Swyftx Review: Exchange Trading Fees, Pros, and Cons

Turning small funds into big investments is a trading goal that is only achievable by finding a suitable crypto trading platform that offers various products and services. If this is your trading goal, then Swyftx may be the exchange for you.

The introduction of Swyftx in 2018 has made cryptocurrency trading in Australia a lot easier. However, the exchnage is available in three other countriesーNew Zealand, UK and Canada. In this Swyftx review, you will discover some exciting features that made 350,000+ users choose the platform over other exchanges. 

At a Quick Glance

Key Findings

It is so easy to find top crypto coins and altcoins on Swyftx’s over 200 assets. In addition to this vast collection, Swyftx operates under the leading cryptocurrency regulatory body in Australia, AUSTRAC.

Swyftx customers can use AUD to purchase, trade, and market coins on a secure and user-friendly exchange. Swyftx uses various safety measures to protect your funds, and you must undergo KYC (Know Your Customer) verification.

What is Swyftx?

Swyftx is a cryptocurrency exchange based in Australia. Before its launch in 2018, most crypto exchanges in Australia were trading with inflated fees and spreads.

As a result of this, the Australian Securities & Investments Commission (ASIC) introduced strict laws governing all exchanges in the country.

Part of this law includes registering with the Australian Transaction Reports and Analysis Centre (AUSTRAC) before launching any securities or digital asset trading platform.

Swyftx’s services were only for the Australian crypto market, thus creating a platform that utilized the Australian virtual currency rules and taxation.

The exchange’s co-founders, Angus Goldman and Alex Harper, eventually created a user-friendly end-to-end cryptocurrency trading channel. 

Swyftx has a diverse range of payment options, visible investment management tools, and excellent customer support.

Its brokerage offerings also make it an ideal choice for new investors. Plus, the platform serves the needs of both experienced New Zealand and Australian traders.

Range of Offering

Swyftx provides a wide range of features and services to help customers acquire the best out of their trades. Here’s an overview of some of Swyftx’s range of offerings:

Swyftx Bundles

Bundles are sets or assemblages of digital currencies acquired in a financial exchange. Swyftx Bundles help undecided investors to broaden their cryptocurrency holdings.

The Bundle offering benefits users because it lessens their overall trading expenses when they purchase virtual currencies. 

An example of Swyftx bundles is the Top 5 By Market Cap package bundle that provides investors with an equal 20% distribution of the prevalent coins, such as Bitcoin, Ethereum, etc.

Swyftx Recurring Orders

When set-up, Swyftx Recurring Orders helps users automatically deposit their funds and buy cryptos of their choice in their account. Recurring orders are beneficial in extremely volatile markets and users can transact through bank transfers, PayID, or POLi.

Swyftx Portfolio Tracking

Through Swyftx’s user navigation menu, customers can see their Profit/Loss history live and all of their assets in a single location. The Portfolio tracking functionality is a game-changing innovation, particularly for a multi-asset platform like Swyftx.

You can use this feature to switch between percent and dollar values, track individual asset progress. 

The widget on your dashboard allows you to keep track of your overall progress. To use this feature, you may need to upgrade the mobile app or try refreshing the desktop platform. 

Swyftx Tax Reporting

Digital currencies are taxed in Australia if they are exchanged for products or services, converted into fiat money like the AUD or USD, or converted into other altcoins. You can produce a tax report by following these steps:

• Navigate to the Profile Tab
• Click on ‘About’
• Select ‘General’ 
• Then, click ‘Tax Report’ and Download

Swyftx $10 Bonus

Swyftx gives out a $10 Bitcoin incentive to anybody who registers and completes the ID approval process.

Swyftx Self Managed Super Fund

Investors can set up their SMSF (self-managed super fund), similar to individual retirement schemes. This feature is the product of a collaboration involving Swyftx and New Brighton Capital. Furthermore, it comes with tax incentives for consumers.

To enroll for this program, you need additional verification, a trust ABN, information of the trust benefactor, and a listed trust contact details. Enrollees who own more than a fourth of assets must validate their Swyftx registrations. 

The Australian Tax Office recognizes Swyftx SMSF as a pension savings account. Therefore all trustees must follow ATO requirements. All benefits are subject to a 15% tax.

Commission and Fee Structure

For volatility control, several bitcoin exchanges employ complicated maker/taker payment systems. However, Swyftx’s provides a fixed amount of 0.6% across all transactions with negligible spreads instead of a complicated pricing model.

Swyftx’s modest spreads are pretty competitive when compared to other Australian exchanges. Thanks to a unique algorithm that determines the minimum potential spread for each deal performed on the site, Swyftx margins are 0.41%, whereas other platforms’ spreads are about 5.2%.

Swyftx’s minimal spreads, when paired with the fixed trade charge of 0.6%, results in transaction fees as minimal as 1.01%. Keep in mind that Swyftx does not impose any payment or withdrawal charges for AUD payments above $200. A $2 charge applies to deposits and withdrawals below $200.

SwyftX additionally has one of the industry’s maximum payout and deposit restrictions. For validated accounts, you can deposit a maximum of $20,000 daily, and with further verification, Swyftx raises the threshold to $100,000.

Ease of Account Opening

The registration procedure is quite simple and free. You can begin your registration the following steps: 

• Click the “Signup” button at the top right corner of Swyftx’s exchange landing page to open the registration page. 
• Enter your required details such as name, telephone number, email address, and country.
• Create your password, and accept Swyftx’s terms of service 
• Then tap “create my account.”

KYC Verification

In compliance with the rules and regulations of AUSTRAC, new investors must complete KYC verification. Without KYC, you cannot enjoy all the features, products, and benefits Swyftx offers. 

KYC verification involves a simple authentication process that takes less than two minutes to complete, provided you have all the necessary documents.

• Go to the sidebar on the left-hand of the platform and select “Profile.”
• Then select “Verification” under your name to begin the verification process. 

On the verification form, you will need to submit the following information:

• Contact information, including email address
• Mobile number
• Your government-issued ID number

Deposit and Withdrawal

Swyftx offers a variety of funding and withdrawal options tailored for its investors. The three major payment gateways are PayID, POLi™, and OSKO.

PayID and POLi transactions are instant, whereas OSKO payments could take a few workdays. Swyftx also accepts debit and credit card payments via a service provider known as Banxa.

Also, keep in mind that Swyftx processes and changes AUD payments to US dollars using forex rates, and USD pairings come with narrower spreads and lower trading fees.

Platform User Interface and Trading Experience

Swyftx got a 4.7/5 rating on Trustpilot from over 2,000 feedback from users. Feedback about Swyftx’s network, mobile app, and tech support received praise from over 88% of reviewers. 

The platform uses an excellent graphical UI, making it simple to use, especially for beginners. You can get started with the Demo account and learn how to trade cryptocurrencies on the platform without investing any funds.

Swyftx is a renowned platform for moderate and seasoned crypto investors, not only for first-time virtual currency traders. You may personalize your trading dashboard to activate desired settings and notifications. 

It uses a TradingView advanced charting system, allowing you to view crypto prices in real-time. The customizable dashboard helps traders to configure and monitor all of their preferred technical markers and indicators.

Mobile Application

Swyftx has a special cryptocurrency exchange mobile application for iOS and Android devices. Depending on your device, you can download and install its mobile app from the Google Playstore or the Apple Store. 

The Swyftx mobile application offers almost similar features as the desktop or web app and uses biometric security measures like fingerprint and face ID.

Supported Cryptocurrency

Since its inception, Swyftx has remained one of Australia’s top crypto exchanges, with over 200 cryptocurrencies available for trading, including top-volume coins like BTC, ETH, USDT, XRP, etc.

All assets are tradable against the US Dollar, Australian Dollar, and Bitcoin. You may not consider minor coins if you are new to trading since you are only concerned with the major cryptocurrencies. 

However, you can always change your preferences as you advance. It’s good to invest and trade on a platform with many markets because you do not have to look elsewhere for options to diversify your trading options.

Educational Tools

Swyftx’s web platform has over 100 articles covering how-to instructions, explanations, and answers to FAQs. The blog as well is available to help you improve your market knowledge.

Visitors and users also have access to many news articles relevant to the assets they trade on the Swyftx exchange.

Customer Support

Swyftx has a support team of over 20 dedicated people available 24/7. You can reach the team via telephone, email, online chat, and Telegram.

New users who need assistance with starting an application, completing ID authentication, depositing cash, or navigating the platform to purchase and trade cryptocurrencies may benefit from the online chat function.

Swyftx’s customer support’s speed of response during business hours is excellent, giving the company an excellent representation of quality service. Swyftx’s customer service is among the most prompt in Australia in comparison to other cryptocurrency exchanges.

Regulation and Security

An essential thing to look for when choosing a crypto exchange is trust. Swyftx is authorized and certified by AUSTRAC, the major Australian organization in charge of financial information. 

The government entity keeps track of all monetary operations to detect and prevent corporate tax avoidance, financial fraud, suspicious transactions, benefit fraud, and other forms of corporate crime.

Swyftx conducts stringent transaction monitoring procedures and KYC (Know Your Customer) regulations as a certified DCEP (Data Center Energy Practitioner).

What this means is that they must authenticate each client, and they have a supervisor to guarantee that they do so.

Since Swyftx works with Australia, New Zealand, and a couple of other nationals and businesses, these stringent standards do not affect the speed of the registration process. 

The top exchange platform features a two-factor verification system in addition to the standard passcode to protect your virtual currencies safely.

What’s more, they also track all profiles on the tail end to safeguard your wallet from hacking and data intrusions. As a centralized exchange, Swyftx may freeze your account on the note of unusual activities. 

Swyftx collaborates with Auth0 to secure its user account information on the internet, an ideal safety measure to protect users. Not many crypto exchanges can boast of this service.

Is Swyftx Safe?

Yes. Swyftx appears to be safe for crypto trading. The company offers a variety of security measures to protect your assets. Some of the measures are:

• KYC ID authentication
• Biometric verification
• Using the services of third-party security auditors
• Session expiration
• JWTs (JSON Web Tokens)
• Support for two-factor authentication (2FA)
• Password breach detection techniques

Wrapping up this Swyftx Review

Swyftx delivers worldwide cryptocurrency buying, selling, and exchange services to Australia and several other regions. 

The exchange also provides traders with a high degree of trust and expertise, making it one of the finest alternatives for regular and business investors.

Nevertheless, the platform has significant flaws, including a prolonged waiting time for assistance, and is unavailable globally.

Even at that, Swyftx is perfect for Australian cryptocurrency users and traders of all grades and interests because of its low transaction fees, extremely active customer support, and Australian regulation.

Frequently Asked Questions (FAQ)