If you’re looking for a safe and reliable crypto exchange in Australia, Independent Reserve is likely a name you’ve come across before.
The platform has built a strong reputation for its excellent security measures and trading tools for both beginners and professionals.
In our Independent Reserve review, we’ll share the results of our hands-on testing of the platform, including its security protocols, standout features, and user reviews.
What is Independent Reserve Exchange?
Independent Reserve is a centralized cryptocurrency exchange (CEX) that has built a reputation for trust and compliance in the Australian market, serving over 450K users.
Founded in 2013 by three Bitcoin enthusiasts – Lasanka Perera, Adam Tepper, and Adrian Przelozny – the platform is headquartered in Sydney, with additional offices in Singapore, Europe, Asia, and North America. It was one of the first crypto exchanges launched in Australia.
Independent Reserve operates under strict regulatory oversight and has both an Australian crypto exchange license and a Major Payment Institution (MPI) license in Singapore.
Independent Reserve focuses mostly on spot trading. While it doesn’t venture into high-risk markets like derivatives, it’s simple and reliable, making it perfect for both retail investors and institutions looking for a compliant and stable platform.
The exchange currently supports 33 cryptocurrencies, ranging from major assets like Bitcoin ($BTC) and Ethereum ($ETH) to medium-cap altcoins such as Stellar ($XLM). Some of its standout features include an over-the-counter (OTC) trading desk and a FastTrack account option.
Independent Reserve Exchange Pros and Cons
Before we explore Independent Reserve’s standout features, let’s look at the main pros and cons we discovered in our testing of the platform.
Pros
- Zero reported hacks or security breaches
- Top-tier security measures and compliance, including a duress password, 2FA, and ISO 27001 certification
- Lower fees for high-volume trades
- User-friendly interface
- Comprehensive guidance and FAQs
- Over-the-counter (OTC) trading desk for high-volume and institutional traders
Cons
- Only supports 33 cryptocurrencies
- Doesn’t offer customer support via phone, and response times may be slow
- High SWIFT deposit fees
- No advanced features like derivatives, NFTs, P2P, or copy trading
Independent Reserve Exchange Key Features
Independent Reserve comes with a solid range of tools designed to make crypto trading simple and secure. Here are the features that stood out to us the most in our testing of the exchange.
OTC Trading Desk
The platform operates an OTC desk, which provides execution and settlement services that cater to larger orders and institutional or high-net-worth clients. This service is designed for clients who want deeper liquidity and private execution outside the standard public order book. We’ve found that orders range from US$50K up to US$50M+ with fast settlements.
To get started with OTC, you’d need to book a call using the contact form on the website, and the platform’s representative will then guide you through the onboarding process. From there, they will explain the entire procedure, from quoting to settlement.
FastTrack Account Option
The exchange has an account option that allows you to register, deposit, and trade in just a few minutes if you’re an Australian resident. It gives you limited access to some of the exchange’s services until your account has been verified and you switch over to a standard account.
However, with a FastTrack account, you won’t be able to withdraw in fiat currencies, and you won’t get access to the platform’s API.
Fiat On-Ramp and Off-Ramp
Independent Reserve supports AUD, SGD, NZD, and USD fiat currencies. For deposits, you can use EFT or PayID, bank transfers, debit or credit cards, and PayPal, depending on your region.
Fiat off-ramp is available for linked bank accounts, but you must complete KYC first.
AutoBuy is available via the AutoTrader feature, and it allows you to schedule regular fiat-funded purchases of supported crypto.
Spot Trading
Spot trading on Independent Reserve allows you to buy and sell crypto directly, trading against fiat or other crypto.
The platform supports several order types, including simple market orders, limit orders, stop-buy orders, and stop-sell orders.
Tools like order-book depth views and advanced order types, such as post-only orders on new listings, help you manage execution and liquidity.
Intuitive Mobile App for iOS and Android
Independent Reserve has a full-featured mobile app for iOS and Android that enables users to buy, sell, and manage their crypto on the go.
The desktop version of Independent Reserve offers more features than the mobile app, like access to the OTC trading desk.
The app is free to download and has 50K downloads with a 4.1-star rating on Google Play and a 4.7-star rating on the Apple App Store.
Crypto Wallet
The exchange provides a custodial wallet to hold supported cryptocurrencies, which means the platform holds and manages the private keys to your assets on your behalf.
We liked that the wallet is integrated within the platform, so you don’t need a separate app – you can deposit, withdraw, and hold coins directly. However, we recommend non-custodial, cold wallets for long-term storage of your private keys.
AirbridgeTM
We found that for automated trading and account management, Independent Reserve provides an AirbridgeTM API (JSON-based HTTP and WebSockets). It allows integration with trading bots and third-party apps, and it’s fully encrypted for programmatic access.
AutoTrader
Independent Reserve’s AutoTrader lets you automate your crypto investments by creating rules and strategies, such as dollar cost averaging (DCA).
The feature is aimed at investors who want to set-and-forget recurring investments rather than manually execute each trade.
Leverage Trading
The exchange offers leveraged (margin) trading services, which allow you to borrow funds to increase your trade size beyond your cash balance.
In margin trading, users borrow funds to increase their trading position, essentially amplifying both potential gains and losses. For example, with 5x leverage, a $1K margin lets you open a $5K position.
While this can increase profits if the market moves in your favor, it also magnifies losses, which is why leveraged trading is best suited for experienced traders.
To start leveraged trading on the platform, you must pass a suitability test with a score of at least 80%. The maximum leverage available on the platform is 5x, but it’s currently limited to select assets like $BTC and $ETH.
Tax Reporting Tools
Independent Reserve helps you get tax-compliant capital gains reports for jurisdictions such as the Australian Taxation Office (ATO) through its partnership with CryptoTax. It gives Independent Reserve users a 30% discount on Crypto Tax software for their first year.
Independent Reserve Crypto Exchange Security
Independent Reserve has never experienced a security breach or hack, and the platform has a strong reputation for its proactive approach to protecting user assets. Here are some of its standout security features.
ISO 27001 Certified
This certification confirms that its people, systems, and processes meet globally recognized best practices for protecting data and assets, such as encryption of sensitive information, strict access controls, and regular security audits.
Advanced Encryption and Risk Management
Independent Reserve uses advanced encryption for personal data, both in transit and at rest, using physically dispersed keys. The same applies to support chat text messages.
Its systems also feature continuous monitoring and risk management protocols to detect suspicious activity and vulnerabilities before hackers can exploit them.
Cold and Hot Wallet Storage
A small portion of funds remains in hot wallets to facilitate day-to-day trading, and these are multi-layer encrypted using geographically dispersed keys.
Independent Reserve is the sole custodian of user funds, which means that no third parties have access to customer assets, other than during audits.
The exchange also continuously monitors transactions and checks that the crypto balances recorded in its system always match those on the blockchain, which ensures all funds are accounted for and securely held.
Fraud Prevention
Users can enhance account security with withdrawal whitelisting, which means they can only send funds to pre-approved wallet addresses.
Two-factor authentication (2FA)
Independent Reserve supports two-factor authentication (2FA) to prevent unauthorized access by requiring a password and an additional verification method for login.
You can use the Google Authenticator app or SMS as your second authentication method. Even if someone finds out your password, they would need your smartphone to access your account.
Duress Passwords
You’ll need to set up your duress password yourself in the account settings section, as it’s not a default part of your account creation process.
Know Your Customer (KYC) Verification
The exchange uses Know Your Customer (KYC) verification to prevent fraud and ensure compliance.
When you set up your account, you’ll have to provide basic personal information and upload an identity document. In our testing, we found that uploading your documents and following the verification steps takes about 20 minutes to complete.
Independent Reserve Fees – Is It Worth the Money?
For many users, the exchange’s fees are competitive, but this depends on your trading volume and jurisdiction.
Independent Reserve allows fiat deposits in a few different currencies, including AUD, USD, NZD, and SGD via bank transfers, debit or credit cards, PayPal, Osko, or PayID. AUD bank transfers are free for deposits in Australia, debit or credit card deposits incur a 1% fee, and international cards have a 3.5% fee.
USD SWIFT deposits are free when they’re above US$5K, however, anything under that threshold carries a US$15 processing fee. This is a good value for large-scale traders, but it might eat into your profits if you use a card or make smaller deposits.
Trading fees start at 0.50% and lower as your 30-day trading volume increases, all the way down to 0.02% at very high volumes. For instance, in AUD, at $0 volume, the fee is 0.50%, whereas at an AUD$10M+ volume, it drops to 0.08%. This is excellent for high-volume traders.
For occasional traders, the 0.50% is decent but not ultra-low compared to other exchanges like Binance, which offers 0.10% maker/taker fees.
AUD EFT fiat withdrawals are free, AUD PayID instant withdrawals cost AUD $1.50, and USD SWIFT withdrawals are US$20. For crypto withdrawals, there are fixed network-based charges for certain tokens, such as 0.005% for $ETH.
So, if you’re a regular trader from Australia using bank transfers, you’ll find Independent Reserve offers a lot of value in the form of free deposits and AUD EFT withdrawals, as well as trading fees that drop with volume.
If you’re a high-volume or institutional trader, the tiered trading structure is a big benefit. But if you’re using non-AUD currencies, making frequent withdrawals via premium methods, or trading very little, you may want to compare the exchange to alternatives to get the best fees.
Is Independent Reserve Exchange Easy To Use?
Overall, the platform is user-friendly for beginners, but there are some trade-offs we discovered in our testing that you should know about.
We’ve also found that the website version is easy to use, and transactions are processed quickly. The mobile apps are intuitive and easy to navigate. The interface is clean, with a simple color scheme, but there are more features on the web version than the mobile app.
One thing that’s somewhat disappointing is that there are no phone or live support options. Instead, Independent Reserve uses a support ticket system.
Some users report slow response times to tickets and delays in processing issues. The support system is great for routine questions and small trades, but if you’re dealing with urgent or high-value issues, the lack of instant channels may be a problem.
How Does Independent Reserve Compare to Other Crypto Exchanges?
At this point in our Independent Reserve review, you may be wondering how the platform compares to other top contenders. Here’s an overview of five Australian crypto exchanges so you can make an informed decision.
| Wallet | Top Choice For | Asset Support | Markets | Fees | Standout Features |
| Independent Reserve | Users who prioritize security and regulatory compliance | 33 digital assets | Spot, OTC | Starts at 0.50%, can go as low as 0.02% based on trading volume | – ISO 27001 certified – OTC trading desk – Duress passwords |
| Bitcoin.com.au | Beginners with no prior crypto experience | 37 digital assets | Spot | 1% trading fee | – Private keys multi-layer encrypted – SMSF investor support – Trust accounts |
| Bybit | Derivatives and advanced traders | 500+ digital assets, 600+ trading pairs | Spot, futures, options, P2P | 0.04% maker/0.10% taker, discounts on VIP level discounts based on 30-day trading volume | – TradingView charts – ByBit Earn – 100K transactions per section (TPS) order-matching machine |
| Binance | Active traders | 500+ digital assets, 1.5K+ trading pairs | Spot, futures, options, P2P, NFTs | 0.10% maker/0.10% taker, discounts when using $BNB | – Low fees and discounts when using $BNB – BNB chain supporting dApps – Security of Users Assets Fund (SAFU) |
| KuCoin | Extensive selection of altcoins | 700+ digital assets, 1.2K+ spot pairs | P2P, spot, futures, options, NFTs | 0.08% maker/0.08% taker, discounts when using $KCS, VIP level discounts based on 30-day trading volume | – DualFutures AI and advanced trading bots – GemPool to stake and earn free crypto airdrops – Cross margin mode for futures trading |
Independent Reserve is a top pick if security is your main priority, but another exchange, like KuCoin might be a better choice if you’re looking for access to a wider variety of coins or trading markets (derivatives, P2P, or NFTs).
Independent Reserve Exchange’s Reputation – What Are People Saying?
In our Independent Reserve review, we looked at trading performance, ease of use, customer support, security, and fees. Beyond our testing, we also reviewed user feedback on platforms like Trustpilot and found that most of the reviews backed up our experience with the exchange.
Users agreed that the interface is easy to use and that the exchange is highly secure for sending and withdrawing crypto.
Some reviews also mention that deposits and withdrawals are processed swiftly and that Independent Reserve’s trading fees are competitive.
But it’s worth noting that some people mention that customer support can take up to 24 hours to respond to queries or complaints via the platform’s support ticket system.
How to Use Independent Reserve Crypto Platform – A Step-By-Step Guide
Getting started with Independent Reserve is simple when you follow these steps.
Step 1: Navigate to the Independent Reserve Official Website
Visit the Independent Reserve website and click ‘Create account’ in the top right-hand corner.
The platform may ask you to verify that you are human, and you can do so by checking the verification box.
Step 2: Create an Account
You’ll need to create a username, enter your email address, and create a password. There is also a box you need to check to confirm you’ve read the exchange’s terms and conditions and privacy policy. If you have a referral code, you can enter it during this step.
Step 3: Verify Your Email and Choose an Account Type
You’ll receive a verification email at the address you entered. Open the email and click ‘Activate my account’.
Next, choose an account type, either personal or company. You’ll then need to select whether you reside in Australia or another supported country.
Step 4: Complete the Verification Process
Enter your first name, last name, date of birth, home address, and mobile number. You’ll then receive a confirmation code on your mobile.
Step 5: Set Up 2FA and Your Account Purpose
You’ll now be given the option to set up 2FA. Next, you’ll need to select your account purpose in the drop-down box and your source of income.
Step 6: Upload Your Identity Information
You’ll need to upload a photo of you holding a government-issued ID, a photo of the front and back of your ID, and a proof of address document.
The platforms will then assess your application, and you’ll receive a message once your account has been verified, which means you can then deposit, withdraw, and trade.
Independent Reserve Crypto Exchange Review – Our Verdict
After testing and analyzing Independent Reserve, it’s clear that the exchange lives up to its reputation as one of Australia’s most secure crypto trading platforms.
Its ISO 27001 certification and zero history of security breaches make it the perfect choice for users who prioritize safety.
The tiered fee structure rewards high-volume traders, while beginners benefit from an intuitive interface that’s easy to navigate on both desktop and mobile.
If you’re looking for a compliant exchange with strong security protocols and fair fees, Independent Reserve is worth considering. But always do your own research before trading and remember that this review isn’t financial advice.
FAQs
1. How do I withdraw money from the Independent Reserve exchange?
To withdraw funds, log in to your account and select ‘Withdraw’ next to your preferred currency. You can withdraw via a range of methods, including bank transfer, PayID, or SWIFT for international users.
2. What crypto does Independent Reserve exchange support?
Independent Reserve supports 33 cryptocurrencies, including popular assets like Bitcoin ($BTC), Ethereum ($ETH), Tether ($USDT), and Ripple (XRP).
3. Is Independent Reserve legit?
Yes, Independent Reserve is a reputable and regulated exchange in Australia and Singapore. It holds an Australian crypto exchange license and a Major Payment Institution (MPI) license in Singapore. It’s also ISO 27001 certified, which means it meets a high security standard.
4. What is the best website to buy crypto in Australia?
The best site to buy crypto depends on your needs, but Independent Reserve is a great choice if you’re looking for security and ease of use. Alternatives like CoinSpot and Swyftx may be more ideal for traders looking for a wider coin selection, as Independent Reserve only supports 33 cryptocurrencies.