Comparison of Independent Reserve vs Coinswitch [ 2024 ]

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

coinSwitch

Coinswitch

  • Threenvest valuation: 3,7/5
  • US legal: Yes
  • Security: High 4,6/5
  • Mobile App: Yes
Go exchange

Main points

Fees

≤0,50%

Earns

No

Customer service

4/5
0,00%/0,50%

Fees

Yes

Earns

3/5

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.
4.0 – Low fees with a focus on instant crypto swaps.

Level

≤0,50%
0,00%/0,50%

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​​.
CoinSwitch employs a variable fee structure, which ranges from 0% to 0.49% per transaction. This fee is integrated into the exchange rate provided to users, making it less visible upfront. While this can be competitive, especially for smaller trades, the lack of clear breakdowns can make the fee structure feel somewhat opaque​​. For credit and debit card purchases, CoinSwitch uses Simplex, a third-party payment processor, which can add additional costs. These fees can be substantial; for instance, users purchasing Bitcoin via Simplex may experience an effective fee of up to 10% when considering both the Simplex and CoinSwitch fees​​. Moreover, network (or miner) fees are applied to all transactions and are dependent on the blockchain used. These are additional to the CoinSwitch fees and can vary based on network congestion and other factors​​. In summary, while CoinSwitch offers a convenient and user-friendly platform, potential users should be aware of the combined costs of CoinSwitch’s variable fees, Simplex processing fees for card transactions, and blockchain network fees, as these can collectively impact the total cost of trading on the platform.

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.

Coinswitch

coinSwitch
Go exchange
  • Year Founded CoinSwitch was founded in 2017, providing it with several years of experience in the cryptocurrency exchange industry. Its longevity adds to its credibility and trustworthiness.
  • Volume Managed The platform manages a significant trading volume, indicating its liquidity and the trust traders place in it. High trading volumes often reflect the platform's efficiency and reliability.
  • Number of Users CoinSwitch has a substantial user base, with millions of users worldwide. This wide adoption is a testament to the platform's reliability and the trust it has earned in the cryptocurrency community.
  • Reputation and Reviews CoinSwitch has garnered positive reviews from users and industry experts alike. Its reputation is bolstered by its user-friendly interface, extensive range of supported cryptocurrencies, and consistent performance, making it a trusted choice among cryptocurrency exchanges.
  • Security Methods CoinSwitch employs robust security measures, including encryption protocols, two-factor authentication (2FA), and cold storage for the majority of user funds. These security practices help ensure the safety of users' assets and personal information.
  • Pros
  • User-friendly interface for beginners.
  • Wide selection of cryptocurrencies available.
  • Educational resources enhance user knowledge.
  • Cons
  • Limited advanced trading tools.
  • Customer support response can lag.

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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.
Bitcipher Labs LLP

Regulation

Regulated in Australia
Not regulated

Year founded

2013
2017

Founder

Adam Tepper
Ashish Singhal

Payment methods

Transfers

Yes
No

Mastercard

No
No

Wire transfer

Yes
No

Card

No
No

Comparative table

Independent Reserve FEATURES Coinswitch
Minimum trade amounts at Independent Reserve are relatively low, making it accessible for new investors.
Minimum Trade
CoinSwitch does not explicitly set minimum trade values, allowing for flexibility depending on the partner exchange used. This makes it accessible for traders of all levels
Fees are moderate compared to other exchanges, but some users might find them slightly higher for smaller trades.
Trading and Transaction Fees
CoinSwitch charges fees ranging from 0% to 0.49%, which are built into the exchange rates. While competitive, these fees can be less transparent, especially when using credit cards
Independent Reserve supports a decent range of popular cryptocurrencies, providing enough options for most investors.
Number of Cryptocurrencies
CoinSwitch supports over 300 cryptocurrencies, providing a vast selection for users
The exchange offers a fair selection of crypto-to-crypto pairs, though not as extensive as some larger platforms.
Crypto-to-Crypto Trading Pairs
The platform offers more than 45,000 trading pairs, making it easy to trade between a wide variety of cryptocurrencies​
The website is user-friendly and transparent about fees, regulations, and available services.
Website Transparency
While CoinSwitch provides some information on fees and services, the details can sometimes be unclear, especially regarding hidden fees and exchange rate breakdowns
Independent Reserve does not offer a card for in-store purchases.
Credit/Debit Card
CoinSwitch does not provide an exchange card for in-store purchases.
Offers secure storage options, including insurance for stored assets, enhancing user confidence in the platform’s safety.
Storage Offering
CoinSwitch does not offer dedicated storage solutions but supports integration with various wallets, allowing users to manage their holdings externally
Independent Reserve does not have extensive staking or rewards programs compared to some other exchanges.
Staking and Rewards
CoinSwitch offers staking options for various cryptocurrencies, allowing users to earn passive income. However, staking rewards can be relatively low and come with some risks, such as illiquidity
Both mobile and desktop platforms are well-designed, ensuring a seamless trading experience across devices.
Mobile App and Desktop
The platform has a highly-rated mobile app available for both Android and iOS, offering full functionality and ease of use on the go
Customer service is responsive, though there is room for improvement in speed and availability during peak times.
Customer Service
CoinSwitch provides customer support through online forms, with decent response times. However, there is no direct email or phone support, which can be limiting for urgent issues
Deposits and withdrawals are processed efficiently, with multiple options available, although some methods might incur fees.
Deposit and Withdraw
Deposits and withdrawals are straightforward on CoinSwitch, with various methods available. However, fees and processing times can vary depending on the method used

Key features

Analysis tools

Basic charting tools
No significant trading tools, mainly an aggregator

Mobile APP

No
No

Security

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

Additional features

OTC trading, SMSF services, staking, insurance options
Instant crypto swaps, CoinSwitch Earn, CoinSwitch Kuber app, fiat on/off ramps

Anonymity

No
Yes

Key points

Available cryptocurrencies

20+
300+

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.
CoinSwitch provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

Delivers good value for money with competitive fees and strong security features, suitable for Australian and New Zealand users.
Delivers good value for money with competitive fees and a straightforward swapping service, making it an easy option for quick trades.

Countries of operation

Australia, New Zealand, Singapore
India, United States, Canada, United Kingdom, Australia

Best for

Best for Australian and New Zealand investors looking for a reliable platform with competitive fees and strong security.
Ideal for traders looking for a straightforward and quick cryptocurrency swapping service with competitive fees.

Base currencies available

AUD, NZD, USD, BTC
BTC, USDT (varies by transaction)

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.
CoinSwitch is an aggregator platform providing access to multiple exchanges through one interface. It supports a wide range of cryptocurrencies but charges additional fees for its service.

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.
CoinSwitch is an aggregator that provides access to multiple exchanges through one interface. It supports various deposit methods, and withdrawals are processed efficiently with low fees.

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.
CoinSwitch offers a straightforward and fully digital account opening process. Users need to provide personal information and verify their identity. The process is quick, usually taking less than a day to complete.

KYC required?

Yes
No

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.
CoinSwitch offers customer support through email and live chat. The response time is quick, but the support team is not available 24/7, which 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.
CoinSwitch provides robust security with 2FA and encryption. Despite its strong security measures, the platform lacks regulation from major financial authorities, which could be a concern for some 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 CoinSwitch for those new to the cryptocurrency market. Its user-friendly interface makes it easy to navigate, even for beginners. The platform offers an impressive range of over 300 cryptocurrencies and supports more than 45,000 trading pairs, allowing for diverse trading opportunities. Security is also a strong point, with advanced measures such as two-factor authentication and cold storage in place. Although transaction fees can be slightly higher, the convenience and breadth of options available make CoinSwitch a valuable tool for anyone looking to start or expand their crypto trading journey.

Read Independent Reserve review

View all comparisons against Independent Reserve

Read CoinSwitch review

View all comparisons against Coinswitch

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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