Independent Reserve review
- Regulator registration
- AUSTRAC
- Supported assets
- 29
- Fiat currencies
- 4
Summary
Register, deposit and trade some of the world’s most popular cryptocurrencies on one of Australia’s best-known cryptocurrency exchanges.
Pros
-
AUD and NZD deposits. Support for AUD and NZD deposits 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.
-
Asset protection. Independent Reserve was Australia's first insured cryptocurrency exchange to protect crypto assets in the event of a large-scale hack.
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.
Details
Product details
| Product Name | Independent Reserve |
| Fiat Currencies | AUD, NZD, USD & 1 more |
| Cryptocurrencies | BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, ETC, ZRX & 19 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card PayPal Osko PayID EFT SWIFT |
| Trading Fee |
0.02—0.50% |
| Deposit Fees |
Cryptocurrency: Free None for deposits over AU$100 and above $0.99 for deposits under AU$100 Assisted transfer fee: $20 Debit or credit card: 1% PayPal: 1% |
| Withdrawal Fees |
EFT bank withdrawals: Free AUD PayID/NPP instant withdrawals: $1.50 Cryptocurrency: Fees vary Assisted transfer fee: $20 |
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: AUD, NZD, USD
- Supported cryptocurrencies: Approximately 29 cryptocurrencies
Which payment methods are accepted?
- Bank transfer
- Credit card
- Cryptocurrency
- Debit card
- PayPal
- Osko
- PayID
- EFT
- SWIFT
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.
- Protection. Independent Reserve will protect your crypto assets in the event of a large-scale hack, but not against individual hacks to a single account owing to user error.
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.
Compare Independent Reserve against other exchanges
Frequently asked questions
Andrew Finder
Editor
Hi there, looking for more information? Ask us a question.
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Arnold
December 22, 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
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Ali
December 15, 2017
What are all the cryptocurrencies that are available to trade?
Harold Jacob Finder
December 15, 2017
Hi Ali,
Thank you for your inquiry.
You may refer to our list of the most popular cryptocurrencies available to trade in Australia. You may click the name of the cryptocurrency to be redirected to our comprehensive guide to know more about it.
I hope this information has helped.
Cheers,
Harold
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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?