Independent Reserve and Kamino serve very different crypto users, despite their near-identical review scores. Independent Reserve is an established Australian exchange with mandatory identity checks, AUD and SGD fiat support, and a conventional account-based setup. Kamino is a permissionless, Solana-native product focused on lending, liquidity, and variable-rate borrowing through a connected wallet.
That distinction matters more than the 8.1 versus 8.0 score. Someone who wants to move money from AUD or SGD into crypto, hold familiar assets such as Bitcoin and Ethereum, or manage investments through an SMSF account will find Independent Reserve much closer to the experience they expect.
| Feature | Independent Reserve | Kamino |
|---|---|---|
| Fees & Rates | 7.2/10 | 8.2/10 |
| Transaction Speed | 8.0/10 | 9.1/10 |
| Security & KYC Policy | 8.8/10 | 7.7/10 |
| Reputation & Track Record | 8.7/10 | 8.0/10 |
| Customer Support | 7.3/10 | 5.8/10 |
| KYC Policy | mandatory | none |
| Supported Coins | Bitcoin, Ethereum, XRP, Solana, Cardano, Polkadot, Chainlink, USD Coin | SOL, USDC, USDT, JitoSOL, mSOL, bSOL, PYTH, JUP |
| Mobile App | iOS & Android | - |
| Founded | 2013 | - |
| Starting trading fee | 0.5% | - |
| Lowest maker fee | 0.02% | - |
| Lowest taker fee | 0.05% | - |
| Singapore licence | Major Payment Institution, 2021 | - |
| Main fiat currencies | AUD and SGD | - |
| Primary blockchain | - | Solana |
| Access model | - | Non-custodial wallet connection |
| KYC requirement | - | No protocol KYC |
| Lending rates | - | Variable by pool utilisation |
| Bug bounty | - | Immunefi program |
| Known auditor | - | OtterSec |
Key Takeaways
- Independent Reserve is a fiat-supported exchange, while Kamino is a permissionless Solana lending and liquidity product.
- Independent Reserve starts trading fees at 0.5%, while Kamino focuses on low-cost Solana transactions and variable-rate borrowing.
- KYC is mandatory at Independent Reserve, whereas Kamino itself does not require standard identity verification.
- Independent Reserve supports AUD, SGD, Bitcoin, Ethereum and several other major assets, while Kamino is limited to Solana-based assets.
Fees & Rates
Independent Reserve provides a clear starting trading fee of 0.5%, and that rate is not especially cheap for an exchange account. Kamino's the public record does not list a directly comparable trading-fee schedule. Its cost appeal comes from fast, low-cost transactions on Solana, while its borrowing products use variable rates. These are different cost models.
Transaction Speed
Kamino has the clearer advantage on transaction speed in the available information because it is built around fast Solana transactions. That speed is part of its core appeal, especially for lending, liquidity, and other on-chain activity where frequent transactions may be involved.
Security & KYC Policy
Independent Reserve lists proof of reserves and requires identity verification for account holders. It may also request enhanced due diligence or source-of-funds information for higher-risk or larger activity. Kamino is permissionless and does not require standard identity verification at the protocol level, though wallet providers, fiat ramps, and local laws can create separate requirements.
Reputation & Track Record
Independent Reserve has the stronger documented operating history because it was founded in 2013 and is described as an established Australian exchange. That gives readers a concrete track-record detail to assess. No founding date, operating history, or comparable reputation information is provided for Kamino in the public record.
Customer Support
The public record does not describe customer-support channels, service hours, response times, or dispute handling for either Independent Reserve or Kamino. That means there is no factual basis to call either provider better for support. The products themselves may shape the kind of help a user expects.
KYC Policy
Independent Reserve has mandatory KYC. Users must verify their identity to open and use an account, and the exchange may ask for enhanced due diligence or source-of-funds information where activity is larger or assessed as higher risk. Kamino takes the opposite approach at the protocol level: it is permissionless and does not require standard identity verification.
Supported Coins
Independent Reserve covers a broader mix of well-known crypto assets in the supplied list, including Bitcoin, Ethereum, XRP, Solana, Cardano, Polkadot, Chainlink, and USD Coin. It also supports Bitcoin, Ethereum, Solana, and Cardano networks. Kamino's available assets are entirely Solana-based: SOL, USDC, USDT, JitoSOL, mSOL, bSOL, PYTH, and JUP.
Mobile App
Independent Reserve has mobile apps for both iOS and Android, giving users a confirmed mobile option for account access and trading. The public record does not state that Kamino has an iOS or Android app, nor does it describe a mobile interface. Kamino may still be usable through wallet-based access, but that cannot be assumed from the available data.
| Capability | Independent Reserve | Kamino |
|---|---|---|
| No-KYC | ✗ | ✓ |
| iOS App | ✓ | ✗ |
| Android App | ✓ | ✗ |
Independent Reserve: Pros and Cons
| Pros | Cons |
|---|---|
| Established Australian exchange founded in 2013 | 0.5% starting trading fee is not cheap |
| AUD and SGD fiat support | Smaller asset selection than major global exchanges |
| Proof-of-reserves verification program | Mandatory KYC and possible compliance reviews |
| Strong fit for SMSFs and serious investors | Limited appeal for derivatives traders |
| AUSTRAC registration and Singapore MPI licence | - |
Kamino: Pros and Cons
| Pros | Cons |
|---|---|
| Fast, low-cost Solana transactions | Liquidation risk can move faster than users expect |
| Integrated lending and liquidity products | No traditional customer support or transaction reversals |
| Non-custodial wallet-based access | Rates vary sharply with pool utilisation |
| Isolated markets help segment collateral risk | Solana wallet and DeFi knowledge are essential |
| Public audits and Immunefi bug bounty | - |
Who Should Use Each
Independent Reserve is the better fit for someone who wants a familiar exchange setup with fiat support and a wider selection of major assets. It is particularly relevant for Australian or Singaporean users who need AUD or SGD rails, as well as users interested in SMSF accounts, API trading, or a mobile app on iOS or Android. The mandatory KYC process and possible source-of-funds checks will suit people who are comfortable using a verified account.
See our full scoring methodology for how these numbers are calculated.
Is Independent Reserve or Kamino better for buying Bitcoin?
Independent Reserve is the clear match from the public record because it supports Bitcoin and provides AUD and SGD fiat rails. Kamino's listed assets are Solana-based and do not include Bitcoin.
Do Independent Reserve and Kamino require KYC?
Independent Reserve requires identity verification and may request further checks for higher-risk or larger activity. Kamino itself is permissionless and does not require standard KYC, though other services and local laws may.
Which has lower fees, Independent Reserve or Kamino?
Independent Reserve starts trading fees at 0.5%. Kamino is described as using low-cost Solana transactions, but its borrowing rates are variable and no directly comparable trading-fee figure is provided.
Can I use both Independent Reserve and Kamino on mobile?
Independent Reserve has confirmed iOS and Android apps. The public record does not confirm a native mobile app for Kamino, so its current mobile access should be checked directly.