When it comes to choosing a crypto exchange in Australia, security, fees, and usability matter just as much as the coins you can trade.
In our hands-on Independent Reserve review, we’ve tested the platform to see if it truly lives up to its reputation as one of the most trusted and secure exchanges in Australia.
We’ll discuss security features, key trading tools, and our take on the interface and ease of use. By the end of this guide, you’ll also understand who Independent Reserve is best for and how it compares to other Australian crypto exchanges.
Independent Reserve Exchange Pros And Cons
Before we go into the details of our Independent Reserve review, here’s an overview of its key advantages and drawbacks.
What We Liked
- 👍Free crypto deposits
- 👍Competitive fiat on-ramping and off-ramping
- 👍No reported security breaches
- 👍OTC trading desk for high-net-worth individuals and institutional traders
- 👍Advanced security protocols such as encryption, ISO 27001 certification, and a duress password
- 👍Registered as a Digital Currency Exchange (DCE) with AUSTRAC
- 👍Regularly audited and aligned with Australian Accounting Standards
What We Didn’t Like
- 👎Limited cryptocurrencies with only 33 digital assets
- 👎Customer service response time is up to 24 hours
- 👎No copy trading, derivatives, NFTs, or P2P trading
What is Independent Reserve Crypto Exchange?
Independent Reserve is one of Australia’s longest-running and most trusted crypto exchanges, and in our testing, it has lived up to this reputation.
Founded over 12 years ago by Adam Tepper, Adrian Przelozny, and Lasanka Perera, the platform has one mission: to create the most secure and compliant exchange in the region.
The exchange operates out of offices in Australia and Singapore, and in 2021, it became Singapore’s first licensed cryptocurrency exchange.
We found that Independent Reserve is a great fit for both retail traders and institutional investors. It offers:
- A built-in custodial wallet,
- An over-the-counter (OTC) trading desk for large-volume deals, and
- Trading fees as low as 0.02% for high-volume traders.
We’ll discuss these features in more detail later on.
Is Independent Reserve Exchange Safe?
Given that Independent Reserve has never experienced a security breach, it has a long-standing reputation for being one of the safest crypto exchanges in Australia. Below is a rundown on its main security measures:
Cold Wallet Storage
Independent Reserve keeps the vast majority of user funds in cold wallet storage, which means assets are held offline and out of reach of hackers. Cold wallets are hardware devices that are not connected to the internet, so they’re immune to online threats.
Independent Reserve secures these cold wallets in underground vaults with maximum physical and digital protection. Only a small fraction of assets are ever kept online (in hot wallets) to maintain liquidity for withdrawals and trading.
Regular Audits
Independent Reserve undergoes annual external audits of its financial statements. Independent third-party firms conduct these to ensure the platform complies with Australian Accounting Standards.
That means the exchange’s books are balanced, debt-free, and verified, and no funds are being used for lending or leveraged trading.
Segregated Funds
The exchange keeps customer funds completely segregated from its own operating accounts, which means that your crypto and fiat deposits are never commingled with company assets.
Segregation of funds ensures that, even if Independent Reserve were to face financial issues, customer assets would never be touched and would always be available for withdrawal.
Sole Custodian of Crypto Assets
The Independent Reserve crypto exchange acts as the sole custodian of all crypto assets on its platform, so it doesn’t outsource storage to external companies.
All custody operations are managed in Australia. And because Independent Reserve doesn’t lend or trade user assets, there’s zero counterparty risk. This means the exchange isn’t exposing your assets to third-party risk, though, as with any custodial platform, a small level of risk still exists.
Data Integrity
Independent Reserve’s data infrastructure is rock-solid with servers hosted in two secure Tier-3 data centers located in Sydney.
These centers are designed to ensure that the system remains operational without interruption, allowing the exchange’s systems to continue running even if the site experiences an outage.
The system synchronously replicates data across locations, meaning it instantly copies any change (such as a new trade or balance update) to multiple data centers at once. This ensures zero data loss and uninterrupted trading access.
Encryption
The exchange uses multi-layer encryption to safeguard customer data that’s both in transit and at rest. All sensitive data is encrypted multiple times using geographically dispersed encryption keys stored across four separate data centers.
This means that even if one system were compromised, user data remains unreadable without access to the full set of encryption keys.
Two-Factor Authentication (2FA)
Independent Reserve requires you to enable two-factor authentication (2FA) the moment you create an account.
2FA requires a second verification method beyond your password. With Independent Reserve, you can choose to authenticate through the Google Authenticator app, which generates a time-sensitive code, or SMS.
Duress Password
A safety feature that really sets this platform apart is its duress password function. If you ever find yourself in a situation where you’re being forced to log in to your account, you can enter your duress password instead of your regular one.
When triggered, your account is immediately suspended for 24 hours, which prevents any withdrawals or trades during this time.
Whitelisting
The platform gives users extra control over where their crypto can move and how their account can be accessed through a feature called whitelisting.
You can whitelist wallet addresses, which means withdrawals are only allowed to pre-approved wallets. Any attempt to send funds to a new address requires SMS confirmation.
The exchange also lets you whitelist browsers, so if someone tries to access your account from an unrecognized browser, you’ll need to approve it via email first.
Know Your Customer (KYC) Verification
Independent Reserve uses strict Know Your Customer (KYC) verification to prevent illicit activity. This means that when you sign up, you’ll need to upload a government-issued ID and proof of address.
These files are encrypted and can only be accessed by admins with special permission to ensure your personal data stays private. Each KYC document is also watermarked to prevent misuse.
ISO 27001 Certification
The exchange has held ISO 27001 certification since 2021, indicating that it adheres to industry-leading security standards for both assets and data.
ISO 27001 is a benchmark for information security management. This proves that the exchange has implemented strict protocols to protect funds, transactions, and sensitive data.
To keep this certification, Independent Reserve regularly undergoes reviews and audits of its operational procedures and technical controls.
Key Features of Independent Reserve Exchange
Let’s look at the features that stood out to us the most when we tested Independent Reserve.
OTC Trading Desk
Independent Reserve offers a white-glove OTC trading desk for high-net-worth individuals, businesses, and institutions looking to execute orders over $50K.
The desk provides discreet and secure execution and settlement, with most orders settled on the same day. This feature supports personal, trust, and company accounts.
You get dedicated onboarding support from expert traders who guide you through the entire process.
To get started, you’ll need to book a call via the platform’s contact form, and the team will take you through the onboarding. The desk operates Monday to Friday from 9 am to 8 pm GMT +10 from its Sydney office.
Built-In Custodial Wallet
The exchange comes with a built-in wallet that allows you to buy, sell, and store crypto. Because it’s custodial, Independent Reserve holds your private keys for you, similar to how a bank safeguards your funds. This makes it easier for beginners and removes the need to manage seed phrases.
Fiat On-Ramp and Off-Ramp
Independent Reserve makes it easy to convert between fiat currencies and crypto, with full support for AUD, SGD, NZD, and USD.
Fiat on-ramping is available via EFT, PayID, bank transfers, debit and credit cards, and PayPal, depending on your location.
You can then withdraw funds directly to your linked bank account, making it simple to move money in and out of the crypto market.
Spot Trading
The exchange offers spot trading for both crypto-to-crypto and crypto-to-fiat pairs. It supports market orders, stop-sell orders, stop-buy orders, and advanced order types.
The exchange supports buy and sell limit orders, so you can set a target price and have your trade executed automatically once the market reaches it.
Leverage trading
Independent Reserve offers leverage trading, which is ideal for experienced traders. To start, you must pass a suitability test with a minimum score of 80% to ensure you understand the risks. Once approved, you can open, manage, and close leveraged trades directly on the trading page.
Supported pairs include $BTC/AUD, $ETH/AUD, $XRP/AUD, $DOGE/AUD, and $SOL/AUD. Do note that the maximum leverage you can use when creating a new position on Independent Reserve is 5x.
AutoTrader
The exchange includes AutoTrader, a free, native feature that lets you automate your crypto trading using its strategy library.
For example, with AutoBuy, you can use Dollar Cost Averaging (DCA), spreading purchases over time to reduce the impact of volatility.
AutoBasket lets you automatically buy a weighted basket of crypto whenever a deposit hits your account.
Mobile App
Independent Reserve offers Android and iOS mobile apps, available on the Google Play and the App Store. With the app, you can track your wallet, instantly deposit fiat currency, and trade the platform’s supported cryptocurrencies on the go.
Independent Reserve Fees – Is it Good Value for Money?
At this point in our Independent Reserve review, you may be wondering if the platform’s fees are competitive and what it’ll cost you to trade.
Here’s what’s free:
- Crypto deposits are 100% free
- AUD deposits are free for AUD 0 and above
- NZD deposits are free for NZD 5K and above
- USD SWIFT deposits are free for deposits of USD 5K and above.
There’s also an assisted transfer fee of USD 20 when manual processing of your deposit is required, such as when your transfer exceeds the default daily limit or needs extra verification.
Trading fees start at 0.5% and can be reduced to as low as 0.02% based on your 30-day trading volume. For example, if your AUD 30-day trading volume is AUD 1.8M, your trading fees would be 0.24%.
Independent Reserve’s fiat withdrawal fees are also low:
- AUD EFT withdrawals are free
- AUD PayID withdrawals are AUD 1.50
- USD SWIFT withdrawals are USD 20
- NZD withdrawals are NZD 29
And there’s an assisted transfer fee of USD 20.
Crypto withdrawal fees depend on the token you’re planning to withdraw. Some examples are Bitcoin, charged at 0.0001 $BTC, Ethereum, charged at 0.003 $ETH, and Solana, charged at 0.001 $SOL.
Below is a quick breakdown of Independent Reserve’s fees to help you understand how its structure works.
| Deposit Fees | Fiat Withdrawal Fees | Examples of Crypto Withdrawal Fees |
|---|---|---|
| — Free crypto deposits — Free deposits of AUD 0 and above — Free deposits of NZD 5K and above — Free USD SWIFT deposits of USD 5K and above |
— Free AUD EFT withdrawals — AUD 1.50 for AUD PayID withdrawals — USD 20 for USD SWIFT withdrawals — NZD 29 for NZD withdrawals — USD 25 for USD SWIFT withdrawals |
— 0.0001 for $BTC — 0.003 for $ETH — 0.001 for $SOL |
Independent Reserve Exchange – Is it Easy to Use?
In our testing, we found the onboarding process with Independent Reserve to be smooth: the KYC verification, fiat deposits, and basic trades worked quickly.
The desktop interface is clean and intuitive for both beginners and experienced traders. It has useful features like advanced order types and portfolio tracking on the desktop version. The website is easy to navigate for typical trades, and we found that charts and order screens load well.
The mobile app has fewer features than the website version, and the portfolio management feature can be tricky to navigate. If you need more in-depth analytics or advanced charting, you might prefer the desktop version.
Independent Reserve vs the Competition
Let’s take a look at how Independent Reserve stacks up against some key contenders in the crypto space to help you make an informed decision about which exchange is best for you.
| Platform | Top Choice for | Fees | Standout Features |
|---|---|---|---|
| Independent Reserve | Top-tier security and regulation | Starts at 0.50% and can drop to 0.02% based on 30-day trading volume | – OTC trading desk for trades over $50K – Free crypto deposits – Deposit NZD and USD using SWIFT |
| Bitcoin.com.au | Beginner traders | 1% on all trades | – SMSF accounts – Zero fees on bank transfer, PayID, Australian debt/credit card, and PayPal deposits – Company accounts |
| Bybit | Pro traders interested in derivatives | 0.04% maker/0.10% taker, VIP level discounts based on 30-day trading volume | – UTA eliminates the need to switch between accounts for spot and futures trading – Yield generation through Bybit Earn – Non-custodial Web3 wallet |
| Binance | Traders seeking the best liquidity | 0.10% maker/0.10% taker, VIP level discounts based on 30-day trading volume, discounts when using $BNB | – Binance Smart Chain (BSC) for faster and cheaper transactions compared to Ethereum – Automated trading bots for Grid Trading and DCA – Binance NFT marketplace |
| KuCoin | Users look for a vast number of cryptocurrencies | 0.08% maker & taker, VIP discounts based on 30-day trading volume, discounts when using $KCS | – Crypto debit card with Apple Pay integration – GemSlot enables early access to new tokens by completing tasks – One-Click Reverse for position reversal, Market Close for immediate exit |
Independent Reserve is an excellent choice for casual investors because it’s so easy to use, but with the OTC trading desk, it’s also a solid option for pros and institutions alike. The exchange also offers free deposits and withdrawals in AUD, unlike Bybit and KuCoin, but it doesn’t offer advanced tools such as derivatives and futures, as Binance does.
Independent Reserve Real User Reviews and Experience
Beyond our own testing of Independent Reserve, we’ve analyzed reviews of the exchange on Trustpilot to understand what real users think.
Reviewers mentioned that they trust Independent Reserve as a reliable Australian crypto exchange.
Many users agree with us that the website and mobile app are easy to use, and they’ve mentioned that new features are being added regularly.
Users also say that the fees are competitive for both large and smaller trades.
However, it’s worth noting that some reviewers say that the low number of altcoins available on the Independent Reserve exchange can be limiting.
How to Start on Independent Reserve Australia in 5 Easy Steps
Getting set up on Independent Review is straightforward, even for beginners. Here are the steps to follow to get started.
Step 1: Visit the Independent Reserve Site
Navigate to the Independent Reserve official website and click the ‘Create account’ button in the top right-hand corner.
You may be asked to verify that you’re human, which you can do by checking the verification box.
You’ll then be prompted to create a username, enter your email address, and set up a password. You’ll also need to check the box that confirms you agree to the terms and conditions and privacy policy.
Step 2: Set Up Your Account and Verify Your Email
You’ll receive an email asking you to verify your account. Open the email and click the ‘Activate my account’ button.
You’ll then need to select an account type — either ‘Personal’ or ‘Company’.
Next, select your country of residence.
Step 3: Go Through the KYC Verification Process
Verify your identity through the exchange’s KYC process. We’ve found that this step takes about 20 minutes for you to complete.
Start by entering your first name, last name, date of birth, residential address, and mobile number.
Step 4: Choose Your Account Purpose and Create Your 2FA
Select the purpose of your account in the drop-down menu, as well as your source of income. Next, set up 2FA by choosing your second authentication method.
Step 5: Upload Your Identity Data
The final step is to upload a photo of yourself holding your ID, a picture of the back and front of your ID, and a document that serves as proof of your address to complete the KYC process.
The exchange will then verify all your documents, and you’ll get a message once your account has been assessed. If you receive approval, you can start using the platform.
Independent Reserve Review Verdict: Is it a Good Aussie Crypto Exchange?
For over a decade, Independent Reserve has established a strong reputation as a secure and regulated Australian crypto exchange.
In our hands-on testing, we were impressed by its strong security measures, compliance, and feature variety.
The exchange is a good option for Australians and global users who want a trustworthy, easy-to-use platform for managing crypto holdings or entering the market with fiat. Beginners will appreciate the simple interface, while advanced traders will like the OTC service and leverage trading options.
Compared to other exchanges available in Australia, Independent Reserve offers more features than Bitcoin.com.au, but platforms like Binance have more advanced options, like derivatives and futures trading.
If you visit Independent Reserve via the button below, you’ll get $20 worth of Bitcoin when you sign up and trade, so get started today!
As always, remember to do your own research and keep in mind that this isn’t financial advice. Investing in crypto can be risky, and you should only trade what you can afford to lose.
FAQs
1. How do I withdraw money from Independent Reserve?
To withdraw money from Independent Reserve, link your bank account in AUD, SGD, NZD, or USD. Initiate a withdrawal from your account dashboard and confirm 2FA. Processing times vary depending on your bank and region, but most standard transfers are completed within one to three business days.
2. What is the best website to buy Bitcoin in Australia?
Independent Reserve is a great option for Australians due to its low fees, strong security, and easy fiat on and off-ramps. Other options include Bitcoin.com.au for simple retail trades or Binance for advanced trading tools.
3. Is Independent Reserve legitimate?
Yes, Independent Reserve is legitimate. It’s a licensed Australian and Singaporean exchange, trusted by over 500K users and SMSFs. It holds ISO 27001 certification, uses cold wallet storage, segregated funds, and strict KYC verification.
