Traders have been complaining about the soaring fees of the Swyftx platform, which has put beginners at crossroads; should they join the platform or look for a different one? Read this guide to get the answer to just that.
Established in 2017 in Queensland, Swyftx is a relatively new cryptocurrency exchange in Australia. However, they have grown with incredibly fast speed, and a trading group on Facebook named Crypto Australia has played an integral part in this growth. It has over 40,000 members and is run by the founder of Swyftx, so, from day one, Swyftx had exposure to thousands of traders.
Is Swyftx Expensive?
Yes, it is expensive, and many crypto traders have been talking about this recently. They have high fees and wider spreads, both of which take out a good part from the profits of investors.
The high fee is the result of Swyftx not offering native AUD trading but only via U.S Dollars. This means when you deposit AUD and convert them into U.S Dollars; you are already hit with a 0.5% cost.
Then, you will be charged a 0.6% fee on all trades at the Swyftx platform, which means your total fee becomes 1.1%. This is even higher than the 1% fee of CoinSpot, and that too for their Instant Buy/Sell feature.
Moreover, their spreads go up to 1% wide, so if we add them to the total fee, it becomes 2.1%, which is insanely high, especially for someone trading large volumes.
So What’s a Good Alternative to Swyftx?
CoinSpot is unequivocally a great alternative to Swyftx. It is the largest and highly trusted cryptocurrency exchange in Australia, with fees ranging from 0.1% for Market Orders to 1% for Instant Buy/Sell.
Furthermore, they support Native AUD trading, which means you will not have to pay an extra 0.5% conversion fee for changing AUD to U.S Dollars – you can trade in AUD pairs.