Independent Reserve is one of the first cryptocurrency exchanges in Australia, and was founded in 2013. The exchange is a member of the Australian Digital Commerce Association (ADCA) and is supervised by an advisory board chaired by Michael Go. Independent Reserve operates within the regulations of the Australian financial industry.
The platform was one of the first to offer cryptocurrency trading to Australian and New Zealand citizens. Independent Reserve is not restricted to these territories however, and is popular among traders globally. Apart from support for the Australian and New Zealand dollar, Independent Reserve also has support for the U.S dollar.
Traders that use Independent Reserve can trade in Bitcoin, Ethereum, Bitcoin Cash and Litecoin, as well as a number of other altcoins. Independent Reserve also supports trading with the Australian dollar, New Zealand dollar and U.S dollar. The platform uses a multicurrency order book that converts orders into the currency of choice.
Though it has global reach, the cryptocurrency exchange focuses on Australian and New Zealand traders as its primarily clients. As such, the deposit and withdrawal methods are geared toward the Australian and New Zealand markets.
The trading fees at Independent Reserve are based on a tiered level. The more a user trades, the cheaper it becomes. At the top of the scale, the fee is 0.50% and it goes down as the trading volume increases to a minimum of 0.10%.
Independent Reserve has a strict KYC process, as it is legally required to verify the identity of account holders. Specific information will be requested by the exchange depending on the nationality of the account holder. The provided information will then be checked with the databases of the account holder’s country as well as with various AML and CTF databases. Once verified, only then will the account be activated to permit trading.
Independent Reserve has strict security in place. The platform runs from two secured data centers to ensure zero data loss. Lastly, the bulk of the Bitcoins are held in cold storage. On the client’s side, Independent reserve offers 2-factor authentication as an added layer of security.
The platform has a comprehensive help section which will answer the majority of questions users may have. The support team can be accessed via email tickets.
All in all, Independent Reserve is a great cryptocurrency exchange, with good customer support. It is also open to a range of currencies, giving users from around the world a chance to trade.
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