Independent Reserve Review 2023
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Independent Reserve has been at the frontline of the Australian crypto space from the very start of the cryptocurrency revolution when it comes to trading Bitcoin as well as other crypto assets.
Independent Reserve is a veteran Australian crypto trading platform that offers robust security and an easy process of buying, selling, and trading crypto through its platform. Furthermore, they boast a number of advanced trading tools that you can use to gain some profit. Let’s dive right in!
Table of Contents
Independent Reserve Exchange Info
- Website: https://www.independentreserve.com/
- Country: AU
- Mobile app: Available
- Deposit Methods: Debit card, credit card, PayID, POLi, OSKO, SWIFT, bank transfer
- Trading Fees: 0.02% – 0.50%
- Fiat Currencies: USD, SGD, NZD, and AUD
- Cryptocurrencies: Over 30+
- 24/7 customer support
- Supports 30+ crypto assets
- Gold certified member of Blockchain Australia
- Supported in more than countries worldwide
- Accepts AUD, NZD, SGD, and USD fiat currencies
- Insured funds for Premium Users
- Library of best trading strategies you can copy using AutoTrader
- Integrated with TradeView charting
- iOS and Android supported mobile app
- OTC trading available
- Accommodates various order types
Pros of Independent Reserve
- A set of useful in-platform functionalities like a KPMG tax calculator and over-the-counter OTC desk
- Highly regulated platform with an insurance plan for users’ funds
- A highly regulated exchange
- 97% of customer assets are stored in cold storage
- Live customer support
- The platform’s system can recover the funds lost as a result of a force majeure or unpreventable events
Cons of Independent Reserve
- Inconsistent liquidity on particular crypto pairs
- Small choice of supported cryptocurrencies
Independent Reserve is one of the pioneering Bitcoin and cryptocurrency exchanges in Australia and the winner of numerous rewards and recognitions in the blockchain industry. When you first visit Independent Reserve’s website, you’ll notice a self-confident motto proclaiming that this Australian crypto exchange provides the easiest way to buy Bitcoin and cryptocurrency.
This claim might be valid given the long history of effective market operations of the platform and its success, but we wanted to verify it ourselves. We researched the security practices, trading offers and fees of this Sidney-based platform to see what distinguishes this exchange from the others. Here’s what we discovered.
About the Independent Reserve Exchange
The Independent Reserve crypto project, which entered the crypto market in 2013, was built on an Airmarshal™ platform, developed by exchange’s founders Adam Tepper and Adrian Przelozny. The developers’ ultimate goal was to create Australia’s safest and most reliable business for acquiring Bitcoin and other digital assets. Tepper and Przelozny also wanted to integrate blockchain technology into a secure, stable, and regulated platform that provides global financial services.
Independent Reserve provides its clients with various easy-to-use and unique trading tools, suitable for both high net-worth traders and beginners with lower liquidity. These include the FastTrack feature, a built-in order book exchange, sophisticated TradingView charting, a cryptocurrency tax estimator, an OTC trading service, and many others.
Independent Reserve’s AutoTrader
The Independent Reserve platform provides a unique tool that allows you to borrow and deploy automated crypto trading strategies from the exchange’s library of trading methodologies and tactics:
- AutoBuy – The AutoBuy strategy lets you buy one of the supported cryptocurrencies every time you deposit to your account. Simply choose how much of your deposit you want to use, and the automated system will trigger the transaction. You can set a maximum hard limit on the amount of your buy order or how much you want to pay.
- AutoBasket – This trading approach is similar to the AutoBuy strategy. Instead of buying a single currency, the AutoBasket strategy will purchase a group of different currencies and compare them based on the current market value of each currency. You’ll need to deposit fiat currencies to your trading account to use this strategy.
- AutoSchedule strategy – The AutoSchedule approach allows you to set a schedule for purchasing or selling the cryptocurrencies supported by the Independent Reserve. Individuals who adopt this approach can buy or sell cryptocurrencies using funds in their balance.
The OTC Trading Service
The OTC (over-the-counter) Bitcoin and crypto trading desk at Independent Reserve serves SMSFs, institutional customers, and skilled high net worth investors. It offers quick settlements, deep global liquidity, plus customer service from the exchange’s Sydney headquarters (Monday through Friday, 9 a.m. to 5 p.m. local time) offered by a team of experts and seasoned traders.
One of the main benefits of using the Independent Reserve OTC service is minimal price slippage. The bigger the trade volume, the lower slippage fees you will pay when you trade through the exchange’s OTC desk.
The Cryptocurrency Tax Estimator
One of the most prominent features of Independent Reserve is the cryptocurrency tax estimator created by KPMG. The tax estimator is an API that can be linked to the exchange’s UI to offer tax estimations for your buy/sell activities.
Independent Reserves and the Going Green Initiative
Independent Reserve has agreed to help offset the carbon emissions resulting from the massive crypto mining efforts in 2019. IR contributes to the Climeworks initiative to take away 1 tonne of carbon a year financially. The exchange is also part of the 1 Trillion Tree Foundation. They plant 200 trees a year to alleviate the effects of the crypto industry on our environment.
Independent Reserve offers customers around 30 of the most widely recognised digital currencies. Some of the supported cryptocurrencies on Independent reserve include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), Eos (EOS), Polkadot (DOT), Litecoin (LTC), Tether (USDT), Perth Mint Gold Token (PMGT).
Some of the features that distinguish this Australian exchange include the ability to deposit Australian Dollar (AUD), New Zealand Dollar (NZD), US Dollar (USD), and Singapore Dollar (SGD), which makes it accessible to worldwide clients.
You can fund your Independent Reserve account via several payment options, including bank transfers, instant deposits (via Osko a PayID), POLi, EFT, PayPal, with credit card or debit card through Simplex, or SWIFT payments (for deposits in USD or SGD only). Each currency may be readily converted to another one to give users insight into the foreign exchange rate.
Independent Reserve Fees and Limits
There are no separate costs for the liquidity takers and the liquidity makers on this Australian cryptocurrency exchange. Instead, the exchange employs a flat price method for covering the processing expenses on its platform.
Namely, the Independent Reserve charges a fixed fee of 0.50 % for all trading activities. The trading fees on this platform generally range from 0.2% to 0.5% of your transaction.
Deposit and Withdrawal Fees
There are no cryptocurrency deposit fees on this exchange. However, if you deposit less than 5,000 NZD into your account, you’ll have to pay 15 NZD in fees. The cryptocurrency withdrawals to an Australian bank account are liable to a small withdrawal fee, whereas the NZD withdrawals will cost you 20 NZD per withdrawal.
Is Independent Reserve Safe to Use?
When the Independent Reserve team of developers says they take platform security seriously, you should take them at their word. There is a lengthy list of security protocols integrated into the users’ accounts and system protocols.
When you first land at Independent Reserve’s page, you will be unable to view any of the content until you pass a security check that confirms you are a human, not a bot. Simply select the photographs that depict the object requested by this security protocol, and you will instantly get a chance to join over 200,000 clients that trust this platform.
The platform incorporates the two-factor authentication protocol (2FA) activated via Google Authenticator or SMS. Users receive email notifications upon each login attempt to prevent unauthorised access.
There are also cryptocurrency addresses and browser whitelisting features. Login attempts from different IP addresses trigger additional security information requests, and changes to account security details cause a 72-hour block on both crypto and instant withdrawals.
System and Wallets Security
Independent Reserve employs physically distributed keys to encrypt all sensitive data and communications, and all submitted documents on the site have visible watermarks to prevent counterfeiting.
All documents are available only to the platform’s administrators, who have specific authority for KYC verification. Company servers are backed up by geographically scattered disaster recovery data centres.
Moreover, up to 97% of user funds are kept in cold storage under regular automated supervision. Again, these cold wallets are held in several geographically distant vaults, each with significant physical protection.
The funds at Independent Reserve are even secured against catastrophic occurrences by a system that allows for their recovery if impacted by force majeure, i.e. unforeseeable circumstances.
Regulations and Supervision
An expert advisory board, led by Mike Tilley, former CEO of Merrill Lynch Australia and Challenger Limited, supervises Independent Reserve. This crypto exchange is also a member of Blockchain Australia. As a holder of the Gold Certificate of the organisation mentioned above, Independent Reserve is an active promoter of the Australian cryptocurrency sector.
Is Independent Reserve Legit or Scam?
The platform has gone under several internal penetration testing between 2017 and 2021 as a part of its regularly conducted operational security measures.
All administrators’ actions relating to user accounts or value transfers are audited and require multi-level approvals. The police also conduct frequent checks on the administrators of the exchange who have access to the platform’s systems to prevent any kind of scam or fraud.
Finally, the exchange hasn’t experienced a single security breach from its inception in 2014 to the present.
Independent Reserve’s customer support team can resolve any issues or complaints you may have with the platform’s functionality. You can also reach out to them via their social media outlets on Facebook, Reddit, Twitter, and LinkedIn.
This Australian exchange is also attracting considerable interest from the local media. Independent Reserve has appeared in The Australian Financial Review, 7NEWS, and News.com.au, while the Independent Reserve price indicators frequently appear as citations in 9NEWS reports.
A Few Words Before You Go…
Independent Reserve exchange is an actual crypto fortress with formidable defences against any type of cyber-attack, forgery, or fraud. The platform leaves nothing to chance when it comes to security. It even has a crypto-insurance that covers damages caused by catastrophic events.
You can fund your Independent Reserve account with fiat currencies, a bonus for this regulated platform. Everything about this exchange seems designed highly professionally, leaving no room for even the most minor complaint.
Some may object to this claim due to the limited selection of coins, or because margin trading is not available on Independent Reserve. However, when you consider all of the other financial products and benefits you gain through this exchange (especially the peace of mind due to its security shields and regulations), this exchange is rightfully the most decorated Australian leader in the industry.
frequently asked questions
Independent Reserve is an easy-to-use platform, offering Instant buy and sell options. Beginners (and all other traders, for that matter) can effortlessly purchase Bitcoin or other altcoins instantaneously on the platform once they open an account.
Once you register an account and deposit funds to the platform, select your preferred altcoin or Bitcoin to purchase, input the amount, then complete the transaction by clicking the ‘Buy’ button.
In a few seconds, the system will complete the transaction. The funds go directly to your wallet, from which you can withdraw them straight away.
Independent Reserve offers a mobile trading app suitable for both iOS and Android devices. With this app, clients can purchase, trade, and safely store their coins and keep track of their portfolios and price fluctuations.
Yes. Independent Reserve provides a secure multi-currency wallet where you can safely store your digital assets.
Independent Reserve is an AUSTRAC-registered business and is it is regulated under The Australian Digital Commerce Association. The exchange is governed by the local regulations in the two other countries where it operates in a manner that is AML/CFT compliant.
Yes, you can. Independent Reserve provides an exceptionally user-friendly experience to make immediate Bitcoin purchases however, there is the option to trade fiat in exchange for Bitcoin through their order-based trade platform. Both methods come with reasonable pricing plans and prompt customer service.
You can enable both a crypto and fiat withdrawal on your account screen. It’s not a problem, as the procedure is clearly explained on the screen.
You can transfer money from your exchange account into your bank account using one of the four fiat currencies that are supported (AUD NZD, USD and SGD) provided that both accounts share the same account holder. Fiat transfer is not charged for withdrawals in AUD and typically processed in one day.
Independent Reserve is a licensed Australian business (ABN 46 164 257 0690) It has the co-founder Adrian Przelozny as the company CEO.
Independent Reserve Compared
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Sign Up|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank Transfer||AUD / NZD||320 +||0.6%||Visit|
|PayID, POLi, Cryptocurrency, Cash, BPAY, Bank Transfer||AUD||370+||OTC: 0.1% Instant buy/sell: 1%||Visit|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency||USD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB||600+||0% – 0.1%||Visit|
|Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card||50+||160+||0.1% to 0.6%||Visit|
|Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, Cash||AUD, GBP||50+||Taker: 0.04-0.1% Maker: 0.04-0.1%||Visit|
|PayID, Osko, POLi, Cryptocurrency, Bank Transfer||AUD||300+||0.1% – 0.5%||Visit|
|SWIFT, EFT, PayID, Osko, Cryptocurrency||USD, AUD, NZD||27||0.05% – 0.5%||Visit|
|Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank Transfer||USD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more||70+||Vary (overnight and weekend fees apply)||Visit|
|SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank Transfer||AUD, USD, GBP, EUR, CAD, JPY, CHF||140+||Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%||Visit|
|SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, Cryptocurrency||AUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY||645+||0.1%||Visit|
|Bank transfer, POLi, OSKO, P2P||AUD||100+||Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%||Visit|
|Crypto, Bank Transfer, PayID||AUD||410+||Taker fees: 0.85% Maker fees: 0.85%||Visit|