Independent Reserve Review 2021: Is it safe for Australians?
The Australian cryptocurrency market is rapidly growing, and there are several exchange platforms to choose from. Some of them are beginner-friendly, while there are those that are geared towards expert investors.
There’s a very high chance that you’ve come across Independent Reserve Review on your search for reputable crypto exchange sites. This Australian platform was launched in 2013, and it was founded on one main goal; to do things the right way.
If you’re wondering whether it’s the right fit for you, here’s a quick review on the Independent Reserve platform.
Table of contents
- 1 Ease of Use
- 2 Security
- 3 Fees
- 4 Supported Cryptocurrencies
- 5 Deposit & Withdrawals
- 6 Support
- 7 Editor’s Independent Reserve Review
- 8 Account Creation Process
- 9 Identity Verification
- 10 Independent Reserve User Interface
- 11 Funding Your Account
- 12 What Could Independent Reserve Improve on?
- 13 What are the Top Features of Independent Reserve?
- 14 1. It Supports Multiple Order Types
- 15 2. Tax Calculator
- 16 3. Crypto Assets Insurance
- 17 4. Premium Accounts
- 18 5. Affiliate Program
- 19 What are the Pros and Cons of Trading on Independent Reserve?
- 20 Pros
- 21 Cons
- 22 Customer Support and Reviews
- 23 Is Independent Reserve a Wallet?
- 24 Is Independent Reserve Safe?
- 25 What Are the Best Independent Reserve Alternatives?
Editor’s Independent Reserve Review
Hello fellow investors!
My name is Warren, and I’ve been in the crypto trading sphere for a long time. While I do enjoy investing in digital assets, I realized there was a disconnect between exchange platforms and customers’ needs.
With the many crypto exchange sites available, it’s becoming increasingly difficult to find a platform that fully meets your needs. This is why I decided to venture into exchange site reviews. I’ve been on independent Reserve for more than 7 months, and here’s an unbiased review based on my experience.
Account Creation Process
The account creation process was pretty straightforward, and to sign up, you simply navigate to the top right corner of their website and click on the create an account button. This will take you to the registration page, where you will be prompted to enter your preferred username and password. You then have to fill in your identity details, verify your account, and you’re good to go!
Independent Reserve is registered and regulated by AUSTRAC, which means that it has to comply with its KYC/AML regulations. To start actively trading on your account, you have to verify your identity. While this may seem like a breach of your privacy, it helps reduce the number of fraudulent cases on the site, ultimately protecting your funds. After your first login, you’ll have to verify;
- Mobile number: this verification is important as it helps you login into your account in case the 2FA authentication fails.
- Email address: you’ll mainly use your email to access your account, so it has to be verified by the exchange.
- Identity: the information you provide will be checked against the Counter-Terrorism Financing and AntiMoney laundering database. Make sure you provide the correct information for faster verification.
- Secondary mobile number: this type of verification is optional, but it comes in handy when you lose access to your primary number or forget your password.
Independent Reserve’s verification process is pretty comprehensive, but it only takes a short time.
Independent Reserve User Interface
Independent Reserve’s user interface is very user-centric, and all the information is well laid out. First-time users can easily buy and sell bitcoin thanks to the navigation bar at the top. If you have some experience with technical analysis, you’ll definitely appreciate the charts that are powered by tradingView. Their user interface also has recent trades and market depth profiles.
The major challenge with their visual charts is that it’s difficult to add technical indicators, adjust the timeframes and draw trend lines. This can be quite frustrating, especially when you mainly rely on technical analysis.
Funding Your Account
You can deposit funds into your account using AUD, NZD, SGD and USD. The most preferred deposit method by Australians is PayID/Osko that takes less than 24hrs to be processed and comes with a daily limit of $20,000. Bank deposits are processed within 1-2 business days, while SWIFT deposits could take up to 3 days to reflect in your account. If you’d like to increase your deposit limits, you can put in a request with the support team
What Could Independent Reserve Improve on?
Overall, Independent Reserve is a great exchange platform. It has a beautiful interface, offers multiple deposit & withdrawals options, is highly secure and has low fees. They could, however, increase their customer support options to include phone support and a telegram account.
Their trading charts could also use an upgrade to accommodate investors that mainly depend on technical analysis. Independent Reserve does not have a mobile app, but its web version is mobile friendly. This site is, however, great for those who are just getting started with crypto trading.
What are the Top Features of Independent Reserve?
1. It Supports Multiple Order Types
Independent Reserve’ multi-currency order book allows you to swap your orders to your preferred currency. This helps you get the best prices on your cryptocurrency trades by taking advantage of their multiple order types. The supported order types include;
- Market Buy
- Market Sell
- Limit Buy
- Limit Sell
- Stop Limit Buy
- Stop Limit Sell
You can also see all market orders irrespective of the fiat currency they are listed with.
2. Tax Calculator
Cryptocurrency trades are taxable under Austrian law, and every time you trade, you trigger a taxable event. The government considers cryptocurrency as a capital gain, and you need to report the profits made. Independent Reserve has a KPM tax calculator that allows you to estimate your tax obligations. If you also trade on other exchanges, this feature allows you to import your trades onto the calculator so that you can consolidate all your trades.
3. Crypto Assets Insurance
Independent Reserve has an insurance feature that is available to all premium account users. This feature protects your digital assets in case their site is hacked and is offered in 6 packages;
- Starter: you pay AUD 300 annually and are covered for up to AUD 20,000 worth of digital assets.
- Bronze: you pay AUD 600 annually, and your digital assets are protected by up to AUD 50,000.
- Silver: this package is charged AUD 1,000 annually, and you receive insurance for up to AUD 100,000 worth of digital assets.
- Gold: you are charged AUD 4500 annually, and up to AUD 500,000 of your digital assets are protected.
- Platinum: you are charged AUD 1,800 annually, and AUD 1,000,000 are insured.
- Diamond: this is the most premium insurance package, and you pay AUD 35,000 for AUD 5,000,000 worth of insurance protection for your digital assets.
It’s important to note that this insurance doesn’t cover the loss of funds from unauthorized access to your account. Your fund’s security begins with you, and it’s your duty to ensure that you create a strong password and store all your login credentials securely. It, however, covers any losses that are caused by employee theft or breach of their cold storage.
4. Premium Accounts
If you upgrade to a premium account, you gain access to more features such as;
- Insurance protection on your digital assets.
- VIP service and customer support that gives you priority and moves you to the top of the queue when you need to reach the support team.
- Reduced fees in addition to the existing trade discounts.
- Self-managed super funds feature that allows Independent Reserve to manage your digital assets while you focus on diversifying your portfolio and increasing your wealth.
There are various premium account packages, so ensure you go through them to identify the one that works best for you.
5. Affiliate Program
Independent Reserve has a competitive affiliate and referral program that allows you to earn up to 50% commission on all brokerage fees that your referral pays for the first 90 days. Once you join this program, a unique referral code is generated for you, and you can use it to promote Independent reeve on your social accounts and to invite friends to sign up.
What are the Pros and Cons of Trading on Independent Reserve?
1. Allows deposits in AUD: Independent reserve was originally launched to provide crypto trading services to Australian and New Zealand investors. This is why most of the deposit and withdrawal markets are geared towards these markets.
2. It’s full-featured: there’s a wide range of trade types for you to try out, and they also have a tax calculator that allows you to meet your tax obligations with ease.
3. Highly Reputable site: Independent Reserve was launched in 2013 and was one of the first crypto exchange sites in Australia. Over time, it has grown to be one of the most reputable and reliable platforms in the region.
4. Accreditations: independent ReserveReserve is a member of the Australian Digital Commerce Association and has been certified by Blockchain Australia as a digital currency business.
5. Insured assets: this platform has various tiers of insurance services for its premium users, some of which are very affordable.
1. The base-level fees on Independent Reserve are 0.5% which is a bit
2. high compared to other platforms.
3. There are only 24 listed digital assets on the platform, which is pretty limited given that there are more than 4000 cryptocurrencies in circulation.
Customer Support and Reviews
Currently, independent ReserveReserve has a rating of 3.5 on Trustpilot, and most of their customer support reviews are excellent. They swiftly respond to queries and are readily available to provide assistance. For premium users, the support is top-notch, and they are always given priority. You could also reach them through their social media accounts.
Independent Reserve could, however, enhance their support by introducing phone support as it is quicker.
Is Independent Reserve a Wallet?
No. They are an exchange site, but they do offer wallet services to their users. It’s, however, recommended that you store your funds in a personal wallet to increase their security.
Is Independent Reserve Safe?
Yes. Since it was founded, Independent reserve has not reported any breaches. This site has partnered with a third-party service provider named Cobalt to provide network security and constantly test their networks for any vulnerabilities that hackers could capitalize on. Independent server has 2 separate main servers to ensure no data is lost if one were to be hacked. Their databases are also encrypted, and they hold most of their funds in cold storage.
Users are also provided with extra protection through;
- 2FA and google authenticators
- Validation through the registered primary and secondary mobile phones for enhanced verification.
- They verify all withdrawals manually before they are approved. If they detect any suspicious activity, they will call you to authenticate the transaction.
- A duress password which you should input if you’re being forced to log into your account. This will lock your account for 24hours.
Even though this level of protection is enough to keep your finds safe, you can never be too cautious. This is why it’s recommended that you create a strong password and store your funds in a hardware wallet.
What Are the Best Independent Reserve Alternatives?
Independent Reserve was one of the first platforms to start offering cryptocurrency exchange services to the Australian markets. It currently has more than 200,000 users and has now grown to accommodate global investors. This platform has a variety of impressive features, but it may not be the best for expert traders. It’s, however, very safe and has the most popular cryptocurrencies.