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Hailed as the most trusted Australian crypto exchange, Swyftx may be the only crypto-trading platform you may need in the Land Down Under.
In this Swyftx review for Australia, we go over its features, prices, and other reasons why over 600,000 traders have chosen it as their go-to crypto platform.
Keep on reading to find out more!
PROS:
- 320+ crypto assets available
- Free-of-charge deposits and withdrawals in AUD
- Real-time prices
- Low trade fees and spreads
CONS:
- Lack of native NFT marketplace
- Lack of proprietary crypto token
Highlights:
| Supported cryptocurrencies | 9.5/10 |
| Transparency | 9/10 |
| Customer service | 10/10 |
| Rates and Fees | 9/10 |
| Application process | 8.5/10 |
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks. Always take into account your own individual circumstances before making any investment decisions, and don’t rely on the information presented here alone.
What Is the Swyftx Exchange?
As a fairly new company, Swyftx is only registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) to operate as a digital currency exchange provider.
In essence, Swyftx allows its users to easily buy, sell, and trade most types of cryptocurrencies while enjoying low costs, an excellent support team, and a host of features that make crypto trading a fun, easy, and hassle-free activity. Swyftx is also one of the best crypto apps in Australia for staking coins, letting you earn up to 10% APY on the crypto in your trading wallet.
How Does Swyftx Work?
Most Swyftx reviews highlight the simplicity involved in trading on this platform. You only have to complete a few simple steps:
- Create your Swyftx account—you only have to provide your name, country, email address, and phone number after accessing the sign-up page;
- Install the Swyftx app—while you can use Swyftx via the desktop web interface, installing the company’s handy app allows you to trade on the go;
- Verify your identity—access your ‘Profile’ tab to quickly confirm your email address, phone number, and identity without uploading any documents;
- Deposit funds in your account—use a range of deposit methods to top up your balance with either fiat or cryptocurrencies;
- You can deposit either from your bank account or another crypto wallet.
- Start your trading fun—browse over and trade more than 300 cryptoassets with the low Swyftx trading fees and spreads. Although impressive, other platforms like Binance and CoinSpot offer even more tradable assets.
Note: To become a Swyftx user, you must be older than 17 and possess the legal capacity to enter into a binding contract.
What Services Does the Swyftx Platform Offer?
Primarily, Swyftx offers several types of crypto-trading services, as explored below:
- Market orders—the primary method of quickly buying and selling crypto;
- Limit orders—make a profit by selling at higher and buying at lower prices;
- Swapping assets—you can instantly swap one cryptoasset for another;
- Stop-loss orders—automatically buy (at higher) or sell (at lower) trigger prices;
- Using price alerts—receive notifications when an asset reaches a certain price;
- Earning rewards—generate interest from crypto sitting idly in your portfolio;
- Withdrawing funds—withdraw funds to your bank account or another crypto wallet.
Note: Remember to use the correct base currency (AUD, USD, NZD, or BTC) to ensure you successfully trade and withdraw funds via Swyftx.
Available Swyftx Coins & Other Assets
Any new Swyftx review for 2022 will undoubtedly emphasise the abundance of cryptoassets you can trade on the platform (over 310), including but not limited to:
- AAVE
- ADA
- ALCX
- AUTO
- BNB
- BTC
- COMP
- DOGE
- XRP
- SOL
- ETH
- MKR
Note: Check out the complete list of cryptoassets available through this progressive crypto exchange, including their 24-hr change, via the official Swyftx website. However, if you are interested in trading more than crypto, eToro and KuCoin are valid options to consider.
Swyftx Features
To facilitate a direct trading experience, Swyftx employs a slew of features.
Demo Mode
Novice traders can gain valuable and risk-free trading experience by activating the Swyftx Demo Mode, as it recreates real-world prices and market diversity and fluctuations.
To start, you get 10,000 virtual AUD that you can spend as you see fit. For instance, you can get coins and test different strategies while gaining valuable trading skills.
With Demo Mode, you can access every service and feature offered by Swyftx and confidently build your portfolio until you are ready for the real deal—a feature that some of its competitors, like Independent Reserve and CoinJar, are yet to implement.
Swyftx Learn
Before using Swyftx, you can review a wealth of educational content that will teach you everything you need to know about crypto and blockchain technology, from mining coins to trading them successfully for profit-making purposes.
You can start learning by completing the platform’s written beginner courses, such as Intro to Bitcoin, before advancing to more complex topics like Bitcoin Taproot.
Then, you can proceed with completing the course quizzes, which you can complete in several minutes to check up on your progress.
Note: You can review the Swyftx Glossary page at any time to master the crypto lingo.
Portfolio Tracking
With the portfolio tracking option, you can see and analyse live data of your asset holdings, including profit and loss changes. You can access this game-changing feature via the Swyftx navigation panel, found on the left-hand side of the main interface window.
Note: You can view your balance changes in either percentages or dollar amounts.
Recurring Orders
This feature saves you time and effort as it automates the deposit and purchase process of multiple cryptoassets simultaneously. To set up a recurring order, navigate to the corresponding tab, choose the cryptocurrencies in which you are interested, and log in to your bank account to create a regular bank transfer to your Swyftx balance.
Tax Reporting
Swyftx allows you to generate a customised transaction report for any period of time, which you can download (as a .pdf or a .csv) and use for any number of tax-related reasons.
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Real-Time Pricing
Swyftx offers real-time pricing on all of their exchanges, which means you always get the accurate and current price of the asset adjusted according to your order size.
OTC Trading
Big investors (trading over $100,000) also have access to the Swyftx over-the-counter trading desk, which helps them execute the order and supports them afterwards.
Crypto Bundles
Swyftx also offers various curated crypto bundles to help you diversify your portfolio (which according to blockchain statistics, is the reason why 30% of people in Australia invest in crypto) and purchase all your favourite assets in a single transaction.
Note: Your bundle purchase must exceed the minimum trade amount of AU$25.
The Swyftx App
In 2021, Swyftx released a refreshed mobile experience (for both iOS and Android) that offers a user-friendly and modern look with easy access to all essential features.
With its bold yet simple design, clear colours, and a host of new features, like dark mode, font scaling, automated portfolio tracking, and multi-order, the updated Swyftx app has everything you may need to easily manage your cryptocurrency wallet on the go!
Swyftx Charges & Fees
Before using Swyftx, you should review the applicable fees and spreads to know how much you will spend executing your trades and withdrawing funds.
First of all, Swyftx can afford to charge a max trading fee of up to 0.6% (swap orders come up to 1.2%) as it cooperates with global liquidity providers. That said, Digital Surge (0.5%) and Independent Reserve (0.2%) have even lower trading fees.
Plus, there are no fiat currency deposit and withdrawal fees for AUD and daily limits of $1 to $100,000. As for cryptocurrency deposits and withdrawals, the standard network fees apply without additional charges imposed by Swyftx.
Note: You may be offered various trading fee discounts if you trade in high volumes.
Swyftx Spreads
You must also consider the spreads you must pay (the buy vs sell price difference of an asset) as they are not explicitly stated but can add up with each trade.
Swyftx claims they charge some of the lowest and least-variable spreads anywhere, thanks to their access to an extensive worldwide liquidity pool from various partners.
As a result of that cooperation, Swyftx offers average spreads of around 1.7%, going as low as 0.41% for some trades. Whereas some competitors can go as high as 4%.
Swyftx Customer Support
To resolve any Swyftx problems you may encounter related to its app, web interface, deposits, trades, withdrawals, etc., contact the company’s representatives via:
- Phone—personalised and knowledgeable AU-based support personnel
- Live chat—available around the clock with staff across time zones
By using either option, you will typically receive your Swyft help within 10 minutes. However, you may also find your answer using the company’s Help Center!
Is Swyftx Safe to Use?
Another reason that most Swyftx reviews recommend this platform is its robust and effective security designed to protect its users’ information and investments with features such as:
- Advanced two-factor authentication,
- Fast biometric logins,
- Know-your-customer (KYC) verification,
- Detection of breached passwords,
- Saving your assets in both hot and cold storage,
- Utilising the least privilege working model.
Moreover, Swyftx is registered with the AUSTRAC and complies with the country’s relevant laws to function as a crypto exchange.
Since its 2017 conception, the platform has had 0 breaches of its security. No wonder as it regularly tests and reinforces its security with the help of external security auditors and digital penetration testers. Overall, Swyftx, along with CoinJar, is considered as one of the safest and most trusted crypto exchange platforms in the country.
Customer Reviews
The Trustpilot Swyftx review for 2022 has an excellent aggregated score of 4.7 and is among the best of the competition. Understandable, with testimonies such as these:
“Great Experience. Good and Communicative Customer Service. It’s perfect.”—Terence Petaia
“Great service, I had a problem with a deposit that did not show on my Swyftx exchange, after reporting to Swyftx it was resolved within a few hours great service.”—Grant Coad
“Easy to use app and fantastic customer service. Transaction fees are not too high though obviously lower would be even better, it still beats most other crypto exchanges.”—Christopher Wark
All in all, the majority of the Swyftx users have reviewed the company with 4 and 5 stars out of possible 5, hailing its security, simplicity, and low trading costs as its best perks.
Swyftx Alternatives
Let’s take a quick look at how Swyftx compares to some of the competition.
Swyftx vs CoinSpot
While offering most of the services available via Swyftx, CoinSpot adds additional functionality in some regards and access to a slightly wider choice of crypto coins.
For instance, CoinSpot incorporates 40 more cryptoassets and a native NFT marketplace integrated with OpenSea.io, which offers over 20 popular NFT collections.
On the other hand, Swyftx has lower maximum trading fees, an excellent demo mode, and allows deposits via payment cards.
Swyftx vs Crypto.com
Like CoinSpot, Crypto.com also offers access to an NFT marketplace, a feature that Swyftx still lacks. Moreover, as this platform is not AU-based, it accepts many fiat currencies, including USD, AUD, CAD, EUR, JPY, GBP, CHF, and more.
Plus, Crypto.com charges lower trading fees of 0.4%/transaction when using the desktop web interface, albeit with a limited selection of base currencies.
Finally, in addition to a plethora of cryptoassets, this platform offers its own token (CRO) that comes with additional benefits, such as cashback, rebates, and more.
Bottom Line
So, should you choose Swyftx as an Aussie crypto trader? Most definitely, as currently, it is one of the best online platforms to buy, sell, and swap cryptoassets. Furthermore, you are not paying any fees for your AUD transactions, and you get access to a modern and powerful mobile app that allows you to do it all at any time and place!
FAQs
1. Is Swyftx legitimate?
Yes, Swyftx is a legitimate Australian crypto exchange registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and KYC/AML-compliant.
2. Is Swyftx safe?
Absolutely! Swyftx’s top priority is the safety and security of its platform, and as a result, it implements a host of security features, like 2FA, biometric logins, independent reviews, etc.
3. Is Swyftx a good option for experienced traders?
Both new and experienced crypto investors have everything they need at Swyftx, from learning resources to real-time asset tracking and integrated trading view charts.
4. Is Swyftx a wallet?
As previously explained in our Swyftx review for Australia, this platform is a cryptocurrency exchange that comes with an integrated wallet housing all your cryptoasset data.
