Withdrawing your funds from any crypto exchange should be seamless and Swyftx has sworn to make this true for its users. Read on to know how it does that and how long before the funds land in your account.
What Are Different Swyftx Withdrawal Fees?
Just like most crypto exchanges in Australia, you can withdraw your funds in two ways; via AUD withdrawals or crypto withdrawals.
- AUD Withdrawals: You can get your funds in AUD directly in your bank account and the best part is, there is absolutely no fee for withdrawing fiat currency in your bank account from Swyftx. No matter how much money you withdraw in a single transaction, you will not be charged a fee.
- Crypto Withdrawal: You can also withdraw cryptocurrency directly to your wallet, whether online or offline (hardware wallets). Although there are no charges for taking out your crypto assets from Swyftx, you will have to pay a standard network mining fee. This fee keeps fluctuating depending on the network’s demand but still, it will not be something insanely high.
Not every crypto exchange offers free withdrawals for both fiat and crypto but Swyftx does and that makes it even more lucrative, especially for beginner traders with small investments and profits.
How Long it Takes to Withdraw From Swyftx?
For withdrawal of fiat/AUD, the processing time depends on whether your bank is OSKO enabled or not. If it is, then the transaction will be done instantly. However, if it is not, then Swyftx will immediately process the withdrawal of AUD but your bank may take 1-2 business days to clear and add the funds to your account.
As for crypto, the withdrawal transactions are processed instantly and the coin(s) will land in your wallet in 3-5 minutes. Since the blockchain transactions cannot be reversed, you need to make sure the wallet address, currency type, and amount are entered correctly before ordering the withdrawal.
Although the withdrawal fees hardly change for exchanges, still, depending on when you are reading this guide, be sure to check this official fee page by Swyftx for the most up-to-date information.