If you’re new to cryptocurrency investing, learning the basics of trading and digital currency management may seem daunting. The first step in crypto investing is to choose a platform where you can buy and sell cryptocurrencies, as well as hold them in savings. With this Swyftx review, we’ll look into what you need to know about the Australian-owned and operated digital currency exchange.
- Operating Since 2017
- Currencies Supported 280 cryptocurrencies
- Fees Varies
- Deposit Methods Bank transfers, PayID, POLi, credit and debit cards
- Fiat Currencies Yes
- Verification Methods KYC, 2FA, JWT token
- Margin Trading No
- Futures Trading No
Swyftx launched in 2017 and has become one of the most popular digital currency exchanges in Australia. Registered in 2017 and based in Brisbane, Queensland, Swyftx offers users the opportunity to buy Bitcoin and sell various digital currencies, from the well-known Bitcoin (BTC) to lesser-known altcoins and decentralised tokens.
Swyftx offers its investors one of the lowest spreads in the cryptocurrency trading industry. Spread refers to the difference between the buy and sell prices of a cryptocurrency. When you submit a transaction, the broker (Swyftx) only increases the final purchase price by a small amount to pay for the transaction’s execution.
Swyftx spreads are very low, one of the platform’s most significant attractions for investors. Meanwhile, their average spread is 1.7%, unlike their competitors’ average spreads which can be up to 4.0%.
Swyftx provides account holders with fully customisable dashboards. You can set them to your preferred settings and keep frequently used features easily accessible at all times. TradeView charting allows users to follow all their trades and set automated transactions, investments, and deposits.
The highly secure KYC verification is simple, requiring only a government-issued ID and a valid email address and phone number.
Supported Digital Currencies
Swyftx currently supports 280 digital currencies, including many of the most popular ones:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Civic (CVC)
- Curve (CRV)
- Ethereum (ETH)
- EOS (EOS)
- Filecoin (FIL)
- Litecoin (LTC)
- Mithril (MITH)
- Ripple (XRP)
- Stellar (XLM)
- yearn.finance (YFI)
- Cardano (ADA)
Swyftx even supports decentralised finance tokens like UniCoin, one of the hottest digital assets on the market right now.
Using the TradingView interface, you can trade any digital asset against USD, AUD, or BTC. Swyftx also offers the highest asset liquidity, focusing on the best price and lowest spread on the crypto brokerage for your target currency.
Swyftx supports several deposit methods, including:
- Bank transfers
- PayID payments
- POLi payments
POLi offers immediate payments, with PayID taking only slightly longer to process. The transfer is instantaneous if you send a bank transfer from an OSKO bank account. Otherwise, bank transfers may take up to 10 hours to process on a business day.
Credit and debit card deposits are facilitated by BANXA, a company specializing in digital payments. They support deposits from 30 AUD to 15,000 AUD. Deposits are automatically converted to USD. They are also tied to the Forex daily conversion rates, allowing for higher liquidity, lower spreads, and lower trading costs. Plus, more USD pair offerings are available.
Swyftx Trading Fees and Limits
Fees are how cryptocurrency exchanges and platforms make their money, and it’s essential to understand how much you pay every time you make a trade. The best thing about Swyftx is that its fee structure is among the most straightforward fee structures around.
Though Swyftx administers a relatively high fee of 0.6% per trade, the platform does offer very low spreads, some as low as 0.41%. This balances out the high transaction fees and is accomplished by the platform’s AI automation, which searches for the lowest spreads available.
Swyftx does not charge deposit fees when account holders transfer Australian dollars onto the platform. Debit cards and bank transfers may be used to deposit fiat currency.
Swyftx maintains high liquidity by converting all their fiat AUD deposits to USD when withdrawn, which is why the flat fee is so high. Additional fees when depositing or withdrawing include mining fees. However, deposits of more than $200 are not subject to deposit fees or withdrawal fees, and deposits less than $200 charge a flat fee of $2.
Daily limits are set at 20,000 AUD, but this is not a hard cap. Users may order up to 100,000 AUD upon further profile verification. Swyftx fees may be incrementally reduced when high volumes of digital assets are transacted.
Swyftx Trading Features
For this Swyftx review, let’s look at the several unique features of your Swyftx account:
- Customizable dashboard metrics
- Automated recurring deposits to place targeted cryptocurrency orders on your behalf
- Prepared tax reports, downloadable every tax season
Demo mode (“paper trading”) is a beginner-friendly way to try cryptocurrency trading without risk. A demo account gives you fake money to spend on digital assets, stimulating the current market pricing and liquidity levels. It’s a great way to learn hands-on without risking the loss of capital.
Swyftx’s user interface features high-level charting and market indicators, perfect for experienced traders. You can select the market indicators you want to follow and draw chart patterns. You can also place market, limit, and stop-loss orders through the interface.
Swyftx Self-Managed Super Fund
A self-managed super fund is a private super fund that you manage yourself. Instead of putting your superannuation into an industry or retail fund, you can create a Self-Managed Super Fund account and deposit your superannuation in cryptocurrency into savings.
You will need specific information to set up your SMSF account, including:
- Your registered name and address
- A trust ABN
- A copy of the trust deed
- Trust beneficiary details
Any primary beneficiaries holding 25% or more of the stakes should also have verified Swyftx accounts in good standing.
The platform’s support offerings for users are among the top-rated, with Swyftx getting high marks from reviewers on Trustpilot. It is easy to reach the customer support team when needed, solve problems, and address issues quickly and satisfactorily.
Prompt customer support is available via email and phone, as well as a live chat system online. A robust help section is also available to answer a wide range of digital currency trading questions.
Security is a very serious subject at Swyftx, and the platform requires all users completed the KYC process as stipulated by Australian law to prevent money laundering activities. Registering an account with Swyftx requires a valid phone number, a unique password, verification of your legal name, and a valid email address.
In addition, the platform supports 2FA authentication, JWT tokens, and often simulates breach attempts to test their security systems. Swyftx also regularly reviews accounts and asks for identity checks to ensure that accounts are secure and access is restricted to account holders only.
These identity checks are conducted in partnership with the company Chainalysis, one of the world’s largest security traffic monitoring companies. They are also partnered with Auth0, a reputable cloud security company that safely stores login information to increase account security. Swyftx also use a professional, third party security auditor and undergo external penetration testing.
Swyftx Review – Pros & Cons
- User-friendly interface
- 24/7 live chat support
- Wide range of available digital currencies
- Fast identity verification process
- Low trading fees, starting at 0.6%
- Accepts debit and credit cards
- Comes with Biometric authentication
- Only instant buying is available, no order book to trade from
- No support for margin trading
- Credit card deposits incur a 2% fee
- Transactions in AUD only
- Only available in Australia and New Zealand
There are many alternatives to Swyftx that serve Australian crypto traders and investors, which include Independent Reserve, Digital Surge, Binance, eToro, Kraken, CoinSpot, CoinJar, Bittrex, Coinbase, and BTC Markets.
If you’re interested in learning more about these Swyftx alternatives, check out our Best Australian Cryptocurrency Exchanges for 2022 article.
Swyftx Review - FAQs
Does Swyftx Have a Trading Platform Referral Program?
Swyftx has a referral/affiliate program. If you refer a friend to Swyftx and they create an account, you can earn 30% of the commission fees on all your friend’s trades if they are using their Swyftx account. Affiliate users can also use their referral code on their social media platforms and websites. Referrals through your referral code offer additional discounts.
Affiliate pay-outs are done month-to-month, with the platform’s tracking system alerting when a referral link is used to register a new account of the platform.
What Is Swyftx Demo Mode?
For beginners lacking trade experience, the demo mode on Swyftx’s website offers the opportunity to practice trading free of charge. Your demo account uses fake money to “spend” on digital currency and simulates the process of trading with current market prices and liquidity levels.
Users can use demo mode for as long as desired to practice trading in a risk-free environment before moving up to buy and sell with real money.
Is Swyftx Accessible Outside of Australia?
A Swyftx account is only available in Australia and does not provide coverage or allow access to anyone outside Australian territory.
Does Swyftx Have a Mobile App?
Swyftx facilitates on the go trading with its mobile app, which is available for download on iOS and Android systems. The app can be set up for fingerprint or facial scan as a security identification method. With the mobile app, you can navigate your trading dashboard, make deposits or withdrawals, and monitor current orders and assets.
What Are Self-Managed Super Funds?
A Self-Managed Super Fund (SMSF) is a savings storage fund that offers the investor multiple tax-related benefits. As a part of an SMSF, users only have a 15% tax on their digital assets. Traders who register with the SMSF are considered trustees. This designation ensures they are following super laws and ATO tax regulations.
Is Swyftx Safe to Use?
Swyftx is among the most secure cryptocurrency exchanges in the Aussie market. As a certified member of Blockchain Australia, Swyftx is registered with AUSTRAC and aims to receive its ISO 27001 certification in 2022.
Swyftx login and transaction activity are also protected by two-factor authentication. This requires users to enter an additional code generated on a registered mobile device to access the Swyftx platform and their accounts.
Swyftx security does not offer offline cold storage to protect assets.
Does Swyftx Provide a Crypto Wallet?
Swyftx does provide crypto wallets for all the digital currencies they offer. These hot and cold wallets may be easily integrated into your trading account to protect your digital assets.
Swyftx does recommend purchasing a hardware wallet for asset storage since online wallets can be attractive targets for hackers.
Swyftx Review Conclusion
Swyftx has an excellent reputation, remaining stable yet innovative in an ever-changing cryptocurrency market. It is legitimately considered one of the best cryptocurrency trading platform for Australians. Beginner and veteran traders can easily navigate the user-friendly platform.
Swyftx’s low fees, high liquidity pool, recurring deposit features, and 280 digital coins to choose from (currently) make it a standout choice among crypto investing platforms. Investors can purchase all the major crypto assets, as well as lesser-known coins, all protected by the safety of Swyftx’s multi-layer security features.
Overall, this Swyftx review details the benefits of this exchange. It is an ideal choice for beginner-to-advanced digital currency traders who value an easy-to-use platform, plenty of coin investment options, high liquidity backed up by global liquidity providers, and stellar customer support available online 24/7.