Independent Reserve Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Independent Reserve consists of four parts: general information, fees, deposit methods and security.
Independent Reserve is an exchange from Australia. It launched as early as in 2013 and today it has over 100,000 customres from Australia and New Zealand. Other exchanges from the same country includes, inter alia, TOPBTC.
This exchange claims to be committed to institutionalising the Digital Currency industry. They are an industry member of the Australian Digital Commerce Association (ADCA), which provides some sort of legitimacy. The exchange has worked together with ADCA and also AUSTRAC (the Australian Transaction Reports and Analysis Centre) to develop a regulatory framework for the cryptocurrency exchange industry.
The technology behind the exchange is the exchanges own Airmarshal™ platform. This platform allegedly provides a secure, robust and scalable system for trading.
US-investors may not trade here, so if you are a US-investor and want to trade here, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder here to find out which alternatives you have.
Independent Reserve Cryptocurrency Insurance
One of the most impressive features with this exchange, is that it offers “hack insurance” to all of its users. This feature was announced on 4 February 2019 and is surely quite welcomed by the cryptocurrency market following the QuadrigaCX-ordeal. Independent Reserve is the first cryptocurrency exchange in Australia to do this. The insurance – provided by British insurance company Lloyd’s – insures against “theft or loss of any cryptocurrency that is held in an Independent Reserve trading account.” However, it does not “cover any losses resulting from market volatility or any losses arising from unauthorized access to trading accounts, such as hacking an individual account or identity fraud”. To briefly summarize the insurance, it covers situations where hackers attack the exchange and through that steal users’ assets.
A very welcome initiative in our opinion!
Independent Reserve Fees
Independent Reserve Trading fees
This Australien coin exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Independent Reserve offers a flat trading fee of 0.50%. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
Independent Reserve Withdrawal fees
Independent Reserve also charges a withdrawal fee amounting to 0.0006 BTC when you withdraw BTC. This fee is below the global industry average and thus constitutes a competitive advantage against the majority of other top crypto exchanges in the market.
This exchange offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.
Independent Reserve Security
Independent Reserve’s security score is C-, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
Finally, the exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):