Introduction
Independent Reserve is an Australian-based digital currency exchange. The exchange was founded in 2013, and it offers trading in a variety of digital currencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP. Independent Reserve also offers a fiat-to-crypto exchange service, allowing users to buy and sell digital currencies using AUD, USD, and NZD. In this review, we’ll take a look at the pros and cons of using Independent Reserve, as well as traders’ ratings of the exchange.
What is Independent Reserve?
Independent Reserve is a digital currency exchange allowing users to buy and sell Bitcoin and other cryptocurrencies. The exchange was founded in 2013 in Sydney, Australia. Independent Reserve is one of the few exchanges that allows users to trade between fiat currencies and cryptocurrencies. The exchange supports AUD, USD, NZD and BTC.
Independent Reserve has low trading fees of 0.5% for market takers and 0% for market makers. Deposit fees are also low, at 0% for bank transfers and 3% for credit/debit card deposits. Withdrawal fees vary depending on the method used but are generally around the same as deposit fees.
The exchange offers a good level of security, with 2-factor authentication available for all accounts. In addition, all funds are stored in offline cold wallets which provides extra protection against hacking attempts.
Overall, Independent Reserve is a good choice for those looking for an Australian-based cryptocurrency exchange with fiat currency support. The low fees and good security make it a great option for both new and experienced traders alike.
How does Independent Reserve work?
Independent Reserve is an Australian-based Bitcoin and Ethereum exchange. The exchange allows users to buy and sell cryptocurrencies using AUD, NZD, USD, and EUR. Independent Reserve also offers a OTC trading desk for large trades.
The exchange has been operational since 2014 and is one of the most popular cryptocurrency exchanges in Australia. In 2018, the exchange was ranked the 3rd most popular cryptocurrency exchange in the world by volume.
Independent Reserve is a regulated platform with compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. The exchange has also implemented know-your-customer (KYC) procedures.
Users can fund their Independent Reserve account using bank transfer or POLi payments. Cryptocurrencies can be stored in an online wallet on the Independent Reserve website or in an offline wallet.
Pros and Cons
Independent Reserve is one of the most popular cryptocurrency exchanges in Australia and New Zealand. The exchange offers a wide range of features, including spot and margin trading, derivates trading, and OTC trading. Independent Reserve also supports a variety of fiat currencies, including AUD, NZD, USD, EUR, and GBP.
One of the biggest advantages of using Independent Reserve is the low fees. The exchange charges 0.5% for both maker and taker orders. This is significantly lower than the industry average of 0.25%. Independent Reserve also offers a variety of payment methods, including bank transfer, credit/debit card, and POLi Payments.
Another major advantage of using Independent Reserve is the high level of security. The exchange uses multi-signature technology to secure all accounts. In addition, all withdrawals are processed manually by the team to ensure that they are not being made fraudulently. Finally, all sensitive data is stored offline in cold storage wallets.
One potential downside of using Independent Reserve is that it does not currently support margin trading. This means that traders who are looking to leverage their positions will need to look elsewhere. Another potential issue is that the exchange only supports a limited number of fiat currencies. This may be problematic for international traders who want to use other currencies such as USD or EUR.
Conclusion
Overall, Independent Reserve is a good exchange with some great features. They offer low trading fees, a wide variety of coins and fiat currencies, and a user-friendly interface. However, there are also a few drawbacks to using this exchange, such as the lack of 24/7 customer support and the fact that they are not available in all countries. Overall, if you are looking for an easy to use exchange with low fees, Independent Reserve is worth considering.