Overview

Independent Reserve is Singapore's first MAS-licensed cryptocurrency exchange, operating since 2013 with over 500,000 customers. The platform lists around 32 tokens including BTC, ETH, SOL, and XRP, with trading fees starting at 0.5% and dropping to 0.02% based on 30-day volume. SGD deposits via PayNow are free and instant, while client funds sit in segregated accounts at DBS bank. An OTC desk handles trades from S$50,000 to over S$50 million for institutions and high-net-worth individuals.

Pros

↑MAS licensed with ISO 27001 certification, 1:1 reserves, and annual external audits
↑Free instant SGD deposits via PayNow available 24/7
↑OTC desk for trades from S$50,000 with fast settlement and all-inclusive pricing

Cons

↓Base 0.5% trading fee higher than some global exchanges
↓Only about 32 tokens listed, far fewer than larger exchanges
↓Leveraged trading only available to corporate accredited investors

Key Highlights

Welcome Offer
No current welcome bonus
No sign-up bonus or referral promotion at this time
Free PayNow SGD deposits available to all users
No minimum deposit required to start trading
Check the website for any updated promotions

Trading Costs
0.5% fees, down to 0.02%
Base trading fee: 0.5% per trade
Fees reduce based on 30-day rolling volume
28 volume tiers from 0.5% to 0.02%
No hidden spreads, transparent order book
Same fee structure for all crypto pairs

Assets & Markets
~32 cryptocurrencies
Major coins: BTC, ETH, SOL, XRP, ADA, DOGE, LTC
Stablecoins: USDT, USDC, RLUSD, AUSD
Newer listings: HYPE, TRUMP, BONK, PEPE, WIF, PENGU
Tokenized gold: XAUT (Tether Gold)
All tradeable in SGD and USD

Why Choose?
Free PayNow deposits
PayNow SGD deposits: free, instant, 24/7
FAST deposits: free for S$1,000+, S$2.50 under S$1,000
USD via SWIFT: US$15 (US$2.50 from DBS accounts)
Crypto deposits: free
No storage fees for holding crypto

Regulation & Safety
MAS licensed, ISO 27001
First crypto exchange licensed by MAS in Singapore
Major Payment Institution License under Payment Services Act 2019
ISO 27001 certified security management
Annual external audits of all fiat and crypto holdings
Zero security breaches in 10+ years of operation

Account Minimum
OTC desk from S$50K
Minimum trade size S$50,000 up to S$50M+
All-inclusive quotes with no hidden fees
Fast settlement, usually within hours during business hours
Deep global liquidity access
Dedicated relationship managers for institutional clients

Key Benefits

Trading Costs

★3.5

▼

Trading fees start at 0.5% per trade
Volume discounts down to 0.02% across 28 tiers
PayNow SGD deposits free
FAST deposits free for S$1,000+
No hidden spreads via transparent order book
SGD FAST withdrawals S$1.50

Platform And Tools

★3.5

▼

Web platform with open order book
Mobile app for iOS and Android
Limit orders and market orders
Dollar-cost averaging supported
API access for automated trading
Multi-user accounts with tiered access

Research And Analysis

★2.8

▼

Basic price charts and 7-day graphs
24-hour price change data
Trading volume information
Weekly crypto newsletter
Blog articles on market topics
No advanced charting or technical indicators

Mobile Trading

★3.5

▼

iOS and Android apps available
Buy, sell, and track portfolio on mobile
Real-time price data
Push notifications
Same functionality as desktop
Singpass integration for SG residents

Account Features

★3.8

▼

Personal, business, and trust accounts supported
Multi-user accounts with tiered access
Singpass verification for SG residents
Transaction history export (CSV and PDF)
SGD and USD fiat currencies supported
No minimum account balance

Security And Trust

★4.5

▼

First MAS-licensed crypto exchange in Singapore
ISO 27001 certified
1:1 reserves of all client assets verified by external auditors
Client funds at DBS, segregated from company funds
Cold storage via insured enterprise-grade Qualified Custodian
Zero security breaches in 10+ years
No lending, borrowing, or rehypothecation of assets

Customer Support

★4.0

▼

24/7 support availability
In-app and web chat
Email support
Dedicated relationship managers for institutional clients
Strong Google review ratings
Singpass-based account verification speeds up onboarding

Educational Resources

★2.8

▼

Blog with market articles
Weekly crypto newsletter
FAQ section on website
How-to guides for deposits and trading
No webinars or structured courses
No demo account available

VIP Program

1Standard

▼

Volume A U M	0 (30-day volume)
Fee Waivers	0.50% trading fee

2Volume Tier (S$50K+)

▼

Volume A U M	S$50,000+ 30-day volume
Fee Waivers	0.48% trading fee
Other Perks	Fees reduce progressively across 28 tiers

3Volume Tier (S$1M+)

▼

Volume A U M	S$1,000,000+ 30-day volume
Fee Waivers	0.32% trading fee

4Volume Tier (S$200M+)

▼

Volume A U M	S$200,000,000+ 30-day volume
Fee Waivers	0.02% trading fee (lowest tier)
Other Perks	OTC desk access with dedicated relationship manager

Available Tools

Trading Tools

▼

Paper Trading	×
Margin Trading	✓
Zero Commission	×
Fractional Shares	×
After Hours Trading	×

Automation

▼

Dca	✓
Algo Trading	×
Grid Trading	×
Trading Bots	×
Robo Advisory	×
Sentiment Analysis	×
Social Copy Trading	×
Ai Trading Assistant	×

Advanced Tools

▼

Api Access	✓
Basket Trading	×
Options Strategies	×
Smart Order Routing	×
Backtesting Capabilities	×

Detailed Information

Commission Tiers	28 volume-based tiers from 0.5% to 0.02% Based on rolling 30-day trading volume Volume recalculated every 4 hours Same rate for all crypto pairs No separate maker/taker fees
Trading Fees	Base: 0.5% per trade S$50K volume: 0.48% S$100K volume: 0.46% S$500K volume: 0.38% S$1M volume: 0.32% S$5M volume: 0.10% S$200M volume: 0.02% (lowest)
Financing Rates	Leveraged trading interest: 0.1% per day Mandatory liquidation fee: 1% of total loan amount Position open/close fees: free Corporate accredited investors only
Margin Interest Rate	0.1% per day on leveraged positions Applied when position is closed
Overnight Fees	Leveraged positions: 0.1% daily interest Applied on position close
Non Trading Fees	No custody fees for crypto storage No account maintenance fees No inactivity fees No platform fees
Deposit Fee	PayNow SGD: free FAST SGD (S$1,000+): free FAST SGD (under S$1,000): S$2.50 TT SGD: S$15 (free for OTC clients) SWIFT USD in SG: US$15 USD from DBS accounts: US$2.50 Crypto deposits: free
Withdrawal Fee	FAST SGD: S$1.50 TT SGD: S$25 SGD S$200,000+: S$20 SWIFT USD: US$25 Crypto: varies by network (e.g. 0.0001 BTC, 0.003 ETH)
Currency Conversion Fee	No explicit FX fee listed SGD and USD trading pairs available Market rates apply
Data Feed Fees	Real-time data included free
Order Modification Fee	S$0
Vip Fee Tiers	28 tiers based on 30-day volume From 0.5% (base) to 0.02% (S$200M+ volume) Recalculated every 4 hours

Minimum Spreads	Transparent order book, no hidden spreads Market price determined by open order book Similar to stock exchange model
Maximum Leverage	Up to 5x leverage on BTC, ETH, XRP, SOL Available in SGD and USD Corporate accredited investors only
Margin Call Level	Mandatory liquidation level applies 1% fee on liquidation
Stop Out Level	Automatic liquidation at mandatory level
Negative Balance Protection	Not specified
Settlement Period	Order book: instant 24/7 settlement OTC: usually within hours during business hours, up to 1 business day
Order Execution Quality	Open order book model (exchange-style) Market and limit orders supported Dollar-cost averaging available API access for automated trading OTC desk for large trades

Stocks Count	0
Etfs Count	0
Crypto Count	32
Forex Pairs Count	0
Product Universe Overview	~32 cryptocurrencies available Major coins: BTC, ETH, SOL, XRP, ADA, DOT, DOGE, LTC Stablecoins: USDT, USDC, RLUSD, AUSD Meme/trending: TRUMP, PEPE, BONK, WIF, PENGU, SHIB DeFi: UNI, LINK, GRT, RENDER, MANA, SAND Other: BCH, ETC, TRX, XLM, AVAX, MATIC, HYPE Tokenized gold: XAUT
Geographic Market Coverage	Global crypto markets SGD and USD trading pairs Multi-network support (Ethereum, Solana, Base, Arbitrum, TRON)
Major Markets Details	All major cryptocurrencies by market cap Stablecoin pairs for trading Tokenized commodities (XAUT gold)
Emerging Markets Details	Not applicable (crypto only)
Base Currencies Supported	SGD, USD, AUD, NZD

Trading Platforms Overview	Web-based trading platform Mobile app (iOS and Android) API access for programmatic trading Fireblocks integration for institutional workflows
Desktop Platform	Web-based platform accessible from any browser Open order book display No standalone desktop app
Mobile App	iOS and Android apps Buy, sell, and track portfolio Real-time price data Push notifications Available on App Store and Google Play
Web Platform	Full trading platform in browser Order book, market and limit orders Portfolio tracking Transaction history and reporting
Trading Tools And Features	Open order book (exchange-style) Market and limit orders Dollar-cost averaging Price charts with 7-day graphs Portfolio overview
Charting And Technical Analysis	Basic price charts 7-day price graphs 24-hour change tracking Volume data No advanced technical indicators
Risk Management Tools	Limit orders for price control Leveraged trading with mandatory liquidation levels Email alerts for account activity Multi-user access controls
Order Types Available	Market orders Limit orders OTC (for trades S$50K+)
Integrations And Api Access	Full API access for automated trading Fireblocks integration for institutional custody IRESS integration BGL integration Transaction export (CSV, PDF)
Third Party Platforms	Fireblocks IRESS BGL
Api Rate Limits	API available, rate limits not publicly specified
Algo Trading Support	Supported via API access

Customer Support Overview	24/7 customer support Dedicated relationship managers for institutional clients In-app and web chat Email support Strong Google review ratings (5 stars)
Phone Support Hours	Not publicly listed
Live Chat Availability	Available in-app and on website
Email Response Time	Typically within 24 hours
Languages Supported	English, Chinese (Simplified)
Local Office Presence	Singapore office (MAS-licensed entity)
Account Manager	Dedicated relationship managers for institutional and OTC clients Not available for retail accounts
Educational Resources Overview	Blog with market articles and guides Weekly crypto newsletter Help center with FAQs How-to guides for deposits, trading, account setup
Beginner Resources	How to buy crypto guides Account setup walkthrough FAQ section Singpass verification guide for SG residents
Webinars And Tutorials	Not available
Market Analysis And Research	Weekly market newsletter Blog articles on crypto topics Basic market data on trading page
Demo Account Details	Not available
Trading Courses	Not available
Tax Reporting Help	Transaction history export as CSV or PDF Trade records for tax reporting Integration with BGL for accounting

Regulation Overview	First crypto exchange licensed by MAS in Singapore Major Payment Institution License for Digital Payment Token Services Licensed under Payment Services Act 2019 Also regulated in Australia (AUSTRAC) and New Zealand Annual external audits of all client asset holdings
Primary Regulator	Monetary Authority of Singapore (MAS)
License Number	Independent Reserve SG Pte Ltd MAS institution reference: 243463 Major Payment Institution License
Investor Protection Scheme	Client funds fully segregated from company operational funds 1:1 reserves of all client fiat and crypto verified by external auditors Fiat funds safeguarded at DBS bank Cold storage via insured enterprise-grade Qualified Custodian No lending, borrowing, or rehypothecation of client assets No debt on company balance sheet Zero security breaches since 2013
Security Features	ISO 27001 certified security management Two-factor authentication Email alerts for account activity Data encryption Regular penetration testing Cold storage for majority of digital assets Multi-signature wallets Address whitelisting

Commission Tiers

28 volume-based tiers from 0.5% to 0.02%
Based on rolling 30-day trading volume
Volume recalculated every 4 hours
Same rate for all crypto pairs
No separate maker/taker fees

Trading Fees

Base: 0.5% per trade
S$50K volume: 0.48%
S$100K volume: 0.46%
S$500K volume: 0.38%
S$1M volume: 0.32%
S$5M volume: 0.10%
S$200M volume: 0.02% (lowest)

Financing Rates

Leveraged trading interest: 0.1% per day
Mandatory liquidation fee: 1% of total loan amount
Position open/close fees: free
Corporate accredited investors only

Margin Interest Rate

0.1% per day on leveraged positions
Applied when position is closed

Overnight Fees

Leveraged positions: 0.1% daily interest
Applied on position close

Non Trading Fees

No custody fees for crypto storage
No account maintenance fees
No inactivity fees
No platform fees

Deposit Fee

PayNow SGD: free
FAST SGD (S$1,000+): free
FAST SGD (under S$1,000): S$2.50
TT SGD: S$15 (free for OTC clients)
SWIFT USD in SG: US$15
USD from DBS accounts: US$2.50
Crypto deposits: free

Withdrawal Fee

FAST SGD: S$1.50
TT SGD: S$25
SGD S$200,000+: S$20
SWIFT USD: US$25
Crypto: varies by network (e.g. 0.0001 BTC, 0.003 ETH)

Currency Conversion Fee

No explicit FX fee listed
SGD and USD trading pairs available
Market rates apply

Data Feed Fees

Real-time data included free

Order Modification Fee

S$0

Vip Fee Tiers

28 tiers based on 30-day volume
From 0.5% (base) to 0.02% (S$200M+ volume)
Recalculated every 4 hours

Independent Reserve

Overview

Pros

Cons

Key Highlights

Key Benefits

VIP Program

Available Tools

Detailed Information

Related Products

Pros

Cons