Trading fee should be one of your main concerning factors before joining any crypto exchange platforms because they vary drastically. Have a look at what Swyftx charges and how it differs from other exchanges.
How Much is Swyftx Trading Fee?
Every exchange platform charges a trading fee because they need to make money too to stay afloat and keep offering their services to people. However, how much trading fee is charged makes all the difference because it is ultimately taken out of your money, shrinking down your profit. Many exchange platforms have separate fees for buy and sell trades known as makers and takers fees. This can be a little confusing and also expensive for at least one party in the buy/sell agreement.
Swyftx eliminates this by setting a flat 0.6% trading fee which is not really cheap but also not too high; it’s right in the middle, which does justice to both the seller and the buyer. Furthermore, they also offer discounts on trading fees for high-volume trades. Although they haven’t mentioned how much that discount is or how much trade volume is eligible for a discount, you can contact them to find this out.
What About Swyftx Spreads?
Spread is the difference between the buy and sell price and the higher the liquidity and trade volume of a platform is, the lower the spreads will be, which means more money for you.
Swyftx has an average spread of 1.7% and it can even go as little as 0.45% for some cryptocurrencies. This is incredibly low considering many of its competitors have up to 4% spreads.
What Are the Trading Fees of Other Crypto Exchanges in Australia?
There are many crypto exchanges in Australia that give direct competition to Swyftx in terms of service, security, and ease of use. However, when it comes to fees, they may not be as good. For instance, BTC Markets charges up to 0.85% trading fee, CoinSpot up to 1%, and Coinbase up to 3.99%.
However, there are competitors like Independent Reserve that charges up to 0.5%, CoinJar which charges up to 0.2%, and Binance with up to 0.1% trading fee. But these competitors lack in different other areas like low spreads, no debit/credit card deposit options, no demo accounts, live chats, and more. So it is ultimately up to you to decide which one is right for you in terms of fees and other service benefits.