Independent Reserve review

Independent Reserve Review: Australia’s BTC Exchange


Are you thinking about investing in cryptocurrency? If you live in Australia or another Pacific nation, we have an exchange platform we think you’ll love. In our Independent Reserve review, we’ll cover some pros and cons, as well as an exhaustive analysis of how the IR platform works

In our initial research, we’ve found impressive user reviews through cryptocurrency websites and online forums.

For example, Independent Reserve recommendations over Reddit have exploded in the last couple of years. Users are pleased with Independent Reserve’s user-friendly interface and efficiency tools.

Because Independent Reserve is an Australian company, all currencies in this review are listed in AUD (Australian Dollar) unless otherwise specified.

Independent Reserve overview

  • What is the Independent Reserve?
  • What fiat currencies does the Independent Reserve accept?
  • How to set up an account with Independent Reserve
  • How to deposit funds
  • How to buy and sell on Independent Reserve
  • Cryptocurrencies supported by Independent Reserve
  • How much does Independent Reserve cost?
  • Independent Reserve customer support
  • Independent Reserve Review: A recap

What is the Independent Reserve?

Similar to a stocks and securities trading platform, Independent Reserve allows cryptocurrency buyers and sellers in select countries to do business.

The platform offers state-of-art tracking and management features, along with support for sixteen different cryptocurrencies.

Independent Reserve is a member of the Australian Digital Commerce Association and is the very first cryptocurrency exchange governed by the Australian Transaction Reports and Analysis Centre.

Independent Reserve pros

  • Brand new cryptocurrency buyers can do electronic fund transfers from their bank, as well as PayID, POLi, SWIFT, and cryptocurrency
  • Security is off to a great start with 0 hacks, various authentication options, and physical address verification
  • Overwhelmingly positive reviews
  • Free Airbridge™ API connectivity
  • No processing fees for cryptocurrency deposits
  • Free fund withdrawals for Australian users
  • Members enjoy a Cryptocurrency Tax Estimator
  • Financial institutions moving large volumes of cryptocurrency transactions can use the IR OTC Desk

Independent Reserve cons

  • Not available for investors in most countries, including the United States
  • Technical indicators unsupported in charting
  • Trade commission fees are slightly above average

What fiat currencies does the Independent Reserve accept?

What is a fiat currency?

A fiat currency is a monetary value managed and distributed by a government entity. The Independent Reserves accepts the following fiat currencies:

  • Australian Dollar (AUD)
  • US Dollar (USD)
  • New Zealand Dollar (NZD)

How to set up an account with Independent Reserve

From the home page, select “create account” on the right-hand side.

Signing up is a 3-step process that takes five minutes or less. First, create a username and password. If you have a referral code , be sure to include it after creating your login credentials.

The referral code portion is optional.

Independent Reserve requires your personal information before they can verify your account and allow you to do business on their platform.

Complete each section and pay attention to any yellow flags, as these signal that something is wrong with your entry.

After entering your email, select “verify email.” Within seconds, you’ll receive an email from Independent Reserve with a verification code. You will need this code to proceed.

The final step in the sign-up process requires you to verify your identity and your physical address.

You will need to provide a government ID to prove your identity. While you can begin using your account immediately, you will need to wait a few days to receive an address verification code in the mail before you can take full advantage of your membership.

How to deposit funds

Depositing any cryptocurrencies you already own is the easiest way to add funds to your account. However, Independent Reserve also gives you the option to link to and deposit from your bank account.

Additionally, you can transfer funds from one of the following accounts:

  • POLi
  • PayID

It is not possible to add funds to your account via credit card.

How to buy and sell on Independent Reserve

Independent Reserve’s online platform makes buying and selling seamless. Users report few to no bugs. Further, you have the option to buy and sell at market price or schedule a buy/sell once the market price achieves a specific price point.

Market versus limit buying and selling

If you want to buy or sell at the current market price, you can navigate to “BUY (MARKET)” or “SELL (MARKET).” Whatever is the market price for the cryptocurrency you plan to buy/sell, that is what you get.

However, if you want to set parameters and buy once the bid price drops to a specific amount, you can schedule a buy order, as shown below. Because the market price for BTC was hovering around $15,000 at the time of this review, I set a bid price of $14,000 for a discounted rate.

Similarly, you can establish a sell order once the bid price reaches a certain level. In the example below, I set the bid price at $16,500 to automatically sell once BTC market prices rise accordingly.


Similar to how someone might establish a mutual funds plan, Independent Review users can peruse or create an AutoTrader template. This feature will allow you to set your investment parameters and let it run on its own.

It is free to use Independent Reserve’s AutoTrader, but the commission fee structure on trades still applies.

Cryptocurrencies supported by Independent Reserve

If you are interested in more than one cryptocurrency, Independent Reserve supports 16 different cryptocurrencies. By going to the market page and selecting the drop-down menu on the left side of the screen, you can examine market data to help you decide which supported cryptocurrencies you are most interested in.

Below is a list of all 16 cryptocurrencies, as well as a brief description of each. I’ve also included screenshots from Independent Reserve’s trade history tracker.

For more information on each cryptocurrency’s role in the marketplace, check out Independent Reserve’s BTC overview here.

As a final note, the value backing each cryptocurrency is the continuation of the blockchain process. In other words, the more that information becomes decentralized, the better cryptocurrency holders can buy/sell/exchange without fear of security breaches or that a single individual or governing body might control the value of a currency in the market.

Bitcoin (BTC)

BTC is the longest established cryptocurrency. According to Independent Reserve,

Bitcoin is not owned by any individual or organisation, but there is an open, well-established protocol across the network by which all devices communicate. This ensures the security and integrity of the currency.

Ripple (XRP)

XRP is the only cryptocurrency that Independent Reserve clients can buy directly without having to buy/sell on the crypto market.

Ethereum (ETH)

ETH is the cryptocurrency for smart contracts and establishes a network of miners for ongoing block production.

Ethereum Classic (ETC)

ETC is a direct alternative to ETH that broke off in 2016.


EOS provides “a decentralized operating system.” While EOS mirrors ETH, only community-approved people may mine EOS cryptocurrency.

Bitcoin Cash (BCH)

BCH is a direct alternative to BTC.

Litecoin (LTC)

LTC is also a direct alternative to BTC.

Stellar (XLM)

XLM broke off from XRP in 2014 and contains programming to inflate one percentage point every year.

Basic Attention Token (BAT)

Advertisers use BAT to pay individuals willing to watch their ads or create ad copy.

OmiseGO (OMG)

OMG is an unmineable cryptocurrency issued by the payment company Omise.

Augur (REP)

Market predictions affect public perception and the market’s inclination to buy or sell accordingly. The REP cryptocurrency exists from efforts aimed at decentralizing prediction sources, making those predictions more authentic.

Ox (ZRX)

The ZRX cryptocurrency contributes toward the “decentralised exchange” to empower a more widespread “trustless exchange of tokens.”

Golem (GNT)

GNT supports cryptocurrency payments exclusively to those that lease their computer hardware to cryptocurrency miners.

PlayChip (PLA)

As the name implies, PLA is the cryptocurrency for the sports betting industry.

Tether (USDT)

Tether holds value backed by securities in US dollars. Buyers invest in Tether so that they will not lose their investment should cryptocurrency fall away.

Bitcoin SV (BSV)

BSV broke off from BCH in 2018 after developmental differences among BCH team members.

How much does Independent Reserve cost?

Independent Reserve clients essentially pay three different fees: deposit processing, trade commissions, and withdrawal fees. Here is the breakdown of Independent Reserve fees.

Commission to trader

Independent Reserve’s trade commissions are .5%, which is slightly higher than the industry standard of .25% on non-high-volume cryptocurrency transactions. For clients trading above $10,000,000 per month, commission fees are .05%.

Deposit and EFT processing fees

For a standard electronic fund transfer from a bank, there are no processing fees on deposits of $100 and above.

When depositing funds via POLi, PayID, and SWIFT, the processing fees are as follows:

  • POLi: $3.30
  • PayID: $2.50 on deposits less than $1,000 ($1,000 and above are free)
  • SWIFT: $15 on deposits less than $5,000 ($5,000 and above are free)

BTC deposits are 100% free for any amount.

Withdrawal fee

If you are withdrawing your funds in AUD, there is no fee. If withdrawing fees in a fiat currency other than AUD, Independent Reserve charges a flat $20 (AUD).

When it comes to cryptocurrencies, withdrawal fees vary by type, according to the chart below.

Trade volume discount

For Independent Reserve clients trading more than $100,000 monthly may take advantage of Independent Reserve’s trade volume discount.

The more you buy/sell above $100,000 a month, the better the discount. These discount rates range from .48% (compared to .5%) to .05%.

That said, $100,000 a month is an enormous amount of money. Only serious cryptocurrency traders have any hope of enjoying these discounted rates.

Independent Reserve customer support

For members, Independent Reserve provides customized care and support. Non-members can enjoy Independent Reserve’s extensive library of written tutorials.

For customized care, Independent Reserve agents work primarily over email. While this level of care is pretty standard for a cryptocurrency exchange, you will be disappointed if you are expecting phone support or customer chat.

Independent Reserve Review: A recap

Arguably, Independent Reserve is the best cryptocurrency exchange in Australia, despite some higher fees.

While some countries like the United States sit on the waiting list for being able to join Independent Reserve, it already services the majority of Asian Pacific nations, plus a few additional countries around the globe.

Based on customer reviews and forum feedback on social platforms like Reddit, Independent Reserve is doing a lot of things right.