With so much technical jargon and outdated information on the internet, you might be wondering what fees exactly Swyftx is charging from its customers right now. Well, this is the guide that will provide you with up-to-date information on Swyftx fees in an easy-to-understand way. So read on to know more.
Types of Fees Charged by Swyftx:
- Trading Fee: Swyftx has set a flat 0.6% fee for every transaction of buy or sell orders, which means the taker and maker fees are the same. This can be a little higher than other platforms, especially when it comes to separate maker and taker fees where the maker or sometimes, the taker fee is very low.
- Withdrawal Fee: There is no withdrawal fee on the fiat currency but if you withdraw crypto into your wallet, then a ‘Standard Network Mining Fee’ will be levied but they haven’t mentioned how much it is going to be. However, there are no additional charges from Swyftx on withdrawals.
- Deposit Fee: Deposit in fiat currency is free and very fast, especially if you use PayID or POLi. However, for deposits under $200, you will have to pay a $2 fee. The daily deposit limit is up to 100k AUD. As for Crypto Deposit, you will again be charged a Standard Network Mining Fee.
- Forex Fee: Swyftx used to have a small forex fee of 0.4%-0.6% on the Australian dollar as it was converted into USD after the transfer, but they’ve removed this fee and now the AUD deposit is free.
What About the Spreads?
The spread is the difference between the buy and sell price of any fiat or cryptocurrency. Many crypto exchanges in Australia and around the world don’t show their spreads and mark it as a ‘hidden fee’ that surprises people when they buy/sell a currency.
Swyftx, on the other hand, is very transparent with its spreads and has listed the buy/sell prices on its website for every available cryptocurrency. You can check them here.
The spread keeps changing with the changes in trading volume and price fluctuations but the average for Swyftx is 1.7%, while its competitors have higher than that; up to 4%. The higher the spread, the less profitable your trades will be.
With a 0.6% trading fee, Swyftx might not be the cheapest crypto exchange, but it does offer very competitive spreads and doesn’t charge any deposit or withdrawal fees. This is the reason many Aussies prefer putting their money on this platform.