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Independent Reserve Singapore Review 2023: Fees and More
Swen Keller
- URL: https://www.independentreserve.com/
- Headquarter: Sydney, Australia
- Year Founded: 2013
- Platform App: Desktop/Mobile
- No. of Cryptos: 29+
- Fiats Available: SGD/AUD/USD
- Withdraw Method: Bank Transfer/Crypto
- Payment Method: Bank Transfer/Crypto
Independent Reserve Singapore Review: Our Opinion
Independent Reserve is an easy-to-use crypto exchange that offers advanced trading features like auto trades and buy-and-sell limit orders. That said, the Independent Reserve exchange is average at best and simply does what it’s meant for – buy and sell cryptocurrency. Its unique features are primarily for executing trades automatedly. The Independent Reserve exchange also has a very limited crypto offering and high fees (for low tiers) when compared to its competitors. And you won’t find extraordinary features on Independent Reserve like purchasing NFTs, earning interest, a platform credit/debit card, etc.
With over 250,000 users, Independent Reserve is a cryptocurrency exchange that enables you to buy and sell digital assets instantly. Independent Reserve exchange offers advanced features like buy-and-sell limit orders and an auto trader for executing trades on deposits.
Independent Reserve also features free deposits and some of the lowest trading fees (tier-based) in the industry. But is this the best exchange for you? Our Independent Reserve review will help you decide.
For this Independent Reserve review, we used over 300 user reviews, expert opinions, competitor analysis, and first-hand experience to come up with the facts needed to make a decision.
An Overview of Independent Reserve
Founded in 2013 by Adrian Przelozny, the Independent Reserve exchange is headquartered in Sydney, Australia. The cryptocurrency exchange operates in the blockchain and financial exchanges industries. Customers can access the service via their mobile or web app. The Independent Reserve cryptocurrency exchange caters primarily to advanced crypto-traders by offering unique trading features like limit orders, automated trades, etc.
Pros
- Offers a built-in KPMG tax calculator
- Assets are kept in cold storage
- Features an Autotrader for executing automated trades
- 24/7 support is available
- API for public and private methods of automated trading
- Supports buy and sell limit orders
- Free deposits are available
- Low trading fees are attainable
- Supports SGD as fiat currency
- A very quick verification process
Cons
- The user interface isn't beginner-friendly
- Limited supported cryptocurrencies
- Low trading fees are locked behind high trade volumes
Key Features of Independent Reserve
AutoTrader
This native feature of the Independent Reserve platform enables users to implement automated cryptocurrency trading strategies. The trading strategies executed are from Independent Reserve’s strategy library.
Asides from the standard brokerage fees that apply to any trades made, AutoTrader strategies are free to use. The strategies do not expire, they only cease to exist when the user deletes or disables them.
There are 3 major strategies in the Auto Trader framework: AutoBuy, AutoBasket, and AutoSchedule.
AutoBuy
With the AutoBuy strategy, users can automatically buy any of Independent Reserve’s supported cryptocurrencies whenever a deposit is credited to their account. The user can also choose the maximum percentage of the deposit to be used. The upper limit of the size of the buy order and the price the user wishes to pay are all at their sole discretion. You can also choose to reduce the amount of fiat used to purchase cryptocurrency.
As already stated, the user can set a maximum limit on the buy price for the crypto. But if the current market price for the crypto the user wants to buy is above the Price limit set, the strategy will not be executed. The user can, however, choose to set the price limit at 0. This means that there is no limit and the auto-buy strategy will be executed.
Independent Reserve users are allowed to create multiple AutoBuy strategies but the cumulative deposit percentage must not be more than 100%. Once the deposit percentage gets to 100%, no new AutoBuy strategies can be created.
AutoBasket
This strategy is similar to the AutoBuy strategy, the only difference is that instead of buying a specific cryptocurrency, the AutoBasket strategy enables users to buy different currencies. This is while weighing them against the market capitalization of each currency.
The AutoBasket strategy is executed once the user makes a fiat deposit into their account. Just like AutoBuy, AutoBasket is executed from the AutoTrader tab. Users cannot create multiple AutoBasket strategies. This is because the basket of cryptocurrencies is fixed. Users can also not choose which crypto is in their basket.
Every cryptocurrency in the basket is purchased at the current market price at the time of the execution of the strategy.
AutoSchedule
Independent Reserve users can choose to automatically buy or sell any of the supported cryptocurrencies on a regular schedule they set. The strategy is executed using the funds in the user’s account.
Users can choose from 5 different schedule types: daily, weekly, fortnightly, monthly, or on the last day of the month. The user can also choose the exact time and starting day of the strategy. The earliest the strategy can be executed is 10 minutes after the current time.
AutoSchedule does not wait for prices to get down to the user’s preference before initiating the transaction. Once the scheduled time for the trade arrives, the order is executed at the current market price.
If the user does not have enough funds in their account when the strategy executes, the strategy will use any available funds in the user’s account to execute the trade. If there are no available funds, nothing will be done.
OTC Trading
Independent Reserve offers Over-the-Counter crypto trading in USD, SGD AUD, and NZD. The OTC desk support is available for all digital assets listed on Independent Reserve’s exchange.
Independent Reserve helps customers execute all OTC orders through its local and global networks.
OTC trading enables clients to execute high-volume trades with low price slippage. This means that the gap between the actual price for the volume a customer wishes to trade and the cheapest price is kept at a minimum. The larger the trade size, the more customers will be able to save in slippage costs.
All OTC transactions are done privately and discreetly. This means that OTC orders are not visible or reported to the market. The increased privacy that comes with OTC trading reduces the chances of the trade signaling the market and altering the prices.
Independent Reserve’s OTC desk also gives customers access to deep pools of liquidity. This is fostered by access to a large network of institutional crypto sellers and buyers.
OTC is different from exchange trading as OTC orders are done via the Independent Reserve trading desk located in Sydney. The OTC desk operates from 9 am to 5 pm every Monday to Friday.
Customers who use the OTC desk have exclusive access to Independent Reserve’s experts. The experts will guide the customer every step of the way from the creation of the account to trade settlement and post-trade insights.
Cryptocurrencies Available on Independent Review
Independent Reserve users can deposit, send, buy, sell and store the following cryptocurrencies:
Bitcoin, Ethereum, Tether USDT, Cardano, Basic Attention Token ( BAT), Compound, Dogecoin, Ripple, Aave, Bitcoin Cash, Polkadot, The Graph, Ethereum Classic, DAI, EOS, Chainlink, Litecoin, Polygon, Decentraland, MATIC, MANA, Perth Mint Gold Token, Synthetix Network Token, Uniswap, Stellar Lumens, Solana, USDC, Litecoin, ZRX and OMG Network.
Independent Reserve Fees
Independent Reserve fees differ depending on the transaction being performed.
Trade Fees
The crypto exchange charges a trade fee of 0.5% per trade but offers discounts based on your trade volume in the past 30 days. Your trade volume is also re-calculated every 4 hours. That said, order fees are calculated at the time of execution. This means that your open orders will not reflect the adjusted fees when your trade volume is re-calculated.
Here are a couple of discount fees based on a 30-day trade volume:
- 0 30 day trade volume: 0.5%
- 100,000 30 day trade volume: 0.48%
- 150,000 30 day trade volume: 0.46%
- 200,000 30 day trade volume: 0.44%
- 250,000 30 day trade volume: 0.42%
- 300,000 30 day trade volume: 0.4%
- 350,000 30 day trade volume: 0.38%
- 400,000 30 day trade volume: 0.36%
- 450,000 30 day trade volume: 0.34%
- 500,000 30 day trading volume: 0.32%
- 600,000 30 day trade volume: 0.3%
- 700,000 30 day trade volume: 0.28%
- 800,000 30 day trade volume: 0.26%
- 900,000 30 day trade volume: 0.24%
- 1,000,000 30 day trade volume: 0.22%
- 1,200,000 30 day trade volume: 0.2%
- 1,600,000 30 day trade volume: 0.18%
- 2,000,000 30 day trade volume: 0.16%
- 2,500,000 30 day trade volume: 0.14%
- 3,000,000 30 day trade volume: 0.12%
- 4,000,000 30 day trade volume: 0.1%
- 6,000,000 30 day trade volume: 0.08%
- 10,000,000 30 day trading volume: 0.05%
- 20,000,000 30 day trading volume: 0.02%
Deposit Fees
Independent Reserve offers different deposit fees based on the fiat currency used for the transaction.
For deposits of 100 Australian dollars and above, the Independent Reserve does not charge a fee. However, deposits below 100 Australian dollars incur a 0.99 AUD in processing fee.
SGD Fast Deposits
For Singaporean dollar deposits of 1,000 and above Independent Reserve does not charge a fee. But deposits below 2.50 SGD incur a 2.50 processing fee.
SGD TT Deposits
For SGD TT deposits there’s a 15 SGD fee. However, there’s no charge for OTC clients.
USD Deposits
USD SWIFT deposits of USD 5,000 and above do not incur a fee but deposits below USD 5,000 triggers a USD 15 processing fee. For Singaporean customers making a USD SWIFT deposit, there’s a USD 15 fee. Also, USD deposits from Singaporean customers via DBSs bank accounts incur a USD 2.50 processing fee.
Cryptocurrency Deposits
All cryptocurrency deposits are free on the Independent Reserve platform.
Withdrawal Fees
Again, withdrawal fees depend on the currency you’re withdrawing (AUD, USD, SGD).
SGD Fast
Withdrawals in SGD cost SGD 1.50.
SGD TT Withdrawals
Independent Reserve charges SGD 25 for this type of withdrawal.
SGD 200,000 Withdrawals and Above
The exchange charges SGD 20.
USD SWIFT Withdrawals for Singaporean customers
Independent Reserve charges USD 25 for USD SWIFT withdrawals.
USD Withdrawals for Singaporean Customers to DBS Bank Accounts
The exchange charges USD 1.50 for this type of withdrawal.
Cryptocurrency Withdrawals
Here are the various fees in kind for cryptocurrency withdrawals:
- Bitcoin: BTC 0.0003
- Ethereum: ETH 0.005
- Ripple: XRP 0.15
- Tether USD: USDT 20
- Cardano: ADA 0.5
- Aave: AAVE 0.15
- Basic Attention Token: BAT 25
- Bitcoin Cash: BCH 0.0001
- Bitcoin SV: BSV 0.0001
- Chainlink: LINK 0.5
- Litecoin: LTC 0.001
- Decentraland: MANA 10
- Polygon: MATIC 12
- Maker: MKR 0.007
- OMG Network: OMG 1.5
- PlayChip: ETH 0.05
- Perth Mint Gold Token: PMGT 0.009
- Augur: REP 1
- The Sandbox: SAND 10
- Synthetix Network Token: SNX 2.5
- Solana: SOL 0.001
- Uniswap: UNI 1
- USD Coin: USDC 20
- Stellar Lumens: XLM 0.01
- yearn.finance: YFI 0.0005
- 0x: ZRX 15
- Compound: COMP 0.04
- Dai: DAI 20
- Dogecoin: DOGE 5
- Polkadot: DOT 0.1
- EOS: EOS 0.1
- Ethereum Classic: ETC 0.02
- Golem: GNT 30
- The Graph: GRT 20
- Kyber Network Legacy: KNCL 8
Independent Reserve also charges other fees like an AUD 4.95 fee for the KPMG Tax summary and $20 for a missing or incorrect reference.
Independent Reserve Payment Methods
Independent Reserve supports only 2 payment methods currently: bank transfer and cryptocurrency deposits.
Singaporean customers can deposit SGD fiat currency into their Independent Reserve account via FAST bank transfers. SG customers can also deposit USD using SWIFT. However, ensure that you create a pending international transfer via the Accounts screen before doing so. This allows the exchange to quickly identify where the incoming funds belong.
For cryptocurrency payments, you need to go to your Accounts screen where you’ll see a unique crypto address to send your assets. Your wallet address is under the deposits wallet tab below Accounts.
Independent Reserve Security
All personally identifiable information on Independent Reserve is encrypted both at rest and in transit by physically dispersed keys. All documents uploaded to the platform (this includes all support message attachments and verification documents) are encrypted by physically dispersed keys and visibly watermarked.
Also, only authorized admins with special permission for KYC verification have access to all uploaded documents. To further ensure that the security of customers’ information is not compromised, all support chat text messages are fully encrypted. Also, all sensitive rows in the database are hashed to ensure data integrity.
Independent Reserve maintains a steadfast commitment to fortifying its platform’s security. Rigorous penetration testing is periodically conducted to eliminate any potential vulnerabilities. Additionally, a bug bounty program is in effect, encouraging the identification and resolution of any flaws. The administrators at Independent Reserve are granted tiered access to the system, ensuring strict control. Furthermore, comprehensive background checks are regularly performed on all administrators with system access. Moreover, all activities concerning value transfer and user accounts by administrators necessitate multi-level approvals and undergo constant auditing.
From the user’s end, email notifications are sent to the user for each login. If there is a login attempt from an authorized link, the account can be instantly suspended. Login attempts from different IP addresses will trigger a request for additional security information.
Users can also choose to activate Two-Factor Authentication for login to their account. If a customer makes changes to his account’s security details, cryptocurrency and instant withdrawals are blocked for 72 hours. This is because if the change to your account details was done by a hacker, it will be hard to move funds out of the account.
Address whitelisting and browser whitelisting are among the valuable features provided by Independent Reserve. With these features in place, any attempt to access the user’s wallet through a different browser or initiate a withdrawal to new addresses necessitates email and SMS confirmation, ensuring enhanced security measures for the user’s peace of mind.
Opening an Independent Reserve Account
Opening an Independent Reserve account is quite straightforward. To do so, click “Get Started” on the top right corner of the Independent Reserve homepage.
Next, enter your preferred username and password.
The next step involves identity verification. At this stage, Independent Reserve will request your first and last name, address, phone number, and email address. You should ensure that your data is entered correctly as they verify this before approving your account. That said, Independent Reserve instantly verifies the citizens of Singapore. But in certain scenarios, they may require additional documents to approve your account.
You would also need to set up Two-factor Authentication:
Lastly, follow the instructions on the screen to finish account creation. That’s it you’ve registered an account with the exchange.
Trading Experience on Independent Reserve
For a regular buy and sell order, the trading experience is quite straightforward. After opening your account and verification you’ll need to deposit funds into your account.
You can do that either by SGD FAST, SGD TT or by transferring cryptocurrency to your Independent Reserve wallet.
Once the funds arrive, go to the Buy/Sell page under the Trade tab and enter the amount of SGD you’re willing to spend. Independent Reserve will automatically calculate the equivalent cryptocurrency you’ll receive.
Lastly, preview and confirm your order then click ‘place buy order’.
In addition to providing the convenience of scheduling automated trades and setting up direct debit regardless of price, the exchange grants you the ability to establish buy and sell limit orders effortlessly.
Independent Reserve Customer Support
Independent Reserve provides 24/7 customer support. Customers can contact support via email. All messages sent to support are encrypted and monitored closely to ensure the safety of the customer’s assets.
Customers can also ask questions or contact support via independent Reserve’s social media handles on Facebook, LinkedIn, Reddit, and Twitter. The platform also has help docs that guide customers on getting started with the platform.
Independent Reserve even has a special email address dedicated to reporting security vulnerabilities on the platform. All security-related complaints can be sent to security@independentreserve.com.
Customer Satisfaction
Independent Reserve has a 3.9 over 5-star rating on the user review platform TrustPilot. Users primarily complain about slow transaction speeds, high trading fees, and withdrawal problems. The positive reviews are primarily focused on the exchange’s customer support and instant buy feature. In general, most users view Independent Reserve as an average trading platform.
Education on Independent Reserve
Independent Reserve offers user education via its knowledge base. The education page covers various industry-related topics like “What is an NFT?”, “How do people mine Bitcoin?”, etc. That said, most of the topics covered are beginner-friendly and advanced traders may not find the knowledge base helpful.
Is Independent Reserve Right For You?
Independent Reserve is best for users looking for a platform with advanced tools that supports SGD as a fiat currency.
Final Thoughts
Independent Reserve is an easy-to-use crypto exchange that allows Singaporeans to purchase cryptocurrency using the local currency. The exchange also offers advanced trading features like buy and sell limit orders and automated trading. However, users are not satisfied with its transaction speeds and high fees. The available cryptocurrency pool is also very limited. In general, this is an easy-to-use platform for buying and selling supported crypto.
Our extensive analysis of the Singaporean Crypto Exchanges doesn’t stop here. You can also check out our full list of Crypto Exchanges available in Singapore or just our list of the best crypto exchanges Singapore for a full view of what is available to you.
FAQ
Most frequent questions and answers
Sign in to your Independent Reserve account and click Accounts at the top of your page. Next, go to the Account Balance section and click the withdraw link on the same line as the particular coin you want to send out.
Independent Reserve currently has 29 cryptocurrencies available.
The minimum deposit is SGD 1,000 for a no deposit fee.
The exchange offers industry-standard security measures like cold storage, Two-Factor Authentication, a duress password, and client verification. They have also never been hacked.
There are no Independent Reserve fees for opening or running your account.
No, Independent Reserve does not currently offer Staking.
Adrian Przelozny is the founder and CEO of Independent Reserve.
Yes, Independent Reserve has a mobile app.
Depending on the payment method used your funds will be available within 24 hours.
Yes, Independent Reserve has transfer limits depending on the payment method used.
Independent Reserve has approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act to operate as a regulated provider for Digital Payment Token Services. The exchange also currently hosts over 200,000 customers and offers industry-level security measures.
Yes, Independent Reserve allows you to hold your crypto on the platform.
Independent Reserve offers the current exchange rates.
Independent Reserve is a legit exchange with its headquarters in Sydney, Australia.
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
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