Independent Reserve Exchange Review

Independent Reserve was established in 2013 in Sydney, Australia. The exchange is a part of the Australian Digital Commerce Association (ADCA) and is focused on innovating and institutionalizing the cryptocurrency industry. Though it is not regulated, the exchange’s membership to the ADCA allows for some kind of legitimacy. Independent Reserve has also worked with the Association to draft regulatory laws concerning the cryptocurrency industry, highlighting their focus on legitimizing and regulating cryptocurrency exchanges.

Independent Reserve serves two unique features: the Cryptocurrency Tax Estimator and the Independent Reserve OTC-desk. The Tax Estimator is an interface belonging to the exchange that is plugged into users’ accounts and calculates the estimate tax obligations of the user. The OTC-desk, on the other hand, is a technical support system for users who have very high trading volumes and are looking for maximum efficiency.

Independent Reserve ensures enhanced security to its users through its partnership with a platform called Airmarshal, which is responsible for providing the security of the trading system. The exchange is also required to verify users’ ID’s, due to certain laws. New investors can only start trading on the platform once the information they have provided is verified. This means that anonymous trading is not allowed on the platform. This allows for better security and transparency, however, it might deter certain users who are looking for full anonymity when trading. The commonly used two-factor authentication system is used alongside cold storage, data and wallet encryption. The exchange makes use of two separate data centers, which minimizes possible data loss and secures personal information with double the protection.

Independent Reserve charges trading fees according to the user’s trading volume. The fees start from 0.50% and go as low as 0.10% as the user’s trading volume increases. The starting trading fee is double the global industry average of 0.25%, which is a downside for those with low trading volumes. However, if you’re a user who has a high trading volume, the minimum trading fee of 0.10% is very appealing, as it is well below the global industry average and provides a competitive edge to the platform.

Fiat-crypto trading is allowed on this platform alongside crypto-to-crypto trading, which is good news or new cryptocurrency investors. Users can deposit fiat currencies into their accounts via bank transfers, however, credit cards are not accepted as a valid form of payment. Likewise, existing cryptocurrencies can be deposit into users’ accounts without a fee. Independent Reserve allows international users to deposit money in their own currency via SWIFT-transfers, which is very helpful for those who do not want to deal with external currency exchanging.

The exchange’s website asks visitors to complete a reCAPTCHA security check before allowing them to access the website. It features a very modern and simple design, simple enough for any and all users to be able to navigate it with ease.