Many cryptocurrency exchange firms offer great features nowadays, and because of the nature of cryptocurrency, a lot of these companies offer their services worldwide. With such a large number of options, you may have a hard time deciding on which to choose.
Independent Reserve is a great place to start your search. Learn whether Independent Reserve is for you! This article will discuss:
- What Is Independent Reserve?
- Who Owns Independent Reserve?
- Supported Fiat and Cryptocurrencies
- Independent Reserve Fees
- Getting Your Funds
- How Safe Is Independent Reserve?
- Pros and Cons
What Is Independent Reserve?
Founded in 2013, Independent Reserve is one of Australia’s largest cryptocurrency exchanges. Based in Sydney, the company is registered with the Australian government and a Gold-certified member of the Australian Digital Commerce Association, a regulating body within the cryptocurrency industry in the country.
The company’s official name is Independent Reserve Exchange, and it accepts fiat currencies such as AUD, NZD and USD. It deals with multiple cryptocurrencies such as Bitcoin, Bitcoin Cash, Ether, Litecoin, XRP, OmiseGO, 0x, EOS, PlayChip and Stellar Lumen.
Independent Reserve accepts deposits using different methods such as SWIFT, cryptocurrency and electronic funds transfer. The exchange charges trading fees that range between 0.1% and 0.5%. It also charges deposit fees of AUD 0.99 for EFT deposits below AUD 100 and USD 15 or NZD 15 for SWIFT deposits that are less than $5,000.
Independent Reserve also charges withdrawal fees for methods other than Australian bank transfers. For international bank transfers, users are charged $20.
As for cryptocurrency withdrawal, users are charged according to the coin: 0.0002 for BTC, 0.001 for ETH, 0.0001 for BCH, 0.001 for LTC and 0.15 for XRP.
Who Owns Independent Reserve?
The company is the result of the vision of its founders, Adrian Przelozny and the late Adam Tepper. Specialising in digital platforms and security, they envisioned a platform that people can understand and use easily.
Przelozny currently serves as CEO of privately-owned Independent Reserve.
Supported Fiat and Cryptocurrencies
In Independent Reserve, clients can trade using Australian dollars (AUD), New Zealand dollars (NZD) and US dollars (USD). The platform also supports the following cryptocurrencies:
Started in 2019, Bitcoin is a type of currency used to make online transactions more secure. It does not need banks or credit card providers—you can send and receive money from across the globe freely and with little to no transaction fees. People also do not need to worry about currency conversion because Bitcoin is decentralized and not controlled by any government, unlike fiat currencies such as the US dollar or the European euro.
Ether is used in Ethereum, a peer-to-peer network first made available to the public in 2015. Although very similar to Bitcoin, Ether distinguishes itself by having the ability to create ‘smart contracts’. Smart contracts are computer programs executed on a platform. Users can set conditions for a transaction that should be fulfilled before the money is transferred.
Somewhat similar to Ethereum, EOS is a decentralised operating system that uses a consensus system in which people who regulate the network and produce blocks are installed or removed through votes from the community.
Bitcoin Cash (BCH)
An offshoot of Bitcoin, Bitcoin Cash offers low transaction fees and permissionless spending. Bitcoin holders from block 478558 or older automatically become owners of Bitcoin Cash as well.
Another project that is based on Bitcoin, Litecoin is a faster alternative with greater numbers of coins that can be mined. While Bitcoin’s maximum number of coins will only ever reach 21 million, Litecoin has up to 84 million coins that can be mined. Transactions are also faster, with an average confirmation time of 2.5 minutes for Litecoin in contrast to Bitcoin’s 10 minutes.
Stellar Lumen (XLM)
The Stellar Lumen is based on XRP. It is a pre-mined currency, but unlike XRP, Stellar Lumen has built-in inflation, so it increases by 1% in value every year.
Basic Attention Token (BAT)
Basic Attention Token was created to specifically target the advertising industry. Users can pay content creators with Basic Attention Tokens in order to avoid viewing ads. They can also earn Basic Attention Tokens by watching the ads. You need to install Brave browser and use its Brave Rewards functionality.
OmiseGo is a token that was built in the Ethereum platform. It has a fixed number of 140 million coins that aren’t mineable.
Based on the Ethereum network, Augur is a crowd-based prediction market tool for anything under the sun. Users can create a prediction market on any topic using the network without any intervention from the development team.
Also built on the Ethereum network, 0x aims to build a system that honours truly decentralised, ‘trustless’ transactions.
A reputation-based network, Golem is used to allow other users to rent out your computing power or to process something for other people in exchange for money.
Created for sports betting, gaming, fantasy sports and eSports, PlayChip promises its users transparent and easy transactions, affordable fees and fair betting environments. You can easily view prices, recent trades, trade history and other important information about the different cryptocurrencies that Independent Reserve supports using their website.
Independent Reserve Fees
Independent Reserve charges trading fees and provides discounts based on the volume that you trade within a 30-day period. Certain deposits and withdrawals are free of charge, just make sure you check the tables below.
|30-day trade volume (in AUD)||Trading fee|
The following deposit and withdrawal fees also apply when you use Independent Reserve. Do note that your bank or provider may charge you other fees.
|Transaction method||Deposit fee|
|EFT||$0.99 or free if $100 or more|
|PayID/Osko||$2.50 or free if $500 or more|
|Transaction method||Withdrawal fee|
|Australian dollar withdrawal||Free|
Getting Your Funds
Availability of funds depends on the transaction type and method used.
When making deposits via electronic fund transfer, expect your funds to be visible in your account within one to two business days. Deposits made using Osko and POLi are processed within a day. Transfers via SWIFT are usually longer, taking three or more business days.
Withdrawing your money using an Australian bank account usually takes one day to be completed. On the other hand, withdrawals using international, non-US accounts usually take two to three business days.
How Safe Is Independent Reserve?
Here are some highlights about Independent Reserve when it comes to safety and security:
- Independent Reserve is AUSTRAC-registered.
- The exchange received certification from the Australian Digital Currency Association.
- Users can easily check company information since the exchange has an ABN.
- Independent Reserve conducts user checks to comply with anti-money laundering policies.
- The exchange stores user funds in cold storage across Australia and installs multiple physical security measures in each location.
- Storage locations use biometric identification to allow access to select people.
- Funds entrusted to the exchange are insured.
- It is highly recommended to use 2-factor authentication for you account!
Pros and Cons
You can access Independent Reserve using a desktop or smartphone via their website. It has great resources that are meant to inform and educate users on cryptocurrency, blockchain technology and other concepts that can help you trade better. Their website also features market data for each cryptocurrency, so you can track and analyse information easily.
Users from Australia and New Zealand also have the advantage as Independent Reserve transacts in Australian dollars and New Zealand dollars. This eliminates currency exchange fees when dealing with most companies.
The exchange also boasts strong security not only online but also offline. The company is the first cryptocurrency exchange in Australia to be insured as well.
However, the company may not be suitable for beginner or casual traders as it charges deposit fees and higher trading fees than other exchanges. It also offers a small selection of coins and is not very liquid for most coins other than Bitcoin.
Use Independent Reserve If . . .
- You live in Australia or New Zealand. Independent Reserve specifically caters to people in Australia and New Zealand. Since it directly deals with Australian dollars and New Zealand dollars, users no longer need to worry about currency exchange fees.
- You want lots of information about your trades right at your fingertips. Independent Reserve’s website offers market data and features such as tax estimators.
Think Twice If . . .
- You are new to cryptocurrency. Independent Reserve charges fees for deposits and has a relatively small selection of coins, so if you’re a beginner, you might want to check out other options first.