Independent Reserve SG Review
Australia's premium exchange with a strong Singapore presence. The lowest fees among MAS-licensed platforms and IRAS-compatible tax reports.
Rating
4.5/5
Maker Fee
0.02%
Coins
30+
Tax Reports
IRAS
Overview
Independent Reserve is an Australian cryptocurrency exchange founded in 2013 that expanded to Singapore with a MAS Major Payment Institution license. It has built a reputation as the exchange for serious, cost-conscious investors. With maker fees as low as 0.02% and taker fees from 0.10%, it offers the lowest trading costs among all MAS-licensed exchanges in Singapore.
What sets Independent Reserve apart is its IRAS-compatible tax reporting feature. While Singapore's 0% capital gains tax means most investors do not owe tax, having clean records is important for demonstrating your investor status to IRAS. Independent Reserve generates reports that follow IRAS guidelines, saving you time and potentially accounting fees.
The exchange also operates an OTC (Over The Counter) desk for large trades above S$50,000. OTC trading provides better pricing for bulk purchases by matching you with institutional liquidity rather than slipping on the order book. For high-net-worth investors or businesses, this service is invaluable.
The main trade-off is a smaller coin selection (~30 cryptocurrencies) and a less modern user interface compared to Crypto.com or Coinhako. If you primarily invest in BTC and ETH, this is not a problem. If you want access to hundreds of altcoins, look elsewhere.
Fee Comparison
Independent Reserve uses a volume-based fee structure. The more you trade, the lower your fees. Even at the base tier, fees are significantly lower than competitors:
| 30-Day Volume | Maker Fee | Taker Fee |
|---|---|---|
| $0 - $100K | 0.10% | 0.50% |
| $100K - $500K | 0.08% | 0.30% |
| $500K - $1M | 0.06% | 0.20% |
| $1M+ | 0.02% | 0.10% |
Deposits via PayNow and bank transfer are free. Compare this to Coinhako's flat 0.6-0.8% -- even at the base tier, Independent Reserve is significantly cheaper for limit orders.
Pros and Cons
Pros
- - Lowest fees among MAS-licensed exchanges
- - IRAS-compatible tax reports
- - OTC desk for large trades
- - PayNow SGD deposits (free)
- - MAS MPI licensed
- - Strong security track record
Cons
- - Only ~30 cryptocurrencies
- - Interface is less modern
- - No staking or earn features
- - No Visa card or DeFi integration
- - Mobile app could be improved
- - Taker fees are higher at base tier
Who Should Use Independent Reserve?
Independent Reserve is the best choice for cost-conscious investors who primarily buy BTC and ETH, trade regularly, or invest large amounts. The fee savings over Coinhako become significant at higher volumes. The IRAS tax reports are a unique advantage for keeping your tax records clean. If you want 350+ altcoins or a crypto debit card, Crypto.com is a better fit.