Established in 2013, Independent Reserve is one of the first cryptocurrency exchanges in Australia. The exchange is a member of the Australian Digital Commerce Association (ADCA) and is supervised by an advisory board chaired by Michael Go. As an Australian based company, Independent Reserve operates within the confines of the laws and regulations applicable to the Australian financial industry.

Contents

• Deposit and Withdrawal Options
• Fees and Charges
• Privacy and Security
• Customer Support
• Pros and Cons
• FAQ
• Conclusion

The exchange is also one of the first digital currency exchanges dedicated to offering cryptocurrency trading services to the Australian and New Zealand markets. However, Independent Reserve is also popular among cryptocurrency traders around the world as the exchange offers low fees and support for fiat currencies. Apart from support for the Australian and New Zealand dollar, Independent Reserve also has support for the U.S dollar.

With the Independent Reserve platform, cryptocurrency traders can trade in Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Independent Reserve also supports trading with the Australian dollar, New Zealand dollar and U.S dollar. The platform has a multicurrency order book that will convert the orders into the currency of choice. In short, this allows you to take advantage of the full pool of orders hence enabling you to obtain the best possible price when trading cryptocurrencies as you are able to view all the market orders regardless of the fiat currency that they are placed with. In addition, the Independent Reserve’s platform also supports multiple order types such as:

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

Deposit and Withdrawal Options

Although Independent Reserve’s services are available to clients worldwide, its primary focus is to clients who are based in Australia and New Zealand. As such, the deposit and withdrawal methods are geared toward the Australian and New Zealand markets. For Australians, the following methods of depositing funds and withdrawals are available to them:

EFT (For Australians)

EFT or electronic fund transfer is available to traders with Australian bank accounts. This method allows you to deposit in AUD.

For international traders, Independent Reserve also accepts SWIFT transfer. Deposits can be in the form of NZD or USD.

Apart from fiat currencies transfer, you can also fund your account with cryptocurrencies such as XBT, BTC BCH, ETH and Litecoin.

Fees and Charges

The trading fees at Independent Reserve are based on a tiered level. The more you trade, the cheaper it becomes. At the top of the scale, the fee is 0.50% and it goes down as the trading volume increases to a minimum of 0.10%.

For the deposits and withdrawals fees, they are as follows:

Deposit

Withdrawals

Privacy and Security

Independent Reserve is legally required to verify the identity of its account holders. Specific information will be requested by the exchange depending on the nationality of the account holder. The provided information will then be checked with the databases of the account holder’s country as well as with various AML and CTF databases. Once verified, only then will the account be activated to permit trading.

As for the security at Independent Reserve, the servers are located at two secured data centers in Australia. By doing so, Independent Reserve is able to ensure zero data loss as data is simultaneously replicated across both locations in real time. At the same time, there is a fully configured production platform on standby to take over the primary platform should the need arise, In addition, all data is encrypted multiple times and signed with dispersed keys from different data centers. Lastly, the bulk of the Bitcoins are held in cold storage. On the client’s side, Independent reserve offers 2-factor authentication as an added layer of security.

Customer Support

In terms of the customer support service at Independent Reserve, the exchange has provided a fairly comprehensive help section which will answer most of the questions that the majority of people might have. For further assistance, the support team can be contacted through email or through the support screen. However, to access the support screen, you need to log on first to your account.

Pros and Cons

Pros

• Multiple payment methods
• Reasonable fees
• Secured Exchange
• Support fiat currencies

Cons

• High trading volume requirement to avoid the 0.5% trading fees

FAQ

• Does Independent Reserve provide a cryptocurrency wallet?

Yes, Independent Reserve automatically hosts a wallet for you for all the cryptocurrencies they support.  You are also free to withdraw your crypto to a personal wallet if you wish.

• Is Independent Reserve a scam?

No. Independent Reserve is a legitimate Australian based cryptocurrency exchange. The office address is located at Level 26, 44 Market St, Sydney 2000, Australia. They are also a member of the Australian Digital Commerce Association.

• What are your conversions rates like?

The exchange rates are competitive and are below market rates.

• How long does it take for my withdrawal to go through?

Withdrawing to an AU bank account usually takes 1-2 business days. Withdrawing to a non-AU bank account via SWIFT usually takes 2-3 business days.

Conclusion

Overall, the quality of Independent Reserve is good when we compare it to what other cryptocurrency exchanges have been able to offer. But one thing which makes this exchange stand out from the rest is their support service. The support team is reachable through various channels and the response time is fairly quick within 24 hours. Of course, the fact that the exchange also lets you fund your account with fiat currencies is an added plus.