What Is Swyftx?
Swyftx is a leading cryptocurrency trading platform (in terms of trading volume) 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, sell, and trade over 226 varied cryptocurrency projects. The founders of Swyftx also focused on eliminating the limitations faced by other exchanges like hyper-inflation, manipulation, deception, and high spread charges by companies.
With its easy-to-use features, competitive trading fees, wide range of deposit methods, excellent customer service, visual portfolio 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 advanced).
|Trading Pairs||AUD Pairs|
|Supported Fiat Currencies||AUD|
|Deposit Fees||Free, But do take Standard Network Mining Fees|
|Customer Support||Phone, Mail, Live chat, Help Desk|
Swyftx Review – Platform Interface
How Does Swyftx Work?
Swyftx works in the same way as other cryptocurrency exchanges. It matches buyers and sellers over supported cryptocurrencies and charges a nominal fee of flat 0.6% for all trades in the form of network charges for its services.
Is Swyftx Regulated?
Swyftx is a fully regulated platform 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.
Swyftx offers the following core features to its registered clients:-
Both the desktop version and the mobile application of Swyftx have been designed to meet the needs of both beginners and intermediate investors to get started with cryptocurrencies. The platform is straightforward to navigate between the wallet, asset list, charts, withdrawals, and lots of other valuable features using the sidebar. The dashboard on the website is fully customizable that can be tailored to suit the needs of each investor. Users can also toggle between the dark-mode and the demo account to experience risk-free trading before proceeding to live crypto trading.
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, which gets completed within a few minutes. The verification process 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 accounts holders can then readily start trading on Swyftx.
Multiple Deposit Methods
Swyftx supports multiple methods to transfer money to a user’s account with AUD. Users can rapidly deposit funds 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.
Swyftx Review – Features
Most cryptocurrency exchanges charge hidden trading fees in the name of spreads, and customers cannot deny that. They are bound to pay the spreads (call it hidden fees) to begin trading. Some exchange spreads may cost up to as high as 2.6% for each buy or sell position. With Swyftx, 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 asset list of the platform. Moreover, the transaction fees and spread costs combined are much more competitive for AUD pairs than other Australian exchanges that use their order books.
This is an excellent feature offered on the Swyftx platform. The Recurring orders feature allows users to automate investing in leading digital currencies. Users can set up an automatic AUD deposit alert for a particular amount and transfer funds to the exchange using any supported payment options like PayID, POLi, or a bank transfer. These funds can then be used to buy multiple cryptocurrencies simultaneously at a go. Recurring orders or Dollar Cost Averaging (DCA), as it is sometimes called, is helpful for highly volatile markets.
Automated Tax Reporting
Swyftx offers an automated tax reporting tool that automatically generates downloadable tax reports to streamline the tax reporting process, thereby easing out the EOFY complications for crypto tax.
Security and Reliability
While doing this Swyftx review, we found that Swyftx is a fully regulated and licensed platform registered with the AUSTRAC. The platform maintains extremely stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) policies.
The customer’s security is also 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 wallets to ensure added security.
Swyftx Reviews – Explore Swyftx Unique Features
Swyftx is the only Australian exchange offering demo accounts to users that allows them to trade with demo funds that can be used to test out the features/functionalities (paper trade) of the cryptocurrency exchange without trading with natural capital.
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 wallet supports all the supported coins that are being traded on Swyftx. Crypto coins can be stored in either a hot wallet or cold 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 holdings. Thus Swyftx often recommends their clients to use reliable hardware wallets like Ledger or Trezor.
Self-managed Super Fund
This is a unique feature offered by the Swyftx platform that allows investors to maintain a self-managed super fund 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 exchanges in Australia have ever thought of.
Swyftx Reviews – Why Choose Swyftx?
Swyftx Review: 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 withdrawal and deposit 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 time of a maximum of 1.5 minutes.|
|Supports multiple payment methods.|
|Self-managed Super Fund and Family trust options are available to users.|
Account Registration and Login
Users who intend to register on the Swyftx platform has to go through the following steps:-
The Swyftx login process is pretty simple, and the user-friendly interface of the website makes it even simpler. For creating 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. Then finally, the users need to click on the “Create My Account” button, and the accounts are created instantly.
Swyftx Reviews – Sign Up Process
New users who register an account on the Swyftx platform have to go through the verification process, which is only a matter of a few minutes. To start the verification process, 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, and the users need to click on the link sent to their address to verify and activate their accounts on the Swyftx platform.
Deposit Funds and Start Trading
Swyftx offers several payment options for its registered customers to transfer AUD to their account like bank transfer, PayID, POLi, and credit cards. However, the safest and the most convenient option to transfer funds to a Swyftx account is using PayID or POLi payment through an Australian bank. The money will be credited almost instantly if users use PayID, and the users can readily use them to purchase crypto. For POLi payments and bank transfers, it may take a few minutes for the funds to be credited to the user’s account. It may take up to a maximum of 30 minutes to reflect the money in the user’s account for credit card payments. The minimum deposit amount per account on the Swyftx platform is $30, and the maximum limit is $100,000 with complete verification. Swyftx does not allow users to buy cryptocurrencies using PayPal or a cash deposit.
However, traders should be aware 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 on USD trading pairs, and in return, Swyftx offers them reduced spreads and cheaper pricing.
Swyftx Reviews – Process to Get Started with Swyftx
Swyftx offers free registration to users who wish to create an account on the platform, and also there are no fees charged for the maintenance of accounts on the exchange. Unlike most cryptocurrency exchanges that use complex maker-taker fee models, Swyftx charges a flat fee of 0.6% for all trades with minimal spreads, which is as low as 0.45%. The Swftx fees structure is one of the lowest in Australia because all trade executions at Swyftx happen at market value, and the exchange offers high liquidity. The platform does not charge any fee for deposits or withdrawals for fiat 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 deposits and withdrawals displayed in the dashboard. Moreover, the minimal spreads offered by SwyftX, when compared to other leading Australian platforms, seem to be highly competitive. Australian exchange generally spreads 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 offers the following payment methods for deposit and withdrawal purposes:-
- PayID deposits
- POLi deposits
- OSKO deposits
Both PayID and POLi deposits 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 and credit) functional anytime soon in 2021.
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 low trading fees to users.
Swyftx Supported Assets
SwysftX supports a comprehensive list of cryptocurrencies (over 220), assets, and tokens than any other Australian exchange. Apart from listing the high market cap cryptocurrencies like Bitcoin and Ethereum, Litecoin XRP, Cardano, Bitcoin Cash, Tezor, Stellar Lumens, NEO, and Algorand, SwyftX also lists a wide variety of decentralized finance coins like Curve, Sushi, Compound, and Yearn Finance.
Other altcoins listed on the platform include CertiK, Filecoin, Binance Coin, and 0x. The entire list of the supported assets can be viewed on the Swyftx platform, which shows the market cap, spread, 24-hour volume, and the change percentage.
Swyftx Customer Support
According to our Swyftx review, we found that SwyftX offers the best customer support services in the Australian cryptocurrency market, with support services available via email, live chat, and phone. Customers can get in touch with the team anytime between 9 AM and 9 PM AEST. Live chat and phone requests get solved within 2 to 3 minutes. Whereas, Email support requests take a maximum of one business day.
Swyftx Reviews – Customer Support by Swyftx
The final verdict of SwyftX is that it comes under the best crypto coin exchange that integrates the international cryptocurrency trading and exchange functionalities to the Australian market, along with a varied range of advanced trading tools explicitly designed to meet the Australian regulatory requirements. The advanced features, low trading fees, together with the responsive customer service and Australian licensing, make SwyftX one of the best trading options available to professional and retail traders alike. 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 exchange that allows users to buy, sell, exchange, and store cryptocurrencies.
Is Swyftx Expensive?
Swyftx charges a flat fee of 0.6% for all trades, which might seem a little high compared to other cryptocurrency exchanges that offer fees as low as 0.2% or even less. But if the 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 appears to be somewhat competitive.
Is Swyftx a Good Exchange?
Yes, Swyftx is a fantastic platform to buy cryptocurrencies. It’s quick and user-friendly, and the customer support team has been doing an excellent job. Besides, the transaction fees are pretty realistic, and withdrawals and deposits are processed instantly. There are thousands of Swyftx reviews available online, and almost all the reviews speak about the platform’s responsiveness.
Is There a Swyftx App?
Yes, there is a dedicated cryptocurrency exchange app of Swyftx for Android and iOS users downloaded from the Google Play Store or Apple App Store. The Swyftx app delivers the full functionality in the Swyftx desktop version while leveraging most of the biometric security features of smartphones like fingerprint identification or Face ID.
What Countries Are Supported by Swyftx?
Swyftx is only available for Australian citizens.