Independent Reserve Review 2022: Features, Pros & Cons
Independent Reserve Review: Our Opinion
Independent Reserve PTY LTD is one of the foremost cryptocurrency exchanges in Australia. The exchange offers cryptocurrency trading services to Australian and New Zealand investors looking for a reliable crypto trading platform.
It gives investors access to various cryptocurrencies, allowing them to buy, sell, and invest without fuss or hassles using fiat currency.
In this Independent Reserve review, we highlight the platform’s features, peculiarities, and other information that make it one of the best crypto exchanges for Australians and the rest of the world.
An Overview of Independent Reserve
Independent Reserve is one of the world’s popular crypto exchanges. It was launched in Sydney, Australia, in 2013 by Adam Tepper and Adrian Przelozny. The co-founders started Independent Reserve with the vision to build Australia’s most secure and trusted way to buy Bitcoin and other cryptocurrencies.
The Independent Reserve cryptocurrency exchange allows traders in Australia, New Zealand, and other parts of the world to buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash with fiat currencies on their trading platform. Users can easily navigate the Independent Reserve exchange services with its simple user interface which allows seamless trading and investing.
The Independent Reserve website claims to have over 250,000 customers, and many reviews testify good about the platforms features and benefits.
Independent Reserve has received awards and recognitions from notable agencies like Deloitte, Financial Times, and the Australian Financial Review.
Key Features of Independent Reserve
Our Independent Reserve review highlights that the platform offers multiple features that make it stand out among the best cryptocurrency exchanges in Australia. We’ve compiled Independent Reserve’s top notable features below:
TheAutoTrader feature helps users improve the overall trading experience. Traders can set up three automatic trading functions to copy trades using available automated cryptocurrency trading strategies. The strategies are available in the platform’s library for investors to choose and apply to their investment portfolios.
Independent Reserve’s auto trading strategies include
- Autobuy: automatically purchasing a selected coin upon every deposit.
- Dollar Cost Averaging (DCA): using the dollar cost average to automatically buy small amounts of crypto at a selected period and profit from price variances.
AutoBasket: automatically investing in different coins and diversifying the investment portfolio.
Independent Reserve features a mobile app that investors can download on iOS and Android devices, making it easy to purchase and sell crypto on the go. The mobile app allows instant deposits, withdrawals via Osko and BPay, access to advanced trading tools, access to transactions, and portfolio management.
Another unique feature of Independent Reserve is the platform’s cryptocurrency tax estimator. KPMG founded the tax estimator, which integrates with Independent Reserve to allow investors to estimate investment taxes. Traders with accounts on other exchanges can import trades into the Crypto Tax Estimator with just a few clicks.
Over-The-Counter Trading (OTC)
Independent Reserve offers its users rewards via its referral/affiliate program. 50% brokerage fee from the trading fee paid by the referred customer in 90 days. Users get referral codes after creating an Independent Reserve account, which registered users can share with friends or other people to promote the exchange.
Investors can manage their portfolios using advanced order types like stop loss, take profit, and limit orders. Users can mitigate the risk of losing money to crypto’s volatile market with the feature.
Cryptocurrencies Available on Independent Reserve
Independent Reserve currently supports about 30 different cryptocurrencies. Here are the top cryptocurrencies are available:
- Bitcoin Cash
- Tether (USDT)
- Ethereum Classic
- Yearn.finance, etc.
These cryptocurrencies can be bought using the Australian Dollar (AUD), New Zealand Dollar (NZD), Singapore Dollar (SGD), and any other supported fiat currency.
Can you Buy and Sell NFTs on Independent Reserve
Unfortunately, Independent Reserve doesn’t support buying and selling of non-fungible tokens (NFTs), but NFT traders can purchase NFT-compatible coins like Ethereum to buy NFTs on other platforms.
Here’s a breakdown of Independent Reserve fees:
One of the perks of trading on Independent Reserve is the exchange’s low-cost trading fees, which starts from 0.5%. The trading platform then charges as low as 0.02% when an investor’s trading volume increases, unlike other exchanges with monthly discounts. That means high-trading volume investors and self-managed super fund (SMSF) traders who invest large amounts of money can enjoy low-cost trading fees.
Independent Reserve supports fiat currencies including AUD, USD, NZD and SGD when making deposits. The platform charges no deposit fees for AUD 100 and above. However, deposits below AUD 100 attract an AUD 0.99 processing fee.
Cryptocurrency deposits on Independent Reserve attract no fees.
There are numerous accepted payment methods on Independent Reserve suitable for Aussies and their Kiwi neighbours. The exchange’s Australian account holders can deposit funds using a bank wire transfer. In contrast, non-Australian customers can fund their accounts using SWIFT bank transfers.
Apart from bank and SWIFT transfers, a user can fund the cryptocurrency wallet using the following:
- ETF or Electronic fund transfer (for Australian traders only)
One notable disadvantage of Independent Reserve is that it does not accept card payments as a deposit option. However, investors can take advantage of the other available options for instant deposits. Also, consider that deposits may attract fees depending on the amount deposited and the selected payment method.
Security is one of Independent Reserve’s critical features. Thanks to its sophisticated security network, the crypto exchange has been operational for nearly a decade with no security hacks or breaches.
Independent Reserve outsources its network security to a third-party security company called Cobalt. The company carries out a series of security tests regularly to spot vulnerabilities. The platform’s data are encrypted and signed to a different data analysis centre across geographically diverse locations to boost security, resulting in zero data loss. In addition, Independent Reserve stores users’ funds and assets in cold storage, making them immune to hacks or theft.
To provide an additional layer of security, Independent Reserve has a two-factor authentication (2-FA) model on its mobile and desktop applications to protect users from third-party access to their accounts. Users can also add a duress password to lock accounts for 24 hours in case of physical attacks or forceful entry.
Independent Reserve also requires that customers undergo verification as part of its Know Your Customer (KYC) and anti money laundering (AML) process to ensure traders transact, buy and sell cryptocurrencies in a safe environment.
Finally, the trading platform allows manual entry of withdrawal amounts and approves only manual withdrawals to spot suspicious transactions. If transactions seem dubious, the customer support team will contact the account owner to validate the transaction. All of these measures make Independent Reserve safe for investors.
Note that the platform’s website provides no information on crypto staking and rewards.
Opening an Independent Reserve Account
Investors must have an Independent Reserve account to buy and sell cryptocurrencies and other assets on the exchange. Follow the easy step-by-step guide below to open an account on the Australian crypto exchange within minutes:
Step 1: Visit the Website
Head to the Independent Reserve website or mobile trading app to start the account registration process. Click on the “Get Started” button at the top of the screen and enter the required information on the next screen.
These include a new username, password, and referral code (if any). Check the reCAPTCHA box below and tap “Create Account”.
Step 2: Verify Email and Identity
Users must verify their identities before making deposits or withdrawals on the Independent Reserve platform. To do this, enter the additional personal information requested by the exchange. These include the account type, purpose of the account, source of funds, email address, and phone number.
Ensure to select the correct account holder’s country code for the phone number section and enter the phone number to receive a verification code. Enter the verification code to complete the process.
Independent Reserve recommends that new users enable two-factor authentication as an additional security measure besides the password. The 2-FA will also come in handy in the case of device change or loss.
Typically, users from Australia or New Zealand have instant account verification. Once this is completed, investors can add funds to their wallets and begin trading. However, in the unlikely case of account verification issues, traders can contact the platform’s customer support team through the support screen on the website.
According to TrustPilot reviews, Independent Reserve offers a seamless trading experience that makes it easy to trade Bitcoin and invest in crypto on the platform. The website and mobile app are optimised and user-friendly, so crypto beginners and experienced crypto traders can easily navigate to buy, sell, trade, and invest in cryptocurrencies.
Users also love it because of its easy crypto-to-fiat conversion and quick transfer to bank accounts.
The platform also has an FAQ section to support users and keep them updated about the crypto industry’s latest trends, events, and happenings. Users also learn how to trade and make the most of their investment journey.
The platform’s Limit Order and AutoTrading features are also commendable. They help investors take absolute control of their accounts and make safe, informed decisions. By doing so, they reduce the risk of losing money to volatility.
Due to its simple and quality trading experience, Independent Reserve is suitable for traders with little to no trading experience.
Independent Reserve employs a customer support service to assist traders with any difficulties they may have while making deposits, withdrawing funds, or engaging in other activities. The platform promises comprehensive services, and online user reviews indicate that the customer support team is responsive. They also respond to customers’ queries and resolve them promptly.
Besides customer support, Australian Independent Reserve users commend its friendly and diverse payment options and learning resources that will answer most of the frequently asked questions by users. With these, users can opt for the self-service option instead of waiting to speak with an agent.
Independent Reserve customers can contact the 24/7 customer support team for further assistance or inquiries through the support screen.
Does the Exchange Offer Education?
Independent Reserve offers different learning resources to its users via Knowledge Base. The resources provide guides on how to operate an account, solve basic issues on the platform, and other important information customers need to get the best experience.
For example, a “How to start trading” section highlights the basics of crypto trading on Independent Reserve.
The FAQ section also provides information about the platform’s features and benefits and how users can access them. The Knowledge Base section also includes blog posts on the latest events in the crypto space, various industry terminologies and concepts, and other crypto-related information to help newbies get more familiar.
Is Independent Reserve Right For You?
Independent Reserve users consider it one of the best digital asset exchanges for Aussies and Kiwis because of the platform’s reputation and security. Over 250,000 Australian and international investors looking to make money from crypto prefer the exchange due to many reasons, one of which are the low Independent reserve fees.
Since its inception Independent Reserve hasn’t recorded any hacks or security issues, which makes it a credible platform to trade and invest without security worries. It also has various cryptocurrency options from which traders can diversify their crypto investments. With these options, investors can potentially make more profit by trading multiple assets simultaneously. Users also choose the platform because of its standout features like AutoTrading, Tax Estimator, OTC trading desk, low trading fees, and Limit Trading.
We’ve gone through the key features, trading fees, pros and cons, security, and other information in this Independent Reserve review to provide answers for traders with the question, “Is Independent Reserve legit?”
Independent Reserve seems very decent compared to other cryptocurrency exchanges because of its inexpensive trading fees, 24/7 customer support, various payment and withdrawal options, ease of platform use, and overall trading experience.
However, it has a limited coin offering, with just about 30 coins available. Fees are also higher than the industry average, they only get better as users’ trades increase.
Ultimately, investors can assess the platform and determine if it’s the perfect place to buy Bitcoin and other cryptocurrencies and invest in various digital assets.
Our extensive analysis of the Australia Crypto Exchanges doesn’t stop here. You can also read about our Binance Australia Review as an alternative to Independent Reserve or you can check out our Guide on the best crypto exchanges available to Australians to choose the right crypto exchange for you among our picks.
Most frequent questions and answers
Independent Reserve is owned by Adam Tepper and Adrian Przelozny. Both co-founded the exchange in 2013.
Independent Reserve is insured by the Monetary Authority of Singapore (MAS). MAS licenses the Australian exchange to provide crypto and digital payment token services in Australia and beyond.
Independent Reserve has an easy-to-use mobile app for iOS and Android devices that makes trading and investing easier for its customers.
Independent Reserve has most of its customers in Australia, New Zealand, and Singapore. However, the exchange also operates in Belgium, Canada, Iceland, Ireland, Norway, Poland, Italy, the United Kingdom, Netherlands, Germany, Hong Kong, Spain, etc.
Like many other exchanges, only people 18 years and above are eligible to trade and invest on Independent Reserve.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.