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 vs Independent Reserve Independent Reserve vs Binance
Available Cryptos 600+ 30+
Trading Fees 0.1 - 0.2% 0.5%
Deposit Methods Bank Transfer, PayID/Osko, Cash, Cryptocurrency Bank Transfer, PayID/Osko, SWIFT, Cryptocurrency
Daily Deposit Limit $10,000 AUD $100,000 AUD
Year Founded 2017 2013
NFT Marketplace Binance NFT Staking Image
Never Hacked Image Image
Overall Rating Image Image
Website Visit Binance Visit Independent Reserve

Learn more about each platform in our Binance Review and Independent Reserve Review.

Table of Contents

Trading Fees

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.

Binance vs Indep
The Binance home page.

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.

SMSF Support

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.

Independent Reserve SMSF vs Binance
The SMSF enquiry form on Independent Reserve.

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.

Final Verdict

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.