Every Aussie investor should start exploring cryptocurrency because it’s not going anywhere, in fact, it just might become as big as gold in the next few decades. So if you are also here to jump on this bandwagon while it’s still going slow, you need a crypto exchange.
An exchange will allow you to purchase cryptocurrency of your choice by analyzing its history and forecasting the future using charts. One of such crypto exchanges in Australia is Swyftx. Read this detailed review to learn more about it.
Swyftx Australia Review – Quick Summary:
- Founder: Alex Harper
- Headquarters: Brisbane, Australia
- Deposit & Withdrawal Fee: 0%
- Trading Fee: 0.6%
- Fiat Currency: AUD
- Cryptocurrencies: Bitcoin, Ripple, Cardano, Ethereum, Litecoin, and 250+ more
- Deposit Methods: OSKO, POLi, PayID, Bank Transfer, Credit Card, Debit Card, and Cryptocurrency
Is Swyftx Australia Legit?
Before we move on to the other parts of our Swyftx Australia review, let’s first get the reliability of the platform out of the way. It only makes sense to further read about a platform if it is the real deal. So that said, Swyftx is 100% legit! They were registered as an Australian Company in 2017 and have also shared a registration certificate on their website that you can download from here.
Moreover, Swyftx is registered by AUSTRAC, a government entity that is responsible for detecting and preventing criminal activities in the financial system of Australia. Also, they comply with strict KYC/AML policies set by the Government.
Sywftx Deposit Methods:
- Osko: Free and instant transfer of funds
- POLi: Free and instant transfer of funds
- PayID: Free and instant transfer of funds
- Bank Transfer: Processing time and the fee depends on your bank
- Credit/Debit Card: Almost instant but processing fee is charged
- Cryptocurrency: 3-5 minutes processing time and standard network mining fee is charged
What Are the Different Fees?
Deposit/Withdrawal Fee:
There is no deposit fee for AUD and the daily limit is $100k, while the minimum deposit is $30. However, on a deposit of less than $200, a $2 fee will be charged. As for Crypto, only a standard network mining fee is charged, Swyftx, doesn’t take anything.
For Withdrawal, they are free for AUD and instant if done via OSKO. But for cryptocurrency withdrawal, you will have to pay a standard network mining fee.
Trading Fee:
Unlike many cryptocurrency exchanges in Australia where you have two different fees; one for buying and one for selling, Swyftx has the concept of a flat trading fee.
They charge a 0.6% fee for all trades but it can go down as well if the volume of trade is significantly high. We don’t know how high it should be, but you can ask Swyftx’s fast support about this.
Spreads:
Although it is not a direct fee, it does take some percent of money out of your trade. Most crypto exchanges have spreads going up to 4% and more. With Swyftx, the average is 0.45% to 1.7% depending on how liquid the asset is and how much trade volume it has.
How Many Digital Assets Does Swyftx Have?
Swyftx Australia currently has more than a whopping 250 digital assets including crypto coins, tokens, and other digital currencies. They have some of the most prominent cryptocurrencies like Bitcoin, Ripple, Litecoin, Ethereum, Cardano, Bitcoin Cash EOS, NEO, Tezos, Stellar Lumens, and more.
Furthermore, Swyftx also supports Decentralized Finance (Defi) tokens like Yearn Finance, Sushi, and Compound. You can view a complete list of their digital assets along with their live buy/sell prices and spreads without even signing up; something which not many exchanges offer.
Is Signup & Verification Process a Pain?
Absolutely not. The process is incredibly straightforward and doesn’t take a lot of time. You can sign up for the platform by clicking on the ‘Sign Up’ button on their website, enter all the details on the next page like email, name, phone number, and password, etc.
Once you are done, sign in and verify your account from the dashboard. You will need to provide the following:
- Email Address
- Phone Number
- ID Document Number
Once everything is done, it will take 2-5 minutes to complete the verification and you’ll be able to start trading right away.
Some Key Features of Swyftx Australia:
- Beginner-Friendly Dashboard: The interface of the web portal is incredibly straightforward. Even those who are not so tech-savvy can easily navigate around the platform and easily find what they’re looking for. Every major function like deposit, trade, withdrawal, charts, crypto wallet, and asset list, etc. can be accessed via the left-hand bar.
- Mobile App: Not many crypto exchange platforms have rolled out a mobile version of their web portal but Swyftx has. Their mobile application is compatible with both iOS and Android, allowing you to access all important features including trading, buying, and selling.
- Recurring Orders: To automate your digital currency investments, you can use the recurring order feature on the Swyftx platform. You can even schedule AUD deposits to Swyftx via POLi, PayID, or bank transfer to purchase cryptocurrencies automatically. This is a useful feature if you are making trades in volatile markets.
- Swyftx Wallet: They also offer a mix of hot and cold wallet storage that is integrated with your Swyftx account. You can keep your digital assets inside it for as long as you want but we suggest getting your hardware wallet for long-term holdings for the highest security.
- Customer Support: Their support is incredibly flexible and responsive. With a team of 11+ members, they are solely dedicated to helping the users day and night via phone, email, live chat, and Telegram. Swyftx has amassed thousands of positive reviews, averaging 4.7/5 on TrustPilot just by offering excellent customer service.
Swyftx Australia Review – Frequently Asked Questions:
Is Swyftx Safe?
Yes, it is as safe as an online crypto exchange can be. This means the risk of getting hacked is always lurking around no matter how secure a cryptocurrency trading platform is. This is the same as a bank at the risk of getting robbed, no matter how secure it is.
However, Swyftx has employed several features like 2FA, JWF Tokens, Session Expiry, External penetration testing, and frequent security audits to ensure the platform is not vulnerable and accessible to every Tom, Dick, and Harry.
Does Swyftx Have SMSF?
Yes, they do offer a Self-Managed Super Fund for cryptocurrencies and you can find all the details about it here.
Is There a Swyftx New Zealand?
Yes, there is a Swyftx New Zealand where Kiwis can deposit NZD and use it as a base to trade over 200 crypto assets.
Is There a Swyftx UK?
Yes, there is a Swyftx UK as well but it was launched recently in March 2021 so it’s fairly new. They are working on setting up customer support and adding more cryptocurrencies to the portfolio. However, users can deposit GBP and use it as a base to trade available cryptocurrencies.
Does Swyftx Offer Demo Account?
Yes, they do offer a demo account that can be used to trade in real market conditions using virtual funds. You can get a hang of the Swyftx platform and how the crypto market works using a demo account before investing real money.
Does Swyftx Have an Affiliate Program?
Yes, they do offer an Affiliate program where you can refer people to join Swyftx using your link. For every person you bring to Swyftx, you get 30% of fees collected on trades they make as long as they use Swyftx.
Bottom Line:
Swyftx is an incredibly easy-to-use platform that charges very minimal fees, has the lowest spreads, and offers a massive portfolio of digital assets.
If you are someone who is just stepping a toe into the world of crypto trading, you should give Swyftx a try; you don’t have to invest right away and can start with their demo account.
