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Independent Reserve Review - is it scam or safe?

Independent Reserve Review - Is independentreserve.com scam or safe cryptocurrency exchange?

RATING: 3.5 / 2 REVIEWS Independent Reserve

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

Account type Leverage Trading fee Deposit Fee
Standard N/A 0.50 % Vary, details below

 

Independent Reserve is a Sydney-based cryptocurrency exchange. This is more of an entry-level service, as the company accepts fiat currencies. In essence, this is an established player in the Australia and New Zealand region.

 

 

Independent Reserve Advantages

 

Regulated by AUSTRAC

Independent Reserve is the first exchange to be regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). The main purpose of this centre is to ensure that Australian institutions comply with the Counter-Terrorism Financing and Know Your Customer rules applicable in the country.

 

ADCA Membership – this strands for the Australian Digital Commerce Association. ADCA is a non-government, non-profit organization, uniting some of the major players in the cryptocurrency space and Independent Reserve is one of them.

 

 

>>Australian crypto-exchanges<<

 

 

Fiat currencies accepted – bank transfers and Poli Payments are accepted at Independent Reserve. This allows the uninitiated to enter the world of cryptocurrencies. Here is a summary of the fees:

 

 

Few altcoins available – the cryptocurrencies available at Independent Reserve are Bitcoin, Ethereum and Bitcoin Cash. They are traded against the AUD, NZD and USD.

 

Has not been hacked yet – this exchange was not the target of a major attack and additionally claims to offer top-tier security. This is not a guarantee for anything, but is still nice to know.

 

Positive user reviews – the user reviews of Independent Reserve are mostly positive. The few complaints are about not that significant issues, like the company requiring address verification. This goes in line with the overall feeling of stability which we get from the exchange.

 

 

Independent Reserve Disadvantages

 

Region specific  – the main flaw of Independent Reserve is the fact they are a bit specific to the ANZ region. Of course, this isn’t that much of a flaw, but a deliberate decision made by the company.

 

High trading fees – the costs of trading at this exchange start from 0.50%. While they go lower with bigger trading volumes, most traders are not likely to exchange over 15 Bitcoin in a month. The majority of exchanges charge something in the 0.25% range.

 

Low liquidity – this is bound too happen with a trading venue, which is focused on a comparatively small market. That being said, this is still feels like a good gateway company.

 

No margin trading  – most of you would have probably guessed it by this point, but Independent Reserve does not support leverage. This is not a major disadvantage, especially given the serious price swings in the cryptocurrency space. That being said some of you may still want to trade more aggressively.

 

 

>>Leveraged Bitcoin trading<< 

 

 

Some forex brokers, like easyMarkets have started offering Bitcoin trading, with leverage. We must mention the key point, that you will be trading CFDs with such a company. This basically means you will only make a profit (or register a loss) with the price movements of the given coin, while not being an owner of actual cryptocurrency. Read all about this way of trading here.

 

Relatively poor charting – The trading platform offered by Independent Reserve looks good, with charting being the one major exception. The “tape” (transaction history) and order book are placed very conveniently next to one another. Despite providing candlesticks, the this platform does not support technical indicators of any kind. That being said, we have seen much worse solutions. Here is a preview:

 

 

Conclusion

 

Independent Reserve is an established player in the Australian cryptocurrency space. When entering the company’s website one immediately gets the feeling of professionalism, whereas other exchanges (even those who offer good trading conditions) simply look sketchy from the beginning. 

 

Independent Reserve is a simple entry-level exchange, with a focus  ANZ clients. While the trading fees are higher than the ones charged by the well-known global industry leaders, this exchange looks much more reliable for locals.

 

Being a member of the Australian Digital Commerce Association (ADCA) also gives this exchange credibility. That being said, all things connected with the sphere of cryptocurrencies come with at least some level of risk.

 

The forex brokers offering CFDs on digital assets, which we briefly mentioned above are a much safer option. There are some companies in the retail forex sphere which are even shadier than some exchanges, but on the other hand some are regulated by trustworthy agencies, like the UK’s FCA and Australia’s ASCI. Check the link below for a list of such brokers:

 

>> Trusted Bitcoin forex brokers<<

 

A summary of the strong and weak sides of Independent Reserve:

 

Pros Cons
ADCA Membership Region specific
Fiat currencies accepted High trading fees
Few altcoins available Low liquidity
Has not been hacked yet No margin trading
Positive user reviews Relatively poor charting

 

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Traders` reviews for Independent Reserve

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Just asking for help

I joined here independent reserve Last year October. Some one operating my account, then I gave my info etc when the money goes to my account, the bank said it’s a scam it’s a fraud. They blocked my bank account the bank have all the money

Marivic valiente 03/26/2019

Nightmare

Independent Reserve an absolute nightmare to verify ID. Customer support and help are hopeless and repetitive. Really no help at all. Avoid this platform until issues are resolved is my advice

John Cannon 01/09/2018
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