Digital Currency Overview

What is Bitcoin?

Bitcoin (XBT) is a digital currency that has been around since 2009. It is transmitted between people via the Internet, and stored on computers and other electronic devices. Bitcoin is a currency that was designed for the digital age, when so much of our financial transactions are already made electronically. It allows money to be sent instantly from one side of the world to the other, without relying on a bank or credit card provider. It's great for both consumers and merchants, because transaction fees are negligible and for international purchases one doesn't have to be concerned with currency conversion. Already, Bitcoin is accepted by merchants all over the world, including PayPal, and it's used by millions of people daily.

How Bitcoin Works

Bitcoin works through the network of computers, laptops, tablets and mobile devices that belong to those using Bitcoin. To send or receive Bitcoin, people download freely available software (e.g. Bitcoin Core, Armory) onto their device. This automatically connects them to the bitcoin network, and contributes to the strength and reliability of the network. Bitcoin is not owned by any individual or organisation, but there is an open, well-established protocol across the network by which all devices communicate. This ensures the security and integrity of the currency.

To make a transaction, one specifies the recipient's Bitcoin address and the amount and presses 'send'. Bitcoin transactions are then disseminated across the Bitcoin network and verified by each party that receives the details of the transaction. If the transaction is valid, it is forever committed to the Bitcoin network, and the recipient will see the new funds on his device within a few minutes.

Bitcoin received by a device (i.e. laptop) are physically located on that device. Bitcoin are not necessarily stored within an account of another company or bank, although this is a facility Independent Reserve provides. One great thing about Bitcoin is that they can be securely protected against theft by using a strong password, and backed-up to prevent accidental data loss – something that can't be done with cash.

What is Ethereum?

Ethereum is distributed peer-to-peer network, which was launched in 2015. It shares some similarities with Bitcoin, however it's main point of differentiation the ability for it to host "smart contracts", which are computer programs designed to execute on the Ethereum network. The value token of the Ethereum network is called Ether (ETH), and is a Digital Currency which shares some commonalities with Bitcoin.

How Ethereum Works

Ethereum shares many of the same concepts with Bitcoin. Further information can be found on the Ethereum project page.

Getting Started

Getting started with Independent Reserve is easy. Simply click the Create Account button in the top right-hand corner, enter your username and password, and you now have a registered account with us. Before trading however, there are a number of things you will need to do to help protect yourself, as well as legal obligations we are required to follow. Everything we require is set via the Settings screen.

Entering your personal details

By law, we are required to request your first and last name, date of birth, and address. This data must be entered accurately, as we verify this before activating your account. In most cases, we are able to instantly verify clients from the following countries:

  • Australia
  • Austria
  • Brazil
  • Canada
  • China
  • Denmark
  • France
  • Germany
  • Hong Kong
  • Italy
  • Ireland
  • Japan
  • Mexico
  • Netherlands
  • New Zealand
  • Norway
  • Singapore
  • South Africa
  • Sweden
  • Switzerland
  • UK & N. Ireland
  • United States

If your country is not in the list above, or it is in the list above but we were unable to automatically verify you, we may still be able to identify you manually. Please contact us via the Support screen and we will be happy to assist you. You may be asked to scan some additional documentation so that we can verify your identity manually.

Please note that being a citizen of one of the aforementioned nations does not automatically entitle you to trade. Independent Reserve verifies clients on an individual basis and reserves the right to approve a client for trading.

Setting a secure password

When you created your account, we allowed you to set any password. Before allowing you to trade however, we check that this password is suitably secure to minimise the risk of somebody guessing your password. This is not a legal requirement, but something we choose to do to reduce the risk of our clients being subject to financial loss. Although we ensure your password has some minimum level of complexity, it is ultimately up to you to ensure your password is secure.

You should ensure that the password you use is unique. You should never use the same password for more than one system (e.g. Independent Reserve and your email). This ensures that if your password is compromised, it can’t be used to gain access to other systems.

Setting a duress password

We have a feature that requires you to set a duress password. Entering a duress password when you login will immediately suspend your account for 24 hours. This offers protection to your account if you were forced to enter your password under duress. Your duress password should be easy to remember so you can use it if necessary.

Validating your email address

It is important that we validate your email address for a number of reasons. To trade with Independent Reserve, we recommend that you enable two-factor authentication, or 2FA (see Setting up two-factor authentication). In the event you are unable to authenticate using 2FA, or you forget your password, this email address will be used to help verify who you are. If you are unable to authenticate using 2FA or you forget your password and you are unable to verify ownership of this email address, you will no longer have access to your Independent Reserve account. We also use this email address for sending you various notifications about your account activity.

Validating a primary telephone number

A valid primary telephone number is required for the same reason we require a valid email address. That is, in the event you are unable to authenticate using 2FA, or you forget your password, this telephone number will be required to identify you.

The telephone number must be capable of receiving SMS messages, as we will use SMS to send you a code that can be used to identify you.

Validating a secondary telephone number

A valid secondary telephone number is required as additional protection for you in the event you lose the ability to authenticate using 2FA, or you forget your password and you lose your primary telephone. We are able to identify you using this phone number, as an alternative to your primary telephone number. If you don’t have a secondary telephone number, we recommend using that of a trusted friend or relative.

The telephone number must be capable of receiving SMS messages, as we will use SMS to send you a code that can be used to identify you.

Two-Factor Authentication (2FA)

To protect your account against unauthorised access, in order to trade with Independent Reserve, we recommend that your account is protected with two-factor authentication (2FA). Most people are familiar with two-factor authentication, but perhaps unfamiliar with the term. Every time you make a withdrawal at an ATM, 2FA is employed. It means that in order to proceed, you must be identified in two different ways. At an ATM, you are identified primarily with your debit card (a physical token), and secondly with your PIN (something you remember). Neither your debit card or PIN is useful to a thief by itself.

At Independent Reserve, the same principle applies, although instead of shipping you a physical token, you can install some software on your telephone that generates a new code every 30 seconds. This works exactly the same as a physical token, as you will need to have your phone with you in order to log on to Independent Reserve. It doesn’t matter if anybody else sees the code, because it is only valid for a short period of time. Of course, your password is the secondary means of identification.

With 2FA configured, your account is no longer at risk from somebody guessing your password on the other side of the world.

Google Authenticator

Our mechanism for implementing 2FA is software known as Google Authenticator. It is very simple to use, and can be installed for free on Android, iOS or Windows Phone devices. This includes iPhones, iPods, most Samsung and Nokia telephones as well as a variety of other devices. On iOS or Android, look up Google Authenticator by Google Inc. on your device. If you have a Windows Phone device, look up Authenticator by Microsoft Corporation.

If you are unable to install any of the three applications listed above, there may be alternatives for your device, but please use your own discretion, as we are unable to review all third-party software. As a final alternative, you may select SMS for 2FA, where we will send a code to your primary or secondary telephone number. Please be aware that SMS messages are often delayed, and it is preferable to use Google Authenticator where possible.

Verifying your identity

Having completed the previous steps, we now need to verify your identity. We are legally obligated to do this before activating your account for trading.

To verify your account, you will be prompted for a lot of personal information. The specific information requested differs depending on your nationality. The information requested will be verified against databases from your own country, so it is important the information is completely accurate before submitting, or we may not be able to verify you. This information will also be checked against various AML (anti-money laundering) and CTF (counter-terrorism financing) databases.

If the information you have provided is accurate, in most cases you should be approved for trading immediately, and your account will be activated. There may be some cases where we are still unable to identify you for one reason or another. Please contact us via the Support screen, and we will be happy to investigate your case and see if we can help.

Passport MRZ Text

Particular attention should be given to your passport MRZ (machine-readable zone) code, which is the long string of characters at the bottom of your identity page in your passport. We appreciate this is both long and difficult to read. Please take your time to enter this correctly, as this often forms a key part of your identity.

Deposits

Multi-Currency Trading

Independent Reserve facilitates trading Bitcoin and Ether in three currencies: USD, AUD and NZD. When depositing funds into your Independent Reserve account, you can choose to credit any of your accounts.

International clients may deposit USD directly via SWIFT transfer.

You can view our latest exchange rates in the FX Rates section of this page.

Electronic Funds Transfer Deposits

Australian customers may deposit AUD funds via Electronic Funds Transfer. Depending on the deposit reference code you use, the funds received will either be credited to your AUD account, or automatically converted to USD at a very competitive rate. Electronic Funds Transfer Deposits are generally processed within one business day. After the deposit is processed, an email will be sent notifying you that the funds are available in your account. You will be able to see the conversion rate that was used to convert your funds into USD from the Accounts screen.

Electronic Funds Transfer deposits of AUD 100.00 and above are free. Deposits below this amount incur a either an AUD 0.99 fee or USD 0.99 fee depending on whether you chose to credit your AUD or USD account. Electronic Funds Transfer deposits are usually processed within one business day, but please allow at least two business days before contacting our support staff. Please note that banks do not process Electronic Funds Transfer transactions on weekends or public holidays.

See Fee Schedule below for a list of all fees and charges.

POLi Deposits

Australian customers may deposit AUD funds via POLi.

POLi deposits up to $5,000.00 made during a 24 hour period will be processed and credited to your account instantly. Larger deposits will be credited to your account within 1 business day.

After the deposit is processed, an email will be sent notifying you that the funds are available in your account.

POLi deposits incur an AUD 3.30 fee.

See Fee Schedule below for a list of all fees and charges.

SWIFT Deposits

International clients may deposit funds into our USD bank account via SWIFT transfer.

It is essential that the source of the funds is held in an account name matching that of your Independent Reserve account. Funds received from a different account name can not be credited to your account.

Before initiating a transfer, it is necessary to create a Pending International Transfer via the Accounts screen. This allows us to quickly identify the source of the funds and correctly credit them to your account. There may be a delay in crediting funds to your account if funds are sent without a Pending International Transfer.

SWIFT details are available on the Accounts screen. SWIFT transfers typically take 2-3 business days before funds are available to you. Please allow at least 3 business days before making an enquiry regarding funds not yet appearing in your account.

Independent Reserve does not control the conversion rate used for funds received in currencies other than USD, so it is recommended that funds be transmitted in USD.

SWIFT deposits of $5,000.00 and above are free. Deposits below this amount incur a $15.00 fee, which will appear in your Independent Reserve account. Please be aware that your bank may charge an additional fee to initiate a SWIFT transfer.

See Fee Schedule below for a list of all fees and charges.

Crypto Captial Deposits

Clients may deposit funds into our into our Crypto Captial Account via an internal transfer using the Crypto Capital website.

Crypto Captial details are available on the Accounts screen.

Independent Reserve does not control the conversion rate used for funds received in currencies other than USD, so it is recommended that funds be transmitted in USD.

Crypto Captial deposits of $5,000.00 and above are free. A USD $10.00 processing fee will be debited from your Independent Reserve account for deposits below this amount.

See Fee Schedule below for a list of all fees and charges.

Bitcoin Deposits

Clients may deposit Bitcoin directly to their Independent Reserve account via the Accounts screen. You will be given a Bitcoin address where to send funds. Once your Bitcoins have been sent, you should see the funds appear in your account after approximately 10-15 minutes, marked as ‘unavailable funds’. It takes approximately an hour (6 confirmations) for the transfer to be confirmed by the Bitcoin network and for the funds to become available for trading.

Although it is possible to reuse the same Bitcoin address for sending funds to each time, we recommend each deposit be sent to a new address which we will provide for you. This further protects your privacy, and funds will appear in your account sooner than if you were to reuse an old address.

Ether Deposits

Clients may deposit Ether directly to their Independent Reserve account via the Accounts screen. You will be given an Ethereum address where to send funds. Once your Ether have been sent, you should see the funds appear in your account after approximately 10-15 minutes, marked as ‘unavailable funds’. It takes approximately an hour (300 confirmations) for the transfer to be confirmed by the Ethereum network and for the funds to become available for trading.

Although it is possible to reuse the same Ether address for sending funds to each time, we recommend each deposit be sent to a new address which we will provide for you. This further protects your privacy, and funds will appear in your account sooner than if you were to reuse an old address.

Withdrawals

Withdrawals to a Bank Account

Withdrawals from your AUD, NZD or USD account are initiated from the Accounts screen. Funds may be transferred to any bank account, in any currency, anywhere in the world providing the account name matches that of your Independent Reserve account. We are unable to transfer funds to a bank account that is held in another person or entity’s name.

AUD withdrawals to Australian accounts are free, and are typically processed the next business day.

In the case of withdrawing from your Independent reserve USD account to an Australian AUD bank account, we will first convert the funds into AUD. You can view our latest exchange rates in the FX Rates section of this page. International or non AUD withdrawals incur a $20.00 fee. It takes typically 2-3 business days before the money is received in your account. Minimum withdrawal amount is $50.00.

See Fee Schedule for a list of all our fees and charges. Please be aware that in some cases your bank, or an intermediary bank may charge additional fees outside of our control.

For your protection, all withdrawals are approved manually by Independent Reserve before being processed. We realise this may cause some inconvenience, but please consider that we do this in the interests of your security.

Bitcoin Withdrawals

To withdraw Bitcoin from your Independent Reserve account, follow the prompts via the Accounts screen. You will be prompted to enter a Bitcoin address that belongs to you where we will send the Bitcoins. Once you have specified the address and amount, you will see a transaction appear in the Pending state, and that amount will no longer be available for you to trade.

For your protection, certain Bitcoin withdrawals may be flagged for manual review by our staff before being processed. We realise this may cause some inconvenience as some transactions may take several hours to be approved, but please consider that we do this in the interests of your security. Once we have approved the withdrawal, you should see the Bitcoins arrive in your own wallet within seconds. The transaction status will be updated to show the progress of the transfer.

In some cases, Independent Reserve may request your bank account details. We will make a small deposit to that account, requesting proof of that deposit before approving your XBT withdrawal. We do this to mitigate the risk of identity theft and comply with Australian AML regulations and apologise for any inconvenience or delay this may cause.

If you have entered an incorrect Bitcoin wallet address or bank account details for any transactions, please contact us immediately via our secured Support screen.

Minimum withdrawal amount is XBT 0.001 for Bitcoin withdrawals.

Ether Withdrawals

To withdraw Ether from your Independent Reserve account, follow the prompts via the Accounts screen. You will be prompted to enter an Ethereum address that belongs to you where we will send the Ether. Once you have specified the address and amount, you will see a transaction appear in the Pending state, and that amount will no longer be available for you to trade.

For your protection, certain Ether withdrawals may be flagged for manual review by our staff before being processed. We realise this may cause some inconvenience as some transactions may take several hours to be approved, but please consider that we do this in the interests of your security. Once we have approved the withdrawal, you should see the Ether arrive in your own wallet within seconds. The transaction status will be updated to show the progress of the transfer.

In some cases, Independent Reserve may request your bank account details. We will make a small deposit to that account, requesting proof of that deposit before approving your ETH withdrawal. We do this to mitigate the risk of identity theft and comply with Australian AML regulations and apologise for any inconvenience or delay this may cause.

If you have entered an incorrect Ether wallet address or bank account details for any transactions, please contact us immediately via our secured Support screen.

Minimum withdrawal amount is ETH 0.01 for Ether withdrawals.

Trading

Trading is the process of buying and selling Digital Currency (Bitcoin or Ether) for AUD, USD or NZD.

Multi-Currency Trading

Independent Reserve facilitates trading Digital Currency in three fiat currencies: USD, AUD and NZD. When depositing funds into your Independent Reserve account, you can choose to credit any of your accounts.

Independent Reserve features a multi-currency order book which automatically converts all open orders into your currency of choice. This means that you can take advantage of the full pool of open orders to always get the best possible price when trading Digital Currency, as someone using AUD can transparently buy Digital Currency from another user who trades in USD or NZD, and vice versa.

You can view our latest exchange rates in the FX Rates section of this page.

Order Types

Independent Reserve supports six order types:

Limit Buy

A limit buy is an order to buy Digital Currency at no more than the specified price per Digital Currency unit. A limit buy is not always executed immediately, but may remain open on the Order Book until it is either matched against one or more sell orders, or it is cancelled. It is possible that a limit buy is partially filled, then cancelled. The price paid per Digital Currency unit for a limit buy is always less than or equal to the specified limit. The price will never be above the specified limit.

Stop Limit Buy

A stop limit buy is a limit buy order, which will only trigger and become active if the best sell price on the order book reaches the specified stop price. If the stop price is not reached, then the stop limit buy order will remain untriggered indefinitely.

Limit Sell

A limit sell is an offer to sell Digital Currency at no less than the specified price per Digital Currency unit. A limit sell is not always executed immediately, but may remain open on the Order Book until it is either matched against one or more buy orders, or it is cancelled. It is possible that a limit sell is partially filled, then cancelled. The price paid per Digital Currency unit for a limit sell is always greater than or equal to the specified limit. The price will never be below the specified limit.

Stop Limit Sell

A stop limit sell is a limit sell order, which will only trigger and become active if the best buy price on the order book reaches the specified stop price. If the stop price is not reached, then the stop limit sell order will remain untriggered indefinitely.

Market Buy

A market buy is an order to buy Digital Currency at the market price. The market price, in this case, is the weighted average of the lowest limit sells sufficient to fill the order. In the simplest case, the lowest limit sell is equal to the market price, if that order has sufficient volume available to fill the market buy. If the lowest limit sell has insufficient volume, then the market buy will be partially filled by that limit sell, and subsequently higher limit sells will fill the remaining volume ordered until the order if full. Therefore, it is common that one market buy may be filled by multiple limit sells. The price paid to fill the order will be the weighted average of all the limit sells that filled the order. A market buy is always matched against open limit sells and executed immediately. If there are no open limit sells, the market buy will not wait to be executed, but immediately closed. It is possible that a market buy may be partially filled and then closed due to no more available limit sells.

Market Sell

A market sell is an offer to sell Digital Currency at the market price. The market price, in this case, is the weighted average of the highest limit buys sufficient to fill the order. In the simplest case, the highest limit buy is equal to the market price, if that order has sufficient volume available to fill the market sell. If the highest limit buy has insufficient volume, then the market sell will be partially filled by that limit buy, and subsequently lower limit buys will fill the remaining volume ordered until the order if full. Therefore, it is common that one market sell may be filled by multiple limit buys. The price paid to fill the order will be the weighted average of all the limit buys that filled the order. A market sell is always matched against open limit buys and executed immediately. If there are no open limit buys, the market sell will not wait to be executed, but immediately closed. It is possible that a market sell may be partially filled and then closed due to no more available limit buys.

FX Rates

Independent Reserve uses competitive exchange rates for all currency conversions used during multi-currency trading as well as cross-currency deposits and withdrawals. Please note, that these rates are continually changing and may be slightly different when your deposit, withdrawal or trade is processed.

  Usd Aud Nzd
1 Usd = 1 1.3144 1.4193
1 Aud = 0.7360 1 1.0657
1 Nzd = 0.6782 0.9031 1

Fee Schedule

Independent Reserve does not collect GST on the value of Digital Currency bought or sold.

The ATO have recently released guidance on Digital Currency treatment under GST, which may require Australian suppliers of Digital Currency to charge GST on the supply of Digital Currency in some circumstances. Independent Reserve provides an open marketplace for buyers and sellers, and does not buy or sell Digital Currency in its own right. Therefore we are not required to collect GST on the value of Digital Currency traded.

Independent Reserve does include GST as part of the brokerage fee charged to Australian customers, however this GST is absorbed within the standard 0.5 % trading fee and ultimately paid out of our own profits.

Trade commission As low as 0.1 %, see Trade Volume Discount section below
Electronic Funds Transfer deposits Electronic Funds Transfer deposits of AUD 100.00 and above are free
(smaller deposits incur a $0.99 processing fee)
POLi deposits POLi deposits incur a $3.30 processing fee
SWIFT deposits SWIFT deposits of $5,000.00 equivalent and above are free
(smaller deposits incur a $15.00 processing fee)
Crypto Captial deposits Crypto Captial deposits of $5,000.00 equivalent and above are free
(smaller deposits incur a $10.00 processing fee)
Bitcoin and Ether deposits Free
Australian AUD withdrawals Free
International or non AUD withdrawals $20.00
Bitcoin withdrawals XBT 0.0005
Ether withdrawals ETH 0.01
Airbridge™ API Free

Trade Volume Discount

Your brokerage fee can be discounted based on your past 30 day trading volume. The trading volume is re-calculated every 4 hours. Order fees are calculated at the time the order is placed, and existing open orders will not have their fees adjusted when the trade volume is re-calculated.

30 Day XBT Trade Volume Trade Commission
0 0.50 %
15 0.48 %
30 0.46 %
45 0.44 %
60 0.42 %
75 0.40 %
90 0.38 %
105 0.36 %
120 0.34 %
143 0.32 %
165 0.30 %
195 0.28 %
225 0.26 %
255 0.24 %
285 0.22 %
315 0.20 %
360 0.18 %
450 0.16 %
555 0.14 %
675 0.12 %
900 0.10 %
30 Day ETH Trade Volume Trade Commission
0 0.50 %
750 0.48 %
1500 0.46 %
2250 0.44 %
3000 0.42 %
3750 0.40 %
4500 0.38 %
5250 0.36 %
6000 0.34 %
7125 0.32 %
8250 0.30 %
9750 0.28 %
11250 0.26 %
12750 0.24 %
14250 0.22 %
15750 0.20 %
18000 0.18 %
22500 0.16 %
27750 0.14 %
33750 0.12 %
45000 0.10 %

Referral Program

Our Referral Program allows you to become a part of the success of Independent Reserve and earn real money in the process.

Join our Referral Program and invite your friends to earn a 50% revenue share of all brokerage fees paid by the users you invite for the first 90 days.

The Referral Program is available to all verified account holders of Independent Reserve, and you can find further details on the Settings page.

System Security

At Independent Reserve we go to great lengths to ensure the security and integrity of the system and the Digital Currency held within.

Our core servers are securely located at two Tier 3 data centres, in Sydney, Australia. This allows us to synchronously replicate all data across both locations in real-time, to ensure zero data loss should disaster strike. To ensure system continuity, we have a fully configured production environment in a secondary data centre, ready to fail over to should the need arise. Our data is signed and encrypted using geographically dispersed keys, spread across four data centres and we of course utilise cold storage to hold the majority of Digital Currency completely offline.

Email Authenticity (PGP)

Emails sent from Independent Reserve may be PGP signed, which provides evidence that Independent Reserve transmitted the message, and that it was untampered during transit. To verify this, you will need to copy the public key provided below into a suitable email program or cryptographic toolset such as GNU Gpg4win.

-----BEGIN PGP PUBLIC KEY BLOCK-----
Version: GnuPG v2.0.22 (MingW32)
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=g0R/
-----END PGP PUBLIC KEY BLOCK-----

You can enable PGP signing for your account via the Settings screen.

Support

To contact our support team, please do so via the Support screen. This screen allows you to send us messages securely, protecting any sensitive data related to your account.

If you are a new user or are having trouble logging in, you can email us at [email protected].

Please note that we will never ask you for your password and it is never safe to give out your password.

Airbridge™ API

Independent Reserve features a JSON API known as Airbridge™. The specification can be found here.

Bug Bounty Program

At Independent Reserve we obsess about security, and we have enlisted Cobalt as our penetration testing partner to ensure that all data remains safe and secure at all times.

Reporting of Vulnerabilities

We encourage the responsible disclosure of any vulnerabilities found by security researchers via our Cobalt program. We will gladly reward the responsible disclosure of any genuine issues which have not been raised already by others.

Privacy Policy

Independent Reserve Pty. Ltd. (we or us) works together with banks and financial institutions that are required by law to take steps to prevent fraud, money-laundering and terrorist-financing. Given the nature of our core business, we take the privacy and security of an individual’s personal information very seriously.

We are bound by the provisions of the privacy laws in the State of New South Wales, Australia and the National Privacy Principles. These laws govern the way in which we may collect, use and disclose personal information about any individual (you). This Privacy Policy sets out the manner in which we comply with our obligations under these laws.

Collection, use and disclosure

We collect personal information from customers for identity verification purposes under anti-money laundering and fraud prevention laws.

We only use and disclose personal information collected in this manner insofar as necessary in order to integrate with identity verification and related services, or as otherwise required by law.

There are also a number of limited circumstances in which we may collect personal information directly from you. This is limited to circumstances where you make direct contact with us by telephone or in writing, or via our website at independentreserve.com. We will only use personal information collected in this manner for the purpose of communicating with you or otherwise in accordance with the purpose for which you provided your personal information.

The personal information we collect

The type of personal information which we might collect from customers includes your name, current and previous addresses, date of birth, telephone number, driver licence number, passport number and any other information which may be relevant for the purpose of verifying your identity. We require our third party providers and corporate customers to comply with all relevant privacy and data protection laws (including, where necessary, obtaining the appropriate express or implied consent from you at the time your personal information is collected) in order for such information to be lawfully used for identity verification and related purposes.

We do not collect, use or disclose any sensitive information about any person. This includes a person’s racial or ethnic origin, political opinion, political association, religious belief or affiliation, philosophical belief, professional or trade union or association, sexual preference, criminal record or health information.

We do not use or adopt as our own identifier any individual identifier assigned by any other organization.

Security

We take all reasonable steps (including the employment of appropriate security systems and procedures) to ensure all data held by us is safe and secure. Such security measures include physical protection and electronic encryption to prevent any unauthorized access.

Quality

We take all reasonable steps to ensure that any personal information that we collect and use is accurate, complete and up-to-date.

Access and correction

You have a right to access your personal information, subject to some exceptions allowed by law. If you wish to access your personal information, you should contact us via the Support screen. We reserve the right to charge a fee for searching for and providing access to your information.

Destruction

Where we determine, acting reasonably, that personal information held in respect of an individual is no longer needed for our functions or the services we provide, we will permanently destroy or de-identify that information.

Amendments to the policy

We may from time to time vary this Privacy Policy. Please check our website regularly for an up-to-date version of our Privacy Policy.

Anti Money Laundering (AML) Policy

Independent Reserve is bound by Australian law to take steps to ensure that it is not involved in the facilitation of money laundering or terrorism financing.

Various AML measures are in place designed to articulate our commitment to detecting, preventing and reporting attempts to use our financial services platform to illegally launder money, to finance illegal activities such as terrorism and drug trafficking, or to commit fraud.

The following is a list of some of these measures:

  • All clients must undergo a verification check to confirm identity before being allowed to trade
  • Fiat currency withdrawals can only be made to a bank account held in the same name as the Independent Reserve account
  • Fiat currency deposits can only be accepted from a bank account held in the same name as the Independent Reserve account
  • Independent Reserve is obliged to report any suspicious activity to the relevant authorities
  • XBT and ETH withdrawals may require proof of bank account held in the same name as the Independent Reserve account before being approved

Terms and Conditions

Acceptance

By using this Site, and further by registering to use our Service, you ("You, Your or Yourself") are agreeing to accept and comply with the terms and conditions of use stated below ("Terms and Conditions"). You should read the entire Terms and Conditions carefully before you use this web site ("Site") or any of the services of this Site. As used herein, "Independent Reserve" refers to the company Independent Reserve Pty. Ltd., including without limitation thereby, its owners, directors, investors, employees or other related parties. Depending upon context, "Independent Reserve" may also refer to the services, products, Site, content or other materials (collectively, "Materials") provided by Independent Reserve. The Service operated by Independent Reserve allows buyers ("Buyers") and sellers ("Sellers"), to buy, sell and transfer the digital currencies known as "Bitcoin" and "Ether".

Depending on Your country of residence, You may not be able to use all the functions of the Site. It is your responsibility to follow those rules and laws in Your country of residence and/or country from which You access this Site and Services. As long as you agree to and actually comply with these Terms and Conditions, Independent Reserve grants to you a personal, non-exclusive, non-transferable, and limited right to enter and use the Site and the Service. If you do not accept the terms and conditions outlined in this agreement, do not access this site and do not use this service. By opening an account to use the Service ("Account"), You expressly represent and warrant that You have accepted these Terms.

Risks

The trading of digital currencies involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any currency - digital or not - may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market. Bitcoin and Ether trading also has special risks not generally shared with conventional currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, Bitcoin and Ether are a unique kind of "fiat" currency, backed by technology and trust. There is no central bank that can take corrective measure to protect the value of Bitcoin and Ether in a crisis or issue more currency. Instead, Bitcoin and Ether are an as-yet autonomous and largely unregulated worldwide system of currency firms and individuals. Traders put their trust in a digital, decentralized and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity. Bitcoin and Ether trading is probably susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin or Ether because of unexpected changes imposed by the software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling. There may be additional risks that we have not foreseen or identified in our Terms and Conditions. You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading digital currency. We use our banking providers in order to receive client moneys and making payments. Our banking providers do not transfer Bitcoin or Ether, exchange Bitcoin or Ether, or provide any services in connection with Bitcoin or Ether.

Limited Rights of Use

Unless otherwise specified, all Materials on this Site are the property of Independent Reserve and are protected by copyright, trademark and other applicable laws. You may view, print and/or download a copy of the Materials from this Site on any single computer solely for your personal, informational, non-commercial use, provided you keep intact all copyright and other proprietary notices. The trademarks, service marks and logos of Independent Reserve and others used in this Site ("Trademarks") are the property of Independent Reserve and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio used on this Site belong to Independent Reserve. The Trademarks and Material should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other Site or networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.

Maintaining Your Account

We are vigilant in maintaining the security of our Site and the Service. By registering with us, You agree to provide Independent Reserve with current, accurate, and complete information about Yourself as prompted by the registration process, and to keep such information updated. You further agree that You will not use any Account other than Your own, or access the Account of any other Member at any time, or assist others in obtaining unauthorized access. The creation or use of Accounts without obtaining the prior express permission from Independent Reserve will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Members being terminated. Termination is not the exclusive remedy for such a violation, and Independent Reserve may elect to take further action against You. You are also responsible for maintaining the confidentiality of Your Account information, including your password, safeguarding your own Bitcoins, and for all activity including Transactions that are posted to Your Account. If there is suspicious activity related to your Account, we may, but are not obligated, to request additional information from You, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests, or accept termination of Your Account. You are required to notify Independent Reserve immediately of any unauthorized use of Your Account or password, or any other breach of security. Any Member who violates these rules may be terminated, and thereafter held liable for losses incurred by Independent Reserve or any user of the Site. Finally, You agree that You will not use the Service to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking.

Termination

You may terminate this agreement with Independent Reserve, and close Your Account at any time, following settlement of any pending transactions. You also agree that Independent Reserve may, by giving notice, in its sole discretion terminate Your access to the Site and to Your Account, including without limitation, our right to: limit, suspend or terminate the service and Members' Accounts, prohibit access to the Site and its content, services and tools, delay or remove hosted content, and take technical and legal steps to keep Members off the Site if we think that they are creating problems or possible legal liabilities, infringing the intellectual property rights of third parties, or acting inconsistently with the letter or spirit of these Terms. Additionally, we may, in appropriate circumstances and at our discretion, suspend or terminate Accounts of Members for any reason, including without limitation: (1) attempts to gain unauthorized access to the Site or another Member's account or providing assistance to others' attempting to do so, (2) overcoming software security features limiting use of or protecting any content, (3) usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities, (4) violations of these Terms and Conditions, (5) failure to pay or fraudulent payment for Transactions, (6) unexpected operational difficulties, or (7) upon the request of law enforcement or other government agencies, if deemed to be legitimate and compelling by Independent Reserve, acting in its sole discretion. We also reserve the right to cancel unconfirmed Accounts or Accounts that have been inactive for a period of 6 months or more, and/or to modify or discontinue our Site or Service. Members agree that Independent Reserve will not be liable to them or to any third party for termination of their Account or access to the Site. The suspension of an Account shall not affect the payment of the commissions due for past Transactions. Upon termination, Members shall communicate a valid bank account to allow for the transfer of any currencies credited to their account. Said bank account shall be held by the Member. Bitcoin or Ether may be transferred to a valid bank account only after conversion into a currency. Independent Reserve shall transfer the currencies as soon as possible following the Member's request in the time frames specified by Independent Reserve. Independent Reserve will send to You the credit balance of Your account, however in circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. We will use reasonable efforts to ensure that such charges are disclosed to You prior to sending Your payment, however where they cannot be avoided, You acknowledge that these charges cannot always be calculated in advance, and that you agree to be responsible for such charges.

Availability

All services are provided without warranty of any kind, either express or implied. We do not represent that this Site will be available 100% of the time to meet your needs. We will strive to provide You with the Service as soon as possible but there are no guarantees that access will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of transmitted information. We will use reasonable endeavours to ensure that the Site can normally be accessed by You in accordance with these Terms and Conditions. We may suspend use of the Site for maintenance and will make reasonable efforts to give you notice. You acknowledge that this may not be possible in an emergency.

Limitation of Liability

To the extent permitted by law, Independent Reserve will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered arising from negligence or wilful deceit or fraud. Nothing in these terms excludes or limits the liability of either party for fraud, death or personal injury caused by its negligence, breach of terms implied by operation of law, or any other liability which may not by law be limited or excluded. Subject to the foregoing, Independent Reserve's aggregate liability in respect of claims based on events arising out of or in connection with any single Member's use of the Site and/or Service, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed the greater of either (a) the total amount held on Account for the Member making a claim less any amount of Commission that may be due and payable in respect of such Account; or (b) the amount of the Transaction(s) that are the subject of the claim less any amount of Commission that may be due and payable in respect of such Transaction(s).

Indemnity

To the full extent permitted by applicable law, You hereby agree to indemnify Independent Reserve, and its partners against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred if direct or not directly arising from your use of Independent Reserve's Sites, Your use of the Service, or from your violation of these Terms and Conditions.

Miscellaneous

If We are unable to perform the Services outlined in the Terms and Conditions due to factors beyond our control including but not limited to an event of Force Majeure, change of law or change in sanctions policy we will not have any liability to You with respect to the Services provided under this agreement and for a time period coincident with the event.

Modification of Terms

Independent Reserve reserves the right to change, add or remove portions of these Terms, at any time, in an exercise of its sole discretion. You will be notified of any changes in advance through your Account. Upon such notification, it is your responsibility to review the amended Terms. Your continued use of the Site following the posting of a notice of changes to the Terms signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms.