In this guide, Cryptocurrency NZ will delve into the history and features of this cryptocurrency exchange – and help gauge if this platform is suited to you.
What is Independent Reserve NZ?
Independent Reserve, an established cryptocurrency exchange based in Australia, offers a stable and highly secure platform for users to engage in the buying and selling of tokens.
Initially founded in 2013, Independent Reserve has since extended its service range to cater to cryptocurrency investors residing in New Zealand and South East Asian regions.
History of Independent Reserve NZ
Independent Reserve was founded in 2013 in Sydney, Australia, by a team of smart individuals with a vision to create a reliable and secure platform for cryptocurrency trading. The founders, Adrian Przelozny, Roman Stefanidi, and Adam Tepper, recognized the growing demand for a trusted exchange in the nascent cryptocurrency industry.
In its early years, Independent Reserve focused primarily on serving the Australian market, establishing itself as a reputable platform for buying, selling, and storing digital assets.
As the crypto market continued to evolve, Independent Reserve recognized the increasing demand from investors in neighboring countries, such as New Zealand. They provided New Zealanders with access to a reliable and regulated platform for digital asset trading.
How to Buy Bitcoin with Independent Reserve
To buy Bitcoin on Independent Reserve in New Zealand, follow these steps:
Sign up and create an account: Visit the Independent Reserve website and sign up for an account. Provide the required information and complete the verification process, which may include identity verification and KYC (Know Your Customer) procedures.
Deposit funds: Once your account is verified, deposit funds into your Independent Reserve account. You can deposit funds using supported fiat currencies.
Navigate to the trading interface: After depositing funds, navigate to the trading interface on Independent Reserve. Look for the Bitcoin trading pair, typically represented as BTC/NZD (Bitcoin/New Zealand Dollar), depending on your country.
Place a buy order: On the trading interface, specify the amount of Bitcoin you wish to purchase and set the price at which you are willing to buy. You can choose between market orders (buy at the current market price) or limit orders (buy at a specific price).
Review and confirm the order: Double-check the details of your buy order, including the amount and price. Once you are satisfied, confirm the order.
Complete the transaction: If your buy order matches with a sell order on the exchange, the transaction will be executed, and you will receive the purchased Bitcoin.
Independent Reserve NZ Fees
Independent Reserve offers discounted fees based on your trading volume over the past 30 days. Trading volume is calculated every 4 hours. Fees range from 0.5% to 0.02%.
Independent Reserve offers a small range of 20+ cryptocurrencies that you can buy and sell on their platform – such as Bitcoin, Ethereum, Litecoin, Dogecoin and Monero.
Note: Independent Reserve doesn’t regularly add new cryptocurrencies to the platform.
Security on Independent Reserve NZ
Independent Reserve prioritizes the security of user funds and personal information, implementing robust measures to ensure a secure trading environment. Here are some of the key security features and practices employed by Independent Reserve:
Two-Factor Authentication (2FA): Users can enable 2FA, adding an extra layer of protection to their accounts by requiring a second verification step during login.
Secure Storage: Independent Reserve utilizes a combination of hot and cold wallets to store cryptocurrencies. The majority of funds are kept in offline in cold wallets.
Advanced Encryption: The platform employs industry-standard encryption protocols to safeguard user data and communications, reducing the risk of unauthorized access.
Compliance with Regulations: Independent Reserve operates under regulatory frameworks and adheres to strict compliance standards to ensure transparency.
Ongoing Monitoring and Risk Management: Independent Reserve continuously monitors its systems for any suspicious activities, employing advanced risk management tools to detect and prevent potential security breaches.
Withdrawal Whitelisting: Users can set up withdrawal whitelists, specifying approved wallet addresses to which funds can be withdrawn. This adds an additional layer of protection against unauthorized withdrawals.
Regular Audits and Penetration Testing: Independent Reserve conducts regular audits and external penetration testing to identify and address any potential vulnerabilities.
Independent Reserve is generally known to have good customer support, incentivized to solve your problem or query as soon as possible. Their customer support team receive perks for exemplary and fast response times, ensuring you can get the help you need.
Independent Reserve has received mixed reviews on Trustpilot, with an average rating of 3.6 out of 5 stars across 50 reviews. Many users have praised the platform, however there have been some criticisms of Independent Reserve, typically due to delays.
Cryptocurrency NZ Final Verdict
Independent Reserve provides a satisfactory experience for users, Cryptocurrency NZ believes that there are better options available for Kiwis. One such alternative is Easy Crypto NZ, which offers a wider selection of tokens and a platform that is based in NZ.
Moreover, Cryptocurrency NZ highlights concerns about the over-the-top compliance requirements for creating an account on Independent Reserve. The stringent compliance measures may pose challenges and inconvenience for users, potentially deterring them.
Ultimately, individuals seeking a broader range of tokens and a more streamlined account creation process may find Easy Crypto NZ to be a more favorable choice.