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Review: Independent Reserve cryptocurrency exchange
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.
3
Fiat currencies
15
Cryptocurrencies
Details
| Product Name | Independent Reserve Exchange |
|---|---|
| Fiat Currencies | AUD, NZD, USD |
| Cryptocurrencies | BTC, BCH, ETH, LTC, XRP, OMG, BSV, ZRX & 5+ more |
| Deposit Methods |
Cryptocurrency Electronic Funds Transfer POLi SWIFT 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
Cryptocurrency: Fees vary |
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:
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: AUD, NZD, USD
- Supported cryptocurrencies: Approximately 15 cryptocurrencies
Which payment methods are accepted?
- Cryptocurrency
- Electronic Funds Transfer
- POLi
- SWIFT
- PayID
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.
Fees and limits
Platform trading fees
The fees below are accurate as of 6 July 2020.
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 AU$50,000 up to $500,000. After that, they keep decreasing, but more slowly.
| 30-day trade volume (AUD equivalent) | Trading fee |
|---|---|
| 0 | 0.50% |
| 100,000 | 0.48% |
| 500,000 | 0.32% |
| 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.
| Deposit method | Fee (AUD) |
|---|---|
| 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
| Withdrawal type | Fee (AUD) |
|---|---|
| Australian dollar withdrawals | Free |
| International withdrawals | $20 |
| Cryptocurrency withdrawals | Varies |
How fast will my funds be available?
Deposits
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
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?
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, NZD and USD 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.
Compare Independent Reserve against other exchanges
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.
