Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Independent Reserve uses a tiered trading fee system based on 30-day trading volume. Fees start at 0.50% and drop by 0.02% every AU$50,000 up to $500,000. After that, they keep decreasing, but more slowly.
30-day trade volume (AUD equivalent)
Deposit and withdrawal fees
Note that the following are the Independent Reserve’s deposit processing fees. They do not include the fees for transferring money to the exchange, such as network fees or SWIFT payment fees.
$0.99 or free if $100 or more
$2.50 or free if $1,000 or more.
$15 or free if $5,000 or more
Australian dollar withdrawals
How fast will my funds be available?
Up to 3 days or more
EFT deposits are generally processed in one to two business days. Osko and POLi deposits will typically be processed in one minute. SWIFT transfers will take three or more days.
Up to 2-3 days
Withdrawals to Australian bank accounts are usually completed within one day. International non-USD withdrawals will typically take two to three days.
Is Independent Reserve safe to use?
Regulation. Independent Reserve is registered with AUSTRAC, has an ABN and has been certified by the Australian Digital Currency Association.
Verification process. Independent Reserve verifies users in line with its anti-money laundering compliance obligations.
Security features. Independent Reserve says it keeps the majority of user funds in cold storage, where it is held in vaults in several different locations, with multiple layers of physical security. Accessing the vault requires biometric identification. It also holds insurance for funds.
Insurance. Independent Reserve offers insurance on your crypto assets.
How do I create an account at Independent Reserve
Go to the Independent Reserve site and click “create account” in the top right corner of the page.
You will be prompted to enter a username and password.
After creating an account, you will be taken to a page where you need to enter your details and verify your email address.
Once you have entered your details, you will need to get verified.
Verify your identity by uploading documentation that matches the personal details you entered in step 2.
Verification will typically be instant in many countries, including Australia.
Once you’ve gotten verified, you can start making deposits and withdrawals, and start trading.
To make a deposit, go to the “accounts” tab, and then click “deposit” on the currency or cryptocurrency of choice. You will then be given the appropriate cryptocurrency address if you want to deposit crypto or be prompted to choose your payment method if applicable when depositing fiat currency.
Once you’ve deposited your funds, you can start trading. Go to the trade tab and choose which cryptocurrency you want to buy or sell.
Compare Independent Reserve against other exchanges
Independent Reserve is available globally in over 30 countries. Your experience and the available features may vary based on your country.
No. There is no Independent Reserve app. However, the website is responsive and works on both desktops and mobiles.
The verification process for Independent Reserve is typical for cryptocurrency exchanges in that you will be prompted to upload photos of identification documents. Depending on your location, verification will often be instant once your documentation has been uploaded.
If you are an Australian resident, you may be eligible for a FastTrack account with Independent Reserve, which allows you to register, deposit and trade within 5 minutes.
Independent Reserve offers a help section and has a support section where users can contact the Independent Reserve customer service team.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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