Comparison of Independent Reserve vs Bitbuy [ 2024 ]

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

Your expert: Alejandro Borja

independent reserve

Independent Reserve

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

Your expert: Xavier Tarrasó

bitbuy

Bitbuy

  • Threenvest valuation: 3,9/5
  • US legal: No
  • Security: High 4,6/5
  • Mobile App: Yes
Go exchange

Main points

Fees

≤0,50%

Earns

No

Customer service

4/5
0.20%

Fees

Yes

Earns

4/5

Customer service


Recommended for

Beginners

Yes

Trading

Yes

Passive income

No

Buy and hold

Yes
Yes

Beginners

No

Trading

Yes

Passive income

Yes

Buy and hold


Comparison of fees

Rating

3.9 – Reasonable fees with strong local support in Australia and New Zealand.
3.7 – Reasonable fees but slightly higher for fiat transactions.

Level

≤0,50%
0.20%

Brief explanation

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​​.
Bitbuy’s commission structure is designed to be transparent and competitive within the Canadian market. The exchange typically charges a 0.1% fee for makers, who add liquidity to the market, and a slightly higher fee for takers, who remove liquidity. This fee structure is beneficial for both high-volume traders and occasional users, ensuring that costs are kept reasonable without compromising the quality of service. Additional charges include withdrawal fees, which vary depending on the cryptocurrency, and minimal to no deposit fees, emphasizing Bitbuy’s commitment to providing a cost-effective trading environment for its users.

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.

Bitbuy

bitbuy
Go exchange
  • Security Methods: Bitbuy prioritizes the security of its users with robust measures including SSL encryption, two-factor authentication (2FA), and compliance with PCI DSS standards. This commitment to security ensures that users' funds and personal information are well protected against unauthorized access and cyber threats.
  • Possible Regulation: Bitbuy operates with full compliance with Canadian financial regulations. Being a registered Money Service Business (MSB) under FINTRAC, it adheres to the legal requirements set forth for financial platforms, enhancing its reliability and trustworthiness.
  • Reputation and Reviews: Bitbuy has built a strong reputation within the Canadian crypto community and beyond. It consistently receives positive reviews from users, particularly praising its user-friendly interface and responsive customer service, underscoring its standing as a trusted platform in the market.
  • Transparency: The exchange is known for its transparent operations, providing clear information about its fees, processes, and operations. This transparency builds trust among users, ensuring they feel informed and confident in their trading decisions on the platform.
  • Customer Service: Bitbuy offers excellent customer service, with a dedicated support team available to address and resolve users’ issues promptly. This focus on customer satisfaction is crucial for building long-term trust and ensuring that users have a reliable resource for any inquiries or problems they might encounter.
  • Pros
  • Strong regulatory compliance in Canada.
  • User-friendly interface for beginners.
  • Robust, effective security measures.
  • Cons
  • Relatively high trading fees.
  • Limited selection of cryptocurrencies.

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Product selection

Native token

No
No

Earns

No
Yes

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

Independent Reserve Pty. Ltd.
First Ledger Corporation

Regulation

Regulated in Australia
Regulated by FINTRAC en Canadá

Year founded

2013
2016

Founder

Adam Tepper
Adam Goldman

Payment methods

Transfers

Yes
Yes

Mastercard

No
Yes

Wire transfer

Yes
Yes

Card

No
Yes

Comparative table

Independent Reserve FEATURES Bitbuy
Minimum trade amounts at Independent Reserve are relatively low, making it accessible for new investors.
Minimum Trade
The minimum trade amount is reasonably low, making it accessible for beginners.
Fees are moderate compared to other exchanges, but some users might find them slightly higher for smaller trades.
Trading and Transaction Fees
Fees are relatively high compared to competitors, which could deter frequent traders.
Independent Reserve supports a decent range of popular cryptocurrencies, providing enough options for most investors.
Number of Cryptocurrencies
Bitbuy offers a selection of the most popular cryptocurrencies but lacks a wide variety of altcoins.
The exchange offers a fair selection of crypto-to-crypto pairs, though not as extensive as some larger platforms.
Crypto-to-Crypto Trading Pairs
Limited to major cryptocurrencies, lacking diversity in trading pairs.
The website is user-friendly and transparent about fees, regulations, and available services.
Website Transparency
The website provides clear, easily accessible information on fees, policies, and trading options.
Independent Reserve does not offer a card for in-store purchases.
Credit/Debit Card
Bitbuy lacks an exchange card, limiting its utility for in-store purchases and additional benefits.
Offers secure storage options, including insurance for stored assets, enhancing user confidence in the platform’s safety.
Storage Offering
Provides secure cold storage options, ensuring safety for digital assets.
Independent Reserve does not have extensive staking or rewards programs compared to some other exchanges.
Staking and Rewards
Offers some staking options and rewards, though not as extensive as some other platforms.
Both mobile and desktop platforms are well-designed, ensuring a seamless trading experience across devices.
Mobile App and Desktop
Both mobile and desktop platforms are user-friendly and well-designed.
Customer service is responsive, though there is room for improvement in speed and availability during peak times.
Customer Service
Excellent customer service with quick response times and helpful support staff.
Deposits and withdrawals are processed efficiently, with multiple options available, although some methods might incur fees.
Deposit and Withdraw
Efficient deposit and withdrawal processes, though some limitations apply to methods and currencies.

Key features

Analysis tools

Basic charting tools
Basic charting tools

Mobile APP

No
No

Security

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

Additional features

OTC trading, SMSF services, staking, insurance options
OTC trading, express trade option, institutional services, cold storage solutions

Anonymity

No
No

Key points

Available cryptocurrencies

20+
15+

User-friendliness

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.
Bitbuy offers a clean and intuitive platform that is easy to navigate, making it suitable for beginners. The exchange provides helpful guides and customer support to assist new users in their trading journey.

Value for money

Delivers good value for money with competitive fees and strong security features, suitable for Australian and New Zealand users.
Delivers decent value for money with competitive fees and strong security features, suitable for Canadian users looking for a reliable exchange.

Countries of operation

Australia, New Zealand, Singapore
Canada

Best for

Best for Australian and New Zealand investors looking for a reliable platform with competitive fees and strong security.
Best for Canadian investors seeking a reliable and secure exchange with competitive fees and strong customer support.

Base currencies available

AUD, NZD, USD, BTC
CAD, BTC

Account

Trading

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.
Bitbuy is a Canadian exchange known for its high security and ease of use. It offers a decent selection of cryptocurrencies but has higher fees compared to some other global exchanges.

Deposit and withdrawal

Independent Reserve is popular in Australia and New Zealand, offering easy fiat and cryptocurrency deposit methods. Withdrawals are processed efficiently, with competitive fees.
Bitbuy provides easy fiat and cryptocurrency deposit methods. Withdrawals are processed within a day. Fees are slightly higher than some global exchanges but reasonable.

Account opening process

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.
Bitbuy offers a simple and user-friendly account opening process. Users need to fill out personal information, verify their identity, and typically, the account is approved within a day. It’s secure and efficient.

KYC required?

Yes
Yes

Customer Service

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.
Bitbuy offers customer support via email and live chat. The support team is responsive and helpful, but the lack of 24/7 support may be a drawback for some users.

Security

Independent Reserve employs comprehensive security measures, including 2FA, encryption, and cold storage. It is regulated by Australian authorities, ensuring high security for investors.
Bitbuy offers robust security with 2FA, SSL encryption, and cold storage. It is regulated by Canadian authorities, ensuring high security for investors.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

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.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As an expert on our website, I highly recommend Bitbuy for Canadian users looking for a secure and user-friendly platform to begin their cryptocurrency trading journey. While it does have higher trading fees and a somewhat limited range of cryptocurrencies, its strong regulatory compliance, excellent customer service, and transparent operations make it a trustworthy choice. For those prioritizing security and ease of use, Bitbuy is definitely worth considering.

Read Independent Reserve review

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Read bitbuy review

View all comparisons against Bitbuy

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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