Swyftx Review 2023
The inferior liquidity in the international crypto trading markets and a lack of services integrating with the intricate Australian crypto industry regulations and tax systems called for a robust trading platform that can cater to intermediate and advanced traders.
This gave birth to the Swyftx cryptocurrency trading platform to provide users with a streamlined and sophisticated Australian cryptocurrency exchange platform and deliver a complete brokerage service that makes the exchange ideal for new/experienced traders and corporate entities.
|Trading Pairs||AUD Pairs|
|Supported Fiat Currencies||AUD|
|Deposit Fees||Free, But do take Standard Network Mining Fees|
|Customer Support||Phone, Mail, Live Chat Support, Help Desk|
What Is Swyftx?
Swyftx is a leading cryptocurrency trading platform based in Queensland, Australia, founded by Alex Harper and Angus Goldman in 2019. The platform is designed to offer a transparent and straightforward way for users to buy crypto, sell crypto, and trade over 226 varied cryptocurrency projects.
The founders of Swyftx also focused on eliminating the limitations faced by other cryptocurrency exchanges like hyperinflation, manipulation, deception, and high spread charges by companies. With its easy-to-use features, competitive trading fees, a wide range of deposit methods, excellent customer service, visual portfolio tracking and management features, and zero withdrawal fees (to withdraw AUD to a bank account).
The platform now has over 250,000 registered users (both intermediate and experienced crypto investors) and seeing a rise in that amount soon. Read any Swyftx review explaining that Swyftx is one of the best crypto exchanges in Australia.
How Does Swyftx Work?
Swyftx works in the same way as other Australian cryptocurrency exchanges. It matches buyers and sellers over supported cryptocurrencies and charges a nominal trading fee of a flat 0.6% for all trades in network charges for its services.
Is Swyftx Regulated?
Swyftx is a fully regulated exchange licensed under AUSTRAC (Australian Transaction Reports and Analysis Centre). Therefore, the exchange follows strict KYC and AML policies that every user registered on the platform must abide by.
Features of Swyftx
Feature-loaded Swyftx has a lot to offer traders, both new and experienced. Swyftx provides the following key features to its registered clients:
Both the desktop and mobile applications of Swyftx have been designed to meet the needs of beginners and intermediate investors to get started with cryptocurrencies. This is a great feature to bring easy crypto trading to registered users.
The platform can easily navigate between the Swyftx wallet, digital assets list, charts, crypto withdrawals, and many other valuable features using the sidebar. The dashboard on the website is fully customizable that can be tailored to suit the needs of each old and new investor. Swyftx users can also toggle between the dark mode and the free demo account to experience risk-free trading before proceeding to live crypto trading.
Education and Learning
Swyftx offers a dedicated section of its website to teach new and experienced traders the art of trading. Learn more about the trading world, from Blockchain Technology to Decentralized Finance (DeFi). There are categories to choose from, along with dedicated courses and quizzes to challenge your inner genius.
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 investment advice on the current crypto market.
The entire sign-up and verification process is very simple and swift. 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. Verifying with Swyftx only requires customers to fill out a registration form with mandatory fields like name, email address, and ID (government-issued) document information.
The verified Swyftx account holders can then readily begin trading crypto on Swyftx.
Multiple Deposit Methods
Swyftx supports multiple methods to transfer and deposit AUD to a user’s account. Swyftx users can rapidly deposit fiat currency capital worth up to 50,000 Australian dollars using any of the following deposit methods: OSKO, bank transfer, POLi payment, and PayID via an Australian bank account. Swyftx also recently implemented credit card acceptance to fund an account on the platform.
Most crypto exchanges charge hidden trading fees in the name of spreads, and Swyftx customers cannot deny that. They are bound to pay the spreads (hidden fees) to begin trading. Some exchange spreads may cost up to 2.6% for each buy or sell position.
With Swyftx, new and experienced crypto traders can rest assured that the platform is outwardly transparent with no hidden fees. The spread fees at Swyftx never go beyond 0.45% for leading cryptocurrencies like Bitcoin. Users can view the actual spread fee for each crypto in the cryptocurrency assets list of the platform.
Moreover, the transaction and spread costs combined are much more competitive for AUD currency pairs than other Australian exchanges that use their order books.
This is an excellent feature offered on Swyftx’s platform. The Recurring orders feature allows users to automate investing in leading digital currencies and mitigate against market volatility. Users can set up an automatic AUD deposit alert for a particular amount and transfer funds to the exchange using any supported payment methods like PayID, POLi, or a bank transfer.
These funds can then be used to buy cryptocurrencies simultaneously. Recurring orders or Dollar Cost Averaging (DCA), as it is sometimes called, is helpful for highly volatile markets.
Automated Tax Reporting
Swyftx provides an automated tax reporting tool that automatically generates downloadable tax reports to streamline the tax reporting process, easing the EOFY complications for crypto tax implications.
Security and Reliability
Swyftx is a secure exchange, fully regulated, and licensed platform registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The platform maintains extremely stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) policies.
The customer’s account security is backed up by 2FA (two-factor authentication) and constant traffic monitoring policies to protect users’ funds. The platform also integrates with Auth0, a leading cloud security platform that adds an extra layer of security to users’ wallets and accounts. Moreover, the exchange stores its clients’ funds in hot and cold wallet storage to ensure added security.
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 key features/functionalities (paper trade) of the cryptocurrency exchange without trading with natural capital.
The free demo mode allows traders to develop strategies and experiment with trading across the platform with no risk of losing actual funds. With an amount considered dummy currency, traders can buy, sell, and trade the currencies enlisted by Swyftx.
Furthermore, the demo mode trading strategies allows traders to use trigger orders to design trades ahead of schedule. These can be compared in real-time as the market reveals the newest high-volume trades results. The demo mode is perfect for traders new to the advanced markets and are not aware of the market depth.
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 Swyftx. The Swyftx wallet supports all the supported cryptocurrencies traded on Swyftx. Crypto coins can be stored in either a hot wallet or offline crypto wallet, and thus they are secured with ‘state-of-the-art security protocols.’
However, Swyftx acknowledges that online wallets are not a reliable option for the long-term storage of crypto assets. Thus, clients must use reliable hardware wallets like Ledger or Trezor.
Self-managed Super Fund
This unique feature offered by the Swyftx crypto exchange platform allows investors to maintain a super fund by themselves that can effectively leverage the crypto market. It also enables Australian entities to create a family trust or a corporate account on the platform that no other popular exchanges in Australia have ever thought of.
Pros and Cons
To learn more about the platform, let’s review the Swyftx pros and cons:
|Owing to its minimal spreads, Swyftx offers the best value exchange for investors’ money in Australia.||High forex exchange costs can sometimes offset the reduced deposit or withdrawal fees.|
|Swyftx provides the most advanced trading features and ease of brokerage under the same platform.||Available only for Australian citizens. However, for large transfers, other currencies are also available.|
|Offers multiple cryptocurrencies for trade on its platform.|
|Offers customer support services with a market-leading waiting maximum of 1.5 minutes.|
|Supports multiple payment methods.|
|Super Fund and Family trust options are available to users.|
Account Registration and Login
Users who intend to register on the Swyftx crypto exchange platform have to go through the following steps:-
The Swyftx login process is pretty simple, and the website’s user-friendly interface makes it even simpler. To create an account on the platform, users need to click on the “Sign Up” button at the bottom of the page, which directs users to the registration page where they are required to fill out a form bearing some mandatory fields like name, valid email id, and phone number.
Then they need to set a strong password (preferably alphanumeric); this serves as the login credentials for all future logins to the account. At the bottom of the page, there is a box that has to be checked for agreeing to the terms and conditions of the exchange.
Finally, the users need to click the “Create My Account” button, creating the accounts instantly.
New users who register an account on the Swyftx platform must go through the verification process, which is only a matter of a few minutes. To start the verifying, users need to use the navigation bar on the left side of the page and click on the “Profile” tab, which will show their profile details. Then they need to click on the “Verification” tab under their name, which will open an online form where they will have to provide the following details again:
- Email address
- Mobile phone number
- ID document number
A verification code is sent to the registered phone number or email ID. The users need to click on the link sent to their address to verify and activate their accounts on the Swyftx exchange platform.
Deposit Funds and Start Trading
Swyftx allocates several payment options for its registered customers to transfer AUD to their account, like bank transfer, PayID, POLi, debit cards, and credit cards. However, the safest and the most convenient option to transfer funds to a Swyftx account is using PayID or POLi payment via an Australian bank transfer. The money will be credited almost instantly if users use PayID, and they can readily use it to purchase crypto.
For POLi payments and bank transfers, the funds may take a few minutes to be credited to the user’s account. It may take up to 30 minutes to reflect the money in the user’s account for credit card payments. The minimum amount you can deposit per account on the Swyftx platform is $30, and the maximum limit is $100,000 with complete verification. Swyftx prohibits users from buying digital currencies using PayPal or a cash deposit.
However, crypto bundles allow traders to purchase selected digital assets in a single simple transaction.
Traders should know that the AUD deposits are automatically converted into USD on the Swyftx exchange based on the conversion rate on that particular day, showing a reduced balance to their accounts after deducting the foreign currency conversion fees.
This automated conversion allows Swyftx to search for more profound liquidity customers who wish to trade crypto on USD trading currency pairs. In return, Swyftx offers them reduced spreads and cheaper pricing.
Swyftx gives free registration to users who wish to create an account on the platform, and no Swyftx fees are charged for maintaining accounts on the exchange. Unlike other crypto exchanges that use complex maker-taker fee models, Swyftx charges low fees of 0.6% for all trades with small spreads, which is as low as 0.45%.
The Swyftx exchange has low fees in Australia as all trade executions at Swyftx happen at market value, and the Australian cryptocurrency exchange offers high liquidity.
The platform does not charge any withdrawal fee or deposit fee for fiat currencies or cryptocurrencies except for fiat currency transfers under $200, which is $2 (network fees) for every fiat transfer under $200.
The forex fee is charged between 0.4% and 0.6% on cryptocurrency deposits and withdrawals displayed in the dashboard. Moreover, the minimal spreads offered by SwyftX, compared to other leading Australian exchanges, seem highly competitive.
Australian exchange generally spreads on average around 5.2%. Swyftx boasts an average spread of 0.41% due to a proprietary algorithm enabled on Swyftx to identify the lowest possible spreads for every trade executed on the platform.
Although to know the full details on Swyftx fees, you must check this link.
Accepted Payment Methods by Swyftx
Swyftx presents the following payment methods for deposit and withdrawal purposes:-
- PayID deposits
- POLi deposits
- OSKO deposits
PayID and POLi deposit options are processed instantly, whereas, for OSKO deposits, it might take a maximum of 24 hours. The platform does not currently accept credit card or debit card payments but has announced plans to make card purchases (both debit card and credit card) functional anytime soon in 2022.
Investors should note that deposits made in AUD are converted to USD based on the daily forex conversion rates; using USD trading pairs allows SwyftX to access deep liquidity, thereby delivering low spreads and thus allowing the platform to provide the lowest trading fees per trading volume incurred to users.
Swyftx Supported Assets
SwysftX supports a comprehensive list of popular cryptocurrencies (over 220), crypto assets, and tokens more than any other Australian exchange. Apart from listing the high markets cap cryptocurrencies like Bitcoin and Ethereum, Litecoin XRP, Cardano, Bitcoin Cash, Tezor, Stellar Lumens, NEO, and Algorand.
SwyftX also lists a wide selection of decentralized finance coins like Curve, Sushi, Compound, and Yearn Finance. There are plenty of advanced trading options to buy and sell coins.
Other altcoins listed on the platform include CertiK, Filecoin, Binance Coin, and 0x. The entire list of the supported digital assets can be viewed on the Swyftx trading exchange, which shows the market cap, spread, 24-hour volume, and change percentage.
Swyftx Customer Support
According to our Swyftx exchange review, Swyftx provides the best customer support services in the Australian cryptocurrency market, with support services available via email, live support, and phone support. Customers can contact the team anytime between 9 AM and 9 PM AEST. Live chat support and phone requests get solved within 2 to 3 minutes. Whereas, Email support requests take a maximum of one business day.
The final verdict of SwyftX is that it comes under the best Australian crypto exchanges that integrate international cryptocurrency trading and exchange functionalities to the Australian market, along with a varied range of advanced trading tools explicitly designed to meet Australian regulatory requirements.
The advanced features, low trading fees, responsive customer service, and Australian licensing make Swyftx one of the best trading options available to professional and retail traders. In contrast, the potential to create family trust and corporate accounts makes it ideal for more complex crypto investments.
Can I Trust Swyftx?
Yes, Swyftx is a trustworthy best crypto exchange that allows traders to buy, sell, exchange, and store cryptocurrencies. Many traders have shared positive reviews with this platform. It’s a regulated and licensed platform registered with the AUSTRAC.
Is Swyftx Expensive?
Swyftx charges a flat fee of 0.6% for all trades, which might seem a little high compared to other crypto exchanges that offer cryptocurrency trading fees as low as 0.2% or even less. But if the trading fee is considered along with the spread, the combined rate drops to as low as 1.01%, which no other exchange can offer. Thus, the fee structure at Swyftx is competitive.
Is Swyftx a Good Crypto Exchange?
Yes, Swyftx is a fantastic, easy-to-use platform for buying cryptocurrencies. It’s a quick and great user-friendly platform. The customer support team has been doing an excellent job. Besides, the transaction per trading volume fees are realistic, and withdrawals and deposits are processed instantly.
Thus the possibility of making instant buying and selling cryptocurrencies becomes a reality. There are thousands of Swyftx reviews available online from new and experienced traders, and almost all the reviews speak about the platform’s responsiveness.
Is There a Swyftx App?
Yes, a dedicated cryptocurrency exchange app of Swyftx for Android and iOS users is downloaded from the Google Play Store or Apple App Store. The Swyftx application delivers full functionality in the Swyftx desktop version while leveraging most of the biometric security measures of smartphones like fingerprint identification or Face ID.
What Countries Are Supported by Swyftx?
Although the platform is well known in the crypto world, Swyftx is only available to Australian citizens. Hence trading with this platform in the United States would not be a good trading experience.
Is Swyftx Good for Beginners?
Swyftx is a good option if one is looking for a beginner-friendly platform. Its trading fee is 0.6%, which makes it a good value for building a crypto portfolio. Traders can receive live chat support from the customer support team when in doubt.
Is Swyftx Safe?
Swyftx commits to bringing traders the best security measures by encryption methods, storing crypto in cold storage, and utilizing Two-Factor Authentication (2FA). In addition to this, the platform ensures security in the advanced trading markets as AUSTRAC regulates it.
How long has Swyftx been around?
Swyftx is one of Australia and New Zealand’s most progressive crypto exchanges, founded in 2018. Swyftx was created to focus on eradicating limitations other popular exchanges endure. These are not limited to issues such as hyperinflation and high spread charges, to name a few.