Independent Reserve
Summary
Independent Reserve is a highly trusted cryptocurrency exchange, widely known for its strict security measures and regulation in Australia, making it a preferred choice for Australians and New Zealanders. Although the fees may not be the lowest in the market and the trading pairs are somewhat limited, its robust security protocols and regulatory compliance provide users with a sense of assurance and peace of mind. Overall, Independent Reserve is an excellent platform for buying and selling cryptocurrency in Australia.
Independent Reserve is a centralised platform for cryptocurrency exchange that connects buyers and sellers. What makes it unique is its strict adherence to Australian regulations and licensing, which includes requirements from AUSTRAC and ASIC, thereby guaranteeing safety and security for its users.
In the unlikely event of any grievances, users have the option to file complaints with the Australian Financial Services Ombudsman through AFCA.
Independent Reserve is a preferred choice for Australians and New Zealanders who value safety and security in their cryptocurrency transactions. Additionally, it serves as an excellent entry point for beginners in the world of cryptocurrency trading.
User Account
Creating a user account on Independent Reserve is a thorough process that takes a little longer than some other exchanges due to its strict compliance laws. However, this extra effort is necessary to ensure the highest level of security and compliance, which is essential for safeguarding your valuable assets. Once you submit your documents, Independent Reserve takes the time to review them carefully. Once your account is approved, you can rest assured that you are using one of the safest exchanges in the industry. The peace of mind that comes with this level of security and protection makes the process more than worth it.
Safety and Security
The regulatory departments of ASIC and AUSTRAC in Australia have a reputation for enforcing compliance among smaller financial service providers. Interestingly, larger banks may commit numerous breaches with only minor consequences. However, for companies like Independent Reserve, the regulations can be quite stringent. Nevertheless, this level of scrutiny is beneficial for customers, as Independent Reserve invests heavily in protecting their data. As a result, you can rest assured that your assets are secure when using Independent Reserve’s platform.
Liquidity
Independent Reserve reports having over 450,000 customers, a considerable number in the Australian market. While it may seem small compared to the major players in the US and Europe, Independent Reserve’s size is impressive and indicates its growing popularity. Despite the strict governance rules the platform follows, it maintains a high level of capital backing, ensuring that converting cryptocurrencies to fiat and vice versa is never an issue. This reliability is a testament to Independent Reserve’s commitment to providing its customers with a safe and seamless trading experience.
Ease of Use
Although it may be considered overly simplistic for experienced traders, the straightforward nature of the Independent Reserve platform makes it an ideal choice for your average trader, especially beginners looking to make simple trades. While it may lack complex interactive graphs and other trending data that could assist with more strategic investments, this simplicity is a positive aspect for those who are just starting out in the world of cryptocurrency trading. Overall, Independent Reserve provides an easy-to-use platform that allows for hassle-free trading and a great introduction to the world of cryptocurrencies.
Online Wallet
Independent Reserve offers a secure and convenient online wallet for storing multiple cryptocurrencies, accessible through their platform. Advanced security measures such as two-factor authentication, SSL encryption, and cold storage protect users’ assets, with additional security features available. The wallet’s multi-currency support is useful for managing diversified portfolios. Overall, it is a reliable and user-friendly option for cryptocurrency storage.
Fees
Independent Reserve charges competitive fees for trading on their platform, with a sliding scale based on trading volume. The fees range from 0.5% to 0.1% for maker fees and from 0.5% to 0.5% for taker fees, making it one of the most cost-effective exchanges in Australia. Additionally, there are no deposit fees, and withdrawal fees are generally low, depending on the cryptocurrency being withdrawn. Overall, Independent Reserve’s fee structure is transparent, competitive, and designed to offer the best value for its users.
Pairings
Independent Reserve supports a variety of cryptocurrency pairings, allowing users to trade various cryptocurrencies against fiat currencies like AUD, USD, and NZD. The platform offers a range of trading pairs, including popular cryptocurrencies like Bitcoin, Ethereum, and Ripple, as well as some lesser-known altcoins. This variety of pairings allows users to diversify their cryptocurrency portfolio and take advantage of market opportunities. The user-friendly interface and transparent fee structure make it easy for traders of all levels to execute trades quickly and efficiently. Overall, Independent Reserve offers a robust selection of cryptocurrency pairings, making it a popular choice for users looking to trade in the Australian market.
Customer Support
Independent Reserve provides 24/7 customer support to assist users with any queries or concerns they may have. Their support team is knowledgeable and responsive, providing timely and helpful solutions to any issues that customers may encounter. They offer several channels of support, including email, phone, and live chat, ensuring that customers can get the help they need in a way that suits them best. The platform also has an extensive FAQ section and support center with useful articles and guides, helping users to find answers to common questions and providing them with valuable information to help them navigate the platform. Overall, Independent Reserve’s customer support is reliable, efficient, and always there to help their customers.
Premium Account with Insurance
Independent Reserve offers a premium insurance option for customers who want additional protection for their digital assets. The insurance covers any loss of funds due to theft, hacking, or other unexpected events. This insurance option is available for all customers and is provided by Lloyd’s of London, one of the world’s leading insurance providers.
The premium insurance option is available for a small additional fee, which varies based on the amount of coverage required. Customers can choose to insure their entire account balance or a portion of it, depending on their needs.
This insurance option provides peace of mind for customers who want to ensure the safety and security of their digital assets. In the unlikely event of a loss, customers can rest assured that they will be reimbursed for the full value of their lost assets, up to the amount of coverage they have purchased.
Independent Reserve App
The Independent Reserve app is a wonderful addition to the platform that allows users to easily manage their cryptocurrency portfolio on the go. Available for both iOS and Android devices, the app provides a user-friendly interface that makes it easy to buy, sell, and store cryptocurrency.
The app offers several features that make it a great choice for cryptocurrency traders, including real-time market data, advanced charting tools, and the ability to set price alerts for specific cryptocurrencies. Users can also easily view their account balances, transaction history, and open orders through the app.
One of the standout features of the Independent Reserve app is its security. The app utilizes the same security measures as the web-based platform, including two-factor authentication and biometric login options. Additionally, the app is designed to be user-friendly and intuitive, making it a great choice for both experienced cryptocurrency traders and beginners alike.
The Independent Reserve app is a great addition to the platform that provides a convenient and secure way for users to manage their cryptocurrency portfolio on the go.
- iOS: https://apps.apple.com/au/app/independent-reserve/id1374136631
- Android: https://play.google.com/store/apps/details?id=com.independentreserve.independentreserve&hl=en&gl=US
Why Choose Independent Reserve
There are several reasons why Independent Reserve is a great platform to buy and sell cryptocurrencies:
- Security is a top priority for Independent Reserve, and they take several measures to safeguard their customers’ assets, including implementing two-factor authentication and cold storage to secure their funds.
- Regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and adheres to strict anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, making it a trustworthy and secure platform.
- User-friendly platform that is easy to navigate and provides a smooth experience for users.
- Wide range of payment methods including PayID, bank transfers, credit cards, and debit cards, making it easy to deposit and withdraw to your account.
- 24/7 customer support to assist users with any queries or concerns they may have.
- Competitive fees and spreads allowing you to enhance your realised gains in Australia.
These factors make Independent Reserve a trusted and reliable platform for buying Bitcoin and other cryptocurrencies.
How to Create an Account
Independent Reserve is a licensed and regulated exchange under Australian law, which is a testament to its commitment to compliance and security.
The Know-Your-Customer (KYC) requirements may seem extensive, but they are necessary to ensure that all customers are verified and protected from potential risks. While the account creation process can take a little bit of time, Independent Reserve has a straightforward three-step process for personal use.
Step 1- Username and Password.
Choose a unique Username and enter a password for your account.
The password can be set up with 2 Factor Authentication (2FA), however this is optional.
Step 2 – Confirming Details
Enter your personal details and contact information.
Enter your email, after which you will receive a confirmation to validate.
Enter your mobile phone number, after which you will receive a text message with a confirmation code.
Step 3 – Identification
The last step requires scanning your identification, in which photos will be uploaded to the Independent Reserve portal.
Independent Reserve requires the submission of:
- A personal photo with the ID card (selfie with ID Card displayed)
- A close up of the ID Card and
- A Utility bill or Bank Statement.
These documents need to be loaded up to the site. If you aren’t familiar with using a mobile phone to take selfies, and how to upload photos to the site you will need to seek assistance from a family or friend. But if you are familiar with this process, then it will only take a few minutes.
The process is relatively intuitive, even though a utility bill or bank statement is required for the third step, which you might need to dig around for.
There is a fast track account creation process which allows you to submit your ID at a later stage. I didn’t use the fast track method, but it’s a great way to get started without the loading up ID, if you want to start trading urgently.
Please note: The above does not cover a review of the Super Fund and Trustee Account Creation process.
How to Navigate
Navigating the Independent Reserve website is a breeze, thanks to its user-friendly interface.
At the top of the page, you’ll find the main navigation menu, which includes options for Home, Trade, Prices, Support, and News.
The Home page provides an overview of your account, including your portfolio value and recent transactions.
The Trade page is where you can buy and sell cryptocurrencies, view your orders and trades, and check your trading history.
The Prices page offers a comprehensive view of the current prices of all the cryptocurrencies available on the platform.
The Support page provides links to the Knowledge Base, FAQs, and the Contact Us form, where you can submit a ticket to the support team.
Additionally, the Independent Reserve website offers a range of tools and features to help you manage your account and make informed investment decisions. These include real-time market data, interactive charts and graphs, and a suite of order types, including market and limit orders. Overall, the Independent Reserve website is designed to be intuitive and easy to use, making it an excellent choice for both beginner and experienced traders alike.
Conclusion
Independent Reserve is a leading cryptocurrency exchange in the Australian and New Zealand market, providing a safe and secure platform for its users. It excels at the basics of trading, making it an excellent choice for those looking for a reliable and straightforward trading experience. While the exchange primarily focuses on trading with AUD and NZD, it offers a range of popular cryptocurrencies, allowing users to diversify their portfolios. However, those looking for a wider range of crypto and fiat currency pairings may need to explore other exchanges. Overall, Independent Reserve’s commitment to safety and simplicity makes it a fantastic choice for Australian and New Zealand traders.