Independent Reserve Review: Is It Still Worth It? 

The Australian cryptocurrency market is rapidly growing with multiple exchange platforms to choose from. One platform, Independent Reserve, was launched in 2013 with the goal of doing things the right way. Here's a detailed review to help you decide if it's the right fit for you.

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Quick Verdict

Independent Reserve has been a robust and reliable trading platform for Australians for some time. It provides everything people need to start their crypto portfolios, and it has enhanced these offerings but slowly improving its platform in recent times. An example of this is the new interface design and integrated TradingView charting. Its trading fees are on par with other brokerages but its limited supported crypto might make altcoin investors look elsewhere.

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Pros

• Outstanding security track record and ISO 27001 accreditation.
• Maximum trading fees of 0.5% that can be reduced on volume.
• Integrated TradingView charting and order types.
• Straightforward to use.

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Cons

• Limited supported cryptocurrencies.
• No live chat or phone support.

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Review of Independent Reserves Top Features

Read on to find out what we thought of Independent Reserve’s features. 

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It’s user-friendly

Independent Reserve's interface is simple and user-friendly, catering to a broad range of users. It's effortless to navigate due to its well-organized and intuitive design that supports streamlined account management processes. 

Previously known for its outdated interface, Independent Reserve has overhauled its UI into a more modern and cleaner presentation. The new dashboard makes it easy to see how a portfolio is tracking.

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Buy the major digital currencies

Independent Reserve has a relatively small selection of 30 digital assets, which is less than that of other popular trading platforms like Swyftx (375), Cointree (240), and Binance (416).

Rather than offering low market cap coins and tokens, Independent Reserve focuses on supporting most major crypto assets. It allows the exchange of several fiat currencies (AUD, SGD, USD, and NZD) for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Polygon (MATIC), Cardano (ADA), and Tether (USDT).

Due to the limited number of supported digital assets, Independent Reserve may not be a viable option for those interested in investing in lesser-known or newer altcoins. 

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Trading with 2x leverage

Independent Reserve has entered the leverage market by allowing users to trade with up to 2x leverage. Trading with leverage can result in increased profits if the market moves in the trader's favor, but it also involves the potential for larger losses if the market moves against your position.

To help traders mitigate their positions, the platform provides stop-loss features that can be set to automatically close a position if the market moves in the other way. Additionally, the liquidation is set at a 10% margin.

Although the leverage is small compared to the likes of Bybit and MEXC that we’ve also reviewed, and considering the regulatory landscape Australian platforms need to adhere to, Independent Reserve has carved itself a new position in the market.

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AutoTrader to implement basic strategies

Independent Reserves offers a feature called AutoTrader, a service that allows users to Dollar-Cost-Average their way into the crypto market in single or multiple assets at a time. 

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• AutoBuy allows the purchase of a specific cryptocurrency, such as Bitcoin, whenever funds are deposited into the account. 
• AutoBasket is similar to the concept of 'crypto bundles' available on other trading platforms. It automatically uses your funds to buy various cryptocurrencies at once, allowing you to determine the proportion of each asset in the bundle, such as 50% BTC, 30% ETH, and 20% ADA.
• AutoSchedule, which operates similarly to DCA, automatically purchases your chosen cryptocurrency regularly, eliminating the need to time the market.

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Overall, AutoTrader's features are straightforward and delivered smartly, aiming to simplify the trading process for the general public. 

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Crypto tax calculators 

Cryptocurrency trades are subject to taxation according to Australian regulations. Whenever a net financial profit is realised, it triggers a capital gains tax event. The Australian Tax Office (ATO) views cryptocurrency as an asset or property liable for Capital Gains Tax (CGT) and must be disclosed. 

Independent Reserve offers a KPMG tax calculator designed to help estimate tax responsibilities. This tool generates a .csv file containing all transactions conducted throughout the fiscal year and estimates the CGT amount owed.

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Account Funding Methods

Independent Reserve supports some of the most popular deposit and withdrawal methods. Users have plenty to choose from, including PayPal, bank transfers, PayID, and directly buying crypto using a credit or debit card. 

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With the exception of PayPal, Australians can make free AUD deposits into their accounts if the amount exceeds $100. For amounts less than $100, a processing fee of $0.99 will be charged, but this shouldn’t bother most customers. Deposits via PayPal and credit and debit card purchases will incur a 1% fee.

PayID and OSKO deposits are processed in less than 24 hours and have a daily limit of $20,000. Bank deposits are typically processed within 1 – 2 business days, while SWIFT deposits may take up to 3 days to appear in your account. If you wish to raise your deposit limits, you can submit a request to the support team.

Withdrawals of money to a bank account are free.

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Trading Fees

Independent Reserve trading fees are based on a tiered structure that starts at 0.5%. However, depending on the 30-day trading volume, these can reduce to 0.02%. Thus, the more volume traded, the cheaper the fees. 

Overall, the 0.5% fee is comparable to most other Australian brokerage platforms. You can also learn more about other platforms that have zero percent trading fees.

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Using Independent Reserve

Independent Reserve understands that traders come from different backgrounds and experiences. This is reflected in the charting interfaces they provide.

In addition to the simplistic buy and sell function, the platform offers an advanced interface equipped with the popular TradingView charting package. All the indicators and drawing tools are there for traders to analyse the price action of crypto for their entry and exit positions. Market, limit and stop limit order types are also provided. 

This is a significant improvement on its previous interfaces where simple charting was provided. Even so, the charting appears to be stripped back a little to reduce the amount of potential confusion it may give to users. 

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Final Verdict

Independent Reserve has positioned itself as one of the most dependable and reputable cryptocurrency trading platforms accessible to Australians, and it's evident why. The company's emphasis on being a legitimate exchange that complies with all regulations is clear, especially when it comes to security and protecting customer assets and funds.

Independent Reserve offers the fundamentals but they are delivered very well. While lacking advanced markets and features that the global exchanges have, it’s a very good stop gap between a simple buy and sell platform and one where a level of analytics is involved.

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We aim to publish factual and accurate information as of the publication date. For specific information about a cryptocurrency exchange or trading platform please visit that provider's website. This information is general in nature and is for educational purposes only. We do not provide financial advice, nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

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