Independent Reserve Cryptocurrency Exchange Review

Independent Reserve Cryptocurrency Exchange Review

Robert McDougall 

January 8, 2024


What is Independent Reserve?

Independent Reserve is an Australian cryptocurrency exchange established in 2013, and has grown to serve New Zealand, Singaporean, and global customers. It has built a world-class orderbook exchange and OTC Service Desk, and is trusted by over 8000 Self-Managed Super Funds. They may not be as well-known as other top Australian crypto exchanges, but they are still a great choice for Aussies looking to enter the crypto market. 

  • Web Address:
  • Main location: Sydney, Australia
  • Mobile app available: Yes
  • Deposit Methods: Electronic Funds Transfer, PayID, OSKO, International Deposit, Cryptocurrency
  • Trading Fees0.5% (as low as 0.02% if you trade over $20 million per month)
  • Deposit Fees:  Electronic Funds Transfer: Free (over $100 AUD, otherwise $0.99), PayID / OSKO: Free (over $1000 AUD, otherwise $2.50), International Deposit: Free (over $5000 AUD equivalent, otherwise $15), Cryptocurrency: Free
  • Fiat Currencies: AUD, USD, NZD, SGD
  • Cryptocurrencies: BTC, ETH, LTC, XRP, BCH, ADA & 20 more

My Overall Thoughts on Independent Reserve

Independent Reserve is a good crypto trading platform, but it takes a bit of getting used to. Its user interface isn't as intuitive as Swyftx which focusses on making it simple for beginners (see my Swyftx vs Independent Reserve comparison).

Independent Reserve is better suited to experienced high-volume traders, with its VIP service desk for large OTC (over-the-counter) trades, discount on large volume trades (over $20 million per month decreases your fees to only 0.02%) and is chosen by over 8000 Self-Managed Super Funds.

This Aussie exchange has some benefits over others, with the ability to deposit USD, NZD and SGD, making it open to international users. However, there are only 200 000+ users on Independent Reserve worldwide, compared to CoinSpot which has over 1 million users. I would guess that this is due to Independent Reserve's apparent focus on high-volume and experienced traders. If you want to read my review of Australia's top crypto exchanges, click here.

Key Features & Advantages of Independent Reserve

Here is a summary of Independent Reserve's features:

Comparison Table of the Best Crypto Exchanges in Australia

Digital Surge
Crypto Exchange
Crypto Exchange
Digital Surge
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
BTC, ETH, LTC, XRP, EOS & 280+ more
BTC, ETH, LTC, XRP, BCH, ADA & 430+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, XRP, BCH, LTC & 300+ more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Google Pay, PayID, Cryptocurrency
PayID, Direct Deposit, Cash, Card, Cryptocurrency
PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID, POLi, Cryptocurrency
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Trading Fees
Trading Fees
0.1% for spot, 0.01/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
Spot: 0%, Futures: 0.0/0.01% (Maker/Taker)

What Services does Independent Reserve offer?

How do you decide between all the different crypto exchanges available? I've highlighted some of the top services that Independent Reserve offers to see why it is one of Australia's best crypto exchanges. 

Buy crypto instantly with AUD, USD, SGD, NZD:  One of the most important features for Aussie crypto investors is to be able to buy crypto using AUD. Independent Reserve offers AUD, as well as three other fiat currencies: US Dollar, Singapore Dollar, and New Zealand Dollar. 

On Independent Reserve, you have the choice of buying and selling Bitcoin instantly or trading on the markets. If you want to purchase directly from the exchange, it is simple, and the transaction occurs instantly. If you prefer to set a price that you would like to buy Bitcoin at, click on the Trade tab and you can put in your order. For beginners, I would suggest you buy instantly, as it is hassle-free and you get your purchase straight away without worrying about price fluctuations. Unfortunately, it seems like the market is only open for trades with Bitcoin. For example, if you want to buy Ethereum, you can only buy it instantly, you can't go onto the market to trade it.

Trade the most popular cryptocurrencies:  Independent Reserve supports all the large cryptocurrencies, and it has focussed on these, as the platform only offers 27 coins. For big traders and investors this is great, as you won't be distracted by hundreds of altcoins. However, if you are looking to buy a smaller altcoin that you think will increase exponentially in the next few months, you will need to check out one of the other exchanges. If you want to see a comparison of the best Australian crypto exchanges, click here.

Customer support:  If you have any issues with your account, you can easily contact Independent Reserve through their Support Desk by leaving a ticket. You will receive a response in your inbox when they get to it. Unfortunately, there is no Live Chat feature, which is something I really value when I use Swyftx and CoinSpot. If you want to see my detailed review of Swyftx, click here, and for CoinSpot, click here.

Excellent security:  Independent Reserve has various methods to ensuring that your information is kept confidential, and your assets secure. Their core servers are securely located at two Tier 3 data centres in Sydney, Australia, which allows them to synchronously replicate all data, preventing any data loss in case of an outage at one site.

All personal information is protected to ensure privacy, with all data signed and encrypted multiple times using keys spread across four data centres.

The vast majority of digital assets are secured by multi-layer encryption and kept offline in cold storage, on digital hardware storage devices that are stored in physical vaults in geographically diverse locations. Each of the vaults is secured by several layers of physical security, as well as biometric authentication of every person who accesses the vaults.

Users can also take security into their own hands, with Two-Factor authentication (2FA) to prevent unauthorised access.

Insurance on your crypto assets:  Independent Reserve is the first Australian crypto exchange to offer insurance on their assets. It provides peace of mind for those that are worried about entering the crypto market because they have heard of asset losses through hacking.

To get insurance cover on your crypto assets, you need to sign up for a Premium Accounts. The level of cover you receive, depends on the level of your Premium Account. For the Starter account, you pay a fee of $300 per year, and you receive insurance for $20,000 AUD worth of crypto assets, as well as Premium Support over the phone. This affordable option will be suitable for most beginners to the crypto investing market.

For larger investors, there are higher levels of cover, with the highest being the Diamond account. The fee is $35,000 per year, but the insurance covers $5 million worth of crypto, which is a good thing to have if you are trading large volumes. 

Independent Reserve Fees

There are various fees at Independent Reserve which I have summarised for you. Some of the deposit fees are waived if you deposit a certain amount, and there is a large discount available on trading fees if you are trading in large volumes, which I will detail below. These lead me to believe that Independent Reserve is focussed on targeting large-scale investors.

Independent Reserve Deposit Fees

The fees for depositing depend on the method of deposit you choose. They are as listed:

Electronic Funds Transfer - FREE if you deposit AUD 100 or more. Smaller deposits incur AUD 0.99 fee.

PayID / OSKO - FREE if you deposit AUD 1000 or more. Smaller deposits incur AUD 2.50 fee.

International Deposits - FREE for NZD and USD deposits of $5000 equivalent or more. Smaller deposits incur $15 fee.

Cryptocurrency Deposits - FREE

Independent Reserve Transaction Fees

The standard fee for trades is 0.5%, but you can receive discounts based on the trading volume of your past 30 days. This is a table showing you the discounts you can receive based on your trade volume. For large institutional investors, trading at $20 million per month, the fee is an extremely low 0.02%, which is the lowest I have seen in any Australian crypto exchange.

Independent Reserve Withdrawal Fees

Withdrawal fees vary depending on your withdrawal method. They are as listed:

Australian AUD - FREE

NPP Instant AUD Withdrawals - $1.50

International or non AUD - $20

Cryptocurrency - Depends on which cryptocurrency. For a full list, click here. I will list the fees for some major coins: Bitcoin - BTC 0.0003, Ethereum - ETH 0.004, Ripple - XRP 0.15.

Additional Independent Reserve Fees

Independent Reserve also includes some other charges:

Incorrect / Missing Reference - $20

KPMG Tax Summary - Starting at AUD 4.95 

Pros and Cons of Independent Reserve 

  • Excellent security with insurance as an option
  • Can trade in AUD, USD, SGD & NZD
  • Only takes minutes to register and start trading
  • Support Desk available for any issues
  • Reduced trading fees for large volume traders
  • Interface is not as user-friendly as other exchanges
  • Deposit fees when depositing lower amounts

Is Independent Reserve Legit and Safe?

It's important to be able to trust a cryptocurrency exchange before you deposit money and start trading. I can tell you I've done my research and Independent Reserve is a legitimate exchange, established in 2013 and was the first to receive registration with AUSTRAC. It is an audited, Gold Certified member of Blockchain Australia, which represents the Cryptocurrency industry in Australia.

Independent Reserve is also the first Australian crypto exchange to offer insurance on its crypto assets. This doesn't cover any losses resulting from volatility in the market or losses from unauthorised access to your account, but it covers any theft or loss of digital currency that is held in an Independent Reserve wallet. For more information, visit the website, and scroll down or search for 'Insurance'.

Independent Reserve has extensive measures to keep your assets safe and your personal information private. I have discussed this in more detail above. Click here to read more. You also know you can trust Independent Reserve, since it has Anti Money Laundering (AML) measures to ensure it isn't involved in facilitating money laundering or funding terrorism.


Independent Reserve is definitely worth using if you are a large-volume trader. The trading fee discounts are excellent value, you get to waive all the deposit fees, and you can even get insurance to cover you in case the unthinkable happens. Independent Reserve's impressive security and OTC Service Desk make this the perfect exchange for big Australian investors, and this is evidenced by the 8000 Self-Managed Super Funds that use and trust Independent Reserve.

However, for new investors to the crypto world, I would not recommend it as my first choice. The user interface is not as easy to use as other exchanges, it feels outdated and a little cluttered. Additionally, the fees for small deposits, and fees just to access your tax summary, eat into the amount you can invest. Another thing to keep in mind, is if you run into any issues, there is no Live Chat feature on Independent Reserve which can be frustrating or even worrying for new users.

If you are new to cryptocurrencies, I recommend reading the best crypto exchanges for Australians to make an informed choice. I also used my personal accounts to conduct a comparison test between Independent Reserve and the other three best Australian crypto exchanges (Swyftx, CoinSpot and Digital Surge). 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. 

To view our privacy policy read this breakdown.


You may also like

KCEX Review

KCEX Review

How to buy crypto without ID

How to buy crypto without ID