Independent Reserve Review 2023

Independent Reserve Pros

• Highly-regulated platform, that offers an insurance plan to protect users’ money;
• A collection of helpful features built into the platform, such as an KPMG tax calculator, as well as an OTC desk
• Live customer service 

Independent Reserve Cons

• A limited selection of supported cryptocurrency;

What Is Independent Reserve?

Independent Reserve is a Sydney-based digital currency exchange that was founded in 2013 by Adam Tepper and Adrian Przelozny in the year 2013. I pay close attention to the date of release when looking through the history of an exchange.

In 2013, cryptocurrency wasn’t an issue. Bitcoin providers faced deadly cyberattacks because of the lack of regulation which created an uneasy relationship with that dark market. Therefore, if an exchange was able to endure up to the present and still survive, it certainly deserves my admiration.

Independent Reserve is one of the many greats. Independent Reserve’s creators have achieved their goal of providing a safe and secure platform that allows Australian investors to incorporate crypto into their portfolios and the range of services expanded in tandem with the needs of users.

In the present, Independent Reserve operates as an entity that is regulated and which is registered in the Australian Digital Commerce Association, with the ability to insure user funds via Lloyd’s of London. I can tell you that the institution-backed backup and the many years of experience makes Independent Reserve an attractive destination for investors from high-net-worth to corporate.

But, I’m certain that novices and investors are equally comfortable with the exchange platform because of the simple page layout and the numerous features that can make a huge difference to the life of a crypto trader. Personally I just love the tax calculator they provide, Autotrader feature, and the opportunity for instant verification of accounts.

Supported Countries

Independent Reserve was originally tailored to meet the requirements of Australian cryptocurrency traders. In the course of time the exchange grew its operations to the territories that includes New Zealand and Singapore, offering local customers the option of adjusting their payment to their requirements for purchasing and the currencies they use.

Which Fiat and Cryptocurrencies Are Supported?

In the end, Independent Reserve users can now deposit fiat money in AUD, NZD, and SGD with no need to convert their currencies to USD and USD, which is now the gold standard for fiat in the crypto world. Of of course, USD payments are also accessible.

I have to admit that I have to admit, the Independent Reserve list of cryptocurrencies isn’t the most attractive. There is a possibility to trade up to 30 coins to exchange fiat currencies that are supported or any other cryptocurrency.
This is, in addition to Bitcoin (BTC) along with the most popular altcoins such as Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Ripple (XRP), Eos (EOS), Bitcoin Cash (BCH), and Litecoin (LTC) and you can also find a variety of stable coins, including Tether (USDT), USD Coin (USDC) as well as Dai (DAI). The remaining list includes the most well-known DeFi tokens such as Uniswap (UNI) and BAT (Basic Attention Token) Aave (AAVE) AAVE, and BAT.

Key Features & Advantages of Independent Reserve

Prior to anything else, cryptocurrency exchanges exist as intermediaries in the buying and selling process. But they are characterized by a variety of other characteristics that are a part of or supplement this process. This is the kind of thing Independent Reserve has to offer for a truly enjoyable crypto experience.

Premium Accounts With Crypto Insurance

The insurance plan sounds comforting to me. In the end, you’ll be assured that whatever occurs to the exchange you won’t be impacted by any financial loss as a result of an shrewd hacker or behind the curtain theft.

It is an Independent Reserve insurance policy is exclusive to VIP accounts which cost $300 per year. In exchange, you’ll get your money completely covered by up to $5 million with other benefits to your account. If I want to be large I’ll join the premium membership using both hands.

Low Trading Fees

Before you label any crypto exchange as expensive or efficient, I’ll be sure to confirm whether it functions as an intermediary service (providing immediate sales and purchases) or as a standard order book-based platform. This is vital since 0.5 percent is a bargain for a brokerage , but is a scam for an exchange.

In this context I think Independent is a good choice since it has both. You can choose to make use of the instant market or trade as a professional. In both instances the charges are reasonable in comparison to what you pay for the service, and range between 0.5 percent to 0.02 percent.

AutoTrader

Although Independent Reserve is not geared toward whiz-traders that can fluently use BOLL band, the site does offer an impressive collection of strategies for auto-trading. I am awestruck by the options are displayed.

For instance, you can go to the Auto-library to select an automated trading plan for immediate implementation to your portfolio, at no extra cost. You can, for instance, test the popular DCA (Dollar Cost Averaging) that is, in which it is the Independent Reserve bot will automatically buy a small amount crypto over a certain time period.

As far as I see, some other options include Autobuy on Deposit, which will buy crypto each when you deposit money as well as AustoBasket that automatically diversifies your portfolio by incorporating different kinds of digital assets simultaneously. I came across a choice which allows users to suggest an idea, however I’m not sure how effective this is in actual practice.

Cryptocurrency Wallet

Custodial wallets are an item that is commonly found among cryptocurrency exchanges that are centralized. They offer a place to store your newly bought coin as part and parcel of your deal, as well Independent Reserve isn’t an exception. But, I’m here to remind that you should not depend on your exchange wallet particularly if you own significant amounts of cryptocurrency.

It could be very useful not to double-transfer your money to different wallets, however, it doesn’t mean that you have to abandon the whole crypto capital with the exchange. Make sure to think of that Independent Reserve wallet as your pocket money. Just sufficient “money” to cover the next transaction.

Independent Reserve Trading View

Independent Reserve provides a decent exchange platform that is suitable for more advanced traders. I looked over the user interface for the more advanced platform, only to discover that it’s not a lot of adaptable to individual traders’ requirements.

I’m not trying to suggest that it does not have many charting tools. In fact, it is a sophisticated interface that has integrated controls that are that are powered by TradingView. However, I can find that the overall layout isn’t easy to understand and as mentioned it is difficult to adapt to my current positions.

The default interface is simple visual charts as well as current trades and an outline of the depth. For both the standard and advanced interfaces there is no option to include technical indicators or sketch trend lines.

However, I’m not able to affirm the same about using the entire Independent Reserve platform. The sophisticated exchange platform might not meet the requirements of traders who are selective, however, it’s “general part” features impeccable user-friendliness.

Independent Reserve Mobile App

I believed that Independent Reserve didn’t have a mobile app since their site is perfectly optimized to mobile devices and I couldn’t be more mistaken. It’s true that the Independent Reserve app is a masterpiece, and is accessible for download at no cost on the both iOS as well as Android devices.

Based on what I’ve read from user reviews that they are extremely satisfied with the application mostly because it allows elegant BPay as well as Osko deposits while on the move. Personally, I loved having access to all of the latest features available on the original platform.

And, finally, with an application called the Independent Reserve app, you can monitor your portfolio with an easy-to-read overview. You can also navigate through all of your transactions from a single spot.

Trading Platform

The relatively functional view of trading did not deter me from looking deeper into the options for order types which Independent Reserve offers with the advanced option. In reality you don’t need to be an expert trader to be able to use various types of orders.

Market orders are what we refer to as the base. When you place a marketplace order, you take an offer from either a buyer or seller at the current rate, i.e., the price they are willing to offer. However, if you intend to “play serious crypto,” you should develop a viable trading strategy using crypto. For instance, you can make a limit order i.e. put an amount of a maximum price you’ll purchase the crypto and then await a favorable result.

Alongside limit and market orders, there’s an array of advanced order kinds that let you alter the price at which you trade the currency. Let’s look at the options that Independent Reserve offers in this area.

Order Types

Independent Reserve doesn’t stop with the market-based standard orders. I spotted six different types of orders, as well as a detailed guide within the FAQ area that clarifies the difference between exchange-supported or exchange-linked orders. There is also information on the possible outcomes that could result from the purchase you’ve made.

• Limit-Buy
• Limit-Sell
• Stop-Limit-Buy
• Stop Limit Sell
• Market Buy
• Market Sell

Independent Reserve Fees

I’ve already talked about low fees as part of the benefits package offered by Independent Reserve. This time, I’d like demonstrate the pricing system for exchanges from a different angle.

Trading Fees

The fee structure for trading is fairly simple If you sell and buy on the market in real time fees for trading start at 0.5 percent and goes down to 0.02 per cent when your trading volume increases. The exchange estimates your trading volume every four hours.

If you are placing an order through this market on spot basis, your cost is calculated in the exact time you make the purchase However, from my personal experience, it’s generally less than other exchanges.

Deposit & Withdrawal Fees

The majority of deposit fees are contingent on the method of payment however, there are occasions when exchanges can create their own deposit fee policies.
If you make a deposit of Australian dollars to Independent Reserve, you should be aware the fact that Electronic Transfer (EFT) fees less than $100 will cost $0.99. Transfers over $100 are free. PayIDor Osko transactions are free of charge up to an limit of $1,000. Otherwise you’ll need to pay $2.50. If you make use of SWIFT it will cost you $15 if the amount of your deposit is less than $5,000. Crypto deposits are completely free, except the transaction fee imposed by blockchain.

Processing times vary the greatest degree. The average time for an EFT transfer will take anywhere between one and 2 days. PayID/Osko transactions are almost instantaneous and when it comes to SWIFT transfer, it might require up to three business days.

For cash withdrawals Electronic Transfer transactions are completely free. Cashing out via SWIFT or PayID is $20 and $1.50 in each case. The fees for withdrawing cryptocurrency from external wallets can fluctuate dependent on the blockchain used.

Security Features

I’m able to say with confidence it is Independent Reserve is one of the most secure exchanges within the Australian cryptocurrency market. As I said in the beginning, it’s registered with AUSTRAC and is in complete conformity with the AML/CFT regulations.

Regarding security for accounts it gives users an entire sense of security. It uses the most up-to-date security features, beginning using two-factor authentication (two-factor authentication) as well as an email alert for each login that is repeated as well as Bot Shield to protect against brute force attack. All information provided by users is encrypted from beginning to end.

The withdrawal mechanism is based on an unisig protocol. A majority Independent Reserve fund reserves are stored in cold storage and are distributed through vaults in diverse geographical locations. It is important to note that we’re talking about nearly 97percent of the total funds that circulate.

In the end, when I was utilizing the security capabilities in Independent Reserve, I spotted the bugs bounty scheme. If you discover vulnerabilities in code, please make contact with the exchange and you could be eligible for an impressive reward.

24/7 Customer Support

I love the way Independent Reserve organizes its support center. I could not find a live chat box, however there is 24/7 email support which works. One attempt to reach for help was more than a success. They replied in under an hour and I received an efficient and personalised response to my query.

There’s also the number to make direct contact with a tech-savvy person from the Independent Reserve support team, however it’s only accessible to Premium members.

Social Media Platforms

If you want to ask me today, you are able to depend in the community of crypto traders to provide assistance. Crypto traders today are engaged on social networks, and always ready to help. But it’s the exchange which sets the stage for quality social interaction.

Independent Reserve has active channels and profiles on nearly every social media. I checked out the company’s Twitter as well as Facebook pages and read fascinating discussions on Reddit however, I noticed that they’re not quite so crowded as I had hoped. But, Independent Reserve regularly posts news and offers on its pages and, as I’ve seen, that it appears very professional.

Which Payment Methods Are Accepted?

Despite its Australian origins, Independent Reserve services expand to cover a greater area. This allows customers of New Zealand and Singapore to open accounts for exchange in their local currency.

Each county has its own list of accepted payment methods. Australian users can deposit funds using PayID/OSKO EFT as well as wire transactions. In contrast, international traders can make use of SWIFT transfers.

Unfortunately, I could not locate a solution for debit and credit cards -I’m pretty sure card payments work well on the market for instant transactions.

Creating an Account With Independent Reserve

There’s no doubt whether you’ll find that the Independent Reserve registration process is specifically developed to be as quick and efficient as it is possible. I’ll go over the four easy steps you’ll need to take before you can trade your first time.

Create an Account

Go to the official Independent Reserve website. You’ll see the Create Account option on your upper right. The same principles apply to any other online platform that’s interactiveyou just need to enter your username, create an extremely secure password and then confirm your email verification.

Account Verification

Even though you’re a registered user, you’re not yet ready to utilize the buy-and-sell services offered by Independent Reserve at this point. The law is simple that, to ensure compliance with AML/CFT, you’ll have to go through KYC verification.

Everybody would prefer to avoid this procedure, not because it’s excessively revealing, but because it’s quite lengthy. That’s the reason I was thrilled to utilize the option of immediate verification. In Australia most users can be qualified to get the FastTrack accounts, and this provides access to trades and deposits within five minutes.

Enter Personal Details

If, due to some reason, you’re not eligible for verification immediately it is necessary to provide a valid government-issued ID such as a passport, driving license,. You’ll also have to answer a set of questions pertaining to your residency and status. In fact, the amount of information that you’ll need to provide is greater for accounts for corporations, SMSFs and Trust accounts.

However when you are instantaneously verified, there’s no requirement to upload photos or documents. You only need to provide their complete name, address, dates of birth, emails address, and telephone number at this time. In both cases, you must double-check that the information you enter is correct. data you type in.

Funding Your Account

Once you’re a verified user, you’re now ready to transfer some money. The whole process is smooth I wouldn’t think you to encounter any problems in the near future. Go to Accounts, then choose the Deposit option.

You’ll have two optionseither fiat or crypto deposits. If you’d like to add funds to your exchange’s cryptocurrency wallet, select one of the options from the dropdown menu, which will provide you with the appropriate cryptocurrency address. If you’re looking to deposit fiat, select the payment method you want to use. You can then assess your balance by checking your Balance tab.

Alternatives

All things taken into consideration, Independent Reserve makes a good crypto-related package. But it is important to note that the Australian cryptocurrency market is varied and is open to a lot of international and local crypto companies.

Therefore, I have to admit that it’s a challenge to maintain a competitive edge in the Australian market.

Binance Australia vs Independent Reserve

The world’s leading crypto firm Binance operates an headquarters registered in Australia that gives Australian the residents of Australia with regulated rights to use the entire array of Binance trading services.

Binance offers an open market that offers over 600 cryptos, a P2P marketplace with a fancy futures section as well as a variety of passive income options. If you’re planning to keep to your basic buy-and-sell, I’d recommend that you use Independent Reserve.

Swyftx vs Independent Reserve

I am convinced it is the case that the Swyftx has changed the whole Australian cryptocurrency market. It was a fresh method of trading in cryptocurrency and beat out all the established players by offering a perfect balance of affordable fees, simplicity of use and immediate customer service.

Comparatively the Independent Reserve, Swyftx has more fees, however, it does not charge deposits. Thus, Swyftx is a more efficient choice in terms of cost when it comes to the final cost. For navigation both exchanges are friendly to users, but Swyftx’s interface is superior. Swyftx interface is more user-friendly in every way.

CoinSpot vs Independent Reserve

The two exchanges have many characteristics that are common to both — they were created to meet the requirements of the average Australian users before crypto became mainstream. They both CoinSpot along with Independent Reserve have managed to establish a reputation as reliable marketplaces, and have not backed down to go with the latest platforms.

However, I believe that CoinSpot’s interface is more user-friendly. CoinSpot user interface can be more friendly for novices even though the fees that are 1% twice the amount that is charged by Independent Reserve.

Coinbase vs Independent Reserve

Both exchanges are excellent for investments that are one-time due to their well-designed instant markets. But, Coinbase is an international cryptocurrency brand with more than 89 million users registered across 100 countries, which allows Australian traders to buy instantly using only a debit card.

If you are insisting on using a card to pay, Coinbase can be a secure option. Be aware that Coinbase rates are quite high when compared to Independent Reserve.

Frequently Asked Questions

How do I get my money out of Independent Reserve?

You can enable both a crypto as well as a fiat withdrawal through the Account screen. It’s not a problem, as the procedure is clearly explained on the screen.

You are able to transfer funds from your exchange account into your bank account in any of the fiat currencies supported (AUD NZD, USD and SGD) provided that both accounts are linked to the same owner. Fiat transfers are not charged for AUD withdrawals and can be completed within one business day.

Who is the owner of Independent Reserve?

Independent Reserve is a regulated Australian company (ABN 46 164 257 0690) It has the co-founder Adrian Przelozny as the company CEO.

Can I purchase Bitcoin through Independent Reserve?

Yes, you can. Independent Reserve provides an exceptionally user-friendly experience for instant Bitcoin purchases, however, it also allows you to trade fiat against Bitcoin using their order-based trade platform. Both options come with an affordable pricing plan and prompt support for customers.

Are Cryptocurrencies Subject to Taxes in Australia?

Cryptocurrencies are taxed in the entire state of Australia because the government recognizes the currency as property. Profits that are from crypto trades and sales are subject to Capital Gain Tax (CGT) the jurisdiction of. A verifiable list of your cryptocurrency assets is an excellent idea.

Does Independent Reserve regulated?

Independent Reserve is an AUSTRAC-registered entity that is it is regulated through The Australian Digital Commerce Association. Independent Reserve operates under the regulatory framework of the two other countries, where it operates in a way that is in compliance with AML/CFT.

Conclusion

In the final analysis, I’m still not certain whether Independent Reserve can work as my ultimate crypto destination. The features they offer are rather limited for those who are looking to enhance your results as a trader. But, it could be the ideal choice for those who want to find a reliable platform for basic buy-and-sell functions. Independent Reserve will do everything to provide a pleasant experience with crypto.

Related article:

• Independent Reserve vs. BTC Markets