Comparison of Bitmart vs Independent Reserve [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bitmart vs Independent Reserve comparison!

Your expert: Alejandro Borja

bitmart

Bitmart

  • Threenvest valuation: 4,2/5
  • US legal: Yes
  • Security: High 4,9/5
  • Mobile App: Yes
Go exchange

Your expert: Xavier Tarrasó

independent reserve

Independent Reserve

  • Threenvest valuation: 4/5
  • US legal: No
  • Security: High 4,6/5
  • Mobile App: No
Go exchange

Main points

Fees

0.09%/0,25%

Earns

Yes

Customer service

3/5
≤0,50%

Fees

No

Earns

4/5

Customer service


Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes
Yes

Beginners

Yes

Trading

No

Passive income

Yes

Buy and hold


Comparison of fees

Rating

4.0 – Reasonable fees with some additional costs for specific services.
3.9 – Reasonable fees with strong local support in Australia and New Zealand.

Level

0.09%/0,25%
≤0,50%

Brief explanation

BitMart’s commission structure is designed to be competitive within the cryptocurrency exchange market. The platform utilizes a tiered fee system based on trading volume, which encourages more frequent trading by reducing costs for high-volume traders. Generally, the fees for makers, who add liquidity to the market, are lower than for takers, who take liquidity away. This fee structure not only supports liquidity but also rewards users who contribute to the market dynamics. While specific percentages vary, they are kept transparent on the platform, ensuring traders can plan their transactions with clarity regarding potential costs.
Independent Reserve operates with a tiered fee structure that incentivizes higher trading volumes with progressively lower fees. The standard trading fee starts at 0.50% and can decrease to as low as 0.02% depending on the user’s 30-day trading volume. For deposits, there are no fees for electronic fund transfers (EFT) over AUD 100, and SWIFT transfers are free for amounts over AUD 5,000. Withdrawals to Australian bank accounts are free, while international withdrawals incur a fee of AUD 20. Cryptocurrency withdrawal fees are competitive, with a fee of 0.0003 BTC for Bitcoin, which is significantly lower than the global industry average​​.

Bitmart

bitmart
Go exchange
  • Security Methods: BitMart employs comprehensive security measures to protect user assets and data. These include two-factor authentication, advanced encryption technology, and the majority of funds held in cold storage. These stringent security protocols demonstrate BitMart's commitment to maintaining a secure trading environment.
  • Reputation and Reviews: BitMart has built a solid reputation within the crypto community for its robust platform and reliable service. Positive user reviews frequently highlight the platform's user-friendly interface and the wide variety of trading options available, reinforcing its standing in the market.
  • Trading Volume and Liquidity: BitMart handles a significant volume of daily trades, ensuring high liquidity across its various trading pairs. This high trading volume is indicative of a vibrant marketplace that allows users to execute trades efficiently without substantial price slippage.
  • Year Founded: Established in 2017, BitMart has several years of operation under its belt, during which it has continuously evolved and improved its offerings. This longevity in the fast-paced world of cryptocurrency exchanges speaks to its resilience and the trust placed in it by its users.
  • Customer Service: While there have been challenges with response times, BitMart's dedication to improving its customer service is evident. They are actively working to enhance their support mechanisms to provide timely and effective help to their users, which is a critical component of user trust and satisfaction.
  • Pros
  • Extensive cryptocurrency selection.
  • Competitive trading fee structure.
  • Strong security measures implemented.
  • Cons
  • Past security breaches reported.
  • Customer support response delays.

Independent Reserve

independent reserve
Go exchange
  • Year Founded: Independent Reserve was established in 2013, making it one of the longest-running cryptocurrency exchanges in Australia. Its longevity in the market is a testament to its reliability and stability​​.
  • Reputation and Reviews: With over a decade of operation, Independent Reserve has built a strong reputation among users for its reliability and customer service. It has consistently received positive reviews and high ratings for its security, user experience, and customer support​​.
  • Regulation and Compliance: The exchange is registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) and complies with stringent anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This regulatory adherence ensures a high level of trust and security for users​​.
  • Customer Service: Independent Reserve offers comprehensive customer support through various channels including email, support tickets, and a well-resourced help center. This ensures that users can get timely assistance for any issues they encounter​​.
  • Security Methods: Independent Reserve employs robust security measures including two-factor authentication (2FA), encryption of sensitive data, and cold storage for the majority of its cryptocurrency holdings. The exchange also conducts regular security audits and penetration testing to identify and mitigate potential vulnerabilities​​.
  • Pros
  • Strong adherence to regulatory standards.
  • High level of platform security.
  • User-friendly interface for beginners.
  • Cons
  • Limited selection of cryptocurrencies.
  • No margin trading available.

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Product selection

Native token

No
No

Earns

Yes
No

NFT marketplace

Yes
No

Cripto/debit card

Yes
No

Company information

Full name

GBM Foundation Company
Independent Reserve Pty. Ltd.

Regulation

Not regulated
Regulated in Australia

Year founded

2017
2013

Founder

Sheldon Xia
Adam Tepper

Payment methods

Transfers

No
Yes

Mastercard

Yes
No

Wire transfer

No
Yes

Card

Yes
No

Comparative table

Bitmart FEATURES Independent Reserve
BitMart offers a relatively low minimum trade amount, making it accessible for beginners to start trading without significant capital.
Minimum Trade
Minimum trade amounts at Independent Reserve are relatively low, making it accessible for new investors.
Fees are competitive, but could be improved to match lower rates offered by some other exchanges.
Trading and Transaction Fees
Fees are moderate compared to other exchanges, but some users might find them slightly higher for smaller trades.
BitMart supports a wide array of cryptocurrencies, providing users with a diverse range of trading options.
Number of Cryptocurrencies
Independent Reserve supports a decent range of popular cryptocurrencies, providing enough options for most investors.
Offers a substantial number of crypto-to-crypto trading pairs, allowing for versatile trading strategies.
Crypto-to-Crypto Trading Pairs
The exchange offers a fair selection of crypto-to-crypto pairs, though not as extensive as some larger platforms.
The website provides essential information; however, more detailed disclosures about security practices and fund management could enhance transparency.
Website Transparency
The website is user-friendly and transparent about fees, regulations, and available services.
BitMart does not offer its own exchange card for customers to use for in-store purchases and receive benefits.
Credit/Debit Card
Independent Reserve does not offer a card for in-store purchases.
Provides secure storage options with the majority of assets held in cold storage, though past security breaches have impacted their score.
Storage Offering
Offers secure storage options, including insurance for stored assets, enhancing user confidence in the platform’s safety.
Offers competitive staking options and rewards, appealing to users looking to earn through their crypto assets.
Staking and Rewards
Independent Reserve does not have extensive staking or rewards programs compared to some other exchanges.
Both mobile and desktop platforms are highly user-friendly and feature-rich, providing a seamless trading experience.
Mobile App and Desktop
Both mobile and desktop platforms are well-designed, ensuring a seamless trading experience across devices.
Customer support is available, but response times can be slow. More resources towards improving service responsiveness are needed.
Customer Service
Customer service is responsive, though there is room for improvement in speed and availability during peak times.
BitMart offers multiple deposit and withdrawal methods, but improvements could be made in processing times and fee structures for withdrawals.
Deposit and Withdraw
Deposits and withdrawals are processed efficiently, with multiple options available, although some methods might incur fees.

Key features

Analysis tools

Basic charting tools, some advanced features for futures
Basic charting tools

Mobile APP

Yes
No

Security

High 4,9/5
High 4,6/5

Additional features

Futures trading, staking, lending services, BitMart token (BMX) rewards
OTC trading, SMSF services, staking, insurance options

Anonymity

Yes
No

Key points

Available cryptocurrencies

200+
20+

User-friendliness

BitMart features an easy-to-use platform with a simple interface that is suitable for beginners. The exchange provides a seamless trading experience with all necessary features easily accessible.
Independent Reserve offers a user-friendly platform that is easy to navigate, making it suitable for beginners. The interface is designed to facilitate a smooth trading experience with all necessary features easily accessible.

Value for money

Provides good value for money with low trading fees and a diverse range of supported cryptocurrencies, making it a cost-effective option for traders.
Delivers good value for money with competitive fees and strong security features, suitable for Australian and New Zealand users.

Countries of operation

United States, South Korea, Japan, China, Singapore
Australia, New Zealand, Singapore

Best for

Suitable for traders of all experience levels who want access to a diverse range of cryptocurrencies and low trading fees.
Best for Australian and New Zealand investors looking for a reliable platform with competitive fees and strong security.

Base currencies available

USD, BTC, ETH, USDT
AUD, NZD, USD, BTC

Account

Trading

BitMart is a global exchange with a good variety of cryptocurrencies and competitive fees. It offers advanced trading options but has faced some security and regulatory challenges.
Independent Reserve is a popular exchange in Australia and New Zealand, offering a user-friendly platform and easy fiat integration. It supports a decent range of cryptocurrencies but has higher fees.

Deposit and withdrawal

BitMart provides diverse deposit methods, including bank transfers and crypto. Withdrawals are processed efficiently, typically within a day. Fees are reasonable, enhancing user experience.
Independent Reserve is popular in Australia and New Zealand, offering easy fiat and cryptocurrency deposit methods. Withdrawals are processed efficiently, with competitive fees.

Account opening process

BitMart offers an easy and fully digital account opening process. Users need to provide personal details and verify their identity. The process is usually quick, taking less than a day to complete.
Independent Reserve provides an easy and user-friendly account opening process. Users need to provide personal information and verify their identity. The process is efficient and usually takes less than a day to complete.

KYC required?

Yes
Yes

Customer Service

BitMart provides support via email and live chat. The support team is responsive and helpful, but the lack of 24/7 support can be inconvenient for users needing immediate assistance.
Independent Reserve provides extensive customer support via email, live chat, and phone. The support team is responsive and available 24/7, making it reliable for users globally.

Security

BitMart provides strong security with 2FA, SSL encryption, and cold storage. However, it lacks regulation from major financial authorities, which might be a concern for some investors.
Independent Reserve employs comprehensive security measures, including 2FA, encryption, and cold storage. It is regulated by Australian authorities, ensuring high security for investors.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

As an expert on our website, I recommend BitMart for traders who value a wide selection of cryptocurrencies and robust trading platforms. While the exchange offers strong security measures and diverse trading options, potential users should be aware of the historical security breaches and occasionally slow customer service. Overall, BitMart provides a user-friendly experience with competitive trading fees, making it a solid choice for both beginners and experienced traders looking to expand their crypto portfolios.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As an expert in cryptocurrency exchanges, I can confidently recommend Independent Reserve for several reasons. This platform excels in security and regulatory compliance, ensuring that your investments are protected. It supports multiple fiat currencies, making it accessible for users in Australia, New Zealand, and Singapore. While its selection of cryptocurrencies is somewhat limited, it offers a user-friendly interface and excellent customer support, making it ideal for beginners. For those prioritizing safety and reliability in their crypto trading experience, Independent Reserve is a solid choice.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

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