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Independent Reserve-1234251933907

Independent Reserve-1234251933907 WikiBit 2023-07-25 13:28

Independent Reserve is a virtual currency exchange based in Australia. It was founded in 2013 and is registered with the Australian Transactions Reports and Analysis Centre (AUSTRAC). The company offe

Exchange Name Independent Reserve
Founded Year 2013
Regulatory Agency None
Cryptocurrencies Available 28
Fees Starting at 0.5%
Payment method Bank transfers
Customer support Social Media

Overview of Independent Reserve

Independent Reserve is a virtual currency exchange based in Australia. It was founded in 2013 while it is unregulated. The company offers various cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and OmiseGO (OMG).

Pros and Cons

Pros Cons
Easy-to-use platform A limited list of supported currencies
Competitive fees No margin trading or lending features
Live customer support
Instant deposit options

Regulatory Authority

In order to determine the legitimacy of an exchange, it is essential that they are regulated by reputable regulatory agencies such as the FCA or CySEC.

Please note that Independent Reserve is not authorized or regulated by any regulatory authorities, unsafe to trade with. Make sure to stay away from these exchanges as they are anonymous and that they can disappear at any time without notice.

To ensure the safety and security of your funds, it is vital to improve the level of caution when dealing with unregulated exchanges and conduct thorough due diligence before investing their funds.

Security

Platform Security Features

  • Account Security: Two-Factor Authentication (2FA) using Google Authenticator is enforced upon login, with optional SMS backup. Users can change their usernames and email addresses anytime. Username choice is encouraged for security reasons, and email notifications are sent upon each login.

  • Instant Account Suspension: Unauthorised logins trigger instant account suspension via email link.

  • Duress Password: An account can be suspended using a Duress password.

  • IP-Based Security: Additional security information is required for login attempts from different IP addresses.

  • Withdrawal Restrictions: After making changes to account security details, cryptocurrency and instant withdrawals are blocked for 72 hours.

  • Security Notifications: SMS notifications are sent for changes in account security details.

  • System Security

    • Data Encryption: Personally identifiable information is encrypted both during transmission and storage, using physically dispersed keys.

    • Document Security: Uploaded documents are watermarked and encrypted using physically dispersed keys.

    • Admin Access Control: Uploaded documents are accessible only to admins with special permission for KYC verification, ensuring security.

    • Chat Encryption: Support chat text messages are fully encrypted.

    • Data Integrity: Sensitive database entries are hashed, signed during write, and verified during retrieval for data integrity.

    • Hot Wallet Security

      • Cold Storage: Over 97% of cryptocurrencies are stored in cold storage with automated monitoring.

      • Private Key Encryption: Hot wallet private keys are encrypted with multi-layer protection using geographically dispersed keys.

      • Address Reconciliation: Continuous monitoring and address reconciliation between system accounts and the blockchain are maintained.

      • Private Key Protection: Hot wallet private keys are never exposed, even to administrators.

      • Cold Storage Security

        • Cold Storage Allocation: Over 97% of cryptocurrencies are held in multiple geographically dispersed vaults with rigorous physical security.

        • Access Control: Cold storage requires multiple employee approvals for physical access.

        • Offline Storage: Proprietary offline storage incorporates multiple encryption layers and redundancies.

        • Multi-Signature Withdrawals: Multi-signature withdrawals necessitate more than one person for execution.

        • Survivorship Procedures: Procedures are in place to recover cold storage funds in extreme scenarios.

        • Cryptocurrencies Available

          Independent Reserve offers a variety of cryptocurrencies for trading on its platform. Some of the cryptocurrencies available include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and OmiseGO (OMG).

          Fees

          Independent Reserve offers a competitive fee structure designed to provide users with cost-effective options for their cryptocurrency transactions.

          Deposit Fees:

          Depositing funds on Independent Reserve is straightforward. Free deposits are available for amounts of AUD 100 and above. However, deposits below AUD 100 are subject to a processing fee of AUD 0.99. Similarly, for USD and NZD deposits, there are no fees for amounts above NZD 100.

          Trading Fees:

          Independent Reserve's trading fees are designed to reward active traders. The trading fee starts at 0.5% and progressively decreases based on your 30-day trading volume. This means that the more you trade, the lower your trading fees become. For instance, when buying or selling any cryptocurrency, such as Bitcoin, a standard fee is applied. For a $100 Bitcoin trade, the fee would amount to $0.50. The trading fee can potentially reach as low as 0.02% (equivalent to $0.02 per $100 traded) based on your trading activity over the past 30 days.

          Withdrawal Fees:

          When it comes to withdrawing funds, Independent Reserve offers different options with varying fees. EFT (Electronic Funds Transfer) bank withdrawals are entirely free of charge. However, fees are applicable to instant withdrawals, SWIFT bank withdrawals, and crypto withdrawals. The specific fee amounts for these withdrawal methods can be found on the platform.

          Overall, Independent Reserve provides users with a fee structure that promotes cost savings through free deposits above specified thresholds, reduced trading fees as trading volume increases, and free EFT bank withdrawals. It's important to review the platform's fee schedule for complete details on withdrawal fees and other associated costs.

          Fee Type Details
          Deposits Free for AUD 100 and above
          AUD 0.99 processing fee for deposits under AUD 100
          Free USD and NZD deposits above NZD 100
          Trading Fees Starting at 0.5%
          Decrease based on 30-day trading volume
          Can go as low as 0.02% (i.e., $0.02 per $100 traded)
          Withdrawal Fees Free EFT bank withdrawals
          Fees for instant, SWIFT, and crypto withdrawals

          Payment Methods

          Independent Reserve offers multiple deposit and withdrawal methods to provide users with flexibility in managing their funds.

          For fiat currency deposits, users can make bank transfers through the PayID/Osko platform, which allows for instant deposits. Independent Reserve also supports deposits made with POLi Payments, which typically take 1-2 business days to process.

          When it comes to cryptocurrency deposits, Independent Reserve does not charge any fees and supports various cryptocurrencies for deposit, including Bitcoin, Ethereum, Litecoin, and more. The processing time for cryptocurrency deposits depends on the blockchain network and can vary.

          For withdrawals, users can withdraw fiat currency through bank transfers. Withdrawals typically take 1-2 business days to process, depending on the user's bank and local banking systems. Independent Reserve also allows cryptocurrency withdrawals, which are processed on the blockchain network and can vary in processing time.

          FAQs

          Q: How does Independent Reserve ensure platform security?

          A: Independent Reserve employs a range of platform security measures, including Two-Factor Authentication (2FA), instant account suspension for unauthorized logins, Duress Password, IP-based security, withdrawal restrictions after security changes, and SMS notifications for security updates.

          Q: What measures are in place to secure hot wallet assets?

          A: Over 97% of cryptocurrencies are stored in cold storage with multi-layer encrypted private keys. Continuous monitoring and reconciliation are maintained between system accounts and the blockchain. Hot wallet private keys are never exposed, even to administrators.

          Q: How does Independent Reserve secure cold storage?

          A: Over 97% of cryptocurrencies are stored in multiple geographically dispersed vaults with strict physical security. Cold storage requires multiple employee approvals for access, features offline proprietary storage with multiple encryption layers, and implements multi-signature withdrawals.

          Q: What cryptocurrencies are available for trading on Independent Reserve?

          A: Independent Reserve offers a range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and OmiseGO (OMG).

          User Review

          User 1:

          User 1: Hey folks, just wanted to share my take on Independent Reserve. First off, gotta give them props for their security game. Two-Factor Authentication and cold storage for most coins? A+ for safety. But here's the kicker – they're not regulated. That's a red flag for me, especially when it comes to my hard-earned cash. Interface is clean, no complaints there. Liquidity? Pretty decent, though I wish they had a few more altcoins. Customer support is responsive, answered my queries fast. Trading fees? Not too shabby, gets better as you trade more. Privacy? Well, they encrypt stuff, but remember, unregulated waters. Deposits and withdrawals? Pretty quick, but again, that regulation thing keeps me wary. Overall, good, but the no-regulation situation? Makes me hesitate.

          User 2:

          User 2: Alright, fellow traders, let's dive into Independent Reserve. Starting strong with their security – cold storage and 2FA are sweet. But, uh-oh, they're not under any regulator's watchful eye. Interface is user-friendly, which is a relief. Liquidity-wise, not bad; could use more altcoins though. Oh, customer support? They were there when I needed 'em, responsive peeps. Trading fees – hey, they're reasonable and drop as you up your game. Talking privacy, they do encrypt data, which is good. Deposits and withdrawals? Pretty snappy, I must say. But, hang on, that no-regulation situation doesn't sit well with me. Overall, solid in many ways, but that lack of oversight gives me pause.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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