One of the top fiat-to-crypto exchanges in the world, Independent Reserve was founded in 2013 in Sydney, Australia. More than 200,000 users purchase Bitcoin using Australian dollars on the Independent Reserve.
It’s simple enough to use Independent Reserve, which is a reliable exchange. Outstanding customer service is their top priority, so it is highly recommended for those who are interested in investigating investing in cryptocurrencies!
We’ve gone into greater detail about Independent Reserve’s special features, deposit options, security, costs, and user interface in this review.
Independent Reserve Overview
| Official Website | https://www.independentreserve.com/ |
| Headquarters | Sydney, Australia |
| Found in | 2013 |
| Native Token | None |
| Listed Cryptocurrency | 21 |
| Trading Pairs | 54 |
| Supported Fiat Currencies | AUD, USD, NZD, SGD |
| Supported Countries | 30+ |
| Minimum Deposit | $5,000 for no deposit fee |
| Deposit Fees | Depends on currency, but for cryptocurrency it’s free |
| Transaction Fees | 0.02% |
| Withdrawal Fees | Depends on currency, but for AUD it’s free |
| Application | Yes |
| Customer Support | 24/7 via email, call, FAQs, & more |
Independent Reserve Features
Over the Counter SMSF Support
The popularity of Independent Reserve among SMSF and high-net-worth investors has grown over the past ten years since it first appeared. This is largely attributable to the platform’s trustworthiness, superior SMSF support, and dependable over-the-counter (OTC) desk. Thousands – reportedly 80K+ – of Australians use Independent Reserve as their platform of choice for adding crypto to their retirement funds.
The Aussie exchange is fantastic for crypto SMSF investing and is constantly maintaining and updating relevant features. There are excellent tax reporting and generating tools, which are always important for active crypto traders and SMSF owners.
The Independent Reserve customer service team also offers 24/7 support for specific accounts and can help with the onboarding of new SMSF clients. Support for Auto-Buy (dollar-cost averaging) orders for accounts of all types, including OTC, SMSF, and business accounts, is a particularly alluring feature.
Advanced Trading Hub
Although Independent Reserve’s interface has been simplified to make it more user-friendly for beginners, the platform still tends to cater to experienced traders. In this vein, the exchange offers an advanced trading page for more experienced investors. Here, traders can access a customizable chart with hundreds of indicators, view the order book and price spread.
The order types that traders can choose from are Market, Limit, and Stop Limit. Although this is a great addition for more experienced traders, the interface is missing some functions and order types that major rivals like ByBit and Binance provide.
Auto Trader
Independent Reserve has implemented an Auto Trader feature that can automatically execute orders on behalf of the investor. The basic principle underlying this option is known as dollar-cost averaging (DCA), which involves frequently buying a set amount of cryptocurrency regardless of price. There are three customizable strategies for customers to choose from:
- AutoBuy. When a user deposits AUD (or another form of fiat money), Independent Reserve will automatically purchase a predetermined digital currency.
- AutoBasket. The exchange will buy a selection of carefully chosen cryptocurrencies rather than just one coin, as in AutoBuy.
- AutoSchedule. This strategy will set an automatic deposit and/or purchase schedule for buying or selling specific crypto. It can be set to operate on a daily, weekly, biweekly, monthly, or last-day-of-month schedule.
Tax Reporting
To offer tax solutions to sporadic, institutional, and SMSF investors, Independent Reserve has integrated KPMG. Depending on how many trades the account has made, the platform assesses a fee.
It is a completely hands-off process because the crypto tax software will automatically generate reports based on an Independent Reserve’s account activity. You can manually submit trades made on other platforms or upload them using a.CSV file. Basic holdings, order history, and transaction history reports can also be produced by Independent Reserve.
Independent Reserve Fees
Deposit and Withdrawal Fees
On the part of Independent Reserve, deposits and withdrawals are free. Having said that, the provider may charge for Osko and SWIFT transactions. A typical network fee will be charged for cryptocurrency deposits and withdrawals.
Trading Fees
Based on the trading volume over the previous 30 days, Independent Reserve charges a fee that starts at 0.5% per transaction. As the trading volume rises, the fees can be lowered to as little as 0.02% (recalculated every 4 hours).
The fee structure increments seem to benefit high-net-worth individuals and SMSF investors who have a lot of money to invest in order to get a lower crypto trading fee. The 0.02% trading fee is probably out of reach for beginners. The Australian market, however, would benefit greatly from a base fee of 0.5%. International rivals do provide less expensive options, such as Binance and ByBit (both 0.1%).
| VOLUME (30 DAY) | TRADING FEE |
|---|---|
| $0-49,999 | 0.5% |
| $50,000 | 0.48% |
| $100,000 | 0.46% |
| $200,000 | 0.44% |
| $400,000 | 0.4% |
| $1,000,000 | 0.32% |
Independent Reserve Ease of Use
For being difficult to use and clumsy in the past, Independent Reserve has drawn some criticism from users and reviews. This, however, was not our experience, and it is evident that the team has put a lot of effort into making the platform’s design better. The exchange is neat, has a straightforward color scheme, and all of the features are obvious.
More advanced investors will appreciate the platform’s improvements to the “Advanced Trading” page. Customers can now use fully customizable TV charts equipped with indicators and drawing tools as a result of this change. A significant improvement since our last review is that even the standard spot trading page now includes an Order Book and charting software.
To view the precise time frame needed to analyze the candlestick patterns, you may need to adjust the slider and zoom. To take advantage of Independent Reserve’s low trading costs, you might want to use another cryptocurrency charting website in addition to it if you rely on technical analysis.
Overall, Independent Reserve’s charting interface is disappointing for a significant cryptocurrency exchange in Australia. The entire interface could do a complete overhaul to modernize the trading experience and keep up to date. More and more cryptocurrency exchanges are automatically integrating with TradingView, which offers superior charting for both serious investors and traders.
The straightforward instant/buy trade page has also been improved and is now simple enough for new users to use. It is obvious that the Independent Reserve exchange has worked hard to shed its reputation as an expert-only platform. In its recent evolution, the platform has shown a willingness to prioritize the user experience, and this has impressed us. In the end, Independent Reserve isn’t the most appealing and user-friendly exchange on the market, but it is making significant progress in this regard.
Conclusion
Independent Reserve is an elite Australian exchange with top-notch security credentials and a reliable user interface. Casual crypto traders can certainly use the platform, but Independent Reserve is largely aimed toward institutional and higher net-worth investors. The tax solutions, low fees, SMSF support, and excellent customer support make it a logical choice for serious Aussie crypto traders. However, those who want to trade alternative coins or use DeFi features will need to take other exchanges into account.
FAQs
Is Independent Reserve Legit?
Yes, Independent Reserve is one of the few Australian exchanges to hold ISO27001 certification. This highly sought-after certification ensures that platform users will have top-notch data security. There has never been a significant compromise in the exchange’s ten years of operation.
Can I Invest My Super With Independent Reserve?
Yes, Independent Reserve is well known for being one of the best and first cryptocurrency exchanges in Australia for adding Bitcoin, Ethereum, and other digital currencies to a Self-Managed Super Fund (SMSF).
How Long Does It Take to Withdraw from Independent Reserve?
Fiat withdrawals to a bank account are usually processed on the following business day and finished in 24 to 48 hours. Crypto withdrawals from Independent Reserve can take anywhere between a few seconds to a few minutes, depending on the network being used and congestion.
