As we all know by now, cryptocurrencies have begun to dominate the global economic engine in a big way. In fact, it is predicted that by the year 2021, currencies like ETH, BTC will have been incorporated into a wide array of daily transaction services, thereby making them a force to reckon with.
Independent Reserve is a ‘cryptocurrency exchange’ that is based out of Sydney, Australia. Having been founded in 2013, it is one of the first crypto services to make trading available in Australia and New Zealand. The exchange operates in line with all of the laws and regulations laid out by the Australian financial services, thereby allowing for asset exchange in a completely legal and safe manner.
Some of the key feature of Independent Reserve which make it stand out from its contemporaries include:
Low Service Fees:
While other popular online exchanges charge anywhere between 2-2.5% in trading fees, Independent Reserve charges a commission of just 0.5%.
Popular Assets Supported:
In order to make trades/ purchases, individuals have the option to make use of a wide range of transfer means including POLi, EFT, SWIFT, wallet transfers.
Why Should I Choose Independent Reserve?
This is a completely valid question, especially when we already have many big names that present in the market. Some of the unique aspects which make Independent Reserve stand out include:
Easy To Use:
To make use of this platform, all users have to do is simply create an account, and then verify their identification by providing some basic documents. Once this initial step is done, trading is quite straightforward and easy.
Multi Currency Support:
This feature makes Independent Reserve a boon for investors residing in the Australasia region. This is because, it provides full support to users who would like to trade in currencies such as the Australian, US or New Zealand dollar. As a result of this, customers can extract various advantages related to fiat exchange rates and so on.
As a result of the service allowing us to trade in USD, AUD and NZD, we can choose to convert our AUD to USD or vice versa, as and when the market values start to go in our favour.
How Do Withdrawals Work?
To start off with, Independent Reserve provides all of its customers with a secure wallet, that makes use of 2 step encryption module. As a result of this, if anyone wishes to illegally withdraw our funds, he/she will have to go through a 2 step authentication process that requires information that is highly confidential.
At this point, it should also be mentioned that for crypto withdrawals, users need to possess a third party wallet to which the BTC, ETH can be transferred. Similarly, for fiat withdrawals, users need to link their bank account details to their Independent Reserve account.
Other Key Features To Consider
In order to execute trades at one’s desired monetary limits, users have the option to enable a ‘Limit buy and sell’ option.
The platform openly/freely offers its API to anyone who would like to use it for the development of their own trading platform.
How Fast Do Transactions Take Place?
In our opinion, this is the only area where Independent Reserve still lags behind other popular online exchanges like Coinbase. For example, all transactions including bank transfers, SWIFT, POLi, which take place on this platform, can take anywhere between 1-2 days to complete. This can be quite cumbersome as it can cause us to miss out on certain exchange rates which we would have liked to make use of.
Also, while there are no deposit limits, Independent Reserve has set certain withdrawal limits:
- Bitcoin: 0.001 BTC
- Ethereum: 0.01 ETH
- Bitcoin cash: 0.001 BCH
What About The Safety Side Of Things?
From our experience, this exchange delivers a good trading experience. Not only does it make use of advanced security protocols, but its interface is quite straightforward and should be easy for anyone to use. Some of the Key security measures that this platform uses include:
In order to protect all of its data, the exchange uses two separate server centers. As a result of this, all sensitive information can be replicated in case of a sudden intrusion or security breach.
As mentioned previously, Independent Reserve allows users to make use of a 2 Step Authentication scheme, that requires us to input a code (which is sent to the desired phone number) before anyone is allowed entry into our account.
How Do I Sign Up For Independent Reserve?
To make use of this service, all one has to do is simply visit the website, and click on the register button. The entire process is quite straightforward, and can be completed within a couple of minutes. In case there are are doubts or queries, users are encouraged to get in touch with customer care representatives either via email, or by phone (operating hours are based on local Australian time).