Independent Reserve exchange review

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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.


Fiat currencies




Product Name Independent Reserve Exchange
Fiat Currencies AUD, NZD, USD
Cryptocurrencies BTC, BCH, ETH, LTC, XRP, OMG, BSV, ZRX, & 5+ more
Deposit Methods Cryptocurrency
Electronic Funds Transfer
Trading Fee 0.05-0.5%
Deposit Fees EFT:
None for deposits over AU$100
AU$0.99 for deposits under $100

None for deposits over AU$5,000 equivalent
$15 for deposits under AU$5,000 equivalent

Withdrawal Fees Bank transfer: None for AUD, $20 for non-AUD
Cryptocurrency: Fees vary


  • Lets you trade in AUD, NZD and USD
  • Supports bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP and more
  • Offers strong security features
  • Based in Australia


  • High trade volumes are required to avoid the 0.5% commission charges
  • Manual approval may slow transaction speeds
  • A range of transaction and withdrawal fees may apply
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.

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.

Go to Independent Reserve's website

Fees and commissions

Trade commission0.1% to 0.5% depending on your 30 day trade volume
Electronic Funds Transfer depositsEFT deposits of AUD100 (approximately NZD110) and above are free. Smaller deposits incur a $0.99 processing fee
SWIFT depositsSWIFT deposits of AUD5,000 (approximately NZD5,500) equivalent and above are free. Smaller deposits incur a AUD15 (approximately NZD16.50) processing fee

Your bank may also add its own charges for SWIFT transfers.

Bitcoin and Ether depositsFree
NZD or other non-AUD withdrawalsAUD20.00 (approximately NZD22.00)
Bitcoin withdrawals0.0002 BTC
Ether withdrawals0.001 ETH
Bitcoin Cash withdrawals0.0001 BCH
Litecoin withdrawals0.001 LTC
Ripple withdrawals0.15 XRP

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:

30-Day bitcoin (BTC) Trade Volume30-Day Ethereum (ETH) Trade Volume30-Day Bitcoin Cash (BCH) Trade Volume30-Day Litecoin (LTC) Trade Volume30-Day Ripple (XRP) Trade VolumeTrade Commission
000000.50 %
1515075500150000.48 %
303001501000300000.46 %
454502251500450000.44 %
606003002250600000.42 %
757503752750750000.40 %
909004503500900000.38 %
105105052540001050000.36 %
120120060045001200000.34 %
143143071555001430000.32 %
165165082560001650000.30 %
195195097572501950000.28 %
2252250112585002250000.26 %
2552550127595002550000.24 %
28528501425107502850000.22 %
31531501575120003150000.20 %
36036001800135003600000.18 %
45045002250170004500000.16 %
55555502775207505550000.14 %
67567503375250006750000.12 %
90090004500350009000000.10 %

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.

  • 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

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, a mailing address in Sydney, and also Facebook, Twitter and LinkedIn accounts, as well as its own subreddit forum.

Pros and cons


  • Lets you trade in NZD, AUD and USD.
  • Supports bitcoin, Bitcoin Cash and Ethereum, Litecoin and Ripple
  • Offers strong security features


  • High trade volumes are required to avoid the 0.5% commission charges
  • Manual approval may slow transaction speeds
  • A range of transaction and withdrawal fees may apply

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.

Go to Independent Reserve's website

Frequently asked questions

Image source: Independent Reserve

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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