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Summary
Independent Reserve started in Australia in 2013 and later set up a Singapore business. Its Singapore entity, Independent Reserve SG, received a Major Payment Institution licence in October 2021, which makes it one of the earlier licensed platforms here. In 2026 it became part of IG Group.
It is not a flashy app. What it does well is the unglamorous stuff that saves money: a fee ladder you can read in a minute, PayNow deposits that are free up to S$200,000 a time, and SGD withdrawals that cost S$1.50. For anyone moving a few thousand dollars or more, those details add up.
- Licence
- MAS MPI for DPT services (Independent Reserve SG), since Oct 2021
- Owner
- IG Group (acquisition completed early 2026)
- Trading fee
- 0.50% at entry, down to 0.02% with 30-day volume
- SGD in
- PayNow free up to S$200,000; FAST free from S$1,000; TT S$15
- SGD out
- FAST S$1.50; TT S$25
- Coins
- About 30
- OTC
- From about 50,000, settled within hours
- Best for
- Larger SGD buys, OTC clients, people who want clear fees
Trading fees
Independent Reserve charges a single percentage on each trade, set by your trading volume over the last 30 days and recalculated every four hours. There is no separate maker and taker split. The ladder has 28 steps; the table shows a selection.
| 30-day volume (AUD) | Fee per trade |
|---|---|
| 0 | 0.50% |
| 50,000 | 0.48% |
| 200,000 | 0.44% |
| 500,000 | 0.38% |
| 1,000,000 | 0.32% |
| 5,000,000 | 0.10% |
| 50,000,000 | 0.05% |
| 200,000,000 | 0.02% |
Note that the thresholds on the Singapore fee page are labelled in Australian dollars, a leftover from the company’s roots. One Australian dollar is worth less than one Singapore dollar, so in practice you reach each tier with a somewhat smaller SGD amount. Check the current page if you are close to a threshold.
For most retail buyers the honest reading is this: you will pay 0.50% or close to it. That is less than Coinhako’s 0.6% on SGD trades and much less than card-funded purchases, but more than OKX SG’s order-book fees. Where Independent Reserve wins back ground is on the money going in and out. On a S$1,000 buy funded by PayNow and later withdrawn by FAST, you pay about S$5 in trading fees plus S$1.50 to withdraw, with no spread hidden in a “convenience” price. Our cheapest way to buy Bitcoin guide puts those numbers next to other platforms.
Crypto withdrawals carry a fixed fee per coin to cover network and wallet costs. Examples from the fee page: 0.0001 BTC for Bitcoin, 0.003 ETH on Ethereum (0.0004 ETH on Base or Arbitrum One), 4 USDT on TRON and 1 USDC on Solana. Choose the network carefully; the same token can cost ten times more to withdraw on Ethereum.
The coin list is where Independent Reserve is most limited. It supports about 30 assets. The withdrawal fee table, which lists around 40 tokens and networks, covers the names most people actually buy: Bitcoin, Ether, Solana, XRP, USDC and USDT. If your plan is a core holding of large coins plus stablecoins, you will not miss much. If you follow newer tokens, you will hit the edge of the menu quickly, and a broader exchange makes more sense for that part of your portfolio.
That narrow focus has an upside too. A short list of established assets means fewer chances to buy something illiquid on impulse, and the platform does not push trending tokens at you. For a first-time buyer who mainly wants Bitcoin, that restraint is arguably a feature.
SGD deposits and withdrawals
This is Independent Reserve’s strongest feature for Singapore residents. PayNow has been available since December 2023, and the limit of S$200,000 per deposit is far above what most people will ever need.
| Rail | Deposit | Withdrawal | Notes |
|---|---|---|---|
| PayNow | Free, up to S$200,000 each | — | Fastest way in |
| FAST | Free from S$1,000; S$2.50 below | S$1.50, instant up to S$200,000 | Fee page lists a 0.45% exception for one account prefix |
| TT (telegraphic transfer) | S$15; free for OTC clients | S$25 | For large or non-FAST transfers |
| Large withdrawals | — | S$20 for S$200,000 and over | S$20 extra if manual handling is needed |
Depositing for the first time is straightforward:
- Verify your account
Complete identity checks and the risk awareness assessment that MAS requires of licensed platforms.
- Choose SGD deposit and PayNow
The platform shows the PayNow details and a reference. Pay from an account in your own name; payments from someone else’s account may be rejected.
- Send a small test amount first
Once it lands, send the main deposit. Under S$1,000, PayNow beats FAST because FAST would cost S$2.50.
The site also handles USD, with USD SWIFT deposits at US$15 and lower fees for transfers from DBS accounts. Locally issued credit cards are not accepted, in line with MAS rules, and we found no card or GrabPay funding option. For a cross-platform view of deposit limits, see buying crypto with PayNow, and for withdrawing cleanly to your bank, how to cash out crypto in Singapore.
Ready to fund an account?
Verify, send a small PayNow deposit, place one order and test a withdrawal before you move a larger amount.
OTC desk and CBD office
Independent Reserve runs one of the more accessible OTC desks in Singapore. Its OTC page describes trades from around 50,000 to 50 million and more, settled within hours, with funding by PayNow, FAST or bank transfer in SGD, USD, HKD or EUR. You get a quoted price for the whole block, so a large order does not move through the order book and suffer slippage.
In December 2024 it opened an office in Singapore’s CBD. That matters more for OTC and corporate clients, who can meet the team, than for everyday users. It is not a shop where you walk in and buy Bitcoin over the counter, and no licensed platform in Singapore settles in cash. Our OTC guide compares this desk with StraitsX and the institutional players.
Licence and ownership
As a Major Payment Institution, Independent Reserve SG is bound by MAS requirements on anti-money-laundering, technology risk and the consumer measures announced in November 2023: customer tokens held in a statutory trust and kept apart from company assets, no lending or staking of retail customers’ tokens, and a risk awareness check before you trade.
In September 2025 IG Group, the London-listed online trading company, agreed to buy Independent Reserve. The deal completed in early 2026, after regulatory approval from MAS, and Independent Reserve announced it on 2 February 2026. Trade press reported that IG took an initial stake of about 70%, with the rest held by the team and an option for IG to acquire it later based on performance. IG has said it plans to launch a crypto offering for its own customers in Singapore, Australia and the UAE, powered by Independent Reserve, in the second half of 2026.
Why the ownership matters
Being part of a large, regulated, listed group usually means more scrutiny of controls and finances. It does not change the fact that crypto held on any exchange is not covered by deposit insurance. For long-term holdings, consider a hardware wallet; our wallet guide explains the options.
Pros and cons
What we like
- MAS-licensed since 2021, now part of IG Group
- Free PayNow deposits up to S$200,000 each
- Cheap S$1.50 FAST withdrawals
- A single, published fee ladder with no hidden spread
- OTC desk from about 50,000 and a CBD office
Watch out for
- About 30 coins only
- 0.50% entry fee is higher than OKX SG’s order book
- Fee tiers are labelled in AUD, which is confusing
- S$2.50 FAST fee on deposits under S$1,000
- No card or GrabPay funding found
Who it suits
A strong pick if you are buying in the thousands rather than the tens, you mostly want Bitcoin, Ether, stablecoins and the main large-cap coins, and you value a published price list over a slick app. It is also one of the obvious places to go if you might later need an OTC quote, because you can use the same account.
Less suited to people who want small card purchases, a wide altcoin menu or the very lowest trading fee on frequent small orders.
Alternatives
- OKX SG: lower order-book fees and free instant PayNow and FAST, with more coins.
- Coinhako: a simpler local app with GrabPay and a 0.5% recurring-buy rate.
- Gemini: free PayNow deposits and a security-first reputation, at higher app fees.
- CEX.IO: not licensed by MAS, but accepts cards and lists many more coins.
For the whole field, see the exchange comparison and the list of MAS-licensed crypto exchanges.
Frequently asked questions
Is Independent Reserve licensed in Singapore?
Yes. Independent Reserve SG has held a Major Payment Institution licence for digital payment token services from MAS since October 2021. You can find it in the MAS Financial Institutions Directory.
Who owns Independent Reserve?
IG Group, the London-listed trading company. IG completed its acquisition of Independent Reserve in early 2026, after approval from MAS. Press reports describe an initial stake of about 70%, with the remainder held by the founding team and an option for IG to buy it later.
What are Independent Reserve’s fees?
Trading starts at 0.50% and falls in steps to 0.02% as your 30-day trading volume rises. PayNow deposits are free, FAST deposits are free from S$1,000 and cost S$2.50 below that, and FAST withdrawals cost S$1.50. Each coin has its own withdrawal fee, for example 0.0001 BTC.
How much can I deposit by PayNow?
Up to S$200,000 per PayNow deposit, with no fee. That is one of the highest PayNow limits among Singapore crypto platforms.
Does Independent Reserve have an office in Singapore?
Yes. It opened an office in the CBD in December 2024, mainly serving OTC and larger clients. Ordinary account holders use the platform online; it is not a walk-in counter for buying crypto.
What is the minimum for Independent Reserve’s OTC desk?
Its Singapore OTC page describes trades from about 50,000 up to 50 million and more, settled within hours by PayNow, FAST or bank transfer in SGD, USD, HKD or EUR. TT deposits are free for OTC clients.
