The Independent Wildlife Refuge was established in 2013 in Sydney, Australia. The exchange is part of the Australian Digital Commerce Association (ADCA) and is focused on innovating and institutionalizing the cryptocurrency industry. While not regulated, the exchange’s membership in the ADCA allows for some legitimacy. The Independent Reserve has also worked with the Association to develop regulatory laws about the cryptocurrency industry, highlighting their focus on legitimizing and regulating cryptocurrency exchanges.
The exchange is also one of the first digital currency exchanges to offer cryptocurrency trading services in the Australian and New Zealand markets. However, the Independent Reserve is also popular with cryptocurrency traders around the world as the exchange offers low fees and support for fiat currencies. In addition to supporting the Australian and New Zealand dollars, the Independent Reserve is also supporting the US dollar.
The independent reserve has two unique functions: a cryptocurrency tax assessor and an OTC independent reserve department. Tax Estimator is an exchange-owned interface that connects to user accounts and calculates the estimated tax liability of the user. On the other hand, an OTC desk is a technical support system for users who have very high trading volumes and strive for maximum efficiency.
Independent Reserve provides enhanced security for its users through a partnership with the Air marshal, a platform responsible for ensuring the protection of the trading system. The exchange is also required to verify user IDs following specific laws. New investors can only start trading on the platform after verifying the information they have provided. It means that anonymous trading on the platform is prohibited. It affords better security and transparency but may discourage some users who seek complete anonymity when trading. A commonly used two-factor authentication system is used alongside cold storage, data encryption, and wallet encryption. The exchange does two separate data centers, which minimizes possible data loss and provides double protection of personal information.
The Independent Reserve charges trading fees based on the user’s trading volume. Commissions start at 0.50% and go up to 0.10% as the user’s trading volume increases. Start-up fees are double the industry average of 0.25%, which is a disadvantage for those with low trading volumes. However, if you are a high-volume user, the 0.10% minimum trade commission is very winning as it is well below the industry average and gives the platform a competitive edge.
This platform allows fiat and cryptocurrency trading along with cryptocurrency trading, which is good news for new cryptocurrency investors. Users can transfer fiat currencies into their accounts through bank transfers. However, credit cards are not admitted as a legitimate form of payment. Likewise, existing cryptocurrencies can be deposited into user accounts without commission. Independent Reserve allows international users to deposit money in their currency via SWIFT transfers, which is very useful for those who do not want to engage in foreign currency exchange.
The exchange website asks visitors to go through a reCAPTCHA security check before allowing them to access the website. It features a very modern and simple design, simple enough for any user to navigate easily.
Independent reserve
The Independent Reserve is an order exchange offering bitcoin and major altcoins. In addition to exchange functions, IR offers OTC trading services, instant deposits, and insurance.
Independent Reserve is an excellent choice for the selected criteria:
- Security: two-factor authentication, device whitelist, all data is signed and encrypted with geographically distributed keys, 95% of crypto assets are stored in cold storage;
- Insurance: The premium account service includes insurance for the crypto assets you hold in the Independent Reserve;
- Markets: The Independent Reserve offers Bitcoin markets and 13 primary altcoins including Ethereum, Litecoin, Ripple, and EOS. Users can trade cryptocurrencies against Australian dollars, US dollars, or New Zealand dollars. With more than $ 1 million in daily volume, the liquidity of these markets is sufficient for any level of activity;
- Commissions: Trading commissions on IR are very low and decrease as trading activity increases. Australian Citizens’ deposits up to AU $ 100 are charged a $ 0.99 fee, large deposits are free. USD or NZD SWIFT deposits carry a USD 15 fee for any amounts up to USD 5,000 and are free for higher deposits. Users can withdraw funds in fiat currency directly to their bank or through any cryptocurrency supported on the site;
- Ease of Use: It is very manageable to navigate the site and access any of the available markets. With real-time price charts, order books, and depth charts, traders have everything they need to make intuitive decisions. For any issues that arise, there is a ticketing system so that users can get in touch with live support. Premium accounts also have the added benefit of 24/7 priority support.
The Independent Reserve is considered a trusted choice for cryptocurrency trading. Recognized by the Australian Digital Exchange of the Year, the Independent Reserve has over 120,000 customers and over 8,000 SMSFs.
