Luis Clark
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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    Independent Reserve vs CoinSpot 2023: Fees, Pros & Cons

    Independent-reserve-australia-review
    2.9
    2.9/5

    Read Disclaimer

    CoinSpot Review
    3.7
    3.7/5

    This Independent Reserve versus CoinSpot article compares both crypto exchanges considering their trading fees, security, pros and cons, deposit methods, NFTs availability, and much more. To reach a verdict we performed exhaustive research and used both platforms.

    Independent Reserve vs CoinSpot: Verdict

    Our pick is CoinSpot. The exchange provides flexibility in cryptocurrency selection and features for Australian crypto investors.

    Independent Reserve Logo

    Pros

    Cons

    Coinspot Logo

    Pros

    Cons

    Independent Reserve vs CoinSpot: Unique Features

    Unique Features of Independent Reserve

    Auto Trader

    autotrader independent reserve

    Auto Trader is a feature that allows Independent Reserve users to create various automated trading strategies to buy and sell cryptocurrencies. Currently, there are 3 strategies available on Auto Trader: Auto Buy, Auto Schedule, and Auto Basket.

    Auto Buy

    The Auto Buy strategy automatically buys crypto when a deposit is made into the user’s Independent Reserve account. The user can set the maximum percentage of the deposit to be used as well as an upper limit of the price they want to pay and the size of the crypto they wish to buy. If the current market price of the crypto in the strategy is more than the price limit, the Auto Buy strategy will not be executed. Users who wish to remove the price limit for this strategy can set the price field to “0”. Auto Buy strategies are executed at the current market price.

    Auto Basket

    This strategy is similar to AutoBuy, but instead of buying a single cryptocurrency, AutoBasket automatically buys a basket containing various cryptocurrencies. The cryptocurrencies in the basket are weighed against the market capitalization of each currency. The buyer cannot choose crypto in the basket. 

    Basket weightings are adjusted and reallocated once every week. The adjustment does not affect existing holdings bought via the strategy. Just like with AutoBuy, each cryptocurrency in the basket is bought at the current market price at the time the trade was executed. 

    All AutoBasket strategies are executed using the deposited amount within the confines of the spending limit. If the deposit in curses a deposit fee, the fee is removed from the user’s fiat balance before executing the order. This will reduce the amount spent on the AutoBasket.

    AutoSchedule

    This strategy allows Independent Reserve users to buy or sell cryptocurrencies on a regular schedule. Once the schedule is set to a particular time, the strategy will execute at whatever market price it is. The strategy will not wait until the price gets down before execution. 

    The Auto Schedule strategy is executed using funds in the account of the user. Users can choose which fiat currency they wish to buy or sell. 

    Auto Trader strategies do not expire. Every strategy created will remain until it is deleted or disabled by the account holder. Users are also not allowed to create strategies via the API. Asides from standard brokerage fees, Auto Trader strategies are free.

    Unique Features of CoinSpot

    CoinSpot Mastercard

    The CoinSpot Mastercard is a prepaid debit card that allows cardholders to spend cryptocurrencies like cash anywhere Mastercard is accepted. 

    Cardholders can choose to make payments with any cryptocurrency from the over 370 cryptocurrencies supported by CoinSpot. The CoinSpot Mastercard is compatible with both Google Pay and Apple Pay.

    Bundles

    CoinSpot Bundles

    A Bundle is a package containing different cryptocurrencies that can be bought in a single transaction. Instead of buying cryptocurrencies one by one, with bundles, CoinSpot users can buy a group of cryptocurrencies with similar attributes in one single transaction. This saves time and money and prevents the buyer from paying multiple transaction fees. 

    Bundles available on CoinSpot include AI bundle, Green bundle, Metaverse bundle, Social bundle, Supply Chain bundle, Bitcoin bundle, NFT bundle, Gold/Silver ratio bundle, and DeFi bundle.

    Winner in Unique Features

    CoinSpot wins in unique features as it has more features than Independent Reserve.

    Independent Reserve vs CoinSpot: Cryptocurrencies Available

    Cryptocurrencies Available on Independent Reserve

    Independent Reserve supports the trading of 30 cryptocurrencies. This includes Bitcoin, Ethereum, Dai, Decentraland, Bitcoin Cash, Dogecoin, Polkadot, Solana, Uniswap, Ethereum Classic, Cardano, MATIC, Sandbox, etc.

    Cryptocurrencies Available on CoinSpot

    CoinSpot supports the buying, selling, and swapping of over 370 cryptocurrencies. Supported cryptocurrencies include Bitcoin, Ethereum, Binance USD, USD Coin, Tether, Polkadot, Dogecoin, Decentraland, Shiba Inu, Avalanche, Bitcoin Cash, etc.

    Winner in Crypto Availability

    CoinSpot is the winner here. It supports more cryptocurrencies than Independent Reserve

    Independent Reserve vs CoinSpot: Can You Buy and Sell NFTs?

    Can You Buy and Sell NFTs on CoinSpot?

    CoinSpot NFT Marketplace
    Yes, you can buy and sell NFTs on CoinSpot via the CoinSpot NFT marketplace which is home to over 400,000 NFTs and 300 collections. Popular NFT collections like Bored Ape Yacht Club, VeeFriends, and Women of the World NFTs are featured on the platform. CoinSpot NFT does not support minting and is one of the only NFT marketplaces that isn’t built on a blockchain. However, it is supported by the Binance Smart Chain and Ethereum.

    Winner in NFTs Availability

    CoinSpot wins in NFT availability as Independent Reserve does not offer an NFT platform.

    Independent Reserve vs CoinSpot: Fees

    Independent Reserve Fees

    fees independent crypto

    Independent Reserve charges the following fees for its services:

    • Deposits: There are no deposit fees for deposits of AUD 100 and above. However, Independent Reserve charges fees for AUD deposits under AUD 100 (AUD 0.99). 
    • Withdrawals: The cryptocurrency exchange does not charge fees for ETF bank account withdrawals. But users will pay AUD 1.50 fee for PayID/NPP withdrawal. There are also dynamic fees that apply to crypto withdrawals. 

    Trading Fees: Independent Reserve charges 0.50% on any type of trade. However, trading fees are decreased based on the user’s trade volume per AUD 100 added to their monthly trades. 

    CoinSpot Fees

    CoinSpot does not charge withdrawal fees. Here are the trading fees the crypto exchange does charge:

    • Market Order: 0.10% 
    • OTC: 0.10% 
    • Instant Buy, Sell, and Swap: 1% 
    • Recurring Buy: 1% 
    • CoinSpot NFT: 0.90% 
    • Take Profit, Limit Orders, and Stop Loss: 1%

    Deposit Fees on CoinSpot:

    • PayID: Free
    • POLi: Free
    • Direct Deposits: Free
    • BPAY – 0.9% Fee
    • Cash Deposit – 2.5% Fee
    • CoinSpot Card Deposit – 2.58% Fee

    Winner in Fees

    The Independent Reserve exchange wins. The exchange charges lower trading fees than the CoinSpot platform.

    Independent Reserve vs CoinSpot: Payment Methods

    Independent Reserve Payment Methods

    For its Australian users, this crypto exchange offers 2 deposit methods: Electronic Funds Transfer and PayID/Osko.

    CoinSpot Payment Methods

    CoinSpot supports 6 deposit methods: PayID, POLi Bank Transfer, BPAY, Cash Deposit, CoinSpot debit card, and Direct deposit.

    Winner in Payment Methods

    Coinspot is the winner. It offers more deposit methods than Independent Reserve.

    Independent Reserve vs CoinSpot: Security

    Independent Reserve Security

    Independent Reserve conducts annual internal financial statements audits following the Australian Accounting Standards. It also stores 97% of its crypto assets in cold storage held in multiple geographically dispersed vaults. It also maintains 1:1 reserves of all customer’s assets as well as segregation of customers’ holdings. 

    Users’ accounts are protected with security features like 2-factor authentication, browser whitelisting, crypto address whitelisting, email notifications on each login, not shield and duress password.

    CoinSpot Security

    CoinSpot security features

    CoinSpot is the only Australian crypto exchange to hold both an ISO27001 Certification for Information Security Management and a Blockchain Australia Certification. It stores the vast majority of users’ assets in cold storage offline.

    Users’ accounts are also protected with customizable security features like custom withdrawal restrictions, two-factor authentication, and session timeout limit settings.

    Winner in Security

    CoinSpot is the winner in security. It offers more security to users' assets than Independent Reserve.

    Independent Reserve vs CoinSpot: Earn/Staking Rewards

    CoinSpot Earn/Staking Rewards

    Users can stake over 20 assets on the CoinSpot staking platform that offers up to 70% APY. The staking service uses a tiered system that allows investors to increase their expected APY based on the amount of cryptocurrency they hold on the staking platform.

    Winner in Earn/Staking Rewards

    CoinSpot wins in staking rewards as Independent Reserve does not support staking on its platform.

    Independent Reserve vs CoinSpot: Usability

    Independent Reserve Usability

    Users can access the trading interface on Independent Reserve via its mobile apps for iOS and Android. The interface supports both basic trade options such as instant buy and sells as well as advanced trading features like OTC, auto-trading, buy and sell limit orders, business API, and charts.

    CoinSpot Usability

    CoinSpot crypto exchange is arguably known as one of the best crypto exchanges in Australia for beginners. However, you can also use advanced trading tools such as an advanced trading chart, recurring buy orders, and an order book for investors and intermediate traders who want to analyze liquidity and price action.

    Winner in Usability

    CoinSpot wins in usability as it has adequate features to offer both beginner and advanced traders on its platform.

    Independent Reserve vs CoinSpot: Customer Service

    Independent Reserve Customer Service

    Independent reserve Reviews Customer Support

    The Independent Reserve support team can be reached by opening a support ticket or via email at support@independentreserve.com. Phone support is currently unavailable. 

    Users can also find helpful information that can help the use the platform in the Help Center.

    CoinSpot Customer Service

    CoinSpot’s support team is available via the Help desk and Live Chat every day of the week. The average response rate for real human support is about 30 seconds.

    Winner in Customer Service

    CoinSpot is the winner. It has a very responsive support team.

    Conclusion: Final Verdict

    CoinSpot wins. The cryptocurrency exchange gives a lot more with its services to users than the Independent Reserve concerning flexible payment options, NFT availability, and 24/7 customer service.

    It also charges lower trading fees and has a large selection of cryptocurrencies. Independent Reserve, supports just 50 cryptocurrencies, does not offer a staking service or NFT platform, and only offers 2 payment options for Australians.

    Overall Winner

    CoinSpot wins in general.

    FAQ

    Most frequent questions and answers

    Yes, Independent Reserve is registered as an Australian Company and licensed as a digital currency exchange (DCE) with AUSTRAC.

    Yes, the ATO tracks all cryptocurrency exchanges regulated in Australia like CoinSpot and Binance Australia. This means CoinSpot is required to report the details of Australian crypto investors to the ATO.

    Some of the best crypto exchanges in Australia include Binance Australia, CoinSpot, Coinjar, and CoinSmart.

    CoinSpot is better as it supports more cryptocurrencies and offers more deposit methods including bank transfer.

    Yes, CoinSpot charges a 0.10% commission on most transactions. However, on certain types of orders, the cryptocurrency exchange charges up to 1% in commissions.

    CoinSpot crypto exchange does not file your tax report. But it does provide your transaction history to enable you to calculate your taxes.

    Online crypto exchanges CoinSpot are susceptible to hackers. It is best practice to keep your coins in a hardware wallet.

    You can lose money on CoinSpot as cryptocurrencies are volatile assets. This means they can drop or rise in value quickly.

    The Independent Reserve crypto exchange has been in operation since 2013. It is also regulated under AUSTRAC Australia’s financial regulatory body.

    Independent Reserve has never been hacked. However, it is safer to store your assets in a cold wallet.

    CoinSpot is a centralized cryptocurrency exchange.

    When compared to cryptocurrency exchanges Binance and Independent Reserve, CoinSpot offers high fees.