Swyftx Review 2022
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Swyftx is definitely one of the best Australian cryptocurrency exchanges out there.
Aside from being AUSTRAC-regulated, it also allows you to trade over 320 crypto assets. But it’s not just that, Swyftx also comes with very low spreads, an easy-to-use and innovative mobile app, and a reliable customer support team. All these good points make Swyftx our favorite crypto exchange (even the best in fact!).
Furthermore, if you’re a new Swyftx user, the registration process is very easy to do to get you to start crypto trading as quickly as possible. And here’s the best part, if you use our Swyftx referral code, Swyftx is offering free $20 worth of Bitcoin to new crypto traders that will use their platform.
So, what are you waiting for? Sign up with Swyftx today!
Or, you can also read this in-depth Swyftx review first and see if it’s really worth a shot!
Let’s dive right in!
Swyftx Exchange Info
Mobile app: Available
Deposit Methods: Bank transfers, OSKO, PayID, POLi
Trading Fees: 0.6%
Fiat Currencies: Australian Dollars, US Dollars, New Zealand Dollars
- 320+ supported crypto assets
- Australia-based crypto exchange and AUSTRAC-regulated
- SMSF and OTC options
- Real-time Australian dollars withdrawals
- Trustpilot score of 4.8/5
- Phone support and live chat
- You can earn up to 80% interest on crypto
- Offers demo mode available for newbies
- Features recurring orders
- Complete tax reporting
- Has Stop, On Trigger, and Market Orders
- Real-time price feed and API
- Very user-friendly trading interface on desktop and mobile
- Low fees and no deposit fees for AUD deposits.
- Supports a wide variety of payment methods
- Fast account creation process
- Swyftx self-managed super fund option
- Strong platform security
Pros of Swyftx
- Comes with a staking option for crypto traders/investors who wish to generate passive income from their cryptocurrency holdings
- Wide variety of available crypto assets and trading options
- Quick verification process
- High liquidity
- Easy tax reporting for each client
- No deposit or withdrawal fees
- Easy-to-use iOS and Android compatible mobile app
- Industry low fees and spreads
- No security breaches so far
- Great live chat, email, and phone customer support
- Built-in TradingView marketplace charting
Cons of Swyftx
- Doesn’t offer margin or derivatives trading
- Their financial services are only available for Australian crypto traders as well as those users based in New Zealand
The crypto market is quite crowded, not only with digital currencies, but also with crypto exchange platforms, so crypto enthusiasts can have a hard time choosing a trustworthy platform. There are more than 400 crypto exchanges on the market, but honestly, a large number of those platforms really aren’t worth your time, as they lack adequate security, and offer a poor selection of cryptos, high fees, and a buggy user interface.
Australian crypto traders have access to a wide variety of top-quality crypto exchanges and there’s no reason you should be using a non-trustworthy platform when you have exchanges like Binance, Coinbase, CoinSpot, and Swyftx available in just a few clicks.
This review is about Swyftx, one of the best Australian cryptocurrency exchanges.
Let’s take a detailed look at the platform and find out more about the broad range of services it offers.
Swyftx: One of the Most Popular Australian Crypto Exchanges
Swyftx is a relatively young crypto exchange, launched in 2017, in Brisbane. It’s a crypto exchange platform launched specifically with Australian crypto traders in mind, and it supports various local payment services that make it easy for the average investor to buy digital currencies in a matter of minutes.
In just a few years, Swyftx became one of the top choices for crypto users in Australia, because the platform is much more than just an exchange. It’s a full-fledged cryptocurrency ecosystem that offers a variety of services, enabling users to conduct all of their crypto operations on one platform.
Constantly having to shift between various platforms in order to buy, sell, or exchange the tokens you want can be a real hassle. However, Swyftx offers real convenience when it comes to supported cryptocurrencies. The platform regularly monitors the market and adds new cryptos to their selection of available assets, so it offers all the crypto you need.
Apart from an ever-expanding crypto selection, Swyftx employs top-notch security measures that keep the assets on the platform safe from all types of cyber attacks and malware.
Unlike many crypto exchanges that aren’t regulated by any legal entities or government authorities, Swyftx is a fully regulated crypto exchange that complies with Australian law, offering users protection from money-laundering scams and fraudulent transactions.
On top of all of this, Swyftx is super-cheap, with very low trading fees and low spreads.
Swyftx Trading Features
The Swyftx trading interface is very intuitive and easy to use, which makes it great for beginners who are just starting their crypto journey. The platform interface doesn’t resemble complex crypto trading platforms, but at the same time, it does offer a variety of advanced trading tools for experienced users.
There are a bunch of exchange platforms that enable users to buy crypto instantly with USD. Swyftx offers this same option but with Australian dollars, which means that you won’t lose any money due to unfavorable conversion rates from AUD to USD and you can instantly buy Bitcoin or any other available altcoin.
Once you deposit some AUD in your account, you can make a purchase order right away and receive crypto instantly. The process is very simple: you just need to choose which crypto you wish to buy in the Buy section of the menu, specify the amount, and click on the Instant buy button.
In order to sell your crypto, just navigate to the Sell section of the menu bar. You can also view detailed market charts in the Charts section, along with price change alerts which you can set in the Alerts section of the platform. The charts are easy to read and offer a clear overview of the price change history of a selected cryptocurrency.
Swyftx Trading Orders
Your order book is accessible at all times through the Orders section. The Deposit and Withdraw section are used to manage all your cash deposits and withdrawals. You can add or change your approved payment methods at any time in the Deposit section.
Advanced crypto traders can customize the platform dashboard to display the information they approve and the data can also be set to appear in a specific order. Various advanced order types are also available on the platform, such as Recurring Orders.
Recurring orders are used to automatically make crypto purchases based on a predetermined schedule. Users can also make Bundle purchases. Swyftx offers 7 different bundles of coins and making a bundle purchase automatically buys the same amount of each coin within the bundle.
You can even try a demo account before you start trading, to get familiar with the platform’s functionalities before investing money.
Swyftx offers a huge selection of cryptocurrencies. You can buy, sell, or swap over 320 coins and tokens. Apart from the most popular cryptos on the Coinmarketcap top 100 list, on Swyftx, you can also find a careful selection of trending low cap altcoins and promising crypto projects.
Swyftx supports Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Band Protocol (BAND), Basic Attention Token (BAT), Binance Coin (BNB), Tether (USDT), Avalanche (AVAX), Cardano (ADA), Chainlink (LINK), Chillz (CHZ), Dogecoin (DOGE), Fantom (FTM), Gala (GALA), Golem (GLM), Harmony (ONE), Iota (IOTA), Kusama (KSM), Maker (MKR), and many other altcoins.
Swyftx Fee Policy
Low fees are one of the key advantages of Swyftx over competitor exchange platforms. Better yet, low platform fees don’t mean low service quality on this platform.
Swyftx used to charge a 2 AUD fee for deposits under 200 AUD in its early days, but they removed that early on. There are no platform fees for Australian dollar deposits anymore.
Withdrawals are also free of charge. If you wish to cash out some of your coins into fiat money and withdraw your AUD to a bank account, Swyftx won’t charge you any withdrawal fees. When withdrawing cryptocurrency to a third-party wallet or to another crypto exchange platform, you also don’t incur any Swyftx fees. However, you still need to pay standard blockchain processing fees for your crypto withdrawals, and the fees depend on the cryptocurrency you’re trying to transfer.
Just like any other crypto exchange, Swyftx makes money from trading fees, and the fees on Swyftx are fixed at a 0.6% rate per trade.
Spreads are also considerably lower on Swyftx compared to other popular Australian exchanges. A crypto spread is the difference between the buy and sell prices of cryptocurrencies on a platform. The average crypto spread on Swyftx is only 1.7% and it can go down to as low as 0.45%, while some competitors have spreads of up to 4%.
Available Payment Methods
Swyftx aims to enable everyone to purchase crypto and all of the most popular payment methods are available on the platform.
For example, you can deposit AUD or buy cryptocurrency with your credit card and debit card, which is literally done in a couple of minutes. In order to deposit AUD with a bank card, you need to add it as a deposit method under the Deposit section of your dashboard.
If you choose to fund your Swyftx account from your bank account, you can initiate a bank transfer from the Deposit section. Once you select the Bank Transfer option, you’ll be provided with a deposit address for your bank. Swyftx will also provide you with all the transfer details such as the Swyftx account BSB, account number, and Reference.
If your bank supports OSKO transactions, your transfer gets processed instantly. If your bank isn’t in the OSKO system, then the transfer might take up to several business days. Once you have the necessary Swyftx account deposit address details, you can initiate a bank transfer through your e-banking app and add Swyftx as a new payment address. Keep in mind that some banks may limit your daily transfers to new payment addresses.
A deposit to your Swyftx account can also be made with POLi and PayID payment services, which are processed instantly.
Cryptocurrency deposits are also a viable option and you can easily send cryptocurrency through the deposit menu. Just select the crypto you wish to deposit and you’ll be shown your Swyftx address for that specific cryptocurrency. Also, don’t forget to choose the appropriate network for the cryptocurrency you’re depositing. For example, if you’re depositing Chainlink (LINK), which is an Ethereum-based ERC-20 token, you need to select ETH (ERC-20) as the network you’re using to deposit your LINK tokens. Crypto deposits are also free of charge, except for the blockchain fees you’ll incur when sending cryptocurrency from your wallet to Swyftx.
Crypto and Fiat Withdrawals
Swyftx is an ideal crypto exchange for cashing out your crypto gains into fiat money. Australian dollars are the only fiat currency supported by Swyftx, and you can send your AUD to an Australian bank account entirely free of charge.
Crypto withdrawals are also totally free but you always need to pay the standard blockchain transaction fees for each crypto withdrawal, just like in the case of deposits.
Regulated crypto exchange platforms comply with all the laws and regulations in the regions where they offer their services. Swyftx is regulated by AUSTRAC (Australian Transaction Reports and Analysis Centre), and thus, scams, fraud, or money laundering are extremely unlikely to happen on the platform.
This also means that the platform complies with Australian tax regulations and that it will present your tax records to the authorities if they ask for that information. If you’re using Swyftx, you should definitely take care of your crypto tax reporting obligations on time,, since tax evasion is a serious crime.
Creating an account on Swyftx is quite simple and fast compared to some competitor platforms that require complex account verification procedures. You just need to provide some basic personal information during the verification process, as Swyftx employs a KYC (know your customer) protocol in order to prevent money laundering. You need to provide your full name, address, mobile phone number, email address, and a few additional details so that Swyftx can confirm your identity.
The information you provide is confidential and it’s never shared with any third parties except if you’re under criminal investigation by Australian authorities for tax evasion or other types of fraud. In that case, Swyftx is legally obligated to share your account details with the authorities.
On top of the huge variety of tradable cryptocurrencies, Swyftx also offers multiple crypto staking options that allow users to earn crypto just by holding it. Just like you earn interest by keeping money in the bank, you can earn crypto by staking it through Swyftx. You don’t need to manually search for trustworthy staking pools, because Swyftx is already connected to a wide variety of legit staking pools where you can stake Cardano (ADA), Tezos (XTZ), Kusama (KSM), Polkadot (DOT), Algorand (ALGO), Solana (SOL), Kava (KAVA), and Cosmos (ATOM).
The annual percentage yield depends on the cryptocurrency you wish to stake.
Swyftx Self-Managed Super Fund
Among the broad range of crypto services offered by Swyftx, the cryptocurrency self-managed super fund is one of the most innovative features. Few crypto exchanges offer this feature. A crypto self-managed super fund is a type of private fund created with the purpose of providing you with retirement money or your loved ones with a financial boost in the event of your death
These types of funds usually consist of fiat money, but Swyftx, in cooperation with Australian financial regulators, offers this service with cryptocurrency instead of fiat money. SMSFs are subject to highly favorable taxation policies and they can provide users with a nice retirement fund if the assets increase in value over time. However, building a retirement fund based on crypto is also a risky endeavour since digital currencies are highly volatile assets.
Crypto exchanges are a prime target for cyber attackers. Swyftx implements multiple security layers in order to protect user accounts and crypto assets.
Users are encouraged to turn on the 2FA (two-factor authentication) option for account login and transaction confirmation. This way, every time you want to login to your Swyftx account, you’ll need to confirm your identity either by entering the SMS code sent to your phone or email. Biometric authentication is also an option for Swyftx users.
The Swyftx platform has automatic session expiration protocols in place to make sure no one can take advantage of your login session.
The platform undergoes regular security audits by third-party cyber security companies, along with external penetration testing to keep up with various cyber-attack methods and implement sufficient countermeasures.
Swyftx Mobile App
Having a great desktop user interface is important for every crypto exchange platform, but providing users with an easy-to-use, smooth-functioning mobile app is simply a must. Most crypto traders want to be able to manage their portfolio, buy, sell, and exchange digital currency while on the move.
Swyftx has a great mobile app called Swyftx Crypto Exchange – Buy Crypto Instantly and it enables users to buy crypto instantly, just like the name says. The app is compatible with both iOS and Android operating systems and it works like a charm. The user interface is straightforward and practical just like the desktop version of the platforms, and you can access all segments of the platform in a couple of seconds.
Many crypto exchanges offer poor customer support services, even though they provide top-quality services overall. Swyftx is different, because even the customer support works great.
You can directly communicate with a member of the support team through the platform’s live chat option. When you contact support with a question, the chatbot will answer your initial questions, but if you have a more complex issue, a real, live member of the support team will take over communication.
A Few Words Before You Go…
Swyftx is an all-in-one crypto exchange that offers excellent services in all aspects, from cash deposits, crypto purchases and asset staking, all the way to advanced trading order types and self-managed super funds. The platform is definitely a great choice for Australian crypto traders and it’s really no wonder that it’s consistently ranked as one of the top exchanges in Australia.
Swyftx is definitely one of the best Australian cryptocurrency exchanges out there. Aside from being AUSTRAC-regulated, it also gives you the opportunity to trade over 320 crypto assets. But it’s not just that, Swyftx also coems with very low spreads, an easy-to-use and innovative mobile app, and a reliable customer support team. All these good points make Swyftx our favorite crypto exchange (even the best in fact!).
Furthermore, uf you’re a new Swyftx user, the registration process is very easy to do to get you start crypto trading as quickly as possible. And here’s the best part, Swyftx is also offering free $20 worth of Bitcoin for new crypto traders that will use their platform.
So, what are you waiting for? Sign up with Swyftx today!
frequently asked questions
Swyftx is considered one of the most secure Australian crypto exchanges, thanks to their robust security measures, third-party safety audits, and their clean history regarding platform hacks.
The maximum withdrawal limits for Swyftx depend on the verification level you have. In the end, you can withdraw up to 100,000 dollars each day. This is greater than other international exchanges such as Binance ($8,500) or Coinbase ($3,000) as well as most Australian cryptocurrency exchanges such as the Digital Surge ($10,000) as well as CoinJar ($5000).
Swyftx operates and owns controlled through Swyftx Pty Ltd (ACN 623 556 730) with Alex Harper as the CEO of the exchange.
Due to the user-friendliness and local accessibility and the ease of use, each of Swyftx as well as CoinSpot can be thought to be to be the best cryptocurrency trading platforms to Aussie traders. It seems my opinion that Swyftx offers a more balanced mix among the top features that people want from an exchange for crypto including smooth navigation and demo mode, as well as a flexible fee schedules, and personalized customer service.
It’s difficult to draw an accurate analysis of Swyftx as well as Binance due to their different target audiences. Binance is a giant in the world and provides a sophisticated trading platform that offers all the things you could possibly think of doing with cryptocurrency, including instant buys and spot markets, to leveraged trading as well as futures and even a P2P platform. The Binance platform has been adapted to suit the buying habits for Australian traders, offering them the option of transferring Australian Dollars using PayID and Osko.
But this innumerable variety of platforms and markets layers could be overwhelming for newbies Therefore, I would suggest that sticking to local crypto services such as Swyftx in the beginning. If you don’t, you’ll have support from an Australian-based team you can count on.
Coinbase is a US-based cryptocurrency exchange that has an influence on the whole cryptocurrency industry. Coinbase has been in the crypto market since 2012 and during its 10 years since its inception, Coinbase provides services to millions users around the globe. It’s a highly controlled company with a user-friendly system, making it the platform is always appealing for novices.
In contrast, Swyftx is a better alternative for people who are just starting out in Australia. While Swyftx provides a variety of options for depositing money, Australian users can fund their Coinbase accountsor make immediate purchases with the debit card, which results in higher fees.
Swyftx provides an affiliate program which gives users 30% off the total cost of trade. The discount is applicable to any trades that are made using affiliate accounts. Additional discounts are offered to affiliates that also obtain an affiliate referral code via the platform.
Affiliates receive monthly payments. If someone signs up through their referral link our tracking systems notify the affiliate of their new registration.
Swyftx has a demo option that lets you trade, limit and stop orders as well as deposit funds to your credit card. It also lets you track your account and experience how biometric or two-factor logins feel. Swyftx lets you enjoy all of the features without needing to transfer funds or purchase cryptocurrency.
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Sign Up|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank Transfer||AUD / NZD||320 +||0.6%||Visit|
|PayID, POLi, Cryptocurrency, Cash, BPAY, Bank Transfer||AUD||370+||OTC: 0.1% Instant buy/sell: 1%||Visit|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency||USD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB||600+||0% – 0.1%||Visit|
|Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card||50+||160+||0.1% to 0.6%||Visit|
|Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, Cash||AUD, GBP||50+||Taker: 0.04-0.1% Maker: 0.04-0.1%||Visit|
|PayID, Osko, POLi, Cryptocurrency, Bank Transfer||AUD||300+||0.1% – 0.5%||Visit|
|SWIFT, EFT, PayID, Osko, Cryptocurrency||USD, AUD, NZD||27||0.05% – 0.5%||Visit|
|Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank Transfer||USD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more||70+||Vary (overnight and weekend fees apply)||Visit|
|SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank Transfer||AUD, USD, GBP, EUR, CAD, JPY, CHF||140+||Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%||Visit|
|SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, Cryptocurrency||AUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY||645+||0.1%||Visit|
|Bank transfer, POLi, OSKO, P2P||AUD||100+||Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%||Visit|
|Crypto, Bank Transfer, PayID||AUD||410+||Taker fees: 0.85% Maker fees: 0.85%||Visit|