Independent Reserve

Is Independent Reserve safe?

Independent Reserve is one of the safer places for Australians and Singaporeans to buy crypto. In 13 years it has had no known hack, it holds a full licence from Singapore's central bank, and since January 2026 it has been 70% owned by IG Group, a London-listed trading company. The main gap is transparency: it promised a proof of reservesProof of reservesA report in which a crypto exchange shows that it holds enough coins to cover all customer balances, ideally checked by an outside firm.More in the glossary in 2022 and has not delivered one.

We score it 75/100, well above Swyftx (59) and CoinSpot (52), and below Kraken, which publishes attested reserves.

A clean security record

Independent Reserve was founded in Sydney in 2013 and says it now serves more than 550,000 Australian, New Zealand and global customers, including thousands of self-managed super funds. When IG completed the takeover, the count of funded accounts was put at about 129,400. We found no report of attackers taking coins from its wallets in that time, and no report of customers losing balances to a platform breach.

Its security page explains why that might be. Most coins sit in cold storageCold storageKeeping crypto keys on a device or medium that is not connected to the internet, which protects them from most online attacks.More in the glossary with an outside "qualified custodian", withdrawals use multi-signatureMultisigA crypto wallet that needs approval from several keys to move funds, for example any 2 of 3, rather than from a single key.More in the glossary or MPCMPC walletA crypto wallet that splits the private key into several shares held in different places, so no single device or company holds the whole key.More in the glossary approval, and hot-walletHot walletA crypto wallet connected to the internet, such as an app or an exchange's online wallet. It is convenient, but more exposed to hacking.More in the glossary keys are designed never to be visible to staff. Customers get a few protections that many exchanges lack: a duress password that freezes the account, a 72-hour block on crypto withdrawals after any change to security details, and SMS confirmation for new withdrawal addresses. It has held ISO 27001 certification since 2021.

Who owns it now

IG Group Holdings, the London-listed trading company, agreed in September 2025 to buy Independent Reserve at an initial value of A$178 million. The deal completed on 30 January 2026 after MAS approved it. IG bought 70% and the founders, management and staff kept 30%, which IG can buy later depending on results.

For customers, a large listed parent with its own regulators and audited group accounts adds a layer of oversight that a founder-owned exchange lacks. It does not change who holds your coins: that is still Independent Reserve Pty Ltd in Australia or its Singapore company.

Licences: strong in Singapore, light in Australia

MAS granted the licence in 2021; Fintech News Singapore reported it as the second crypto firm to get a full digital payment token licence. MAS says major payment institutions face more comprehensive rules than smaller ones, including requirements to protect customer money.

The Australian side is weaker. AUSTRAC registration covers identity checks and reporting, not custody or capital. Like every local exchange, Independent Reserve will need an ASIC licence covering digital asset platforms under the Corporations Amendment (Digital Assets Framework) Act 2026, which takes effect on 9 April 2027.

Reserves: promised, audited, not published

Independent Reserve says it keeps a 1:1 reserve of all client fiat and crypto, carries no debt, and has never lent or pledged customer assets. It also says external auditors check all client balances it holds as part of an annual audit under Australian Accounting Standards, and that its Singapore business has had the external audit of client-asset controls that MAS requires.

That is more than most offshore exchanges offer. But the audit reports are not on its website, and in November 2022, after FTX failed, the chief executive wrote that the firm was "working on producing our Proof of ReservesProof of reservesA report in which a crypto exchange shows that it holds enough coins to cover all customer balances, ideally checked by an outside firm.More in the glossary". The post was still online, unchanged on that point, in 2026. Until a report appears, customers rely on the company's word and the auditors they cannot see.

How to use Independent Reserve more carefully

1. Turn on an authenticator app rather than SMS, and set a duress password.
2. Use address whitelisting so a stolen login cannot send coins to a new address without confirmation.
3. Remember that Australia's Financial Claims Scheme covers bank deposits, not crypto or cash held by an exchange.
4. Keep long-term holdings in your own wallet, or at least weigh the custodian arrangement against self-custodySelf-custodyHolding crypto in a wallet where you alone control the private keys, rather than leaving it with an exchange or another company.More in the glossary.
5. Watch for a proof of reservesProof of reservesA report in which a crypto exchange shows that it holds enough coins to cover all customer balances, ideally checked by an outside firm.More in the glossary that includes liabilities, and for its ASIC licence application after April 2027.

How we scored it

Security history (90) and legal record (88) are the strongest factors: no known theft in 13 years and no enforcement action. Reserves (55) is the weakest, since balances are audited but no proof of reservesProof of reservesA report in which a crypto exchange shows that it holds enough coins to cover all customer balances, ideally checked by an outside firm.More in the glossary is published. Licensing (65) gives credit for the MAS licence but not for Australia, where the spot exchange has only an AUSTRAC registration.