Independent Reserve Review (Feb 2024): Why We Don’t Like It

May 9, 2022

Independent Reserve is one of the most secure crypto exchanges in Australia, and it supports automated trading tools like AutoTrading and AutoBuy. However, it has a very limited coin offering of just 29, and fees are higher than the industry average; lower fees are locked behind a tiered trading volume system.

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What Is Independent Reserve?

Independent Reserve was founded in 2013 by Adrian Przelozny and Adam Tepper, and it is one of the largest and most established cryptocurrency exchanges in Australia. Registered with the Australian Digital Commerce Association, and insured through Lloyd’s of London, Independent Reserve is one of the most secure crypto exchanges available for Australians.

Independent Reserve supports 4 fiat currencies, AUD, USD, NZD, and SGD, and 29 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Tether (USDT). Since its inception in 2014, Independent Reserve has garnered over 200,000 users, just in Australia.

Some of Independent Reserve’s best features include an AutoTrader, which completes orders based on a library of expertly-made Strategies, and an Over-the-Counter (OTC) platform for high-volume traders. Over 97% of all crypto assets are stored in cold storage in geo-diverse data centers.

To start off this Independent Reserve review, let’s take a deeper look at Independent Reserve’s pros, cons and features.

Independent Reserve Pros & Cons

Independent Reserve Pros

  • Supports 4 fiat currencies (AUD, USD, NZD, SGD)
  • AutoTrader
  • 97% of crypto assets are held in cold storage
  • Crypto assets insured through Lloyd’s of London
  • Instant account verification for most users
  • Mobile app available on iOS and Android
  • OTC Trading
  • Supports 29 cryptocurrencies
  • Available in Australia, New Zealand, and Singapore

Independent Reserve Cons

  • Limited coin offering
  • Higher trading fees than the industry average
  • Lower trading fees are locked behind a monthly volume system

Independent Reserve Features

1. Independent Reserve’s AutoTrader

The AutoTrader feature is Independent Reserve’s first stab at a copy trading feature. While certainly not the first exchange to offer it, Independent Reserve offers a very complete library of auto trading Strategies. This is how it works: all Independent Reserve users can pick and choose from any of the pre-made strategies in the library, and apply them to their portfolios. The only fees they have to pay are the regular trading fees of the underlying assets – i.e, strategies are free to use. 

Some of the most popular strategies are Autobuy On Deposit, which automatically purchases select crypto when you make a deposit, Dollar Cost Averaging (DCA), which buys small amounts of crypto at set periods to offset variance, and AutoBasket, which automatically invest in a diversified basket of crypto so you don’t depend exclusively on one highly-volatile asset. Users can also propose Strategies, but there’s no guarantee they’ll get added to the list.

2. Independent Reserve Mobile App

Independent Reserve’s app is available on mobile for both iOS and Android devices, and it allows for quick and easy AUD deposits using the Osko and BPay network. Users can also access all the advanced trading tools, track their portfolios, and access historical transactions – all in one place, on your mobile. You can even switch between Light and Dark mode.

The app is secured with a Two-Factor Authentication (2FA) algorithm.

3. Security Features

Independent Reserve offers users many security measures to keep their accounts safe; starting with Two-Factor Authentication (2FA), email notifications on each login, and even protection against brute force attacks, through Bot Shield.

All personal information is encrypted end-to-end and Independent Reserve conducts regular audits with the best companies out there and even has a bug bounty program to find any vulnerability before it can be exploited. Users who find any vulnerability can reach out to [email protected] for a reward.

Independent Reserve uses a multi-signature withdrawal protocol to withdraw funds from its vault, and stores over 97% of the crypto assets in cold storage, in geo-dispersed data storage centers. Independent Reserve is one of the few Australian exchanges to be protected by one of the largest insurance providers in the world, underwriters at Lloyd’s of London.

4. OTC VIP Support For High Volume Traders

High-volume Bitcoin traders have the option to participate in Over-the-counter (OTC) trading, an exclusive VIP service that comes with many benefits. Some benefits include same-day settlements, higher liquidity, lower slippage, and a team of experienced investors to answer any question you may have.

The OTC customer support is based in Sydney and operates from Monday to Friday from 9 am to 5 pm.

5. Excellent Customer Support

Independent Reserve offers customer support via a ticket system on their webpage, and their customer service reps are actually helpful rather than just following a script. You can also reach out to them through Reddit, Facebook, Twitter, or LinkedIn, and customer support is available 24/7.

6. Instant Account Verification

To sign up with Independent Reserve, you just need to provide your name, date of birth, address, phone number and email address. Most users won’t have to upload a photo or a video and can get verified in less than 5 minutes. A small number of users may have to upload an additional identification document like:

  • Driver’s Licence
  • Passport
  • National Identity Card

Cryptocurrencies On Independent Reserve

Independent Reserve supports over 29 different cryptocurrencies. This is about as much as what VirgoCX (one of the best-rated crypto exchanges in Australia) has to offer, and far less than what Binance and Coinbase offer. Here are some of the most popular:

Bitcoin (BTC)Ethereum (ETH)XRP (XRP)
Tether (USDT)Cardano (ADA)Aave (AAVE)
Basic Attention Token (BAT)Bitcoin Cash (BCH)Compound (COMP)
Dai (DAI)Dogecoin (DOGE)Polkadot (DOT)
EOS (EOS)Polygon (MATIC)Decentraland (MANA)
Chainlink (LINK)Litecoin (LTC)Stellar (XLM)
The Sandbox (SAND)Uniswap (UNI)0x (ZRX)

Independent Reserve Fees

Trading Fees & Spreads

  • Trading Fees: From 0.5% to 0.02% (based on monthly trading volume)
  • Spread: 0.01%

Deposit & Withdrawal Fees

Here are Independent Reserve’s deposit fees:

  • Deposit Fees (Electronic Transfer): $0.99, or free if depositing over $100  
  • Deposit Fees (PayID, Osko): $2.50, or free if depositing over $1,000
  • Deposit Fees (Swift): $15 USD, or free if depositing over $5,000 USD
  • Deposit Fees (Crypto): Free

Here are Independent Reserve’s withdrawal fees:

  • Withdrawal Fees (Electronic Transfer): Free
  • Withdrawal Fees (PayID): $1.50
  • Withdrawal Fees (Swift): $20 USD
  • Withdrawal Fees (Crypto): Depends on the crypto (0.0003BTC for Bitcoin)

3 Exchanges I Recommend Over Independent Reserve

Independent Reserve isn’t a bad exchange, but it’s also not the best in Australia. Due to its high starting fees and limited coin offerings, I recommend any of these three exchanges instead:  

How To Withdraw From Independent Reserve

To withdraw fiat (cash) from Independent Reserve, follow these steps:

  1. Log in to your account
  2. At the top click on the Account menu
  3. Select the type of fiat currency
  4. Select the bank

To withdraw crypto from Independent Reserve, follow these steps:

  1. Log in to your account
  2. At the top click on the Account menu
  3. Select the type of cryptocurrency and amount
  4. Enter the wallet address

In Summary

Independent Reserve is one of the most secure crypto exchanges in Australia, and it supports automated trading tools like AutoTrading and AutoBuy. However, it has a very limited coin offering of just 29, and fees are higher than the industry average; lower fees are locked behind a tiered trading volume system.


Independent Reserve FAQs

Is Independent Reserve Safe & Secure?

Yes, trading with Independent Reserve is completely safe and secure. Independent Reserve is registered with the Australian Digital Commerce Association and is insured through Lloyd’s of London.

Is Independent Reserve Legit?

Yes, Independent Reserve is legit. It uses a multi-layer encryption protocol and all accounts have the option to activate Two-Factor Authentication (2FA). Since its inception in 2013, over 200,000 Australians have registered with Independent Reserve. 

Is Independent Reserve Legal In Australia?

Yes, Independent Reserve operates legally in Australia. It is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), follows all Australian Financial Regulations, and is compliant with the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF).

Does Independent Reserve Verify Accounts Instantly?

Yes, Independent Reserve does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • Driver’s Licence
  • Passport

Is Independent Reserve Good For Australians?

Independent Reserve is a decent exchange for Australians, though if you’re looking for the best overall trading experience, I recommend using Swyftx, Digital Surge or CoinJar instead. Each of them offers quite a bit more than Independent Reserve, and I’m confident you’ll have a better experience with them. 

How Well Is Independent Reserve Reviewed On Reddit?

Reddit’s review of Independent Reserve is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt. 

Can I Buy Dogecoin With Independent Reserve?

Yes, you can buy Dogecoin with Independent Reserve. If you want to buy Dogecoin with lower fees, though, I suggest using Swyftx, Digital Surge or CoinJar instead.

Is Independent Reserve Insured?

Yes, Independent Reserve’s crypto holdings are insured through Lloyd’s of London London.

Independent Reserve Referral Code

Independent Reserve does not currently have any referral or promo codes because they aren’t offering a signup bonus. If you want a signup bonus, you can get a $30 bonus from Swyftx, a $40 bonus from Digital Surge, and a $25 bonus from CoinJar.

Does Independent Reserve Report To The ATO?

Yes—as a digital currency exchange provider registered with AUSTRAC, Independent Reserve is required to report to the Australian Taxation Office (ATO). Users must also report their crypto trading activity to the ATO when filing their taxes at the end of the year.

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