Independent Reserve exchange review

What 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 and Singapore financial services regulations.

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Fiat currencies




Product Name Independent Reserve Exchange
Fiat Currencies SGD, USD, AUD, NZD
Cryptocurrencies BTC, ETH, XRP, ADA, BCH, DOT, ETC, LINK, LTC, USDC & 9+ more
Deposit Methods Bank transfer (ACH)
FAST Transfer
Trading Fee 0.02-0.5%
Deposit Fees Xfers: 0.55%
SWIFT: $15 or free for deposits over $5,000
Withdrawal Fees Fees vary
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 four fiat currencies: Australian dollars (AUD), New Zealand dollars (NZD), Singapore dollars (SGD) 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 current rates available on its website. For example, you might choose to deposit SGD 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 high net worth and institutional clients, this OTC platform is for trades of $500,000 or more and offers local settlements in AUD, NZD, SGD and USD.

Independent Reserve is now a fully licensed virtual asset service provider in Singapore

As of 1 October 2021, Independent Reserve has officially obtained a Major Payment Institution License from the Monetary Authority of Singapore (MAS), under the Payment Services Act (PSA).

This allows the cryptocurrency exchange firm to operate as a regulated provider for digital payment token services.

Which cryptocurrencies can I buy/sell?

Independent Reserve currently supports:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • Ripple
  • Tether
  • Cardano
  • Dogecoin
  • Solana
  • The Sandbox
  • Polkadot
  • Ethereum Classic
  • The Graph
  • Chainlink
  • Polygon
  • Uniswap
  • USD Coin
  • Stellar Lumens
  • Decentraland

Each has its own fees and transfer limits.

Supported countries

Independent Reserve is available worldwide but is based in Australia and Singapore. When you sign up for an account, Independent Reserve will request your full name, date of birth and address. In most cases, it is then able to instantly verify customers from the following countries:

  1. Australia
  2. Austria
  3. Belgium
  4. Canada
  5. Cayman Islands
  6. Czech Republic
  7. Denmark
  8. Finand
  9. France
  1. Germany
  2. Greenland
  3. Hong Kong
  4. Hungary
  5. Iceland
  6. Ireland
  7. Isle of Man
  8. Italy
  9. Japan
  1. Republic of Korea
  2. Liechtenstein
  3. Luxembourg
  4. Macao
  5. Monaco
  6. Netherlands
  7. New Zealand
  8. Norway
  9. Poland
  1. Portugal
  2. Singapore
  3. Slovakia
  4. Slovenia
  5. Spain
  6. Sweden
  7. Switzerland
  8. Taiwan
  9. United Kingdom

What’s it like to use Independent Reserve?

Which payment methods are accepted?

  • FAST transfer (Singapore only). Singapore customers can make instant SGD deposits (up to S$20,000 within 24 hours) to their accounts via FAST transfer
  • EFT (Australia only). Australian customers can credit AUD to their accounts through electronic funds transfers.
  • SWIFT deposits. International customers can deposit funds in USD or NZD using a SWIFT transfer

Fees may apply depending on your payment method and amount.

Go to Independent Reserve's website

Fees and commissions

Trade commissionAs low as 0.02%, depending on your 30 day trade volume
SGD deposits0.45% (No charge for OTC clients)
SWIFT depositsSWIFT deposits of $5,000.00 equivalent and above are free. Smaller deposits incur a $15.00 processing fee.

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

Cryptocurrency depositsFree
AUD withdrawalsFree
SGD withdrawals0.45% (No charge for OTC clients)
International or non-AUD withdrawals$20.00
Bitcoin withdrawals0.0003 BTC
Ethereum withdrawals0.006 ETH
Tether withdrawals15 USDT
Ripple withdrawals0.15 XRP
Cardano withdrawals0.5 ADA
Bitcoin Cash withdrawals0.0001 BCH
Polkadot withdrawals0.1 DOT
Dogecoin withdrawals5 DOGE
The Graph withdrawals20 GRT
Ethereum Classic withdrawals0.02 ETC
Chainlink withdrawals0.5 LINK
Litecoin withdrawals0.001 LTC
Polygon withdrawals12 MATIC
USD Coin withdrawals15 USDC
Uniswap withdrawals1 UNI
Stellar Lumens withdrawals0.01 XLM

*Information provided is accurate as of 21 November 2021.

Trade volume discount

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 0.02%, as shown below:

30-day trade volume in AUDTrade commission
00.50 %
100,0000.48 %
150,0000.46 %
200,0000.44 %
250,0000.42 %
300,0000.40 %
350,0000.38 %
400,0000.36 %
450,0000.34 %
500,0000.32 %
600,0000.30 %
700,0000.28 %
800,0000.26 %
900,0000.24 %
1,000,0000.22 %
1,200,0000.20 %
1,600,0000.18 %
2,000,0000.16 %
2,500,0000.14 %
3,000,0000.12 %
4,000,0000.10 %

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.

  • FAST. Instant fiat currency 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 20 minutes before the cryptocoins are usable

For security reasons, Independent Reserve will sometimes 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 (via FAST transfer): A few minutes
  • Withdrawals to a bank account: 1 business day for Australian bank accounts, 2-3 business days for all other 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 XBT
  • Ethereum: 0.01 ETH
  • Bitcoin Cash: 0.001 BCH
  • Litecoin: 0.01 LTC
  • Ripple: 22 XRP
  • Bank account: $50 as applicable to AUD/NZD/SGD/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 two-factor authentication using a mobile phone or third-party authentication device.
  • 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 a withdrawal transaction 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, in line with MAS requirements. 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 program is available if you’re unable to log in.

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

Pros and cons


  • Lets you trade in AUD, NZD, SGD and USD.
  • Supports major cryptocurrencies, such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple
  • Offers strong security features
  • Based in Australia and Singapore


  • High trade volumes are required to avoid the 0.45% commission charges
  • Manual approval may slow transaction speeds
  • Limited coins and trading pairs
  • No staking feature
  • 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

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