Independent Reserve Review 2022
Independent Reserve is one of the most successful fiat-to-cryptocurrency exchangers in the world. The company was founded in 2013 and is based in Sydney, Australia. On the Independent Reserve, there are more than 200,000 consumers buying Bitcoin with Australian dollars. The trading platform for cryptocurrencies features a protected and risk-free setting, which instantaneously transforms crypto technology into a robust and regulated financial business. Within the context of our evaluation of Independent Reserve, we have gone deeper into the distinct features, deposit methods, security, fees, and user interface of Independent Reserve.
Independent Reserve is widely regarded as the premier digital currency trading platform in Australia and New Zealand, where the majority of its customers are located. It is certified as being in full conformity, is subject to regulation, and is a component of the ADCA (Australian Digital Commerce Association). Audits are performed on the company; as a result, it can be trusted the greatest and there are fewer dangers associated. The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Digital Currency Authority (ADCA) have worked together to build a juristic foundation for the laws in Australia pertaining to cryptocurrencies.
Summary of the Independent Reserves
Why Should There Be an Independent Reserve?
Independent Reserve is a rather well-known cryptocurrency exchange on a global scale, despite the fact that it was one of the first exchanges to operate in the New Zealand and Australian markets. The exchange for cryptocurrencies offers support for a number of fiat currencies, one of which is the US dollar, as well as cheap transaction costs.
If you have traded on the Independent Reserve, then you are aware that cryptocurrency investors can trade in multiple cryptocurrencies with this leading trading platform. These cryptocurrencies include Ethereum, Litecoin, Bitcoin, and Bitcoin Cash. If you have traded on the Independent Reserve, then you are aware of this fact. When it comes to trading in fiat currencies, investors can use the New Zealand dollar, the Australian dollar, or the United States dollar. Orders placed through Independent Reserve’s multicurrency order book are converted into the user’s preferred currency at the time of the transaction.
Independent Reserve: The Case for Using It as Your Primary Cryptocurrency Exchange
In a summary, the study focuses on how Independent Reserve makes use of the whole pool of limit orders, which enables traders to obtain the best prices possible when trading cryptocurrencies with cryptocurrencies. This is discussed throughout greater detail in the review. You are able to view each and every market order, regardless of the fiat currency that they are bundled with. In addition, the Independent Reserve exchange allows users to place other types of orders, including limit sell, limit buy, market sell, market buy, stop limit sell, and stop limit buy transactions. In addition to that, Independent Reserve provides a mobile trading app that is compatible with mobile devices running either iOS or Android. The user-friendly program allows users to purchase, sell, and store cryptocurrencies, as well as manage their portfolios and the change of cryptocurrency prices. Trades can be placed quickly while maintaining a high level of safety, and the platform is designed for both novices and experts. Users can begin trading in a matter of minutes after simply registering for a free account and depositing cash.
Some Characteristics of the Independent Reserve
The noteworthy characteristics of the Independent Reserve are the driving force behind the integrity of this review of the Independent Reserve. The OTC-desk and the Cryptocurrency Tax Estimator are the two main characteristics that they highlight while describing their platform. Owing to the fact that it is a premium service offered by Independent Reserve, the OTC-desk caters mostly to high-net-worth individuals and high-end institutions that engage in high-volume trades involving the major digital currencies.
On the other hand, the Cryptocurrency Tax Estimator, which was developed by KPMG and is one of the most well-known digital tools, was able to link directly to the user interface of Independent Reserve. This tool gives investors the ability to quickly and easily estimate their tax obligations based on their portfolios. The tax estimator is an API, which stands for application programming interface. It enables the trading platform to provide an estimate to its customers concerning their potential tax exposure, and it does so in real time dependent on the buy and sell transactions that take place on the exchange.
The referral or affiliate program of this exchange is an additional feature that is worth mentioning. Because of this scheme, current users have the opportunity to get fifty percent of the brokerage costs that new members they refer pay for the first ninety days. They can either invite their friends by sharing the referral code with them or promote the exchange by promoting it through videos, advertisements, content, and so on. The following is a list that includes some more important aspects:
• The bitcoin exchange in Australia with the highest level of confidence.
• Conduct business with 26 of the most important cryptocurrencies.
• Instant deposits made possible by electronic funds transfers (EFT), SWIFT transfers, and Osko/PayID.
• Support for fiat currencies such as the NZD, AUD, and USD
• A cheap trading charge that starts at 0.5 percent but keeps going down as volume increases.
• Traders with SMSFs, OTCs, and high net worth are supported.
Comparing the Benefits and Drawbacks of an Independent Reserve Review
Pros:
• Deposits are processed instantly by Osko/PayID, EFT, and SWIFT.
• The funds are being kept in a secure location that is below freezing.
• Using the built-in KPMG tax calculator makes it simple and straightforward to complete and submit tax returns.
• Establish a self-managed super fund (SMSF) and make cryptocurrency investments for your retirement.
Cons:
• There is not a wide selection of tokens to choose from on Independent Reserve.
• Traders with less experience may find the user interface to be difficult to navigate.
Beginning the Process of Creating an Account with Independent Reserve
This trading platform, which is known as Independent Reserve, is simple to use, and it does not take a lot of time to set up an account on it. In order to open an account with Independent Reserve, please complete the steps that are outlined below:
1. Create an account.
It is necessary for you to first sign up for the service in order to be eligible to benefit from the excellent exchange. Launch your web browser and go to the Independent Reserve website, then click the Create Account option. You will be prompted to enter your user name and password at this point.
2 – Enter Personal Details
After you have created an account, the page will ask you to verify your email address and enter your personal information.
Step 3 – Get Verified
In the third stage, you will need to verify your identity by uploading identification documents that correspond to the personal details you supplied in the second step. In most cases, the verification process will take place almost immediately, particularly in Australia. It will signify that you have successfully registered an account on Independent Reserve after the verification is complete. Therefore, the go-ahead has been given to begin trading!
How to Make Trades Using Independent Reserve’s Cryptocurrency Market?
As soon as they are authenticated, you will be able to quickly begin making deposits and withdrawals. To add funds to your Independent Reserve account, navigate to the Accounts menu, then Select Deposit, and finally decide whether you want to add funds in bitcoin or fiat currency. Either a suitable cryptocurrency address will be provided to you in order to make a deposit of cryptocurrency, or you will be prompted to select a payment method in order to make a deposit of fiat currency.
You are free to begin trading as soon as the user funds have been successfully transferred into your account. To engage in trading, pick the Trade menu option, and when prompted, select the digital currency you desire to buy and sell.
Independent Reserve Fees
Transaction Costs
In contrast to other cryptocurrency exchanges, which charge makers and takers the same flat 0.5% trading fee regardless of the volume of trades conducted over the previous 30 days, the costs charged by Independent Reserve are calculated using a flat fee methodology. As the amount of money that is traded on the platform increases, the costs associated with trading drop to a level as low as 0.02%.
In addition, investors that engage in a particularly large volume of trading are eligible for discounts offered by the exchange. The pricing structure appears to be targeted toward high-net-worth traders and SMSF traders who spend huge sums of money in order to receive a cheaper trading fee. The 0.02% commission that is charged on trades is likely out of reach for novice traders.
Fees for Withdrawals
Users should be aware that there will not be any fees applied to any Australian dollar withdrawals. On the other hand, the Independent Reserve levies a withdrawal fee of $20 for any monies that are withdrawn from an account outside of the country. The fee for SDG withdrawals has increased to 0.55%, making them more expensive. When it comes to withdrawals of cryptocurrency, the fees that are levied change based on the coin that is being withdrawn.
If you compare the costs charged by Independent Reserve with those charged by other exchanges, you’ll find that Independent Reserve’s withdrawal fees for trading Bitcoin are 0.0003 BTC, which is much lower than the global industry average. It is also essential to be aware that cryptocurrency withdrawals are accompanied by a network fee, the amount of which is dependent on the load on the blockchain.
Methods of Payment That Are Accepted
Independent Reserve offers numerous deposit methods. Users are able to start trading without having to hold any cryptocurrency in their retail investor accounts since wire transfers can be used to deposit monies into the retail investor accounts. Additionally, it enables customers who are based in countries other than Australia to use the SWIFT bank transfer system in order to deposit funds into their performances at the exchange. So, to sum up Up
• The exchange does not provide any form of payment that accepts credit cards.
• Electronic fund transfer, often known as ETF, is only available to traders based in Australia.
• SWIFT transfer deposits can be made by individuals located outside of Australia, such as US investors interested in investing in New Zealand dollars or US dollars. The procedure is very much like banking online; the only difference is that SWIFT codes are used.
• PayID/OSKO can also be used to make deposits, with a daily maximum of $20,000 allowed for each transaction.
It is important that you are aware that fees may be assessed depending on the type of payment method you choose and the amount that you deposit.
Currencies That Are Supported
Independent Reserve’s support for fiat currencies includes the following:
• AUD — Australian dollar
• $NZD — This indicates the New Zealand dollar
• USD — American dollar
• SGD – Singapore dollar
All of the cryptocurrencies that Independent Reserve supports are –
• BTC denotes Bitcoin; • ETH, Ethereum
• XRP – Ripple
• BCH denotes Bitcoin Cash
• Tether – Tether
• LTC – Litecoin
• EOS – EOSIO
• XLM – Stellar Lumens
• ETC — Ethereum Traditional
• BAT – Fundamental Attention Token
• OMG – OMG Network
• ZRX – 0x
To view the complete list of available cryptocurrencies, please follow this link.
Is Using Independent Reserve Safe?
Independent Reserve utilizes Cobalt, a third-party supplier, for network security and routinely tests the website for vulnerabilities. The fact that the databases are encrypted and signed many times across four distinct data centers makes this trading platform secure. The majority of crypto assets on the exchange are held in cold storage.
Additional security mechanisms for the Independent Reserve include –
• Two-factor authentication — The exchange employs two-factor authentication on mobile and third-party authentication devices.
• Duress password – This is one of Independent Reserve’s best security features. If someone physically compels you to access your account, you can enter the previously-set duress password to lock and protect it for the next 24 hours.
• Validation – Include both the primary and secondary cell phone numbers for added protection.
• Verification of withdrawals manually Independent Reserve allows users to personally verify withdrawals. In the event of withdrawal transactions that appear suspicious or unauthorized access, the support team will contact you to verify your authorization.
All of the aforementioned security features make Independent Reserve one of the most dependable and secure sites for exchanging cryptocurrencies.
Independent Reserve Security and Privacy
Legally, Independent Reserve requires account holders to have their identities verified. Based on the account holder’s country, specific details may be required. Then, all the information will be confirmed against the databases of the account holder’s nation, as well as several CTF and AML databases. Following account verification, your account is enabled for cryptocurrency trading.
Regarding the security of the Independent Reserve, its servers are hosted in two secure Australian data centers. This assures that no data is lost, as the data is replicated in real-time and concurrently across all sites.
In addition, if necessary, the fully configured production platform replaces the primary platform. The data is encrypted many times before being signed using distributed keys. The majority of Bitcoins are stored in cold storage. And from the client’s perspective, the trading platform supports two-factor authentication.
Independent Reserve Client Service
Regarding customer assistance, Independent Reserve’s trading platform offers to provide extensive services through its help area. They immediately respond to nearly all inquiries and fix consumer difficulties.
You can contact the support team via email or their support screen for further assistance. The latter is only accessible when logged in. Additionally, you may connect with them on Facebook, LinkedIn, and Twitter in addition to their subreddit forum. If you have any questions, seek independent guidance from the specialists.
Email ID – general@independentreserve.com
Conclusion
To finish the Independent Reserve evaluation of Australia, it is safe to claim that the exchange is a legitimate digital currency provider with over 200,000 domestic and international consumers. The support crew provides superior service with rapid response times. Independent Reserve is a leading cryptocurrency exchange that protects your funds and personal information from hackers and cybercriminals.
FAQs
Is Independent Reserve Legit?
Independent Reserve is not only a reliable but also reputable Sydney, Australia-based business. The platform is regulated by a prominent Australian financial sector to ensure proper operations and conduct with investor funds. It is one of the country’s first bitcoin exchanges to report to the government agency AUSTRAC.
How do I withdraw funds from a separate reserve?
To begin withdrawing funds from the Independent Reserve, log in and select Accounts. Go to the Account Balance area and click the Bitcoin-aligned Withdraw link. It will first display your Available balance (BTC), followed by an input field for the desired withdrawal amount. Additionally, enter your Destination Address in the box to the right. Verify all information before pressing the Withdraw button. The transaction details will be displayed in a separate window for your review. Enter your password or 2-factor authentication. After BTC has been withdrawn, check your Account Balance for any remaining monies.
Independent Reserve is a cryptocurrency wallet.
Yes, Independent Reserve is a wallet for cryptocurrencies. At any time, funds can be deposited or taken from this wallet.
What Countries Does the Independent Reserve Support?
Independent Reserve is accessible in over 30 nations.
Does Independent Reserve Have an App?
Independent Reserve offers trading apps for both iOS and Android mobile devices. The user-friendly program allows users to purchase, sell, and store cryptocurrencies as well as track portfolios and price movements. Designed for both novices and experts, trades may be executed quickly and securely. Simply open a free account and deposit cash to begin trading immediately.
How long do withdrawals from independent reserve take?
Because the funds must be converted to AUD, withdrawals from an Independent Reserve USD account to an Australian AUD bank account often take two to three working days.
How may independent reserves be traded?
You can register fast and easily with FastTrack to begin trading in Independent Reserve sooner. Additionally, you can Deposit funds by EFT and SWIFT. FastTrack and quick deposits allow you to begin trading within five minutes.
Who owns a separate reserve?
Independent Reserve was created by Adrian Przelozny and Adam Tepper in June 2013. Adrian Przelozny is the CEO of the company.
Note: None of the material in this Independent Reserve review should be considered promotional or a recommendation to acquire or sell cryptocurrencies. The information connected to Independent Reserve are not to be construed as investment advice.
