Independent Reserve exchange review

Independent Reserve Exchange

• Trade 10 cryptos
• AUD, NZD and USD withdrawals
• Multiple payment options
• No limits on deposits

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What you need to know about trading bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple on the Independent Reserve exchange.

Independent Reserve is a Sydney-based Australian cryptocurrency exchange, founded in 2013. With features to suit everyone from everyday people to experienced traders, Independent Reserve operates fully in line with Australian financial services regulations.

It also offers a range of benefits and features that are worth considering if you want to start trading in cryptocurrencies. Keep reading to find out about the pros and cons of Independent Reserve and decide whether it’s the right crypto exchange for you.

What is Independent Reserve?

Independent Reserve is an exchange where traders can buy and sell five popular cryptocurrencies using three fiat currencies: New Zealand dollars (NZD), Australian dollars (AUD) and US dollars (USD). With a mission to help cryptocurrency technology transform into secure and regulated financial services, Independent Reserve is a member of the Australian Digital Commerce Association (ADCA).

Platform features include trading fees of as low as 0.1% for high-volume traders. Independent Reserve can automatically take care of currency exchanges where needed, at competitive rates. For example, you might choose to deposit NZD from your bank account and then have it arrive in your Independent Reserve account as USD for trading.

Independent Reserve also operates an over-the-counter (OTC) trading desk known as IR Wealth. Designed for for high net worth and institutional clients, this OTC platform is for trades of $500,000 or more and offers local settlement in NZD, AUD and USD.

Supported countries

Independent Reserve is available worldwide, but it’s based in Australia and Australian customers can get more functionality out of it.

If you’re using Independent Reserve in New Zealand, then you’ll need to use SWIFT transfers to make deposits.

Which payment methods are accepted?

• SWIFT. New Zealand customers will need to make SWIFT transfers. These can be credited to your account in NZD, AUD or USD. However, Independent Reserve recommends that these only be made in USD, as it doesn’t control the rates you’ll get when transferring with the other currencies.

Fees may apply depending on your payment method and amount.

Fees and commissions

Trade commission fees

The commission charged depends on your trade volume over the previous 30 days. Commissions range from as much as 0.50% to a low of 0.10%, and are incurred individually by each cryptocurrency you’re trading, as shown below:

How fast will my funds be available?

Transfer times vary, depending on the type of currency, the method you choose and whether you’re making a deposit or withdrawal.

Deposits

• EFT. 1-2 business days for fiat currency deposits

• SWIFT. 2-3 business days for fiat currency deposits

• Cryptocurrency. About 10-15 minutes for it to appear in your account, and half an hour before the cryptocoins are usable

Withdrawals

For security reasons, Independent Reserve will often need to manually approve withdrawals. This might take a few hours depending on the time of day and how busy it is.

After it’s been approved:

• Withdrawals to a bank account: 2-3 business days for New Zealand bank accounts.
• Withdrawals to a cryptocurrency wallet: A few minutes

Are there any transfer limits?

There are no maximum deposit amounts, but there are minimum withdrawal amounts.

Minimums are:

• Bitcoin: 0.001 BTC
• Ethereum: 0.01 ETH
• Bitcoin cash: 0.001 BCH
• Litecoin: 0.01 LTC
• Ripple: 22 XRP
• Bank account: $50 as applicable to NZD/AUD/USD

Is it safe to use Independent Reserve?

The exchange uses third-party provider Cobalt for network security, and to constantly test for vulnerabilities.

Its main servers are located at two separate data centres in Sydney, letting it replicate all data at either location should disaster strike.

Meanwhile, databases are signed and encrypted multiple times across four different data centres. The majority of cryptocurrency assets on the exchange are held offline in cold storage.

Other security features of Independent Reserve include:

• 2FA. Independent Reserve recommends 2-factor authentication. It uses Google Authenticator so logins will also need to be done through your phone, and not just through your computer.
• Duress password. If you’re worried about someone physically forcing you to login to your account, you can set a duress password. Entering this at the login screen will lock your account for 24 hours.
• Validation. You can also add primary and secondary phone numbers for further verification and security.
• Manual withdrawal verification. Withdrawals may be manually verified by Independent Reserve before being made. If it looks suspicious the Independent Reserve customer support team may contact you to make sure you’ve authorised it.

You will need to verify your identity in order to conduct transactions. This will involve providing proof of identity and some personal details. Independent Reserve itself, and any third party providers as relevant, will need to get your consent before obtaining your personal information.

Independent Reserve may also verify transactions in other ways. For example, by sending a small amount of money to your chosen bank account to check that everything’s in order before sending over the full amount.

Customer support

You should be able to quickly access customer service through the Independent Reserve platform.

When logged in you can request support directly through the Independent Reserve support screen. An alternative support programme is available if the issue is that you can’t log in.

Other than that, Independent Reserve maintains a general enquiry and support email address at general@independentreserve.com, a mailing address in Sydney, and also Facebook, Twitter and LinkedIn accounts, as well as its own subreddit forum.

Pros and cons

Next steps

The first thing you should do is consider the features of Independent Reserve to decide if it’s an appropriate choice for you. If you’re satisfied and want to get started, simply create an account by choosing a username and password. From there you will need to verify it by providing your name, date of birth and address.

Once your account is verified you can set up additional security features like 2FA, deposit your fiat and/or cryptocurrency and start trading.

Frequently asked questions

• Does Independent Reserve offer a wallet?

  No. Independent Reserve does not offer a user wallet. You will need your own wallet if you want to withdraw and take possession of your funds.

  When cryptocoins are held in your Independent Reserve account, whether it’s because you purchased them or deposited them, they’re being held in an Independent Reserve wallet.

  You don’t necessarily need a separate wallet to start trading, but you will need it to withdraw cryptocoins from your account.

• Is Independent Reserve legitimate?

  Independent Reserve is a registered Australian company (ABN 46 164 257 069), a member of the Australian Digital Commerce Association and takes steps to conduct its business transparently and in line with Australian Financial Services laws.

• What are the Independent Reserve exchange rates? Are they competitive?

  You can find the current Independent Reserve rates here.

  They’re below market rates, so you are “losing” some money when you exchange currency on Independent Reserve, but they might be more competitive than you’d find elsewhere and it’s a convenient service.

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