Independent Reserve is a long-established Aussie crypto exchange, founded in 2013. It is popular amongst institutional traders and Self-Managed Super Funds, with its OTC Service Desk for VIPs, and reduced trading fees for frequent traders. Read on to find out what features Independent Reserve has, and why it deserves its spot on the list of Australia's top cryptocurrency exchanges.
What is Independent Reserve?
Independent Reserve is a crypto exchange catering to high-volume traders, institutional investors and SMSF's. They have low trading fees of only 0.5% which can be reduced depending on the value traded in the previous 30 days, and optional insurance cover for your cryptocurrencies. They are based in Australia, but they also serve customers around the world, with fiat currency support for AUD, USD, NZD and SGD. Here are some of the best features of Independent Reserve.
- 27 cryptocurrencies supported
- Low trading fees of 0.5%
- Mobile app for convenient access
- Optional cryptocurrency insurance up to $5 million
- Excellent security
- Instantly deposit AUD using PayID or Osko
- VIP service desk for OTC trades
- 24/7 Customer Support
- Certified member of Blockchain Australia
Australian alternatives to Independent Reserve
Instantly buy/sell crypto
For those that want an easy way to purchase or sell cryptocurrency on Independent Reserve, there is a quick feature you can access. Simply go to buy/sell and select which coin you like. The prices are displayed there, and you just need to click buy or sell and you will be able to instantly make the transaction. There is no need to mess around on the market if you use this function.
Trade on the market
If you prefer to place market orders or limit orders, you can do so easily by clicking on the Trade button along the top menu. You can see the order book on the right and your fees (0.5%) are clearly displayed before you confirm your order.
Premium Accounts with crypto insurance
Independent Reserve offers optional insurance on your cryptocurrency, which is accessible when you sign up for a premium account. You will pay a yearly fee (starting from $300/year) and in return you receive insurance and Premium Support over the phone. For high net worth individuals and institutional investors, the highest level of insurance will cover up to $5 million of digital assets, which gives peace of mind and is a good idea for many.
24/7 Customer Support
Independent Reserve is contactable by email 24 hours a day, 7 days a week, and if you have a Premium account you also receive phone support. Unfortunately at the time of writing, Live Chat is not available.
AutoTrader is a way for you to automate some basic trades, to save you time and effort. For example, if you want to Dollar Cost Average (DCA) your purchases, you can set up AutoSchedule on Independent Reserve, which will buy or sell crypto that you choose on a regular basis.
You can also set up AutoBuy on Deposit, which means each time you make a deposit, it will automatically make a purchase of your chosen coin. A similar feature is AutoBasket, which automatically buys a weighted basket of different coins each time you receive a deposit into your account.
Fees and Payment Methods
When you deposit AUD into Independent Reserve, you can choose either Electronic Funds Transfer or PayID/OSKO. When you deposit with Electronic Funds Transfer, there is a fee of $0.99 if you deposit less than $100. If you deposit $100 or more, it is free.
When you deposit using PayID/OSKO, the fee is $2.50 if you deposit less than $1000. If you deposit over $1000 then there is no fee.
Trading fees are just 0.5% per transaction, and can be reduced based on your trade volume over the last 30 days.
Withdrawing AUD to your bank account is free, but if you wish to make a NPP instant withdrawal it will cost you $1.50.
Independent Reserve takes security seriously, with encryption of information, top tier data centres with geographically dispersed disaster recovery backup servers, intrusion detection monitoring, and 97% of crypto assets stored offline in cold storage. The cold storage cryptocurrency is held in geographically dispersed vaults, with extensive physical security. Independent Reserve also has regular external penetration testing, to ensure their systems are secure, and they have not had any security breaches since their establishment in 2013.
Pros and Cons of Independent Reserve
Independent Reserve is a very secure exchange that allows instant buy/sell as well as trading on the market, with low fees of just 0.5%. It is Australia's first exchange to offer cryptocurrency insurance which is a great way to ensure peace of mind while trading. There is a VIP service desk for OTC trades, and 24/7 customer support available by email.
The downside of Independent Reserve is they don't offer a wide range of coins, they only have 27 cryptocurrencies available. If you are after a crypto exchange with more coins, you can try Digital Surge (over 300+ coins, and 0.5% trading fees) or Swyftx (over 320+ coins, and 0.6% fees).
For more options, have a read of our article about the top crypto exchanges for Aussies (read here). You can see how we determined our best exchanges, and see if you find one that is suited to you. You can also see the table below that summarises the key points of each exchange.
Frequently Asked Questions
Yes, Independent Reserve is a legitimate and trustworthy Australian crypto exchange that has been in operation since 2013. They were the first to be registered with AUSTRAC and they are also certified members of Blockchain Australia.
Independent Reserve is a very safe crypto exchange, with a ton of security measures to ensure your data and funds are always secure. They store 97% of their cryptocurrency offline in cold storage, and they have never been hacked since their establishment in 2013.
To withdraw from Independent Reserve, click on 'Accounts' along the top menu. Then select 'Withdraw' next to AUD and follow the prompts. If you wish to withdraw a cryptocurrency instead, select 'Withdraw' next to whichever coin you want to take out.