Independent Reserve Key Features
The Independent Reserve exchange is the ideal cryptocurrency trading platform for high-net worths and institutional investors. The platform offers a great trading execution environment that allows investors to get large fills on Bitcoin, Ethereum, and other token trades with low fees. Some of Independent Reserve's key features include:
- Variety of Cryptocurrencies: Trade over 30 cryptocurrency pairs against AUD.
- Multi-Currency Support: Deposit and trade with AUD, NZD, SGD or USD.
- 24/7 Customer Service: Receive support 24 hours of the day, 7 days a week from an Australian support agent through live chat, plus phone service is supported for institutional clients.
- Low Fees & Deep Liquidity: The best Australian exchange to execute large orders with minimal slippage and low fees.
- White Glove Service: Investors trading over $100,000 will get access to a dedicated account manager and OTC trade desk partner.
- SMSF Support: The fastest onboarding and verification for Self-Managed Super funds looking to invest in digital assets.
- Auto Trader: Use automated cryptocurrency trading strategies from IR's strategy library.
Available Regulated Jurisdictions
This review is primarily educating Australian and New Zealand investors, but Independent Reserve is also accessible for Singaporean traders. It is the first cryptocurrency exchange in Singapore to receive a licence from MAS (Monetary Authority of Singapore, Singapore's regulator). It's also a licensed digital currency exchange under AUSTRAC with a business ABN 46 164 257 069.
The exchange is properly adhering to regulations and has obtained the appropriate licensing to legally and safely operate in Australia, New Zealand and Singapore. Furthermore, it is currently in the process of applying for the ISO Standard Security Certificate.
Does Independent Reserve have a Mobile App?
Yes, Independent Reserve currently supports a mobile app version of its exchange on both iOS and Android. The app offers the same functionality and UI as its web platform, users can access their portfolio, check markets, open positions and more on the go. For Apple users, the app is currently supported on both iPhone and iPad devices.
Independent Reserve Fees
One of the many reasons for Independent Reserve's popularity is its competitively low and consistent fee schedule. The exchange’s trading fees have stayed consistently low for years at 0.5% for new accounts and 0.02% for users with high monthly trading volume. Independent Reserve charges the lowest Crypto Instant Buy fees in Australia, most exchanges charge around 1%.
As for deposits, there are no fees for Australian investors, however, there is a $15 NZD fee for New Zealand users who deposit less than $5K NZD (free for 5K+), a $2.5 SGD fee for Singaporean investors who deposit less than $1K SGD and a $15 USD fee for USD deposits that are less than $5K USD.
There are no withdrawal fees for Aussies but there is a $20 fee for NZD withdrawals, a $1.5 - $25 SDG fee for SDG withdrawals and a $1.5 - $20 USD for USD withdrawals (depending on which withdrawal method you choose). For a full breakdown of its fees, we recommend visiting its Fees Schedule.
What is the Independent Reserve Tax Report
Independent Reserves allow its users the opportunity to calculate their tax report through its Crypto Tax Estimator which was developed by KPMG. The tax estimator is available on Independent Reserve’s user interface and allows you to estimate your tax obligations with ease.
If you trade on other exchanges and want to import your trades into the Crypto Tax Estimator, you can simply add it to your IR tax estimator. If you also run an SMSF you can export the reports that integrate directly with BGL. You can access the Independent Reserve Tax Calculator here.
How to buy Crypto on Independent Reserve
The process of buying cryptocurrencies on Independent Reserve is simple and takes only 5 minutes to complete. In this example, we will use Bitcoin as the purchasing token but you can apply this method to any cryptocurrency available on IR. Follow the below steps to get started.
- Sign up to Independent Reserve and complete the verification process.
- Go to the Buy/Sell tab and find the cryptocurrency you want to purchase.
- Click ‘Buy Bitcoin’, enter the amount of AUD you want to spend and tap ‘Buy’.
Does Independent Reserve have crypto staking?
Unfortunately, Independent Reserve is yet to offer cryptocurrency staking on its platform. However, they have confirmed publicly (on Reddit) that they are looking to add staking in the near future. If you want to stake your cryptocurrencies in Australia, we recommend visiting our How to Stake Crypto in Australia page to find what exchange offers the highest APYs (returns).
Can I contact customer support 24/7?
Independent Reserve regrettably does not offer a Live Chat feature on its platform, you can only contact support via an online ticketing system or email at support@independentreserve.com. The platform does not have a local or international phone number for regular users, OTC clients can contact their allocated consultant via the phone number provided by IR. However, support is 24/7.
Independent Reserve Supported Cryptocurrencies
Independent currently supports 30 cryptocurrencies on its platform and they are ADA, AAVE, BAT, BCH, BTC, COMP, DAI, DOGE, DOT, EOS, ETC, ETH, GRT, LINK, LTC, MANA, MATIC, MKR, OMG, PMGT, SAND, SNX, SOL, UNI, USDC, USDT, XLM, XRP, YFI & ZRX. To see the full list and prices, click here.
The Bottom Line
Independent Reserve is one of the leading cryptocurrency exchanges in Australia and has a reputation for offering low Crypto Instant Buy fees and reliable customer support. If you are looking to buy or sell cryptocurrencies on the platform, we highly recommend it as a trusted option with excellent security features. However, if you are looking for 24/7 customer support or want to stake your cryptocurrencies, Independent Reserve might not be the right choice for you.
