🇦🇺 Independent Reserve vs. Binance for Australians

Data Updated: Mar 15, 2022

✅ Winner: Binance

Binance beat Independent Reserve in fees, coins and features, AUD deposits, AUD withdrawals, and security. However, Independent Reserve won in ease of use making it a better platform for beginners.

Binance has 0.10% trading fees (versus 0.50% on Independent Reserve), 600+ coins (versus 25+), a 0.15% total purchase fee (versus 1.68%) and a 0.07% spread on Bitcoin when tested (versus 2.13%). Binance is the clear winner for Australians in almost every category.

How We Tested

To compare these platforms, we broke them down into 5 main categories: Fees, Features, Deposit & Withdrawals, Security and Ease of Use. Then, we collected over 50 features and 100 data points using live accounts to decide the winner. 

RankFi tracks dozens of crypto products. Lean more about our methodology here.

Header
Binance

Binance

Independent Reserve

Independent Reserve

BEST OVERALL

✅ Winner

Cell

FEES

✅ Winner

Cell

COINS & FEATURES

✅ Winner

Cell

AUD DEPOSIT & WITHDRAWALS

✅ Winner

Cell

SECURITY

✅ Winner

Cell

EASE OF USE

Cell

✅ Winner

BONUS

10% off trading fees forever + up to $50 free

N/A

OPEN ACCOUNT

Fees

*Binance prices tested Feb 14 & Independent Reserve on Feb 6, 2022

Binance

Independent Reserve

Cell

Winner

Cell

Total BTC Purchase Fee

0.15%

1.68%

Total BTC Selling Fee

0.12%

1.43%

Trading Fee

0.10% or less

0.50% or less

Trading Fee Discounts

✅ Yes

✅ Yes

BTC Spread

0.07%

2.13%

BTC Buy Price*

$59,871

$59,159

BTC Sell Price*

$59,830

$57,924

Reference Price Difference

Buy: +0.05%

Sell: -0.02%

Buy: +1.18%

Sell: -0.93%

Reference Price (Google)*

$59,840

$58,468

Best AUD Deposit Fee

Free

Free

Best AUD Withdraw Fee

Free

Free

Crypto Deposits

Free

Free

BTC Withdrawal Fee

0.0005 BTC (SegWit)

0.0003 BTC

ETH Withdrawal Fee

0.00625 ETH (ERC 20)

0.006 ETH

USDT Withdrawal Fee

35 USDT (ERC 20)

?

Features

Binance

Independent Reserve

Cell

Winner

Cell

# of Features

20+

5-10

Coins

600+

25+

Mobile App

✅ Yes

✅ Yes

Instant Buy (beginners)

✅ Yes

✅ Yes

Advanced Trading

✅ Yes

✅ Yes

Bundles

🚫 No

🚫 No

Staking

🚫 Restricted

🚫 No

Lending/Borrowing

🚫 Restricted

🚫 No

Other Rewards?

🚫 Restricted

🚫 No

Margin

🚫 Restricted

🚫 No

Futures

🚫 Restricted

🚫 No

OTC

✅ Yes

✅ Yes

Native Token

✅ Yes (BNB)

🚫 No

Affiliate Program

✅ Yes

✅ Yes

24/7 Support

✅ Yes

✅ Yes

Deposit Methods

Binance

Independent Reserve

Cell

Winner

Cell

Buy With AUD?

✅ Yes

✅ Yes

Hold AUD In Your Account?

✅ Yes

✅ Yes

PayID

✅ Yes (Free + Instant)

✅ Yes (Free over $1000 or $2.50 fee under $1000 + Instant)

POLi

🚫 No

🚫 No

Direct Bank Transfer

✅ Yes (Free + Instant)

✅ Yes (Free over $100 or $0.99 fee under $100 + 1-2 days)

BPay

🚫 No

🚫 No

Credit/Debit

✅ Yes (4.5% fee + Instant)

🚫 No

Other

P2P Exchange

N/A

Withdrawal Methods

Binance

Independent Reserve

Cell

Winner

Cell

Cash Out AUD?

✅ Yes

-

PayID

✅ Yes (Free + Instant)

✅ Yes ($1.50 fee + Instant)

POLi

🚫 No

🚫 No

Direct Bank Transfer

✅ Yes (Free + Instant)

✅ Yes (Free + 0-1 days)

BPay

🚫 No

🚫 No

Other

P2P Exchange

N/A

Security

Binance

Independent Reserve

Cell

Winner

Cell

Year Founded

2017

2013

Headquarters

🌎 Remote Company

🇦🇺 Sydney, AU

Uses Cold Storage

✅ Yes

✅ Yes

AUSTRAC Regulated

✅ Yes

✅ Yes

Insurance Policy

Yes

✅ Yes (up to $5m)

Any Hacks or Incidents?

✅ Yes: 2019

🚫 No

2FA

✅ Yes

✅ Yes

Address Whitelisting

✅ Yes

✅ Yes

View Login History

✅ Yes

?

Crypto Withdrawals Allowed

✅ Yes

✅ Yes

KYC

✅ Yes

✅ Yes

Publicly Traded

🚫 No

🚫 No

Sign Up

Binance

Binance

Independent Reserve

Independent Reserve

Bonus

10% Off Trading Fees Forever & Up To $50 Free

N/A

Referral Link

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