Summary: Independent Reserve is a Sydney-based cryptocurrency exchange that is tailored for institutional and high net worth family offices. The platform offers trading fees as low as 0.02% for investors with large monthly trading volumes.
Oops! Something went wrong while submitting the form.
Independent Reserve was founded in 2013 with a vision to build Australia’s largest and safest cryptocurrency exchange. It is now one of the top cryptocurrency investing platforms in Australia and is servicing over 200,000 Australian investors. The platform can be customised for both experienced traders and crypto beginners making it a great platform for all.
This review is primarily educating Australian and New Zealand investors, but Independent Reserve is also accessible for Singaporean traders. Independent Reserve facilitates the trading, depositing and withdrawing of four fiat currencies - AUD, NZD, USD & SGD.
It is the first cryptocurrency exchange in Singapore to receive a licence from MAS (Monetary Authority of Singapore, Singapore's regulator), before 170 global competitors like Bybit and Binance. Independent Reserve is a licensed digital currency exchange under AUSTRAC and is a privately owned company with a business ABN 46 164 257 069.
The exchange is properly adhering to regulations and has obtained the appropriate licensing to legally and safely operate in Australia, New Zealand and Singapore.
Does Independent Reserve have a mobile app?
Yes, Independent Reserves supports a mobile app version of its platform on both iOS and Android. The app offers the same functionality and UI as its web version, users can access their portfolio, check markets, open positions and more on the go.
For Apple users, the app is currently supported on both iPhone and iPad.
One of the many reasons for Independent Reserve's popularity is its competitively low and consistent fee schedule. The exchange’s trading fees have stayed consistently low for years at 0.5% for beginners and 0.02% for serious investors. Independent Reserve charges the lowest Crypto Instant Buy fees in Australia, most exchanges charge 1%.
As for deposits, there are no fees for Australian investors, a $15 NZD fee for New Zealand investors who deposit less than $5K NZD (free if they deposit more), a $2.5 SGD fee for Singaporean investors who deposit less than $1K SGD and a $15 USD fee for USD deposits that are less than $5K USD.
There are no withdrawal fees for Australians but there is a $20 fee for NZD withdrawals, a $1.5 - $25 SDG fee for SDG withdrawals and a $1.5 - $20 USD for USD withdrawals (depending on which withdrawal method you choose). For a full breakdown of its fees, we recommend visiting its Fees schedule.
Independent Reserve Tax Report
Independent Reserves allow its users the opportunity to calculate their tax report through its Crypto Tax Estimator which was developed by KPMG. The tax estimator is available on Independent Reserve’s user interface and allows you to estimate your tax obligations with ease.
If you trade on other exchanges and want to import your trades into the Crypto Tax Estimator, you can simply add it to your IR tax estimator. If you also run an SMSF you can export the reports that integrate directly with BGL.
How to buy Crypto on Independent Reserve
The process of buying cryptocurrencies on Independent Reserve is simple and takes only 5 minutes to complete. In this example, we will use Bitcoin as the purchasing token but you can apply this method to any cryptocurrency available on IR. Follow the below steps to get started.
Go to the Buy/Sell tab and find the crypto you want to buy
Click ‘Buy Bitcoin’, enter the amount of AUD you want to spend and your deposit method then press ‘Buy’
Does Independent Reserve have crypto staking?
Unfortunately, Independent Reserve is yet to offer cryptocurrency staking on its platform. However, they have confirmed publicly (on Reddit) that they are going to add staking in the near future. If you are looking to stake your cryptocurrencies in Australia, we recommend visiting our How to Stake Crypto in Australia page to find what exchange offers the best APYs (returns).
Customer Support: Independent Reserve Contact
Independent Reserve regrettably does not offer a Live Support feature on its platform, you can only contact support via an online ticketing system or email at email@example.com. The platform does not have a local or international phone number for regular users, OTC clients can contact their allocated consultant via the phone number provided by IR.
Supported Cryptocurrencies (Cryptocurrency Index)
Independent currently supports 30 cryptocurrencies on its platform and they are ADA, AAVE, BAT, BCH, BTC, COMP, DAI, DOGE, DOT, EOS, ETC, ETH, GRT, LINK, LTC, MANA, MATIC, MKR, OMG, PMGT, SAND, SNX, SOL, UNI, USDC, USDT, XLM, XRP, YFI & ZRX.
Referral Code for Independent Reserve
Investors are welcome to use our referral code to contribute to our research and cryptocurrency-related guides. Our team gets a rebate when you sign up to Independent Reserve using our code. We appreciate everyone who signs up with this code - RWKMDY.