CoinSpot is the most reputable cryptocurrency exchange in Australia, while Independent Reserve is a much less familiar name. With so many divergent opinions and each exchange owning its distinctive features, it’s sometimes difficult to determine which one is better. With that in mind, CoinCulture will make a head-to-head comparison between CoinSpot and Independent Reserve so that you can make an informed decision. Ultimately, CoinSpot is our top pick because it clearly outperforms its competitor with its live chat assistance, high security, first-class staking service and in-platform NFT marketplace. You can read though this article or find a latest review about CoinSpot on our site.
Pros & Cons of CoinSpot
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| Coins | 350+ | 27+ |
| Trading Fee | Market: 0.1%; Instant buy: 1% | 0.5% (0.1% if you trade over $4 million/month) |
| Deposits Fee | Free POLi, PayID, Bank Deposit | Electronic Funds Transfer: $0.99 (free over $100 AUD), PayID / OSKO: $2.50 (free over $1000 AUD), International Deposit: $15 (free over $5000 AUD equivalent). |
| Withdraw Fee | Free | $20 fee for international or non-AUD withdrawals |
| Payment Options | Bank transfer, POLi, PayID, OSKO, BPAY, Cash deposit | Bank transfer, Crypto Deposits, PayID/OSKO, SWIFT |
| Daily Deposit Limit | No limit after full verification | $20k (AUD26,5K) |
| Security | 2FA, Biometric security, Offline cold storage, AUSTRAC registered, ISO 27001 certified, Blockchain Australia certified | 2FA, Biometric security, AUSTRAC registered, Offline cold storage |
| Website | www.coinspot.com.au | www.independentreserve.com |
CoinSpot vs Independent Reserve: Pros & Cons
Pros & Cons: CoinSpot
Pros
Over 350 cryptocurrencies are available to trade, more than other Australia-based crypto exchanges.
A secure and audited crypto exchange in Australia since it meets ISO standards and was AUSTRAC-regulated.
The in-platform NFT marketplace – the first of its type in Australia – is available for trading diverse NFTs.
Staking service requires no lock-in periods and pays rewards directly to users’ accounts.
CoinSpot’s OTC offering accepts larger trades for a low 0.1% fee with no hidden costs.
24/7 live chat support, request-a-call function, Help Desk
Cons
Currently, it supports only fiat currency deposits and withdrawals for AUD.
Pros & Cons: Independent Reserve
Pros
The exchange is suited to very experienced high-volume traders, with its premium service desk for large OTC trades
In addition to AUD, it allows users to deposit USD, NZD and SGD.
It provides insurance on digital assets, up to $5 million worth for the Diamond account.
The KPMG’s Cryptocurrency Tax Estimator helps users estimate their portfolio’s tax requirements.
Cons
It supports a limited variety of coins (only 27+), much fewer than CoinSpot and other Aussie exchanges.
Independent Reserve features relatively low liquidity and charges hidden withdrawal or trading fees.
The lack of Live Chat feature
The interface is not as user-friendly for inexperienced traders.
Other crypto exchanges have cheaper trading fees in comparison to Independent Reserve.
CoinSpot vs Independent Reserve Fees
As cryptocurrency investors or traders, you should be aware of the fees charged by the exchanges for each transaction. This seems to be a difficult task since some platforms seek to conceal additional costs via bizarre fees.
Deposit Fees
It’s simple to deposit funds in your CoinSpot account in order to purchase Bitcoin without any fees. CoinSpot customers can deposit funds for free and instantly through PayID, POLi, or Direct Deposit (through OSKO). There is a modest cost of 0.9% when you deposit using BPAY (charged by the provider, not CoinSpot) and a 2.5% fee when you want to deposit cash.
Independent Reserve charges a fee on deposits of less than $10,000. Electronic Funds Transfer: $0.99 (free for transactions over $100 AUD), PayID / OSKO: $2.50 (free for transactions over $1000 AUD), International Deposit: $15 (free for transactions over $5000 AUD equivalent).
Trading Fees
CoinSpot doesn’t divide between takers and makers and charges a “flat fee” of 1%. In other words, for instant buy/sell orders and coin swap features, you will be charged a 1% fee. CoinSpot’s customers can benefit from a 0.1% fee for all market trades, and the same 0.1% fee via the OTC section that supports trading of 50K or more with highly competitive spreads. You can read a detailed explanation of CoinSpot trading fees.
Similarly, Independent Reserve’s fee structure is also a “flat charge model”, which means the platform charges a flat 0.50% trading fee. This Aussie exchange rewards users for trading in larger amounts. Independent Reserve’s trading charge volume discounts are as follows:
Independent Reserve trading fee discounts. Source: Independent Reserve
Withdrawal Fees
When you transfer AUD from your CoinSpot account to an authorised Australian bank account, CoinSpot does not charge you any fees. Also, there are no minimum or maximum withdrawal limits. This is a significant competitive advantage and differentiates CoinSpot from most cryptocurrency exchanges.
The Independent Reserve does not impose a fee for AUD withdrawals to Australian bank accounts. However, if you want an instant withdrawal using NPP, you must pay a charge of $1.50. Withdrawals in BTC incur a fee of 0.0003 BTC, and a $20 fee is charged for international or non-AUD withdrawals.
Winner: Independent Reserve
Although Independent Reserve charges a fee for modest deposits, it costs more for trading than CoinSpot. When it comes to fees, CoinSpot absolutely is the winner.
CoinSpot vs Independent Reserve Deposit Methods
CoinSpot and Independent Reserve both accept a variety of deposit options. Direct Deposit, PayID, POLi, and cryptocurrencies are all supported on both systems.
CoinSpot additionally supports BPAY (0.90% fee charged by the payment service provider) and Cash payments (2.00% fee charged by the newsagents), while Independent Reserve does not.
Independent Reserve, unlike CoinSpot, allows foreign customers to deposit funds to their separate accounts at the exchange using SWIFT transfers.
Winner: CoinSpot
CoinSpot accepts BPAY and cash deposits, while Independent Reserve does not. The SWIFT transfer feature available on the Independent Reserve is not helpful to the everyday Aussie investor. CoinSpot is without doubt the winner here.
CoinSpot vs Independent Reserve Notable Features
Independent Reserve and CoinSpot have various robust features designed to provide clients with the best possible experience. Rather than going into detail about each service provided, this section will focus on their different characteristics.
CoinSpot Notable Features
CoinSpot’s elegant and easy-to-use interface simplifies new investors’ purchasing and selling procedures. The CoinSpot Bundles and Top 10 Market Cap Bundles services enable users to diversify their bitcoin investment portfolios. Users can trade coins more easily using CoinSpot’s new CoinSwap function! With CoinSwap, it’s easy to swap between 350+ different cryptocurrencies.
CoinSpot is one of Australia’s first cryptocurrency exchanges to provide staking services. The site now accepts investments in 22 different currencies and constantly extends its offerings. CoinSpot’s staking service does not require a lock-in period and enables users to stake Proof-of-Stake coins such as Solana or Cardano in digital wallets to earn staking rewards of up to 78%.
CoinSpot now includes an NFT Marketplace, an excellent crypto trading venue for Australians. While everyone has heard of NFTs, obtaining one has never been easier. There is no need to register OpenSea and link an external wallet. CoinSpot NFT marketplace allows users to purchase NFTs by paying with any cryptocurrency straight from your CoinSpot account. CoinSpot makes NFTs easy!
CoinSpot’s in-platform NFT marketplace. Source: CoinSpot
Independent Reserve Notable Features
Independent Reserve is a platform for high-volume traders. It is Australia’s first crypto exchange to provide insurance on its digital assets. To get insurance cover on their assets, users have to create a Premium Account. The amount of coverage is determined by the level of the Premium Account. The Starter account costs AUD$400 per year and includes insurance for crypto assets up to AUD $20,000.
Independent Reserve premium accounts. Source: Independent Reserve
Independent Reserve features an OTC Service Desk, a service for traders and investors that conduct high-volume trading in major digital currencies. OTC is what major Australian investors like about Independent Reserve, as shown by the 8000 Self-Managed Super Funds that utilise and trust the exchange.
In addition, KPMG’s Cryptocurrency Tax Estimator is available within the Independent Reserve, enabling investors to estimate their portfolio’s tax requirements. The tax estimator is an API (Application Programming Interface) for the trading platform to provide customers with an estimate of their prospective tax exposure in real-time according to the buy and sell transactions on the exchange.
Winner: CoinSpot
CoinSpot is ideal for new investors and those preferring a crypto exchange with good staking service and the in-platform NFT marketplace.
CoinSpot vs Independent Reserve: Supported Cryptocurrencies
Independent Reserve and CoinSpot are the top-leading trading crypto platforms that allow users to purchase and sell many cryptocurrencies.
CoinSpot – Supported Cryptocurrencies
CoinSpot provides an instant crypto exchange service, allowing users to acquire Bitcoin or any of the other 350+ cryptocurrencies by clicking the Buy button. Unlike P2P exchanges, customers do not need to wait for another trader or e-commerce rival to negotiate a price before they can buy the cryptocurrency they want. CoinSpot already holds cryptocurrencies; hence, it can trade assets independently.
CoinSpot supports over 350+ cryptocurrencies. Source: CoinSpot
Independent Reserve – Supported Cryptocurrencies
Independent Reserve covers only the main cryptocurrencies, so the platform only supports 26 coins. This can be ideal for experienced high-volume traders and investors since they won’t be distracted by hundreds of altcoins. However, if you want to purchase a smaller altcoin that you believe will increase enormously in the next few months, you can check out other exchanges.
Winner: CoinSpot
CoinSpot outperforms Independent Reserve because it supports far more cryptocurrencies, allowing investors to spread the risks and diversifying their portfolios
CoinSpot vs Independent Reserve Security
Security is among the significant concerns for every crypto investor and trader, and both CoinSpot and Independent Reserve are leaders in this regard.
CoinSpot Security Features
Two-Factor Authentication (2FA), customisable withdrawal limits, anti-phishing phrases, session timeout settings, biometric and geo-locked logins are all part of CoinSpot’s multi-layered security architecture. These industry standards are in place to ensure that CoinSpot users can fully secure their digital assets.
CoinSpot is an AUSTRAC member and strictly adheres to anti-money laundering and know-your-customer (AML/KYC) standards. This crypto exchange is also a recognised member of Blockchain Australia and follows the Australian Digital Currency Industry Code of Conduct. It’s touted as the most secure and audited cryptocurrency exchange in Australia, as well as the only one accredited to ISO 27001 standards.
Independent Reserve Security Features
Independent Reserve employs a few methods to ensure user confidentiality and asset security. All users’ personal information is safeguarded, with all data signed and encrypted. Most digital assets are also encrypted and stored offline in cold storage, on digital hardware storage devices located in physical vaults in geographically numerous locations.
This crypto exchange shows its commitment to institutionalising the Digital Currency industry. They are a Gold Certified member of the Australian Digital Commerce Association (ADCA), making them more legitimate. It also collaborated with ADCA and AUSTRAC (the Australian Transaction Reports and Analysis Centre) to establish a regulatory framework for the cryptocurrency exchange business.
Winner: CoinSpot
CoinSpot is the most secure Australia-based platform because it has adopted the best industry practices to ensure the highest security for their users.
CoinSpot vs Independent Reserve Customer Support
CoinSpot Customer Support
If you encounter any difficulties, Live Chat Support is available 24 hours a day. We’ve utilised CoinSpot’s Live Chat option a few times and were always connected within a single minute to a genuine person (no bots). We’ve always found the Support Service personnel to be responsive, knowledgeable, and capable of quickly resolving our issues.
CoinSpot’s support is responsive 24/7. Source: CoinSpot
Additionally, you can contact CoinSpot’s specialised support team through the Help Desk or use the new request-a-call tool to book a conversation with a CoinSpot support representative.
CoinSpot also has a comprehensive information centre with lessons for newbies and a frequently asked questions section to aid new investors in purchasing bitcoin and other digital currency.
Independent Reserve Customer Support
If you have any concerns with your account, you can simply contact Independent Reserve by posting a ticket on the Support Desk. When they respond, you will get an email notification in your inbox. Regrettably, there is no Live Chat function, which I particularly like while using CoinSpot and other Australian exchanges.
Independent Reserve’s Support Desk. Source: Independent Reserve
CoinSpot vs Independent Reserve Customer Support
CoinSpot Customer Support
If you encounter any difficulties, Live Chat Support is available 24 hours a day. We’ve utilised CoinSpot’s Live Chat option a few times and were always connected within a single minute to a genuine person (no bots). We’ve always found the Support Service personnel to be responsive, knowledgeable, and capable of quickly resolving our issues.
CoinSpot’s support is responsive 24/7. Source: CoinSpot
Additionally, you can contact CoinSpot’s specialised support team through the Help Desk or use the new request-a-call tool to book a conversation with a CoinSpot support representative.
CoinSpot also has a comprehensive information centre with lessons for newbies and a frequently asked questions section to aid new investors in purchasing bitcoin and other digital currency.
Independent Reserve Customer Support
If you have any concerns with your account, you can simply contact Independent Reserve by posting a ticket on the Support Desk. When they respond, you will get an email notification in your inbox. Regrettably, there is no Live Chat function, which I particularly like while using CoinSpot and other Australian exchanges.
Independent Reserve’s Support Desk. Source: Independent Reserve
Overall Winner – CoinSpot
Unlike Independent Reserve, CoinSpot is an ideal crypto exchange for newbie crypto investors. It is far more user-friendly, offers live chat help, great customer support, a special staking service, and an in-platform NFT marketplace. CoinSpot’s higher trading fees, in our view, are well worth it for the convenience, additional services and first-class features.
*Comparison Table with all exchanges
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| Fiat Currencies | AUD, USD, NZD, SGD | AUD | AUD | AUD, USD, GBP, EUR & 11 more | AUD, NZD |
| Cryptocurrencies | BTC, ETH, LTC, XRP, BCH, ADA & 20 more | BTC, ETH, LTC, XRP, BCH, ADA & 350+ more | BTC, ETH, BNB, ADA, XRP & 300+ more | BTC, ETH, BCH, XRP, LTC, ADA & 24 more | BTC, BTG, BCH, ADA, ETH, ETC & 310+ more |
| Deposit Methods | Bank Transfer or PayID/Osko | Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency | PayID, POLi, OSKO, Cryptocurrency | Bank Transfer, Credit card, Debit card, PayPal, POLi | POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency |
| Trading Fees | 0.5% | Market order: 0.1%, Instant buy: 1% | Market order: starts from 0.5%, Instant buy: 0.5% | Included in spreads | 0.6% |
FAQS
Why does the price differ between CoinSpot vs. Independent Reserve?
Across exchange platforms, there are differences in the crypto rates/prices due to varying levels of supply and demand, the trading volume and other factors. In addition, the trading, deposit or withdrawal fees may differ across different platforms. This applies to all crypto platforms, and CoinSpot and Independent Reserve are no exception.
Is CoinSpot the same as Independent Reserve?
CoinSpot is the top-leading cryptocurrency exchange while Independent Reserve is much less popular in Australia. They differ in transaction fees, cryptocurrencies supported, customer service and many more. In our opinion, CoinSpot better serves Australian crypto traders and novice investors who favour an exchange with a user-friendly in-platform NFT marketplace and many other first-class features. To know more, you can read our detailed CoinSpot review.
Which supports Australian users better: CoinSpot vs Independent Reserve?
It all depends on your investment preferences. If you want to purchase large volumes of digital assets and have peace of mind with the insurance options, Independent Reserve is a good option. On the other hand, CoinSpot is best for inexperienced investors, those wanting to invest in more altcoins and preferring a user-friendly exchange with its own NFT marketplace and great staking service.
The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.
