Independent Reserve is one of Australia's oldest crypto exchanges. They were founded in 2013 and have their headquarters in Sydney. Their goal according to the website is to, "build Australia's most secure and trusted way to buy Bitcoin and cryptocurrencies."
They have a strong focus on security, 27 coins you can trade and over 200k customers in Australia, New Zealand and South-East Asia. In this review, we'll cover the ins and outs of the platform.
- 200,000+ Australia and New Zealand users
- Founded in 2013
- 4 fiat currencies (AUD, USD, NZD, SGD)
Are They Legit?
Yes, Independent Reserve is an AUSTRAC regulated company and a registered Digital Currency Exchange (DCE) in the country of Australia. They also have a strong focus on security.
Independent Reserve has a very strict application process. By law, they must verify your identity so have your documents ready. The entire application can take 5-10 minutes before you're ready to start trading.
Can You Trust Independent Reserve?
Independent Reserve is considered a safe crypto exchange and offers more security features than most platforms. They're a regulated Australian company, they offer many security settings like 2FA and they have never been hacked or lost users funds. They've also been operating since 2013 which is a long track record in the crypto industry.
They are considered trustworthy however, it's important to keep in mind no crypto exchange is 100% safe. There is always a small risk of getting hacked, pulling an exit scam and more.
The safest way to store your crypto is by owning your private keys. For large amounts of crypto or long term holdings, we recommend getting a hardware wallet for secure offline storage.
Company Security Features
- Registered and regulated AUSTRAC company
- Users funds are held in offline storage (they don't say how much)
- Their hardware wallets are geographically distributed, guarded by security and stored in vaults. Requires biometric authentication to access
- Multiple data servers in different locations
- Messages are encrypted when speaking with customer support and automatically monitored for suspicious activity
- See the rest here
User Security Features
- 2 Factor Authentication (via Google authenticator or phone number)
- Optional Duress Password (a second password that will immediately suspend your account for 24 hours if used)
- Browser and device whitelisting
- View login history
- Turn on/off Email PGP Signing (verify that you're getting authentic emails)
- Insure your crypto up to $5m AUD (paid feature)
Other Security Notes
- Founded way back in 2013 (which is a long time in the crypto world)
- Experienced advisory board and executive team
- Good reputation overall
Independent Reserve has limited features and coins compared to competitors. Here is a breakdown of the product and offerings:
List of Features:
- Web App and Mobile App
- Recurring orders
- 24/7 customer support
- Crypto Insurance (paid)
- Premium Account Plans (paid)
- Tax Summary (paid)
- OTC desk, SMSF and high net worth accounts
- Affiliate program
1. Trading Interface
Independent reserves has multiple ways of purchasing cryptocurrencies. On the "trade" page you can set market orders, limit orders and stop prices. It also shows the live order book and you can toggle between 4 fiat currencies (AUD, USD, NZD, SGD). Keep in mind, there are no price charts on the platform.
There is also the "AutoTrader" feature which gives you additional ways to trade including:
- AutoBuys - Automatically buy crypto when you make a fiat deposit
- AutoBasket - Buy a weighted basket of cryptocurrencies (eg. 80% BTC, 20% ETH). The basket is not customizable
- AutoSchedule - Set up recurring orders based on a fully customizable schedule and settings
2. Crypto Insurance
You can pay to insure your crypto assets up to $5 million AUD. At the time of this writing the price starts at $300 AUD per year for $20k in coverage Their website states:
"A Premium Account plan insures you against a loss of any cryptocurrency that is held in an Independent Reserve wallet. The policy covers any breach of Independent Reserve's physical security measures and employee theft."
Here's more info on how the insurance works and the current prices below:
3. Premium Account Plans
Premium accounts are mainly based off the insurance packages above, which are a yearly price. However, there's also some extra perks included such as:
- Premium support - skip the queue to get faster responses
- Free merchandise sent to your address
- Lower fees on some plans, as low as 0.02%
4. Multiple Account Types
- Personal Accounts
- OTC Desk (over $100k+ orders)
- High Net-worth & Family Offices
- Premium Accounts with Insurance
- Adviser Program
5. Affiliate Program
Get paid for inviting your friends and new users to join Independent Reserve. You will earn 50% of all their brokerage fees for the first 90 days.
Independent Reserve is one of the only Australian-based platforms to offer 24/7 customer support and they typically reply within a few hours based on my experience. To chat with their team team, you can open a support ticket and send messages from inside your account. They also offer a help desk with FAQs, blogs and free crypto tutorials.
If you pay for a Premium Account your support messages automatically skip the queue to get faster responses.