Independent Reserve Review 2023: Features & Fees Explained

    Updated: Jan 27th, 2023
    Kevin Groves
    Kevin Groves
    Independent Reserve Review 2023: Features & Fees Explained

    Independent Reserve is a crypto exchange in Australia and is governed by Australia's regulated financial sector and is a member of Blockchain Australia. In this Independent Reserve review, we will take a look at the features of the exchange, user interface, deposit methods, fees and security to see how it stacks up against the best exchanges, and whether it's worth using to invest in crypto.

    HedgewithCrypto Score
    HedgewithCrypto Score
    4.2/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:0.5%
    Country:Australia, New Zealand & Singapore
    Currency:AUD, NZD & SGD
    Promotion:$10 BTC for creating a verified account
    Ease of useStarStarStarStarEmpty Star
    ReputationStarStarStarStarEmpty Star
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star

    This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

    Independent Reserve Review - Quick Verdict

    Independent Reserve is an AUSTRAC-licensed crypto exchange in Australia that delivers exceptional customer service and provides a stable and secure platform. Users can buy and sell 30 major cryptocurrency assets with 0.5% trading fees with dollar-cost averaging and tax tools to complete the experience. The exchange is an excellent option for experienced investors, institutions, and SMSF investors. However, the platform may not appeal to beginners that are looking for a feature-rich service or serious traders that want to invest in a greater selection of altcoins or leverage trading.

    Independent Reserve Pros:
    • Fully compliant and AUSTRAC licenced exchange
    • Trusted exchange by over 200,000 investors and 80,000 SMSF Accounts
    • 0.5% trading fee that reduces with higher volume
    • Reliable and straight forward user interface to instant buy/sell
    • Exceptional 24/7 live support and tax tools
    Independent Reserve Cons:
    • Advanced exchange with charting is a little outdated
    • No mobile trading app to place orders or monitor portfolio
    • Supported coins is limited compared to other exchanges in Australia

    Independent Reserve At A Glance

    Exchange NameIndependent Reserve
    Supported Fiat CurrencyAUD, USD, NZD & SGD
    Supported Cryptocurrency30
    Deposit OptionsBank transfer, PayID/Osko, SWIFT, Xfers
    Deposit Fee (fiat)Bank transfer: $0.99 for deposits less than $100, PayID: $2.50 for deposits less than $1,000, SWIFT: $15 for deposits less than $5,000 & Xfers: 0.55%
    Trading Fee0.5% (maximum)
    Withdrawal Fee (fiat)NPP Instant AUD: $1.50 & XFers: 0.55%
    Mobile AppYes (Android and iOS)
    Visit Independent Reserve

    What Is Independent Reserve?

    Independent Reserve is a cryptocurrency exchange in Australia that provides a stable and secure platform for individuals to buy and sell 30 of the most popular digital currencies including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The exchange was founded in 2013 and has expanded its service offering to include crypto investors in New Zealand and the South East Asian regions like Singapore.

    Since the exchange's launch in 2013, Independent Reserve has gained the trust of over 200,000 individuals and 8,000 SMSF accounts to buy cryptocurrency using Australian Dollars (AUD), New Zealand Dollars (NZD), United States Dollars (USD), and Singaporean Dollars (SGD).

    independent reserve websiteindependent reserve website

    Is Independent Reserve Legit?

    Independent Reserve is a legitimate and trustworthy company (ABN 46 164 257 069) that is located at Level 26, 44 Market St, Sydney 2000, Australia. The exchange has over 200,000 users and is regulated by Australia's highly governed financial sector to ensure proper conduct and operations. It was the first digital exchange in Australia to become a reporting entity to the Australian government agency AUSTRAC.

    Bank transfer is one of the most popular methods to deposit AUD, USD, and NZD on Independent Reserve. This comparison table lists other popular Australian cryptocurrency exchanges like Independent Reserve that offer bank transfers.

    Review of the Top Features on Independent Reserve

    Instant Buy & Sell Orders

    For first-time investors and beginners, Independent Reserve has an Instant buy and sell feature that is easy to use. There are no complicated charting or order types. Simply choose crypto to purchase, enter the amount, and click on the buy button. The transaction will be completed near-instantly. The funds are transferred to the user's wallet immediately which can be withdrawn.

    independent reserve instant buyingindependent reserve instant buying

    Accepts Multiple Fiat Currencies

    Unlike its competitors, Independent Reserve is a licensed cryptocurrency exchange in multiple regions such as Australia, Singapore, and New Zealand. Therefore, customers can deposit fiat currencies such as AUD, USD, NZD and SGD to fund an account.

    Each currency can be toggled to give the users the flexibility to decide which currency to pay with depending on the foreign conversion rates. The funds can be deposited using a variety of payment methods including bank transfer, PayID and SWIFT for US Dollars and Singapore Dollars.

    Low Trading Fees

    Independent Reserve offers competitive fees from 0.5% per transaction. Using a tiered system, investors with larger orders can reduce the trading fees to as low as 0.02%. For the majority of investors, the starting trading fee of 0.5% per buy and sell trade is great value for money. By comparison, exchanges such as CoinSpot and CoinJar have fees of 1% for instant buy/sell trades.

    Independent Reserve trading feesIndependent Reserve trading fees

    Reliable Over The Counter Service (OTC)

    Independent Exchange is one of the oldest exchanges in Australia that has stood the test of time. The exchange is popular for its VIP OTC Desk and SMSF support. Backed by premium-grade reporting tools, streamlined banking solutions and compliant audit reporting, Independent Reserve is the best exchange in Australia for large orders with over 80,000 Super Fund investors.

    There is even the option to set and forget with limit orders and dollar-cost-averaging tools through the OTC desk which is unique to Independent Reserve and ideal for investors that create an SMSF account. For more information on the best places to invest in crypto with an SMSF in Australia, read this article.

    Independent Reserve SMSF featuresIndependent Reserve SMSF features

    Independent Reserve Compared

    Bank transfer is one of the most popular methods to deposit AUD, USD and NZD on Independent Reserve. This comparison table lists other popular Australian cryptocurrency exchanges like Independent Reserve that offer bank transfers.

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview


    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    $20 Bitcoin for creating a verified accountVisit SwyftxSwyftx Review


    600+0% to 0.1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Up to $100 welcome bonusVisit BinanceBinance Review
    CoinSpot Logo


    370+1% for instant buy and sell
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    None available at this timeVisit CoinSpotCoinSpot Review

    Is Independent Reserve Safe?

    Since its inception to the market in 2013, Independent Reserve has never been hacked or compromised. Customer funds are securely stored in offline wallets to minimize the risk of theft and accounts. Other security measures include 2 Factor Authentication, remote core servers, and wallet whitelisting.

    Independent Reserve is also one of the few Australian crypto platforms that have attained ISO 27001 certification from the International Organisation for Standardisation. The certification means that Independent Reserves adheres to stringent management requirements relating to its digital infrastructure, maintenance of information and record-keeping, and intellectual property.

    Getting Started

    The process to register an Independent Reserve account is simple. To start, visit the website and click on the 'Create Account' link at the top right-hand corner. This will bring up another page to decide on a username and password. The next stop will be to enter further personal information required to hold an account. 

    To login, simply use your email ID and password. When you log in for the first time, you will be required to verify the following:

    • Email address: Primary method of logging in to the exchange
    • Mobile number: In the event you are unable to authenticate using 2FA, or you forget your password, this mobile number will be required to identify you
    • Secondary telephone number (optional): Additional protection in the event you lose the ability to authenticate using 2FA, or forget your password and lose access to the primary mobile
    • Your identity: Information to verify you that will be cross-checked against various AML (anti-money laundering) and CTF (counter-terrorism financing) databases

    Deposit Methods

    Users on Independent Reserve can deposit funds using AUD, USD, NZD and SGD fiat currencies. The following payment methods are supported by Independent Reserve to fund an account to buy and sell Bitcoin and cryptocurrency assets. 

    One of the best ways to fund an account is using PayID/Osko which has an initial maximum daily limit of $20,000 and takes less than 24 hours to arrive. All deposit limits can be increased via a request to the support team.

    Deposit MethodDaily LimitSpeed
    Bank transfer$20,0001-2 business days
    PayID/OSKO$20,000Within 24 hours
    SWIFT$20,0002-3 business days

    Supported Fiat Currencies & Coins

    There are 30 digital assets provided on Independent Reserve which can be traded against fiat currencies such as AUD, USD, SGD, and NZD, including stablecoins, altcoins, and DeFi tokens. The available digital assets that can be purchased include Bitcoin, Ripple (XRP), Ether, EOS, Dogecoin (DOGE), and others. For a full list, visit their website.

    User Interface

    Independent Reserve has a straightforward and well-laid-out user interface to buy/sell digital currencies. Navigation is easy to follow for first-time Bitcoin buyers with menus along the top. For those who are familiar with technical analysis, the 'Markets' page includes TradingView control which allows for high-fidelity charting and analysis.

    Independent Reserve's default interface includes a simple visual chart, market depth profile, and recent trades. Users will realize that Independent Reserve charts are quite clunky to adjust the time frame and there is no ability to draw trend lines or add technical indicators.

    independent reserve charting interfaceindependent reserve charting interface

    This can be problematic and frustrating to adjust the slider and zoom to view the exact time frame to analyse the candlestick patterns. If you rely on technical analysis, then you might want to use another cryptocurrency charting site in conjunction with Independent Reserve (to make the most of the low trading fees).

    Overall, Independent Reserve's charting interface is disappointing for a major crypto exchange in Australia. The entire interface could do with a complete overhaul to modernize the trading experience and keep up to date. More and more crypto exchanges are integrating with TradingView by default which provides superior charting for serious investors and traders alike.

    Trading Fees

    Independent Reserve's fee is based on the past 30 day's trading volume which starts at 0.5% per transaction. The fees can be reduced to as low as 0.02% as the trading volume increases (re-calculated every 4 hours).

    The fee structure increments appear to suit high-net-worth individuals and SMSF investors with large sums of money to invest to obtain a lower crypto trading fee. For beginners, the 0.02% trading fee is probably not within reach. In comparison, Binance and Mine Digital offer fees of 0.1% and 0.2% respectively for all cryptocurrency transactions.

    Volume (30 day)Trading Fee

    Deposit Fees

    Fiat currency withdrawals in AUD do not incur a processing fee. However, residents in New Zealand or other international countries that withdraw funds in USD or NZD will be charged a fee of $20 fee. SGD withdrawals are charged at 0.55%.

    There is a standard network fee to withdraw crypto that is charged when transferring coins from the exchange. This fee is determined by the blockchain load. 

    Security Measures

    Independent Reserve employs a dynamic cold wallet solution to store the overwhelming majority of digital assets. The cold wallets are secured by multi-layer encryption and kept on offline digital hardware storage devices. The hardware is stored in physical vaults in geographically diverse locations.

    Independent Reserve utilizes remote core servers that are securely located at data centers. This allows the exchange to synchronously replicate all data across both locations in real-time, to ensure zero data loss should an exchange hack occur. Independent Reserve uses a fail-over environment to maintain service in the event of a data compromise or infrastructure failure.

    Users' log-in and account access can be further protected using Two Factor Authentication which can be enabled to protect your account against unauthorized access. It is recommended by Independent Reserve to activate 2FA during account setup. Users can also take advantage of Device Whitelisting, which requires extra authentication for new devices, and by default, all users are protected by smart IP and withdrawal address whitelisting.

    Affiliate Program

    Independent Reserve has an affiliate and referral program that allows existing users to earn 50% of all brokerage fees paid by the referred customers for the first 90 days. Users can share their referral code to invite friends or promote Independent Reserve through content, videos, articles, or ad placements.

    Independent Reserve Alternatives

    Independent Reserve is a top-rated crypto exchange In Australia with a variety of features to suit high net worth individuals and SMSF investors. However, the overall trading experience is not fully designed for beginners and lacks a mobile app. Here are a number of alternatives to Independent Reserve that are purpose-designed for new investors.

    • Swyftx. A top-rated exchange in Australia is well-known for its feature-rich trading platform and app that supports 280 digital currencies. The overall trading experience is modern, easy to use and packed with useful features and tools.
    • CoinSpot. A very secure exchange with over 2 million users nationally, CoinSpot is a suitable alternative to Independent Reserve for its instant buy and sell feature, a number of coins, deposit methods and security.
    • Cointree. Another popular exchange in Australia for buying and selling crypto. The trading fees are a little higher than Independent Reserve however the overall trading experience is simpler to use.

    Frequently Asked Questions

    Independent Reserve offers a Self Managed Super Fund (SMSF) service to allow every day Australian's to invest in cryptocurrencies such as Bitcoin, Ethereum, Ripple and others. According to the website, Independent Reserve has over 8,000 SMSF accounts and was the first digital exchange in Australia to offer this service.

    Independent Reserve does not have a mobile phone app for iOS and Android devices. The web version of the platform is mobile friendly and can be used on smartphones.

    KYC procedures are in place before you can trade and withdraw funds from Independent Reserve. New users will need to upload personal identification documentation to access higher limits. This is to protect the exchange and investors against anti-money laundering and counter-terrorism financing as required by law.

    Independent Reserve exchange allows users from the following countries to be verified and purchase cryptocurrencies: Australia, Austria, Belgium, Canada, Cayman Islands, Czech Republic, Denmark, Finland, France, Germany, Greenland, Hong Kong, Hungary, Iceland, Ireland, Isle Of Man, Italy, Japan, Korea, Republic Of Liechtenstein, Luxembourg, Macao, Monaco, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Taiwan and the United Kingdom.


    To conclude our Independent Reserve review, it is a legit and safe Australian digital currency provider that has several hundreds of thousands of customers. With low fees, the exchange offers value for money to beginners and experienced investors alike.

    There are some improvements however that Independent Reserve should consider:

    • Better charts with advanced tools and features to perform technical analysis
    • Trading app for mobile and the ability to check live crypto prices on the exchange

    Aside from the above, Independent Reserve's one of the easiest, lowest-fee cryptocurrency exchanges with simple deposits and withdrawal process and outstanding customer support.

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    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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