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Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    7. Binance vs. Independent Reserve:...

    Binance vs. Independent Reserve: Fees, Pros & Cons

    Binance Canada Review

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    Binance vs Independent Reserve which is better for crypto investors in Australia? To reach a conclusion we carried out extensive research on both cryptocurrency exchanges considering fees, NFT availability, number of cryptocurrencies, etc. Our analysis is also derived from first-hand use of both exchanges.

    Binance vs. Independent Reserve: Verdict

    Our pick is Binance due to its large crypto selection and massive feature availability.

    Binance Logo



    Independent Reserve Logo



    Binance vs. Independent Reserve: Unique Features

    Unique Features of Binance

    Binance P2P

    binance p2p australia

    This is a peer-to-peer marketplace that enables users to directly trade cryptocurrencies with other users. With Binance P2P traders have more flexibility and they can choose to make the trade in their preferred local currency, at their price, and using a suitable payment method. 

    There are over 700 flexible payment methods and 100 local currencies available on Binance P2P. The user who posts a trade advertisement on the P2P market is known as the P2P maker, while the user who buys or sells assets using existing advertisements is the P2P taker. 

    To ensure the security of funds being traded on the P2P market platform, Binance has an escrow service that holds the assets until both parties in the transaction have completed their part. Users can freely trade as takers without having to pay any fees. Also, transactions on the P2P market are fast and can be completed within 15 minutes.

    Unique Features of Independent Reserve


    independent reserve autotrader

    This unique feature of Independent Reserve enables users to implement automated crypto trading strategies from Independent Reserve’s strategy library. 

    AutoTrader gives users access to the following strategies:

    • AutoBuy on Deposit: This will automatically buy Bitcoin or any preferred crypto once a deposit is made into the user’s account 
    • Auto Basket: This automatically buys a weighted basket of cryptocurrencies once the user’s account is credited. 
    • Auto-Schedule: This enables users to schedule a set time to buy or sell cryptocurrency.

    AutoTrader strategies do not expire, they exist until they are deleted or disabled by the user. Standard brokerage fees apply to all trades made. The strategies are executed at the available market price.

    Winner in Unique Features

    Binance exchange wins here as it has more features than Independent Reserve

    Binance vs. Independent Reserve: Cryptocurrencies Available

    Cryptocurrencies Available on Binance

    Binance supports the trading of over 350 cryptocurrencies. This includes Ethereum, Bitcoin, Chainlink, Litecoin, Bitcoin Cash, Binance Coin, Dogecoin, Curve DAO, Shiba Inu, Polygon, XRP, etc.

    Cryptocurrencies Available on Independent Reserve

    Independent Reserve supports 30 cryptocurrencies including Ethereum, Bitcoin, Chainlink, Polkadot, Dogecoin, Tether, Bitcoin Cash, Ethereum Classic, etc

    Winner in Crypto Availability

    Binance exchange is the winner it supports more cryptocurrencies than Independent Reserve.

    Binance vs. Independent Reserve: Can You Buy and Sell NFTs?

    binance nft marketplace review

    Yes, you can buy and sell NFTs on Binance via the Binance NFT platform. The NFT marketplace hosts more than 2.5 million NFT collections. Its focus is on gaming NFTs, hence, half of its total collections (1 million+) are gaming NFTs. Verified users can mint and sell NFTs on the BNB Smart Chain and Ethereum network.

    Winner in NFTs Availability

    Binance wins in NFT availability. Independent Reserve does not offer an NFT marketplace.

    Binance vs. Independent Reserve: Fees

    Binance Fees

    The Binance cryptocurrency exchange charges trading fees using a taker-and-maker model based on a tiered system assigned by the traders’ monthly trade volume. But traders can get trading fees discount based on the amount of BNB (Binance native currency) they hold on the platform. 

    Here are the tiered levels and BNB discounts: 

    Regular User

    • 30-day trade volume (BUSD): < 1,000,000 BUSD or ≥ 0 BNB    
    • Maker/Taker Fee: 0.1000% / 0.1000%
    • Maker/Taker Fee with BNB 25% discount: 0.0750% / 0.0750%

    VIP 1

    • 30-day trade volume (BUSD): ≥ 1,000,000 BUSD and ≥ 25 BNB    
    • Maker/Taker Fee: 0.0900% / 0.1000%
    • Maker/Taker Fee with BNB 25% discount: 0.0675% / 0.0750%

    VIP 2

    • 30-day trade volume (BUSD): ≥ 5,000,000 BUSD and ≥ 100 BNB    
    • Maker/Taker Fee: 0.0800% / 0.1000%
    • Maker/Taker Fee with BNB 25% Discount: 0.0600% / 0.0750%

    VIP 3

    • 30-day trade volume (BUSD):≥ 20,000,000 BUSD and ≥ 250 BNB    
    • Maker/Taker Fee: 0.0700% / 0.1000%
    • Maker/Taker Fee with BNB 25% Discount: 0.0525% / 0.0750%

    VIP 4

    • 30-day trade volume (BUSD): ≥100,000,000 BUSD and ≥ 500 BNB    
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 5

    • 30-day trade volume (BUSD): ≥ 150,000,000 BUSD and ≥ 1,000 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 6

    • 30-day trade volume (BUSD): ≥400,000,000 BUSD and ≥ 1,750 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 7

    • 30-day trade volume (BUSD): ≥800,000,000 BUSD and ≥ 3,000 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 8

    • 30-day trade volume (BUSD): ≥ 2,000,000,000 BUSD and ≥ 4,500 BNB
    • Maker/Taker Fee: 0.0200% / 0.0400%
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    VIP 9

    • 30-day trade volume (BUSD): ≥ 4,000,000,000 BUSD and ≥ 5,500 BNB 
    • Maker/Taker Fee:0.0200% / 0.0400% 
    • Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%

    Binance does not charge any fee for cryptocurrency deposits but withdrawals and dynamic network fees apply. If you opt to use a credit/debit card to purchase crypto the platform charges 4.5% of the transaction amount.

    Independent Reserve Fees

    This crypto exchange does not charge deposit fees for deposits of AUD 100 and above, cryptocurrency deposits are also free. Deposits under AUD 100 will incur an AUD 0.99 processing fee. Independent Reserve does not charge withdrawal fees for ETF bank withdrawals.

    However, fees apply to SWIFT, crypto, and instant withdrawals. The exchange charges AUD 1.50 for PayID/NPP instant withdrawals. Electronic funds transfer deposits of AUD 100.00 and above are free. All electronic funds transfer deposits are processed within one or two business days.

    For trading fees, the Independent Reserve crypto exchange charges 0.50% on all trades. But it decreases this percentage by your trade volume per AUD 100 added to your trades monthly. So its fees can drop to 0.02% depending on your monthly trade volume.

    Winner in Fees

    Binance wins as it offers cheaper fees plus a discount package for BNB holders.

    Binance vs Independent Reserve: Payment Methods

    Binance Payment Methods

    Binance offers several payment options for its Crypto investors in Australia who wish to buy bitcoin and other crypto assets. Available payment methods include AUD deposits via PayID/Osko, credit/debit cards, P2P trading, and Binance Pay.

    Independent Reserve Payment Methods

    Independent Reserve offers the following payment methods in Australia: Electronic Funds Transfer and PayID/Osko.

    Winner in Payment Methods

    Binance exchange wins here as it offers more payment methods for its users in Australia.

    Binance vs. Independent Reserve: Security

    Binance Security

    Binance stores the majority of users’ assets in cold storage offline. All personal data and information are also encrypted. 

    All accounts are protected with two-factor authentication and any update to account details is reviewed before approval. If any suspicious activity is noticed on an account, all withdrawals from the account are suspended for 24 hours.

    Independent Reserve Security

    Independent Reserve conducts annual audits of its financial statements following Australian Accounting Standards. It stores the majority of users’ assets in cold storage vaults and ensures that all Personally identifiable information is encrypted in transit

    Users’ accounts are protected with two-factor authentication and email notifications are sent for every login attempt. If changes are made to an account’s security details, crypto withdrawals are suspended from the account for 72 hours.

    Winner in Security

    Independent Reserve wins in security as it has several security measures in place to secure users' funds. It has never been hacked.

    Binance vs. Independent Reserve: Earn/Staking Rewards

    The Binance exchange offers rewards on held crypto assets via its Earn platform, which offers up to 104.62% APY on staked assets.

    Binance Earn

    Winner in Earn/Staking Rewards

    Binance wins in earn/staking rewards as Independent Reserve exchange does not offer a staking service.

    Binance vs Independent Reserve: Usability

    Binance Usability

    Binance Australia is regulated by AUSTRAC. The platform’s interface is more suited to advanced users who want more than simple buy-and-sell orders. It supports the following order types: margin trading, Limit order, market order, trailing stop order, stop-limit order, post-only order, peer-to-peer trading, one-cancels-the-other order, etc. It also offers a mobile app on Android and iOS, a desktop app, and a web app.

    Independent Reserve

    The Independent Reserve exchange offers a mobile app for Android and iOS and a web app. It is suitable for beginners and has an OTC trading desk for SMSF accounts, institutional investors, and high-net-worth individuals who wish to buy bitcoin and other cryptocurrencies. Independent Reserve features both simple buy and sell features and advanced functions like Auto-trade, charts, etc. The platform is also regulated by AUSTRAC.

    Winner in Usability

    Independent Reserve exchange wins in usability as it caters to both beginner and advanced users.

    Binance vs Independent Reserve: Customer Service

    Binance Customer Service

    Customers can contact the support team via live chat on the website. They can also search for solutions to account-related problems by checking the FAQ page or using the AI bot in the Live Chat.

    Independent Reserve Customer Service

    Customers with complaints can reach the support team via email at support@independentreserve.com or by opening a support ticket on the website

    Independent Reserve also has a well-equipped Help Center that provides answers to common problems encountered by users.

    Independent reserve Reviews Customer Support

    Winner in Customer Service

    Independent Reserve wins in customer service.

    Conclusion: Final Verdict

    Binance exchange wins overall as the crypto exchange offers a larger cryptocurrency selection, NFTs, more payment methods, a staking platform, futures trading, etc. Independent Reserve, on the other hand, even though it is suitable for SMSF accounts and institutional investors, offers very minimal crypto selections and doesn’t support much beyond trading.

    Overall Winner

    Binance exchange wins with a 4.3/5 rating.


    Most frequent questions and answers

    Online cryptocurrency exchanges are difficult and susceptible to hackers. It is safer to store your assets in a hardware wallet like Trezor or Ledger.

    Adam Tepper and Adrian Przelozny own Independent Reserve.

    Fiat withdrawals are processed the next business day after initiation.

    Yes, traders in Australia can use Binance via the Binance Australia platform.

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