Independent Reserve Review

Have you been considering trading crypto with an Australian exchange? It is important to know as much as possible before making the leap. If you have been thinking about taking that step, Independent Reserve may be the crypto exchange you have been looking for.

In our Independent Reserve review, we take a closer look at this exchange to see how it stacks up compared to more well-known options. Here’s why Independent Reserve might be the secure, regulated platform that you’ve been looking for.

What is Independent Reserve?

Independent Reserve is an Australian cryptocurrency exchange founded in Sydney in 2013. In the 12 years since its launch, it has since expanded into the Singapore market, earned Monetary Authority of Singapore (MAS) and Australian Transaction Reports and Analysis Centre (AUSTRAC) licenses for compliance, and has even begun offering institutional services.

The platform itself largely caters to institutional and retail traders. This includes business clients, high-net-worth individuals, and self-managed super fund (SMSF) investors across Asia, Australia, and New Zealand.

Independent Reserve has a long history of strong regulatory credentials, particularly with MAS and AUSTRAC, giving it a truly international presence. With offices in both Singapore and Sydney, plus users in New Zealand, Australia, and Southeast Asia, Independent Reserve continues to grow its presence internationally while continuing to meet a high level of compliance and regulatory standards.

Key Features of Independent Reserve

At the heart of any good cryptocurrency exchange is its list of features. Below is a list of the primary features that help Independent Reserve stand apart among competitors and offer a safe place for investors from all backgrounds to trade, buy, and sell.

User Interface and Experience

The interface is as clean as it gets. The professional layout looks smooth and clean whether being view on a mobile browser, web platform, or through the mobile app. Though interface doesn’t mean everything, it can create a smoother experience for investors.

Additionally, there are a litany of different tools to choose from. TradingView integration is quite popular, and there are even multi-currency order books for AUD/NZD/USD/SGD transactions. The platform is an excellent mix of simplicity, professionalism, and high-level trading thanks to an array of fantastic tools.

Available Cryptocurrencies

Though it doesn’t have the most comprehensive list of available cryptocurrencies, Independent Reserve is no slouch. Currently, it supports roughly 25 cryptocurrencies, including major tokens like Litecoin, XRP, Ethereum, and Bitcoin.

Compared to other platforms, Independent Reserve has a more conservative approach. Rather than offering hundreds of different tokens, they focus on reliably providing access to the top tokens in the industry while providing a safe and trustworthy place for investors to conduct business.

Trading and Institutional Features

In addition to a small but trustworthy list of cryptocurrency tokens, Independent Reserve also has a plethora of order types available like market, limit, etc. to meet all of your investment requirements.

Autotrader Feature

The Autotrader feature is one of the best offered by the platform. It is a way to simplify the crypto trading experience, giving users the ability to automate their trading strategies in a quick and effective manner.

Some of the functions include ready-made templates for crypto trading strategies, including Grid and Dollar Cost Averaging strategies. Utilising these techniques, users are able to implement a more automated approach that still lines up with their specific trading objectives.

OTC Trading

If there is a clear benefit to using Independent Reserve, it is the OTC trading feature. This is an excellent tool for large volume traders, offering a private, more personalized service to high-net-worth individuals and institutional investors who need to fill large orders on a regular basis.

OTC trading ranges from $50,000 to $50 million and the desk is one of the best in the industry, offering seamless settlement services and trade execution. Thanks to low trading fees and a secure, ultra-competitive trade desk, it is easy to see why the over-the-counter feature is such a popular one for users of Independent Reserve.

Support for SMSF Investors

Another of the more unique features offered by Independent Reserve is its ability to offer support for SMSF investors. There are thousands of SMSF users that trust Independent Reserve because of its intuitive interface, facilitating quick deposit methods and a very competitive fee structure.

Whether you are thinking about starting a new SMSF or looking to roll over any existing super funds into cryptocurrencies, Independent Reserve is an excellent option. Many other crypto platforms don’t even offer SMSF support as part of their services, but Independent Reserve has become recognised throughout the industry for its fantastic SMSF services.

KPMG Tax Support

Finally, Independent Reserve stands out by offering tax reporting tools made available through KPMG. Users can access detailed tax summaries that break down things like losses or capital gains from trading activities.

These reports make use of the First-in, First-Out (FIFO) method in order to calculate capital gains. This makes it far easier for users to keep track of any tax liabilities while being able to easily access the greater picture thanks to the tax overview.

Is Independent Reserve Safe?

Safety is paramount for any cryptocurrency exchange. Thankfully, Independent Reserve more than meets the standard. Its current security infrastructure gives users a litany of features to choose from. With withdrawal whitelisting, duress passwords, data encryption, and cold wallet storage, Independent Reserve has never been hacked.

Independent Reserve also falls under MAS and AUSTRAC registration requirements. On top of that, the exchange is also a member of Blockchain Australia, ensuring greater transparency, security, and peace of mind for investors.

With a series of accreditations, Independent Reserve has more than earned its trustworthy standard. Check reviews from Finder, Google, and Trustpilot to see how exceptional their reputation is. Though there are known issues like onboarding speed, Independent Reserve has proven itself to be quite trustworthy and transparent throughout the process.

Independent Reserve Fees

It is imperative to know the fees associated with using an Independent Reserve account. The flat trading fee is 0.5% per transaction, though it can be reduced to as low as 0.02% depending on your 30-day trading volume. The more you trade on Independent Reserve, the more you save in fees.

Deposits and withdrawals can be free depending on what you use. There are PayPal and credit card fees to be aware of, not to mention a flat $1.50 withdrawal fee when using NPP. If you plan to make a withdrawal in crypto, there are varying fees associated by coin.

Supported Payment Methods

Part of the process involves making a deposit or removing funds from your Independent Reserve account. Here is a quick breakdown of the various deposit types, withdrawal methods, and information of note:

Deposits

·         Bank transfers

·         Credit/debit cards

·         SWIFT for USD/NZD

·         PayPal

Withdrawals

·         Bank transfers

·         PayPal

·         Cryptocurrencies (USD Coin, Tether USD, Aave, Bitcoin, Ethereum, etc.)

It is important to note that there is a minimum withdrawal requirement when using Independent Reserve. It varies based on the token you select, and fiat withdrawals have a $1.50 charge when using EFT, PayID, or NPP enabled banks. International and non-AUD withdrawals will have a $50 fee as well. The minimum withdrawal amount is $50 as well.

Pros and Cons of Using Independent Reserve

Pros

·         MAS and AUSTRAC regulated

·         Transparent and tiered fee structure

·         Strong SMSF and institutional support

·         Easy PayPal and PayID deposits

·         Excellent security measures

·         Built-in tax tools (KPMG integration)

Cons

·         Slower onboarding compared to competitors

·         No futures or margin trading

·         Higher withdrawal fees for international fiat

·         Smaller range of supported cryptocurrencies

Who is Independent Reserve Best for?

At the end of the day, Independent Reserve may not be a great option for beginners to the world of crypto. The interface is smooth and easy to use but it takes a more experienced user to get a feel for things, especially because of the low coin range.

High-volume and institutional traders will find the benefits of the OTC desk, tailored services, and low service fees to be quite beneficial. That’s not even mentioning the KPMG tax tools SMSF setup tools that make it far easier for long-term holders to manage their accounts.

Beginners are more than welcome to give it a try, but the learning curve may be a bit steep to start. Even still, Independent Reserve has proven itself to be an exchange worth investing in. With customisable toolbars and a litany of tools for institutional and high-volume traders, there is a lot to love about Independent Reserve.