How to use Independent Reserve
What is Independent Reserve
Independent Reserve is an Australian-based cryptocurrency exchange that allows individuals and institutions to buy, sell, and trade a variety of cryptocurrencies. Independent Reserve also provides a range of features and services, such as multi-factor authentication, cold storage, and insurance coverage, to ensure the safety and security of its users’ funds. In addition, it offers competitive trading fees, a user-friendly interface, and a variety of trading tools and charts for advanced traders.
The history of Independent Reserve
Independent Reserve was founded in 2013 by Adrian Przelozny and Adam Tepper, who were both experienced in finance and technology. The idea behind the exchange was to provide a safe and reliable platform for Australians to trade cryptocurrencies, as there were few options available at the time.
In 2015, tragedy struck when Adam Tepper, the co-founder of Independent Reserve, passed away in a motorcycle accident while on a business trip in Thailand. The loss of Tepper was a shock to the company, but Independent Reserve continued to grow and expand its offerings.
In 2019, Independent Reserve announced a partnership with KPMG Australia to develop a blockchain-based platform for small and medium-sized enterprises (SMEs) to access funding.
Today, Independent Reserve is one of the leading cryptocurrency exchanges in Australia, serving both individual and institutional investors. It continues to focus on security, reliability, and innovation, offering a range of features and services to its users.
How Independent Reserve works
Independent Reserve uses a trading algorithm that matches buy and sell orders on the exchange in real-time. The algorithm is designed to ensure that buyers and sellers get the best possible price for their trades while maintaining a fair and orderly market.
When a user places a buy or sell order on Independent Reserve, the algorithm immediately looks for a matching order on the opposite side of the market. If a match is found, the trade is executed, and the user’s account is credited with the purchased cryptocurrency or the sold fiat currency.
If a matching order is not immediately available, the user’s order is added to the order book, where it will remain until a matching order is found or the user cancels the order. Independent Reserve’s algorithm constantly updates the order book, looking for matches and ensuring that the market remains fair and efficient.
Independent Reserve’s trading algorithm also includes a number of features to protect users from sudden price swings or market manipulation. For example, the exchange uses circuit breakers to halt trading if the market experiences a sudden and significant price movement, giving traders time to adjust their positions and avoid losses.
Overall, Independent Reserve’s trading algorithm is designed to provide a safe, fair, and efficient trading environment for cryptocurrency traders in Australia and beyond.
Does Independent Reserve charge a fee
Yes, Independent Reserve charges a fee for each trade executed on its platform. The fees charged by the exchange vary depending on the size of the trade and whether the user is a maker or a taker.
Makers are users who place limit orders that are added to the order book, waiting for other traders to match against their orders. Takers, on the other hand, are users who place market orders that are executed immediately, matching against the orders already on the order book.
Independent Reserve’s fee structure for makers and takers is based on a sliding scale, which means that the larger the trade volume, the lower the fee rate. The exchange also offers discounted fees for users who trade in high volumes.
In addition to trading fees, Independent Reserve also charges a withdrawal fee for users who want to transfer cryptocurrency from their Independent Reserve account to an external wallet or bank account.
Overall, Independent Reserve’s fees are considered to be competitive within the Australian cryptocurrency exchange market, and the exchange provides a transparent fee schedule on its website for users to review.
How to use Independent Reserve
Here is a step-by-step guide on how to use Independent Reserve:
- Sign up: Go to the Independent Reserve website and click on the “Create Account” button. Fill in your personal details and complete the verification process.
- Add funds: After your account is verified, you can deposit funds. Platform supports deposits in AUD, USD, and NZD.
- Choose a cryptocurrency: Once your account is funded, select the cryptocurrency you want to buy or sell from the list of available options.
- Place an order: Choose the type of order you want to place – limit or market – and enter the details of your trade.
- Review the details of your order, including the fees charged by Independent Reserve, and click on the “Confirm” button to place your trade.
- Keep an eye on your trade to see when it is executed. You can view your open orders and trade history on the Independent Reserve dashboard.
- Once your trade is executed, you can withdraw your cryptocurrency or fiat funds from your Independent Reserve account by clicking on the “Withdraw” button.
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