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Review: Independent Reserve cryptocurrency exchange

Andrew Munro
Andrew Munro
Last updated:  

Register, deposit and trade some of the world’s most popular cryptocurrencies on one of Australia’s best-known cryptocurrency exchanges.

  • Great for AUD, NZD and USD trading
  • Not so great for its selection of coins and fees on small deposits

Check out our full list of pros and cons or read on.

1

Fiat currencies

14

Cryptocurrencies

Details

Product Name Independent Reserve Exchange
Fiat Currencies AUD, NZD, USD
Cryptocurrencies BTC, BCH, ETH, LTC, XRP, OMG, ZRX, EOS, PLA, XLM, BAT, REP, GNT, ETC
Deposit Methods Cryptocurrency
Electronic Funds Transfer
POLi
SWIFT
Osko
PayID
Trading Fee 0.05-0.5%
Deposit Fees EFT:
None for deposits over AU$100
AU$0.99 for deposits under $100

SWIFT:
None for deposits over AU$5,000 equivalent
$15 for deposits under AU$5,000 equivalent

Withdrawal Fees Bank transfer: None for AUD, $20 for non-AUD
BTC: 0.0003
ETH: 0.001
BCH: 0.0001
LTC: 0.001

Pros

  • Lets you trade in AUD, NZD and USD
  • Supports bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP and more
  • Offers strong security features
  • Based in Australia

Cons

  • High trade volumes are required to avoid the 0.5% commission charges
  • Manual approval may slow transaction speeds
  • A range of transaction and withdrawal fees may apply
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Learn more about:

Fiat & cryptocurrencies
Payment methods
Security
Fees & limits
How to sign up
Pros & cons
FAQs
Compare exchanges

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: AUD, NZD, USD
  • Supported cryptocurrencies: Approximately 14 cryptocurrencies

Which payment methods are accepted?

  • Cryptocurrency
  • Electronic Funds Transfer
  • POLi
  • SWIFT
  • Osko
  • PayID
Go to Independent Reserve's website

What's it like to use Independent Reserve?

1. Getting started

Find information on the Independent Reserve markets and quick links to the other sections of the site on the home page.

2. Markets

Browse the Independent Reserve markets. See what's available and find market information for each.

3. Use the API

Developers can use the Independent Reserve API to access and use a range of information from the exchange.

4. Learn more about crypto

Independent Reserve has an education section that offers additional information on cryptocurrencies and Bitcoin.

5. Create an account

Create an account to get started.

‹ ›

Platform trading fees

The fees below are accurate as of September 17, 2019.

Independent Reserve uses a tiered trading fee system based on 30-day trading volume. Fees start at 0.50% and drop by 0.02% every $50,000 up to $600,000. After that, they keep decreasing, but more slowly.

30-day trade volume (AUD equivalent) Trading fee
0 0.50%
100,000 0.48%
600,000 0.30%
1,000,000 0.22%
10,000,000 0.05%

Deposit and withdrawal fees

Deposit fees

Note that the following are the Independent Reserve's deposit processing fees. They do not include the fees for transferring money to the exchange, such as network fees or SWIFT payment fees.

EFT $0.99 or free if $100 or more
POLi $3.30
PayID/Osko $2.50 or free if $1,000 or more.
SWIFT $15 or free if $5,000 or more
Cryptocurrency Free
Withdrawal fees
Australian dollar withdrawals Free
International withdrawals $20
Cryptocurrency withdrawals Varies

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Up to 3 days or more

EFT deposits are generally processed in one to two business days.
Osko and POLi deposits will typically be processed in one minute.
SWIFT transfers will take three or more days.

Withdrawals

Clock icon for transfer speed

Up to 2-3 days

Withdrawals to Australian bank accounts are usually completed within one day.
International non-USD withdrawals will typically take two to three days.

Is Independent Reserve safe to use?

  • Regulation. Independent Reserve is registered with AUSTRAC, has an ABN and has been certified by the Australian Digital Currency Association.
  • Verification process. Independent Reserve verifies users in line with its anti-money laundering compliance obligations.
  • Security features. Independent Reserve says it keeps the majority of user funds in cold storage, where it is held in vaults in several different locations, with multiple layers of physical security. Accessing the vault requires biometric identification. It also holds insurance for funds.
  • Insurance. Independent Reserve offers insurance on your crypto assets.

How do I create an account at Independent Reserve

Ready to sign up?

Go to Independent Reserve's website
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What else do I need to know about Independent Reserve?

Independent Reserve was founded in 2013 and is a well-known exchange in Australia. It's based in Sydney.

In a nutshell

Pros

  • AUD and NZD deposits.Most crypto exchanges don't facilitate AUD and NZD deposits. Using Independent Reserve can help you avoid currency exchange fees.
  • Full-featured.Independent Reserve offers a range of different trade types, as well as additional features such as a tax estimator tool.
  • Insured.Independent Reserve was Australia's first insured cryptocurrency exchange.

Cons

  • Fees. Independent Reserve charges deposit fees, and with 0.5% base level trading fees, it's more expensive than other exchanges.
  • Limited selection. Independent Reserve only offers a limited range of coins.
  • Varying liquidity. At the time of writing, Independent Reserve is showing little liquidity in its altcoin markets.
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Compare Independent Reserve against other exchanges

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
CoinSpot Cryptocurrency Marketplace
CoinSpot Cryptocurrency Marketplace
BPAY
Cash
Cryptocurrency
POLi
AUD
BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG, SKY, NAS, LINK, GO & over 100+ more
CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Go to site
View details
Digital Surge Cryptocurrency Exchange
Digital Surge Cryptocurrency Exchange
Bank transfer
POLi
AUD
BTC
A digital exchange based in Brisbane where users can pay in AUD to buy their BTC.
Go to site
View details
Zipmex Cryptocurrency Exchange
Zipmex Cryptocurrency Exchange
Bank transfer
Cryptocurrency
POLi
USD, AUD, SGD, IDR
BTC, LTC, ETH, XRP, EOS
Buy, sell and trade BTC, LTC, ETH, XRP, EOS on this Singapore-based exchange.
Go to site
View details

Compare up to 4 providers

FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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4 Comments

  1. Default Gravatar
    RICHARD
    December 22, 2017

    Hi
    I have notice on independent reserves trading platform prices of coins are not displayed like other trading platforms – price per coin- can you please explain their pricing method of presentation?

    Reply
    • Default Gravatar
      Arnold
      December 23, 2017

      Hi Richard,

      Thanks for your inquiry

      The prices of the coins fluctuate at a rapid rate each day and the price updates are done on their site.

      Any time a currency exchange is needed it will be done at the current rates available on the Independent Reserve website.

      Hope this information helps

      Cheers,
      Arnold

      Reply
  2. Default Gravatar
    ali
    December 15, 2017

    What are all the cryptocurrencies that are available to trade?

    Reply
    • AvatarStaff
      Harold
      December 15, 2017

      Hi Ali,

      Thank you for your inquiry.

      You may want to compare cryptocurrency exchanges available in Australia please check on this page.

      I hope this information has helped.

      Cheers,
      Harold

      Reply
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