Independent Reserve review
- Regulator registration
- AUSTRAC
- Supported assets
- 34
- Fiat currencies
- 4
Summary
Register, deposit and trade some of the world’s most popular cryptocurrencies on one of Australia’s best-known cryptocurrency exchanges.
Pros
-
AUD and NZD deposits. Support for AUD and NZD deposits can help you avoid currency exchange fees.
-
Full-featured. Independent Reserve offers a range of different trade types, as well as additional features such as a tax estimator tool.
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Asset protection. Independent Reserve was Australia's first insured cryptocurrency exchange to protect crypto assets in the event of a large-scale hack.
Cons
-
Fees. Independent Reserve charges deposit fees, and with 0.5% base level trading fees, it's more expensive than other exchanges.
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Limited selection. Independent Reserve only offers a limited range of coins.
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Varying liquidity. At the time of writing, Independent Reserve is showing little liquidity in its altcoin markets.
Details
Product details
| Product Name | Independent Reserve |
| Fiat Currencies | AUD, NZD, USD, SGD |
| Cryptocurrencies | BTC, ETH, XRP, USDT, SOL, USDC, DOGE, ADA, TRX, LINK & 24 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card PayPal |
| Trading Fee | 0.02 — 0.50% |
| Deposit Fees |
Cryptocurrency: Free Bank transfer: None for deposits over AU$100 and above $0.99 for deposits under AU$100 Assisted transfer fee: $20 Debit or credit card: 1% PayPal: 1% |
| Withdrawal Fees |
AUD EFT withdrawals: Free AUD PayID/NPP instant withdrawals: $1.50 Cryptocurrency: Fees vary Assisted transfer fee: $20 |
What's it like to use Independent Reserve?
1. Getting started
Find information on the Independent Reserve markets and quick links to the other sections of the site on the home page.
2. Markets
Browse the Independent Reserve markets. See what's available and find market information for each.
3. Use the API
Developers can use the Independent Reserve API to access and use a range of information from the exchange.
4. Learn more about crypto
Independent Reserve has an education section that offers additional information on cryptocurrencies and Bitcoin.
5. Create an account
Create an account to get started.
Fees and limits
Platform trading fees
Independent Reserve uses a tiered trading fee system based on 30-day trading volume. Fees start at 0.50% and drop by 0.02% every AU$50,000 up to $10,000,000. After that, they decrease by 0.01% up to $200,000,000 in volume (0.02%).
| 30-day trade volume (AUD equivalent) | Trading fee |
|---|---|
| 0 | 0.50% |
| 100,000 | 0.46% |
| 500,000 | 0.38% |
| 1,000,000 | 0.32% |
| 10,000,000 | 0.08% |
Deposit and withdrawal fees
Deposit fees
Note that the following are the Independent Reserve's deposit processing fees. They do not include the fees for transferring money to the exchange, such as network fees or SWIFT payment fees.
| Deposit method | Fee (AUD) |
|---|---|
| Bank transfer | Free above $100, otherwise a $0.99 fee |
| Debit and credit cards | 1% |
| PayPal | 1% |
| SWIFT | US$15 or free if $5,000 or more |
| Cryptocurrency | Free |
Withdrawal fees
| Withdrawal type | Fee (AUD) |
|---|---|
| Australian dollar withdrawals | Free for EFT, $1.50 for PayID/NPP instant withdrawals |
| International withdrawals | US$20 for SWIFT, NZD$20 for New Zealand withdrawals |
| Cryptocurrency withdrawals | Varies |
How fast will my funds be available?
Deposits
Up to 3 days or more
EFT deposits are generally processed in one to two business days.
Osko and POLi deposits will typically be processed in minutes.
SWIFT transfers can take three or more days.
Withdrawals
Up to 2-3 days
Withdrawals to Australian bank accounts are usually completed within one day.
International non-USD withdrawals will typically take two to three days.
"I've been using Independent Review for a few years now (I started off with bitcoin.com.au in 2017, which they eventually integrated into Independent Reserve). It has been seamless so far, allowing for easily buying and selling a variety of cryptocurrencies, and instant withdrawals into my bank account. The mobile app is also easy to use."
Is Independent Reserve safe to use?
- Regulation. Independent Reserve is registered with AUSTRAC, has an ABN and has been certified by the Australian Digital Currency Association.
- Verification process. Independent Reserve verifies users in line with its anti-money laundering compliance obligations.
- Security features. Independent Reserve says it keeps the majority of user funds in cold storage, where it is held in vaults in several different locations, with multiple layers of physical security. Accessing the vault requires biometric identification.
- Protection. Independent Reserve will protect your crypto assets in the event of a large-scale hack, but not against individual hacks to a single account owing to user error.
How do I create an account at Independent Reserve
Ready to sign up?
What else do I need to know about Independent Reserve?
Independent Reserve was founded in 2013 and is a well-known exchange in Australia. It's based in Sydney.
Compare Independent Reserve against other exchanges
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How we picked theseFrequently asked questions
All user-submitted reviews must meet our review guidelines. These set out our standards and expectations, including that the review is from by a genuine user of the relevant product or service and that it is honest, authentic and respectful. We explicitly prohibit fake or otherwise misleading reviews and we check all submissions, but we make no guarantee as to the authenticity of any published review or reviewer. Some reviews may be submitted (regardless of sentiment) in exchange for entry into any competition(s) for which we are the promoter.
refusal to transfer funds
i transferred fiat currency into Independent reserve and bought BTC and tried repeatedly to transfer it into my wallet, they have simply refused to comply. I have threatened to report to ASIC and now have followed through. they don't follow clear repeated directions, very disappointing hugh failure.
Customer Service
I am having difficulties finding a contact number or even to send an email without it bouncing back.
Cheapest available!
The website is well designed, figuring out how to purchase was really easy. Their support is quite extensive as well. I highly recommend everyone looking for a low cost platform to consider Independent Reserve!
easy to use, helpful service when required, mainly in just sorting the initial setup
make sure you have your details and proof of ID sorted, important to submit the required photo proof that is in line with the requirements and of good quality. Other than that, the initial first transaction can take a day or 2 to clear while your ID is verified. This is for tax reasons. Simple, easy, and trustworthy
Worst customer service
Used IR for 3 years. Was accused of money laundering and threatened by customer service that my account would be deleted the next time someone deposits fiat into my account (i.e. bank account not in my name). Of course I didn't read the AML policy, otherwise I wouldn't have had someone else deposit $1K into my account. Customer service was rude, threatening. No longer using IR. Rather than apologising, they continued to be rude.
Cheapest, relatively fast deposits and withdrawals and trades.
Cheapest, relatively fast deposits and withdrawals and trades. Not many alt coins though. Solid exchange overall.
Low fees, easy to use
Great site, easy to use for newbies, quick and easy to get started. Would recommend that you use this service.
Easy account setup, cheap fees and easy to use app.
The onboarding process was relatively easy to get started. Initial purchase was a little different from other exchanges that I have used but still it was fairly easy. First purchase was relatively painless and the fees are less than other exchanges I have used. I am happy with the service I am provided and the price I pay for that service.
Easy to use. Good options
Easy to use. Could have more crpto choices, but seem to have all reliable/trusted ones. Speed of exchange from bank to exchange can take a couple of hours. Has good range of options for exchanging. eg BSB /Credit card after 100point identification.
Low fees but no app and dated website
I chose this exchange because I was told it had low fees of .50%. they do not have an app at all and the website is very dated and has no charts or graphs to track your returns. Looking back, I wish I had done more research as some other exchanges have the same fees but better features.
Andrew Finder
Editor
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Arnold
December 22, 2017
Hi Richard,
Thanks for your inquiry
The prices of the coins fluctuate at a rapid rate each day and the price updates are done on their site.
Any time a currency exchange is needed it will be done at the current rates available on the Independent Reserve website.
Hope this information helps
Cheers,
Arnold
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Ali
December 15, 2017
What are all the cryptocurrencies that are available to trade?
Harold Jacob Finder
December 15, 2017
Hi Ali,
Thank you for your inquiry.
You may refer to our list of the most popular cryptocurrencies available to trade in Australia. You may click the name of the cryptocurrency to be redirected to our comprehensive guide to know more about it.
I hope this information has helped.
Cheers,
Harold
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RICHARD
December 22, 2017
Hi
I have notice on independent reserves trading platform prices of coins are not displayed like other trading platforms – price per coin- can you please explain their pricing method of presentation?