit||$5,000 for no deposit fee|
|Deposit Fees||Depends on currency, but for cryptocurrency its free|
|Withdrawal Fees||Depends on currency, but for AUD its free|
|Customer Support||24/7 via email, call, FAQs, & more|
Why Independent Reserve?
Although Independent Reserve is one of the first cryptocurrency exchanges in New Zealand and Australian markets, it is pretty popular among crypto traders on an international level. The cryptocurrency exchange supports several fiat currencies, including the US dollar and low charges fees.
If you have traded on the Independent Reserve, you would know that cryptocurrency investors can trade in multiple cryptocurrencies with this leading trading platform, including Ethereum, Litecoin, Bitcoin, and Bitcoin Cash. Coming to fiat currencies, traders can trade using the New Zealand dollar, Australian dollar, and US dollar. The multicurrency order book offered by Independent Reserve converts orders into the currency of the user’s choice.
Reason to Choose Independent Reserve Cryptocurrency Exchange
In a nutshell, the review talks about how Independent Reserve takes advantage of the entire pool of limit orders, thus allowing traders to get the best possible prices during their cryptocurrency trading with cryptocurrencies. You can view every market order irrespective of which fiat currency they are bundled with. Moreover, the Independent Reserve exchange supports several order types like – Limit Sell, Limit Buy, Market Sell, Market Buy, Stop Limit Sell, and Stop Limit Buy.
Features of Independent Reserve
What makes this Independent Reserve review wholesome is the notable features of the Independent Reserve. The two key features that they boast are the OTC-desk and the Cryptocurrency Tax Estimator. Being a premium feature of Independent Reserve, the OTC-desk is mainly for the high institutional and net worth clientele who execute large volume trades in the major digital currencies.
On the other hand, the Cryptocurrency Tax Estimator, established by KPMG, is one of the popular digital tools that link directly to the user interface of Independent Reserve and allows investors to easily estimate tax obligations on the portfolio within a few seconds. The tax estimator is an API or Application Programming Interface that allows the trading platform to offer an estimate to its users relating to their prospective tax exposure, all in real-time depending on the buy and sell transactions on the exchange.
Features of Independent Reserve Exchange
Another notable feature of this exchange is the referral or affiliate program. This program enables current users to get 50% of the brokerage fees that the referred users pay for the 1st 90 days. They can share the referral code with their friends to invite them or promote the exchange through videos, ads, content, etc. Other vital features have been set out below –
- The most trusted cryptocurrency exchange in Australia.
- Trade with 26 significant cryptocurrencies.
- Fast deposits through EFT, SWIFT transfers, and Osko/PayID.
- Supports fiat currencies like NZD, AUD, and USD.
- A low trading fee of minimum 0.5%, and keeps reducing with volume.
- Supports SMSF, OTC, high net worth traders.
Pros and Cons of Independent Reserve
|Supports multiple fiat currencies like NZD, AUD and USD.||Minimum deposit money for wire transfer is high.|
|Provides robust security features.||Offers only a limited variety of coins.|
|Bundled with cold storage wallet and tax calculator.||Relatively low liquidity and hidden withdrawal or trading fees.|
|Reputable and trusted exchange.|
|Low trading fees.|
Creating an Account with Independent Reserve
Independent Reserve is user-friendly, and it does not take much time to create an account on this trading platform. To create an Independent Reserve account with Independent Reserve, follow the steps mentioned below –
Step 1 – Create an account
Before you get to enjoy the perks of the fantastic exchange, you have to register yourself. Open the Independent Reserve website and select Create Account. This will prompt you to enter your username and password.
Process of Creating Independent Reserve Account
Step 2 – Enter Personal Details
After creating an account, the page will ask you to enter your details and verify your email id.
Get Your Identity Verified on Independent Reserve
Step 3 – Get Verified
The third step requires you to get verified by uploading identification documents that match the personal details entered in step 2. Typically, the verification step will operate instantly, especially in Australia. Once it’s verified, it means you have successfully created an a/c on Independent Reserve. So, that’s a green signal to start trading!
How to Trade Cryptocurrencies in Independent Reserve?
You can initiate your deposit and withdrawal soon after they get verified. To deposit funds in the Independent Reserve, click on Accounts, select Deposit, and then choose the cryptocurrency or fiat currency you want to deposit. You will be given an appropriate crypto address for depositing cryptocurrency, or you will be asked to select a payment method for depositing fiat.
Once the user funds have been deposited in your account, you may start trading. To trade, select Trade and then choose the cryptocurrency that you wish to buy and sell crypto.
Trading Process of Independent Reserve Exchange
Independent Reserve Fees
Independent Reserve fees follow a flat flee model, unlike other cryptocurrency exchanges where they offer a flat 0.5% trading fee for both makers and takers, based on the 30 days trading volume. The trading platform also reduces the trading fees to as low as 0.02% as the trading volume increases. Additionally, the exchange also provides discounts for very high-trading volume investors. The fee structure seems meant for high-net-worth and SMSF traders who invest large amounts of money to get a lower trading fee. The trading fee of 0.02% is probably not within reach of beginners.
Users should note that Australian dollar withdrawals are free of any charge. However, for international withdrawals of funds, the Independent Reserve charges a withdrawal fee of $20. SDG withdrawals are more expensive, with a price of 0.55%. Coming to cryptocurrency withdrawals, the fees charged vary depending on which crypto you are withdrawing. The withdrawal fees to trade Bitcoin is 0.0003 BTC which is significantly lower than the global industry average if you compare Independent Reserve fees with other exchanges. It is also important to note that crypto withdrawals contain a network fee determined by the blockchain load.
Independent Reserve does not charge fees for depositing money to the trading platform like SWIFT payment fees or network fees, but they do include processing fees, and are mentioned below –
|Deposit method||Fee (AUD)|
|EFT||$0.99 and free if you deposit more than $100|
|SWIFT||$15 and free if you deposit more than $5000|
|PayID/OSKO||$2.50 and free if you deposit more than $1000|
All the above rates are more or less within the global industry average. However you can also check fee schedule of Independent Reserve from this link : https://www.independentreserve.com/help/fees.
Accepted Payment Methods
Independent Reserve offers various deposit methods. You can deposit funds through wire transfer, allowing users to start trading without holding any cryptocurrency in the retail investor accounts. It also makes it possible for non-Australian clients to deposit funds into their performances at the exchange through SWIFT bank transfers. So, to sum up –
- The exchange does not offer any credit card payment method.
- ETF or Electronic fund transfer can be used by Australian traders only.
- SWIFT transfer deposits can be made by people outside Australia, like US investors interested in depositing in NZD or USD. The process is similar to online banking but with the use of SWIFT codes.
- PayID/OSKO can also be used to deposit maximum daily funds of $20,000.
Please note that fees may be applied based on the payment method and the amount you are depositing.
Major Cryptocurrencies Supported by Independent Reserve
The supported fiat currencies of Independent Reserve are –
- AUD – Australian dollar
- NZD – New Zealand dollar
- USD – American dollar
- SGD – Singapore dollar
All the cryptocurrencies supported by Independent Reserve are –
- BTC – Bitcoin
- ETH – Ethereum
- XRP – Ripple
- BCH – Bitcoin Cash
- USDT – Tether
- LTC – Litecoin
- EOS – EOSIO
- XLM – Stellar Lumens
- ETC – Ethereum Classic
- BAT – Basic Attention Token
- OMG – OMG Network
- ZRX – 0x
To check full list of available cryptocurrencies check this link here.
Is Independent Reserve Safe to Use?
Independent Reserve uses a 3rd-party provider called Cobalt for its network security and regularly tests the website’s vulnerabilities. The databases are encrypted and signed several times across four different data centers, making this trading platform safe and secured. Most of the cryptocurrency assets on the exchange are stored in cold storage.
Trade with Confidence at Independent Reserve Exchange
Additional Independent Reserve security features include –
- 2-factor authorization – The exchange uses 2-FA on both mobile and 3rd-party authentication devices.
- Duress password – This is one of the best security features offered by Independent Reserve. If someone physically forces you to open your a/c, you can enter the duress password set earlier, and this would lock and protect your account for the next 24 hours.
- Validation – Add primary as well as secondary mobile numbers for additional security.
- Manual withdrawal verification – Independent Reserve allows users to verify their withdrawals manually. In case of suspicious-looking withdrawal transactions or unauthorized access, the support team will contact you to ensure your authorization.
So, all the above security features make Independent Reserve one of the most reliable and safest cryptocurrency exchange platforms to conduct transactions smoothly.
Independent Reserve Privacy and Security
From a legal point of view, Independent Reserve requires verification of the identity of the account holders. Certain information may be requested to provide based on the account holder’s nationality. All the information will then be verified with the databases of the account holder’s country, along with several CTF and AML databases. After the verification process, your account gets activated for crypto trading.
Coming to the Independent Reserve’s security, servers are located at two secure data centers in Australia. This ensures zero data loss since the data gets replicated simultaneously across the locations in real-time. In addition, the fully configured production platform takes over the primary platform if there is a need. The data gets encrypted several times, and it gets signed with the dispersed keys. The Bitcoin bulk is stored in cold storage. And from the client’s side, the trading platform offers 2-FA as an additional security layer.
Independent Reserve Customer Support
Talking about the customer support at Independent Reserve, the trading platform promises to offer services fairly comprehensively with its help section. They answer almost all the questions and resolve customer issues quite promptly. For more assistance, you can contact the support team via email or through their support screen. The latter is available only when you are logged in. You can also connect with them on Facebook, LinkedIn, and Twitter accounts along with their subreddit forum. For any queries, seek independent advice from the experts if needed.
Email ID – [email protected]
To conclude the Independent Reserve review, Australia, it is safe to say that the exchange is Australia’s legit digital currency service with more than 200,000 national and international customers. The support team offers excellent service with a quick response time. Independent Reserve is one of the top exchanges for cryptocurrency that safeguard your assets along with your personal information from hackers and cybercriminals.
Is Independent Reserve Legit?
Independent Reserve is not only a trustworthy but legitimate company situated in Sydney, Australia. The platform is regulated by a popular financial sector governed in Australia to guarantee proper operations and conduct with the investor’s money. It is one of the first cryptocurrency exchanges in the country to be a reporting entity to the government agency AUSTRAC.
How Do I Withdraw From an Independent Reserve?
To start withdrawing funds from the Independent Reserve, log in to your account and click Accounts. Go to the Account Balance section and select the Withdraw link that’s in line with Bitcoin. It will first show your Available balance (BTC) and below that, enter the amount of Bitcoin you wish to withdraw. Also, paste your Destination Address in the adjacent box. Verify all the information before entering Withdraw. A new window for your confirmation will open with the transaction details. Enter your password or 2-FA. After BTC is withdrawn, check your remaining funds in your Account Balance.
Is Independent Reserve a Crypto Wallet?
Yes, Independent Reserve is a cryptocurrency wallet. Funds can be deposited or withdrawn from this wallet at any point in time.
What Countries Are Supported by the Independent Reserve?
Independent Reserve is available in more than 30 countries.
Does Independent Reserve Have an App?
Independent Reserve does not have any mobile app for Android and iOS devices. But the web version of this trading platform is exceptionally mobile-friendly, so you do not need an Independent Reserve app on smartphones.
Note: Any information provided in this Independent Reserve review should not be considered promotional or validation to buy and sell cryptocurrency. The facts relating to Independent Reserve are not to be taken as investment advice.