Swyftx is a fantastic, easy-to-use platform for buying cryptocurrencies. Due to its numerous security layers, Swyftx is a reliable and secure exchange that has never been breached or compromised.
What is Swyftx?
| Official Website | https://swyftx.com/ |
| Headquarters | Australia |
| Found in | 2019 |
| Native Token | None |
| Listed Cryptocurrency | 220+ |
| Trading Pairs | AUD Pairs |
| Supported Fiat Currencies | AUD |
| Supported Countries | Australia |
| Minimum Deposit | $30 |
| Deposit Fees | Free, But do take Standard Network Mining Fees |
| Transaction Fees | 0.60% |
| Withdrawal Fees | Free |
| Application | Yes |
| Customer Support | Phone, Mail, Live Chat Support, Help Desk |
One of the top cryptocurrency exchanges in Australia is Swyftx, and it has done so for a number of key reasons. Swyftx has low fees, is KYC/AML compliant, registered with AUSTRAC, and supports more than 320 cryptocurrencies.
With a very high rating of 4.7 stars on TrustPilot since its launch in 2018, Swyftx has quickly expanded to become one of Australia’s most well-known exchanges. Customers of Swyftx enjoy using the simple to use desktop and mobile platforms to buy, sell, and trade cryptocurrencies. Live chat support is available around-the-clock. Additionally, Swyftx provides demo mode, free $20 BTC when you use this link, low trading fees, and spreads.
- Web Address: www.swyftx.com.au
- Main location: Brisbane, Australia
- Mobile app: Android and iOS
- Deposit Methods: Bank transfer, POLi, Credit card, Debit card, OSKO, PayID, Cryptocurrency
- Trading Fees: 0.6%
- Deposit Fees: Free for all methods
- Fiat Currencies: AUD, NZD
- Cryptocurrencies: BTC, BTG, BCH, ADA, ETH, ETC, XRP & 320+ more
Overview of Swyftx
In 2017, Alex Harper and Angus Goldman launched the Australian cryptocurrency exchange Swyftx. The platform’s Milton, Brisbane, headquarters now oversee operations in New Zealand, with support for Canada and the UK on the way.
Swyftx has a wide range of cryptocurrencies on offer which users can buy, sell and swap between. Both the desktop platform and the exchange’s mobile app place a strong emphasis on usability.
To begin their trading journey before putting any real assets at risk, novices can use the demo trading and portfolio management account. Swyftx also has a reputation for responsive customer service and offers live chat.
- If this is your first exchange. Swyftx offers new users a strong starting point for developing their cryptocurrency portfolio with its user-friendly design, free demo trading account, and live support.
- if you are changing exchanges. Swyftx has some of the lowest fees and tightest spreads of any Australian exchange. Paired with a comprehensive list of supported cryptos, Swyftx may offer you better range and value than some other local product offerings.
Features of Swyftx
Feature-loaded Swyftx has a lot to offer traders, both new and experienced. Swyftx offers the following core features to its registered clients:-
User-friendly
Both the desktop and mobile applications of Swyftx have been designed to meet the needs of both beginners and intermediate investors to get started with cryptocurrencies. This is a fantastic feature that makes trading simple for registered users.
The Swyftx wallet, list of digital assets, charts, withdrawals, and a host of other useful features are all easily accessible from the platform’s sidebar. The website’s dashboard can be completely customized to meet the needs of both new and experienced investors. Users can also toggle between the dark mode and the demo account to experience risk-free trading before proceeding to live crypto trading.
Education and Learning
For both new and seasoned traders, Swyftx’s website has a section devoted to teaching the basics of trading. Learn more about blockchain technology and decentralized finance (DeFi) in the trading world. There are categories to choose from, along with dedicated courses and quizzes to challenge the inner genius in you.
Please be wary that the content in Swyftx Learn is purely educational and shouldn’t be treated as investment advice. Refer to any established Investment Advisor for any investment advice pertaining to the current market.
Rapid Verification
It is very easy and quick to sign up and have your account verified. Unlike other exchanges in Australia that ask users to upload ID documentation or selfies, the verification process at Swyftx is rapid and gets completed within a few minutes. Customers only need to complete a registration form with required fields like name, email address, and ID (government-issued) document information in order to verify with Swyftx.
The verified Swyftx account holders can then readily begin trading crypto on Swyftx.
Multiple Deposit Methods
Swyftx offers a variety of ways for users to deposit money into their accounts in Australian dollars. Any of the following deposit methods—OSKO, bank transfer, POLi payment, and PayID via an Australian bank account—allows users to quickly deposit fiat currency capital worth up to 50,000 Australian dollars. Additionally, Swyftx recently added support for credit card funding of accounts on the platform.
Low Spreads
Most crypto exchanges charge hidden trading fees in the name of spreads, and customers cannot deny that. To start trading, they must pay the spreads, also known as hidden fees. For each buy or sell position, some exchange spreads can cost up to 2.6% of the transaction value. Both novice and seasoned cryptocurrency traders can feel secure using Swyftx because the platform is completely transparent and has no hidden costs. For well-known cryptocurrencies like Bitcoin, Swyftx’s spread fees never exceed 0.45%. Users can view the actual spread fee for each crypto in the asset list of the platform.
Additionally, compared to other Australian exchanges that use their order books, the transaction and spread costs for AUD currency pairs are significantly less expensive overall.
Recurring Orders
This is an excellent feature offered on Swyftx’s platform. Users can automate investing in popular digital currencies and reduce market volatility by using the recurring orders feature. Users can transfer money to the exchange using any accepted payment method, such as PayID, POLi, or a bank transfer, and set up an automatic AUD deposit alert for a specific amount. These funds can then be used to purchase multiple cryptocurrencies at once. Recurring orders, or Dollar Cost Averaging (DCA), as it is also known, are advantageous in extremely volatile markets.
Automated Tax Reporting
Swyftx offers an automated tax reporting tool that streamlines the tax reporting process and simplifies the EOFY complications for crypto tax implications. This tool automatically generates downloadable tax reports.
Security and Reliability
While doing this Swyftx review, we found that Swyftx is a secure exchange, fully regulated, and licensed platform registered with the AUSTRAC. The platform upholds extremely strict KYC (Know Your Customer) and AML (Anti-Money Laundering) policies.
2FA (two-factor authentication) and continuous traffic monitoring policies are used to support the customer’s account security and safeguard users’ money. A further layer of security is added to users’ wallets and accounts thanks to the platform’s integration with Auth0, a well-known cloud security platform. For added security, the exchange keeps client funds in both hot and cold wallet storage.
Demo Account
Swyftx is the only Australian exchange offering demo accounts to users that allows them to trade crypto risk-free with demo funds that can be used to test out the features/functionalities (paper trade) of the cryptocurrency exchange without trading with natural capital.
With no risk of actual money being lost, traders can experiment with trading across the platform and develop strategies using the free demo mode. With an amount that’s considered dummy currency, traders can buy, sell, and trade the currencies enlisted by Swyftx. Furthermore, the demo mode can also allow traders to use trigger orders to design trades ahead of schedule. As the market updates the most recent trade results, these can be compared in real-time.
For traders who are unfamiliar with the depth of the market and are new to the advanced market environment, the demo mode is ideal.
Pros and Cons of Swyftx
Pros
- A wide range of available cryptos
- Slick user interface and experience
- Some of the tightest spreads among Australian exchanges
- Free demo account
- Fast support through live chat
Cons
- No insurance fund
- Lack of advanced derivatives trading
Swyftx Fees
Low fees and spreads, which Swyftx takes pride in offering, put more money and cryptocurrency in your pocket. Consider the various deposit, withdrawal, and trading fees.
Swyftx Deposit Fees
Regardless of your preferred method, there are no fees for AUD deposits.
When you deposit less than $200, Swyftx used to charge a $2 deposit fee. That fee has since been eliminated, which is great for the user. Although it is untrue, some outdated information on other websites may still claim that they have a deposit fee.
Swyftx Withdrawal Fees
Any limit AUD withdrawals are free of charge.
Crypto withdrawals are subject to the standard network mining fees; there are no additional Swyftx fees.
Swyftx Trading Fees
Swyftx charges 0.6% in trade fees, though you may be eligible for reductions if your trading volume is high.
Products and Services Offered by Swyftx
Swyftx offers the following core products and services to its users:-
Swyftx Cryptocurrency Wallet
Users get a custodial Swyftx cryptocurrency wallet when they trade at The Swyftx wallet is compatible with all supported cryptocurrencies that are traded on Swyftx. State-of-the-art security protocols are used to protect cryptocurrency coins, which can be stored in either a hot wallet or an offline crypto wallet.
Read More: Custodial vs Non-Custodial Wallets – Difference & Which One to Choose
Online wallets, as Swyftx admits, are a risky choice for the long-term storage of cryptocurrency assets. Thus it is highly recommended that clients use reliable hardware wallets like Ledger or Trezor.
Self-managed Super Fund
This is a unique feature offered by the Swyftx crypto exchange platform that allows investors to maintain a super fund by themselves that can effectively leverage the crypto market. No other well-known exchanges in Australia have ever thought to allow Australian entities to set up a family trust or a corporate account on the platform.
Swyftx Spreads
Spread may be a term you’ve heard, but you might not know exactly what it means. The spread is the difference between the buy and sell prices of the cryptocurrency. Spreads can cause you to lose some profit or experience larger losses due to unintentional costs.
Swyftx’s average spread is just 0.51%, according to a thorough test we conducted; this is significantly less than that of rivals CoinSpot and Crypto.com.
Verdict: is Swyftx Any Good?
If you’re searching for an easy-to-use, beginner-friendly crypto platform, Swyftx is a good choice. Its flat trading fee of 0.6% alongside some of the tightest spreads of any Australian exchange make it good value for building a crypto portfolio.
There is a large variety of assets available, as well as breadth in other features like support for SMSFs and sophisticated trading options like stop-loss orders and recurring buys.
With the availability of live chat support, any problems you encounter should be simple to solve.
Swyftx is not the exchange for you, though, if you’re interested in advanced derivatives features like options, futures, or perpetual trading.
