Independent Reserve exchange review

What to know about trading Bitcoin, Bitcoin Cash and Ethereum on the Independent Reserve exchange.

Independent Reserve is a Sydney-based Australian cryptocurrency exchange, founded in 2013. It’s committed to bringing professionalism and openness to cryptocurrency trading, and to operating fully in line with Australian financial services regulations.

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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 Bank transfer (ACH)
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
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. 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.

What is Independent Reserve?

Independent Reserve is an exchange where traders buy and sell cryptocurrencies amongst each other.

You create and verify an account, and deposit funds into it. You can then use that account to buy and sell different types of cryptocurrency.

One of the distinctive features of Independent Reserve is that your account can simultaneously support Australian, New Zealand and US dollars. This also lets you take advantage of fiat currency exchange rates, or simply make trades in your preferred currency.

Independent Reserve can automatically take care of currency exchanges where needed, at competitive rates. For example, you might choose to deposit GBP from your bank account and then have it arrive in your Independent Reserve account as USD, NZD or AUD for trading.

Any time a currency exchange is needed it will be done at the current rates available on the Independent Reserve website.

You can also directly deposit bitcoin, Bitcoin Cash and Ethereum to your account.

You don’t need your own wallet to use Independent Reserve, but will need it to withdraw any cryptocurrencies from your account.

  • Cryptocurrency withdrawals. Provide your wallet address. The wallet will need to support the currency you’re withdrawing.
  • AUD, USD and NZD withdrawals. Provide the bank account details. You can withdraw funds to any bank account in your name anywhere in the world.

Independent Reserve lets you:

  • Limit buy and sell. Orders to buy and sell at no more or less, as applicable, than the specified price. These may be partly filled before cancellation.
  • Stop limit buy and sell. Orders to buy or sell that only become active at the specified stop price.
  • Market buy and sell. Buying and selling at current market rates. Independent reserve calculates its market rates based on the weighted averages of existing limit orders.

It also offers a free public API for third party software developers to use.

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 internationally, then you’ll need to use SWIFT transfers to make deposits.

Which payment methods are accepted?

  • SWIFT. International customers will need to make SWIFT transfers. These can be credited to your account in AUD, NZD 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 commission0.1% to 0.5% depending on your 30 day trade volume
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.

Bitcoin and Ether depositsFree
International withdrawals$20.00
Bitcoin withdrawals0.001 BTC
Ether withdrawals0.004 ETH
Bitcoin Cash withdrawals0.0006 BCH
Litecoin withdrawals0.001 LTC
XRP 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 XRP (XRP) Trade VolumeTrade Commission
0000.50 %
15150750.48 %
303001500.46 %
454502250.44 %
606003000.42 %
757503750.40 %
909004500.38 %
10510505250.36 %
12012006000.34 %
14314307150.32 %
16516508250.30 %
19519509750.28 %
225225011250.26 %
255255012750.24 %
285285014250.22 %
315315015750.20 %
360360018000.18 %
450450022500.16 %
555555027750.14 %
675675033750.12 %
900900045000.10 %

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.

  • 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 international 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
  • XRP: 22 XRP
  • Bank account: $50 as applicable to AUD/USD/NZD

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.

There is also extra protection for the users.

  • 2FA. Independent Reserve recommends two-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 they 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 Australian law. 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 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 near-freely trade in AUD, NZD and USD.
  • Supports both bitcoin, Bitcoin Cash and Ethereum, three of the most popular altcoins
  • 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.

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

independent reserve

Frequently asked questions

Image source: Independent Reserve

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