CoinSpot vs Independent Reserve

CoinSpot vs Independent Reserve

Daniel Chan

August 24, 2021

Cryptocurrency

CoinSpot and Independent Reserve are two of the best cryptocurrency exchanges in Australia. With so many differing opinions and each exchange boasting about their features, it is often hard to decide which one to use. This head-to-head comparison will help you make up your mind, by comparing CoinSpot and Independent Reserve in different categories. CoinSpot wins with its user-friendly interface, mobile app, Live Chat support, and highest levels of security and auditing.

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Fiat Currencies

AUD

AUD, USD, NZD, SGD

Number of Coins

290+

26

Buy/Sell Fees

1%

0.5%

Daily Deposit Limit

$100k

$20k

Deposit Methods

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Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Cryptocurrency

Cash

Features

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Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

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Fiat Currencies

AUD

AUD, USD, NZD, SGD

Number of Coins

290+

26

Buy/Sell Fees

1%

0.5%

Daily Deposit Limit

$100k

$20k

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Crypto

Cash

Features

Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Pros
  • Most trusted and secure exchange in Australia
  • Live Chat support team
  • User-friendly interface perfect for beginners
  • 290+ cryptocurrencies supported
  • Mobile app for iOS & Android
Cons
  • Higher fees of 1%
  • AUD is the only fiat currency available
Pros
  • Excellent security with optional insurance
  • Can trade in AUD, USD, SGD & NZD
  • Reduced trading fees for large volume traders
Cons
  • Interface is not as user-friendly as other exchanges
  • Fees when depositing lower amounts
  • Only 26 coins offered

CoinSpot vs Independent Reserve Fees

I have summarised the different fees for CoinSpot and Independent Reserve below. Remember that you also need to take the spread into account (some investors and traders forget), which is the difference between the buy and sell price of cryptocurrencies. I conducted a thorough test to compare fees and spread, using my personal crypto accounts. I deposited $100 on CoinSpot, Independent  Reserve and two other Australian crypto exchanges (Digital Surge and Swyftx), bought Bitcoin, then sold it all back to the exchange to calculate fees. Check out the full results of the test here.

Deposit Fees

CoinSpot charges ZERO fees on AUD deposits using POLi, PayID, or Direct Deposit (via OSKO). However, if you choose to deposit with BPAY there is a 0.9% fee, and if you want to deposit cash, there is a 2.5% fee.

Independent Reserve charges fees if you are depositing smaller amounts. Electronic Funds Transfer: $0.99 (free over $100 AUD), PayID / OSKO: $2.50 (free over $1000 AUD), International Deposit: $15 (free over $5000 AUD equivalent).

Trading Fees

CoinSpot charges 1.0% fees when buying or selling cryptocurrency.

Independent Reserve charges 0.5% fees when buying or selling cryptocurrency.

Withdrawal Fees

CoinSpot charges ZERO fees for AUD withdrawals to Australian bank accounts.

Independent Reserve charges ZERO fees for AUD withdrawals to Australian bank accounts. However, if you want Instant withdrawal using NPP, you need to pay $1.50 fee. International or non-AUD withdrawals incur a $20 fee.

Although Independent Reserve charges deposit fees for small deposit amounts, it has much lower trading fees than CoinSpot. Independent Reserve wins when it comes to fees.

CoinSpot vs Independent Reserve Deposit Methods

CoinSpot and Independent Reserve both offer several methods of depositing funds onto the exchange. Both platforms support Direct Deposit, PayID, POLi and cryptocurrency. 

CoinSpot additionally offers BPAY and cash deposits at a newsagent, which is not supported on Independent Reserve.

Independent Reserve accepts International Deposits, which CoinSpot does not.

Winner - CoinSpot

CoinSpot offers BPAY and cash deposits, which are not accepted by Independent Reserve. For the everyday Aussie investor, Independent Reserve's additional deposit method of International Deposits is useless. CoinSpot wins this category. 

CoinSpot vs Independent Reserve Features 

CoinSpot and Independent Reserve both have many features, and I won't cover them all here. I will discuss the features that set these two exchanges apart from each other. For those of you that want to research all the features available, read these articles - CoinSpot review and Independent Reserve review.

CoinSpot has one of the best mobile apps for crypto investing and it's available for both iOS and Android. Being able to deposit, withdraw, buy, sell and check on your digital assets wherever you are is a necessity in the fast-moving world of cryptocurrency. Independent Reserve does not offer a mobile app, you can only access it from a browser.

CoinSpot has excellent customer support via Live Chat. I have tested the Live Chat support on several occasions and each time I am greeted by a real person (no bots) within a few minutes. The Support team is always friendly, knowledgeable and professional, and able to assist with my queries. Independent Reserve does not offer Live Chat. 

Independent Reserve has great features for large-volume traders. It is the first Australian crypto exchange to offer insurance on their crypto assets. This is an excellent option for large-scale traders wanting extra peace of mind for the security of their substantial digital asset portfolios.

Independent Reserve has an OTC Service Desk, that big Australian investors value. This is clearly demonstrated by the 8000 Self-Managed Super Funds that use and trust Independent Reserve.

Winner - CoinSpot

CoinSpot's Live Chat support and mobile app make it the winner in terms of features for the everyday Aussie. Independent Reserve's features are more suitable for the niche market of large-volume traders.

CoinSpot vs Independent Reserve Security

CoinSpot and Independent Reserve are both extremely safe Australian crypto exchanges. They both incorporate multiple layers of security and offline cold storage of assets, ensuring your cryptocurrency is safe from hackers. CoinSpot and Independent Reserve are both registered with AUSTRAC, fulfilling all of their strict AML/KYC verification obligations to prevent money laundering and financing of terrorism. They are both certified members of Blockchain Australia, meaning they are fully compliant with the Australian Digital Currency Industry Code of Conduct.

CoinSpot is a step above the rest in terms of security, with its claim of being the most trusted and secure Aussie crypto exchange. CoinSpot is the most audited Aussie exchange, and the only one with the coveted ISO 27001 certification.

Independent Reserve's optional insurance is also an Australian first, and covers theft or loss of digital currency that is held in the Independent Reserve wallet. 

Winner - CoinSpot

CoinSpot is widely recognised as the most trusted and secure crypto exchange in Australia. It is the most audited, and is the only exchange with the ISO 27001 certification.

Verdict - CoinSpot

CoinSpot and Independent Reserve are both legitimate and safe choices for investing and trading crypto. Independent Reserve has lower fees, and insurance options, but it seems more targeted towards large-volume traders. For a beginner crypto investor, I would recommend CoinSpot as it is much more user-friendly, has a mobile app, Live Chat support, and is the most secure exchange. In my opinion, the higher fees on CoinSpot are worth it for the usability, extra features, and peace of mind. 

Overall Winner - CoinSpot

A user-friendly interface, mobile app, Live Chat support and highest level of security make CoinSpot the overall winner in this comparison.

Still Researching?

If you are still considering your options, take a look at the best Australian crypto exchanges, which you can find here. I have included a quick comparison table below for you as well.

If you like the sound of CoinSpot or Independent Reserve but want to find out a bit more information, you can read my comprehensive review of CoinSpot and Independent Reserve.

Comparison Table of the Best Crypto Exchanges in Australia

Swyftx
CoinSpot
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
Swyftx
CoinSpot
Digital Surge
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, XRP, BCH, ADA & 300+ more
BTC, ETH, BNB, ADA, XRP & 270+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
0.6%
Market order: 0.1%, Instant buy: 1%
Market order: starts from 0.5%, Instant buy: 0.5%
Included in spreads
0.1%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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