Independent Reserve, a centralized exchange founded in 2013, is one of the first cryptocurrency exchanges in Australia.The exchange is a member of the Australian Digital Commerce Association (ADCA) and is overseen by an advisory board chaired by Michael Goh.As an Australian company, Independent Reserve operates within the laws and regulations applicable to the Australian financial industry.
The exchange is also one of the first digital currency exchanges to offer cryptocurrency trading services in the Australian and New Zealand markets.However, Independent Reserve is also popular with cryptocurrency traders around the world, as the exchange offers low fees and fiat support.In addition to supporting the Australian and New Zealand dollars, Independent Reserve also supports the US dollar.
The Independent Reserve has 26 digital assets that can be traded for fiat currencies such as AUD, USD, SGD, and NZD, including stable coins, altcoins, and DeFi tokens. Available digital assets include Bitcoin, Ripple (XRP), Ether, EOS, and others.
The platform has a multi-currency order book that converts orders to the selected currency.In short, it allows you to use the entire order pool, which allows you to get the best possible price when trading cryptocurrencies, as you can view all market orders regardless of what fiat currency they are placed in.
In addition, the Independent Reserve platform supports several types of orders, such as:
- Limited purchase;
- Limited sale;
- Buying on the market;
- Selling on the market;
- Stop-limit purchase;
- Stop-limit sale.
Although Independent Reserve's services are available to customers around the world, they primarily target customers from Australia and New Zealand.Thus, the deposit and withdrawal methods are focused on the markets of Australia and New Zealand.
Independent Reserve Fees
Independent Reserve's fee is based on the trading volume of the last 30 days, which starts at 0.5% per transaction. The commission fee can be reduced to 0.02% as the trading volume increases (recalculated every 4 hours).
The increased fee structure seems to be suitable for high net worth individuals and SMSF investors with large amounts of money to invest in order to get a lower commission for cryptocurrency trading. For beginners, a trading fee of 0.02% is probably not available. For comparison, Binance offers a fixed trade of 0.1% for all cryptocurrency transactions.
Withdrawals in Australian dollars are free of charge. The commission for the withdrawal of cryptocurrency funds is 0.0003 BTC when withdrawing BTC.
In terms of security, Independent Reserve can guarantee zero data loss, as data is replicated simultaneously in two different locations in real time.At the same time, there is a fully configured production platform in reserve, which can take over the functions of the main platform if necessary.
In addition, there is a multiple full encryption of all data that has different signatures.Finally, most of the cryptocurrencies are stored in cold storage.The exchange also insists on using two-factor authentication as an additional layer of security.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.