Swyftx is a relatively newer Australian cryptocurrency exchange platform, but it has gained quite popularity even in a short time. If you’ve landed here to learn more about this service provider and whether it should be your go-to trading and exchange platform, then you’ll definitely benefit from this detailed Swyftx review. Read it till the end to know more.
- Name: Swyftx
- Founder: Alex Harper & Angus Goldman
- Founded In: 2017 in Queensland Australia
- Type: Online Cryptocurrency Exchange
- Fiat Currency: Australian Dollar
- Cryptocurrencies: Bitcoin, Ripple, Litecoin, Etherium and over 220 more
Why Listen to Our Advice?
When you make a trade on a cryptocurrency exchange platform, you put your money on the line. And even then, it’s not just a straightforward trade; a lot of factors like fees and spreads come into play that can mess with your profits.
Therefore, you need someone who’s aware of how online crypto exchange platforms work, their policies, fees and so on to guide you better. We can help you here.
This detailed Swyftx review will allow you to make a well-informed decision regarding whether it’s good for your specific trading needs or not. So have some faith in our expertise and read on.
Brief Intro to Swyftx:
Established by Angus Goldman and Alex Harper, Swyftx was launched to tackle the poor liquidity of cryptocurrency in the international trading market. It was also aimed to be the solution to the lack of online platforms that connect and comply with the Australian Crypto Tax regulations.
Besides offering its users a streamlined crypto trading platform, Swyftx also provides them with reliable brokerage services, making it ideal for beginning, professional, and corporate traders.
One of the most novel offerings by Swyftx is a dedicated, self-managed crypto super fund that currently has no alternative in the cryptocurrency exchange market of Australia. This allows the traders to easily and quickly set up super funds using cryptocurrencies.
Signing Up for Swyftx
Joining Swyftx is pretty standard, just like most of the similar platforms. You need to fill in some of your personal details like name, DOB, address etc., and your account will be up in no time. Then you’ll have to go through the verification process, which is typically required if you’re trading a reasonable amount from the get-go. Here are a few things required for verification:
- Email Address
- Mobile Phone Number
- Identification Document Number
The verification process is pretty straightforward and should not take more than a few minutes to complete.
Depositing Currency on Swyftx:
To start trading on the platform, you can deposit Australian Dollar, Bitcoin, Ripple or Etherium. They used to have a forex fee of 0.4% to 0.6% on AUD as it was converted into USD after the transfer, but that has been removed, and now the deposit is free. However, the daily transfer limit is $100k AUD, and less than $200 AUD would attract a $2 fee. Here are the deposit methods:
- PayID: Instant transfer
- POLi: 1-2 min transfer time
- Bank Transfer: 1-2 minute via OSKO, otherwise 2-6 hours
- Credit Card: Under 1 hour
Now one concern that people may have would be the conversion rate of AUD to USD when depositing. But unlike most Australian banks, you get a pretty good rate, almost similar to what you would get when doing forex trading. You will be able to see the conversion rate from AUD to USD when making a deposit at the deposit page of your Swyftx dashboard.
Trading on Swyftx
Trading is pretty straightforward. However, you will get a separate box for buy or sell, which means you cannot see both prices at once. Besides, you get charts and order lists along with other standard features you get with other exchangers. However, the trading fees are not very competitive. Swyftx charges a fixed 0.6% commission more than what other platforms like CoinSpot and CoinJar charge; between 0% and 0.3% (as long as you use them the right way, which we’ve covered in their separate reviews).
Even an expensive crypto exchanger like Independent Reserve charges less than that – 0.5%. Swyftx is aware of the fact that its trading fees are higher than its competitors, but they justify this with their lower spreads than others. Their fee page has a detailed explanation of this. Basically, they’ve stated that spreads are more important than trading fees, and their average spread is 1.7% compared to their competitor’s, with average spreads of up to 4.0%.
Now we won’t suggest taking an average of 1.7% as is for all cryptocurrencies because some will have higher, even more than what competitors are offering. So it’s best to check the difference of spreads by yourself. However, for smaller cryptocurrencies, you’ll likely find the spreads very low with Swyftx. This is because it taps into other markets when trading alternative coins, providing higher trading volumes, resulting in lower spreads.
Some Noteworthy Things About Swyftx:
Before you join Swyftx and start trading, there are a few more things you need to keep in mind to make the most out of the platform and avoid any unpleasant experiences. Let’s have a gander at them below:
- Mobile Apps: Swyftx is one of the few online crypto exchangers that offer mobile app supported by both iOS and Android. We haven’t tested the app’s functionality, but still, it’s something not offered by most exchanges in Australia.
- Support: Do not expect their support to be super-fast like the top of the line crypto exchangers. They are reliable and helpful, but they can lack response time, which can be 12-24 hours. Also, if you contact them during the weekends, you might get replies on the next workday.
- Pricing Table: If you visit the fees page on the Swyftx website, you’ll be provided with a table of buy/sell prices for the cryptocurrencies available on their platform. However, do not take them as is when making a trade; they can sometimes be different from what you see when you log into the account and make a trade. So ignore the pricing numbers on their fees page.
- Withdrawal Fees: They’ve just stated that ‘standard network mining fees’ would be levied on withdrawing cryptocurrencies. They haven’t mentioned how much that would be, so it can be too little or too high; you’ll only know when you make a withdrawal. Make sure to ask about this from their support or try cashing out a small amount first to see how much is charged.
We’ll be straight with you; Swyftx is not ideal if you want to trade big currencies like Bitcoin or Etherium because of their high fees and spreads.
However, if you are looking to trade smaller cryptocurrencies, then Swyftx is definitely the best option in Australia.