Binance is one of the largest cryptocurrency exchanges in the world. They offer over 600 different cryptocurrencies, staking, NFT Markeplaces, futures trading and more. Binance also has their own native token, Binance Coin (BNB), which can be used to pay fees on the exchange.
Independent Reserve is an Australian-based exchange. They offer a good selection of coins, including Bitcoin, Ethereum, Litecoin, and Ripple and 25 others. Their platform is better suited for institutional investors and SMSFs looking for white-glove service.
To provide a high-level overview, we have put together a summary table that compares the key features of Binance and Independent Reserve. At a cursory view, you can see that Binance offers better features for advanced traders and users. Independent Reserve is more tailored for institutional investors, high-net worths and SMSF accounts looking for the best local service.
Binance's trading fees depend on what feature you are using. Their most common feature is their trading platform where you can swap AUD/USD/USDT for over 600 different cryptos. This service charges a 0.2% fee per swap.
Independent Reserve on the other-hand charges 0.5% per trade. Their platform is more expensive, unless you are a high-net worth investor buying over $100,000 AU. This is because their OTC Desk can provide better liquidity for lower fees than Binance.
Security and Regulation
Independent Reserve is a local exchange based in Sydney, Australia. They were founded back in 2013 and have built a reputation as the most trusted cryptocurrency exchange in Australia. Their platform is AUSTRAC regulated and licensed by ASIC and other relevant authorities.
Binance is a global exchange, but does have a license to operate in Australia. Their company has had a checkered history, so it is difficult to say how safe their platform is to secure your funds.
Binance does not provide any support for SMSF accounts in Australia to buy or sell Cryptocurrency. Independent Reserve provides a specialist team that will help you buy Bitcoin and other digital assets on their platform.
The Independent Reserve account managers walk you through step-by-step from the SMSF verification process, to your first buy.
NFTs and Crypto Staking
Independent Reserve does not offer any NFT wallets or services. They also don't provide any way for their customers to stake their cryptocurrencies.
Binance offers a large NFT Marketplace that lets you buy and sell thousands of NFTs with any currency listed on their platform. They also let you stake over 100 different cryptocurrencies to earn passive income of up to 80% APY.
Overall, Binance provides a significantly better experience for users compared to Independent Reserve. They offer a better user interface, lower fees, a wider variety of cryptocurrencies, NFT services and even cryptocurrency staking.
We only recommend Independent Reserve to high-net worth investors or SMSF accounts looking to buy Bitcoin and Ethereum.