🇦🇺 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.
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 |  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 | Independent Reserve |
|---|---|---|
Bonus | 10% Off Trading Fees Forever & Up To $50 Free | N/A |
Referral Link |
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