Swyftx Review 2022: Features, Fees, Pros & Cons
Swyftx Review: Our Opinion
SwyftX is among the best crypto exchanges that integrate global cryptocurrency trading and exchange functionalities to the Australian market, along with a wide range of cutting-edge trading tools specifically created to satisfy Australian regulatory requirements. SwyftX is among the top trading options due to its cutting-edge features, affordable trading costs, attentive customer support, and Australian licensure.
Swyftx ranks among the top Australian cryptocurrency exchanges and has experienced rapid expansion since its founding in 2017. If you have joined their exchange, you will know why their platform is currently widely utilized in Australia and New Zealand. Its extremely user-friendly design makes it very simple for total newbies to get started with cryptocurrency.
Swyftx is a great site to keep using even after you are comfortable with cryptocurrencies due to its low spreads and low cryptocurrency trading fees, 320+ cryptocurrency support, and the staking of well-known coins.
Swyftx believes in scanning the horizon. One feature of cryptocurrencies that makes it so viable is that they aren’t restricted by the arbitrary limits of traditional investing. Swyftx wants to penetrate new areas with its distinctive brand of first-rate service and innovative trading.
Another reason why this is essential is that, as Swyftx grows, investing in it today will enable Australian investors to diversify their portfolios by making investments in other currencies. You can ensure that your portfolio expands as Swyftx does by signing up right away.
Swyftx today is one of the biggest names in Australia and is ideal for anyone in Australia seeking for a low-fee crypto trading platform with more than 320+ coins, from novice traders to seasoned investors.
In this Swyftx review, we break down the key features, pros and cons, and fees, among others, to help decide whether it is a good crypto exchange.
An Overview of Swyftx
Swyftx is an Australian cryptocurrency exchange established in 2018 by Alex Harper and Angus Goldman. The platform’s Milton, Brisbane, headquarters now oversee operations in New Zealand, with support for the UK and Canada coming soon.
Users on the Swyftx crypto exchange have access to a vast selection of cryptocurrencies that they can purchase, sell, and trade. The exchange has a PC platform and a mobile app, which place a premium on user-friendliness. Before risking any actual assets, newcomers can start using the demo trading and portfolio management account. Swyftx also provides live chat and has a track record for prompt customer assistance.
Swyftx’s user-friendly design, free demo trading account, advanced trading features, visual portfolio management features, and live assistance provide new users with a strong foundation for developing their cryptocurrency portfolios. Swyftx has the tightest spreads and low cryptocurrency trading fees of all Australian exchanges. It has a flat trading fee of 0.6% compared with other exchanges, which offers outstanding value for building a cryptocurrency portfolio. Swyftx may provide you with greater variety and value than other local products, thanks to its extensive choice of supported cryptos.
Swyftx is a well-known cryptocurrency exchange with headquarters in Queensland, Australia. It was established to provide consumers with a clear and transparent way to purchase, sell, and trade more than 320+ cryptocurrency projects. Swyftx’s founders also concentrated on removing the drawbacks of existing exchanges, such as hyperinflation, manipulation, deceit, and exorbitant spread costs by other cryptocurrency exchanges in Australia.
With the ability to purchase and sell more than 320+ cryptocurrencies, Swyftx has quickly expanded to become one of Australia’s most popular exchanges since its start in 2017. This implies that investors can buy anything they choose, from Bitcoin (BTC) to the arbitrary altcoin.
Swyftx offers customers an easy mobile app perfect for new users with the technical capabilities that more experienced traders would want. Due to the platform’s exclusive use of the Australian dollar for all transactions, Swyftx is one of the best cryptocurrency exchanges for Australian investors.
The site already has over 250,000 registered users thanks to its user-friendly features, low trading fees, extensive selection of deposit methods, first-rate customer service, visible portfolio management capabilities, and zero withdrawal fees (to withdraw AUD via bank transfer to a bank account).
This Swyftx review 2022 highlights the pros and cons, features, fees, etc., of Swyftx and why Swyftx crypto exchange is considered one of the best crypto exchanges in Australia.
Key Features of Swyftx
With a simple UI, Swyftx makes it simple and user-friendly. Swyftx is quite simple to use, and once you create an account, you may enjoy their free Demo Mode. They offer a risk-free simulation where you may learn how to trade crypto while receiving $10,000 in play money. It’s a fantastic opportunity to acquire practical experience without having to risk any of your own money. Even more realistic scenarios, such as how the market will react and what the investments will mean for your liquid assets, are simulated in the demo mode.
With your Australian Dollar, you can purchase instantly. Being an Australian-based crypto exchange, they know the challenges of doing business abroad. Their portal mustn’t require you to convert your AUD to USD or EUR because of this.
Swyftx is one of the few crypto exchanges in Australia to offer live 24×7 customer support.
The mobile app for Swyftx, which is available for iOS or Android, is yet another fantastic feature. You will not need your computer every time you notice a development in the crypto market if you have the app close at hand.
Staking is a fantastic feature that Swyftx added at the end of 2021. Holding 20 coins in a Swyftx account entitles cryptocurrency investors to interest on those coins. This is an excellent option for novice and experienced investors to acquire more cryptocurrency with zero risk.
Their portfolio tracking is a crucial feature on your screen’s side panel. This enables you to view your investments’ profit and loss in real-time. This makes it simpler to navigate through whatever headline or hot tip you’re trying to decide whether to act on.
Recurring Orders are another automated service on Swyftx’s platform. Users are able to automate investing in popular digital currencies with the recurring orders function. Swyftx can assist you in making this happen if you already have a system and just want to sit back and watch it function. Your deposits would automatically roll over into the set investment purchases you’ve placed into it if you set your investments to recur.
Users can transfer money to the exchange using any approved payment method, such as PayID, POLi, or a bank transfer, and set up an automatic AUD deposit alert for a specific amount. These funds can then be used to purchase several cryptocurrencies all at once. Recurring orders, often known as Dollar Cost Averaging, are advantageous in extremely volatile markets.
Swyftx offers Individual Tax Reporting, which you may customize to generate a report for any time period. Another tool of Swyftx is Coin Swap, which enables you to trade any cryptocurrency in your portfolio for another one on their list. This can speed up and simplify the process of organizing your portfolio.
Swyftx offers “bundles,” which let you buy a number of crypto assets in one go. You can bundle your portfolio purchases with one of seven carefully picked groups of cryptocurrencies to diversify your cryptocurrency investment. This operates similarly to the conventional strategy of index funds, where you can buy a modest stake in several businesses included in a single index. Swyftx searches the market for bundles that fit your investment objectives.
Swyftx provides a few features that every seasoned trader would seek. Since they offer real-time pricing and an API, you won’t be forced to keep a coin that is losing value while you wait for the update. Additionally, you may integrate trading charts for all your preferred currencies, saving you from having to switch between pages to follow the few currencies in which you are genuinely interested.
Swyftx has quick and easy signup, verify, deposit funds, and start trading crypto. Contrary to other Australian exchanges, users are not required to post ID proof or selfies or wait hours for their accounts to be authorized before they can purchase cryptocurrency. Swyftx’s quick authentication process enables users to start using cryptocurrencies right away.
Through a self-managed super fund, Swyftx offers individuals a way to save for their retirement as well as additional tax advantages. Although it is usually challenging to generate these funds, Swyftx streamlines the procedure by working with an experienced partner (New Brighton Capital). Users will require a trusted address, a registered trust name, a trust ABN, a copy of the trust deed, and information regarding the trust beneficiaries in order to set up this self-managed super fund on their Swyftx account. All main beneficiaries of this fund who have at least a 25% claim must have verified Swyftx accounts, it is very important to highlight. Setting up this account requires some paperwork, but it will be worthwhile in the long term because it also helps to reduce any risk related to any future market volatility.
Cryptocurrencies Available on Swyftx
More than any other Australian exchange, Swyftx supports a wide range of cryptocurrencies (320+), tokens and crypto assets.
A wide range of decentralized finance coins, including Compound, Yearn Finance, and Sushi are listed among the high market cap cryptocurrencies like Bitcoin, Ethereum, Cardano, Litecoin, XRP, Tezor, Bitcoin Cash, NEO, and Stellar Lumens. The site displays a complete list of the supported assets together with their spread, market cap, 24-hour volume, and change in percentage.
Swyftx Fees and Payment Methods
Is Swyftx reasonable with its fees? Yes. For all trades, SwyftX charges a fixed trading fee of 0.6%; however, for larger orders, the trading fee is 0.1%. To offset the trading fee, SwyftX offers extremely low spread fees. While most exchanges charge 0.1% on trades and up to 5% in spreads, SwyftX spreads are just 1.7%. Its spreads for Bitcoin are as low as 0.41%, although its average spread is closer to 1.70%.
SwyftX does not charge any deposit fees for AUD or cryptocurrency deposits. Additionally, there are no withdrawal fees from the exchange on the platform. Swyftx is an excellent option for people who start trading cryptocurrencies without making a significant initial investment because depositing and withdrawing AUD is entirely free. Bank transfers, POLi, credit cards, debit cards, OSKO, and PayID via an Australian bank account, are all acceptable methods of depositing AUD into Swyftx.
PayID and POLi transactions are processed instantly. However, OSKO deposits may take up to 24 hours to complete. Investors should be aware that deposits made in AUD are converted to USD using the daily foreign exchange rates; by using USD trading pairs, SwyftX can access deep liquidity, deliver low spreads, and offer consumers the lowest trading fees possible.
Swyftx is honest and transparent about the transaction fees of its services. Swyftx offers traders the assurance that the platform is openly transparent and free of hidden fees. For instance, they directly list the transaction fees of their rivals on the Swyftx website. In the platform’s asset list, users can check the actual spread fee for each cryptocurrency. Additionally, as you can see, they are the only business with a free Demo Account and have the highest TrustPilot rating.
Swyftx Exchange Security
While conducting this Swyftx review, we discovered that Swyftx is an entirely legal and regulated platform registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The platform upholds extremely strict AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations.
To safeguard users’ money, 2FA (two-factor authentication) and ongoing traffic monitoring policies are used to support the security of the customer. To further secure users’ wallets and accounts, the platform now interfaces with Auth0, a top cloud security platform. The exchange keeps client assets in hot and cold wallets to further assure security.
Swyftx additionally uses KYC verification and JSON Web Tokens for those more technically inclined. Additionally, they have biometric and two-factor authentication for account security. They use a qualified third-party security auditor and do penetration testing from the outside.
Swyftx Staking Rewards
Subject to change here are Swyftx’s staking reward rates:
- (ADA) Cardano: 4.6% APY*
- (ALGO) Algorand: 8.3% APY*
- (ATOM) Cosmos: 11.4% APY*
- (AXS) Axie Infinity: 101.3% APY*
- (BTC) Bitcoin: 5.12% APY*
- (DOT) Polkadot: 12.7% APY*
- (EGLD) Elrond: 12.74% APY*
- (ETH) Ethereum: 5.12% APY*
- (FLOW) Flow: 6.18% APY*
- (KAVA) Kava: 25.85% APY*
- (KSM) Kusama: 19.71% APY*
- (LUNA) Terra: 6.18% APY*
- (MATIC) Polygon: 12.74% RPY*
- (ONE) Harmony: 8.32% APY*
- (SOL) Solana: 6.18% APY*
- (TAUD) True AUD: 5.33% APY*
- (TRX) Tron: 5.97% APY*
- (USDC) USD Coin: 6.71% APY*
- (USDT) Tether: 6.71% APY*
- (XTZ) Tezos: 3.97% APY*
- (ZIL) Zilliqa: 13.88% APY*
*APY (Annual Percentage Yield) is estimated and is subject to change.
Opening a Swyftx Account
- Step 1: You must first register an account before you can begin buying and selling cryptocurrency on Swyftx. Visit the official Swyftx website, then select “Sign Up” from the menu at the top-right of the page.
- Step 2: Type in your name, email address, password, phone number, and home country.
- Step 3: You receive an email with a verification link and a text message on your phone. You have successfully created a Swyftx account after confirming your phone number and email address. Next, you must go through “know your customer” (KYC) verification.
- Step 4: To begin trading on Swyftx, KYC information must be submitted. An Australian or New Zealand driving license, passport, Medicare card, or visa grant must complete KYC with Swyftx. You can start trading on the platform after verification. You can deposit crypto or fiat currency into your account through different deposit methods.
Swyftx Customer Support
They have a good customer support. Customer support representatives from SwyftX are available through phone at (07) 3088 7633, email at email@example.com, and live chat. For those unfamiliar with cryptocurrencies, a live chat feature is beneficial because it can occasionally be very perplexing. Swyftx offers a chatbot. However, users must choose from a small number of query alternatives before they may be connected to a support agent. However, they are typically only pointed toward articles that only partially address the problem.
Education on Swyftx
They have a complete Learn section on their website if you prefer reading articles. Detailed articles on anything from comprehending Bitcoin market cycles to creating investment strategies may be found on this page.
Any investor can benefit from this information, from a novice to a pro. Additionally, it says something about Swyftx because they have a stake in the success of your investments. Most crypto exchanges are exclusively focused on promoting one coin or seeking to draw a sizable number of users. Swyftx wants to increase its clientele by assisting you in reaching your goals.
Is Swyftx safe for You?
Yes, SwyftX is regarded as a safe marketplace for buying cryptocurrencies. Currently, in the application process for ISO27001 accreditation, SwyftX will be considered an extremely secure cryptocurrency exchange once it has received it. To avoid money laundering, fraud, and funding for terrorism, Swyftx is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and complies with all legal requirements.
If you want a user-friendly and simple crypto platform, Swyftx is an excellent choice. With some of the tightest spreads of any Australian exchange and a flat trading charge of 0.6%, it offers outstanding value for constructing a cryptocurrency portfolio. The features, including income, SMSF support, and advanced trading options such as stop-loss orders and recurring buys, complement the large array of available assets.
We reviewed crypto exchanges and the cryptocurrency market as part of our Swyftx review. We discovered that selecting a platform you can rely on that functions reliably is critical.
Finally, we’ve decided that Swyftx is among the top platforms for Australian investors. This struck us as being especially true for beginners or new investors. Swyftx provides services and capabilities, and they do so for competitive trading fees.
We can’t suggest Swyftx enough with their list of more than 320 coins, top-notch security features, staking on 20 coins, demo mode, live support, and $20 free Bitcoin to begin. Another feature that makes Swyftx one of the top options for Australian cryptocurrency investors is its low fees and spreads. Thanks to its network of international liquidity providers and banking partners, Swyftx is able to provide razor-sharp spreads, affordable fees, and our huge pools of the trading volume.
Most frequent questions and answers
One of the few crypto exchanges in Australia, SwyftX provides native options for staking networks like Solana, Ethereum, Avalanche, Cardano, and others that use Proof-of-Stake. You can earn up to 18% APY on the SwyftX platform by staking various tokens.
The Swyftx platform is easy to use and intuitive. It provides a mobile app with a more aesthetically pleasing UI than the desktop version. The user dashboard of Swyftx offers quick access to all of its key features. This makes it simple for newcomers to start accumulating digital currencies in their portfolios or for seasoned cryptocurrency traders to simplify their trading process. Swyftx’s ability to customize the user dashboard to your needs is a useful feature.
Compared to other crypto exchanges offering Swyftx fees as low as 0.2% or even less, Swyftx’s flat 0.6% fee for all trades may appear a bit excessive. However, when the spread and trading charge are considered, the combined rate lowers to as low as 1.01%, which no other exchange can provide. As a result, Swyftx’s pricing structure seems to be quite competitive.
No. This is most likely due to the fact that Swyftx offers wallets for any crypto assets mentioned on their platform. Swyftx incorporates wallets, unlike Easy Crypto or BitPrime, so that whenever a user buys, sells, deposits, or withdraws money, Swyftx uses various internal wallet systems to securely and reliably manage and keep the cryptocurrency and fiat currency.
SwyftX App for Mobile Both iOS and Android users can use this platform’s mobile version. Both the iPhone and iPad have the app version, which is available to Apple users. The SwyftX app presently has a rating of 4.6 stars, 5.3K ratings, and is ranked #71 overall in the Finance category on the app store.
Yes, Swyftx is a secure exchange that has the necessary authorizations to work in Australia. It complies with all of AUSTRAC’s stringent AML/KYC criteria and is registered with them.
A Swyftx Wallet app is available for Android and iOS, and Swyftx is a crypto trading exchange where you may buy and sell coins. The Swyftx wallet lets you safely store more than 100 different cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Multiple Deposit Methods. To deposit money into a user’s account using AUD, Swyftx allows a number of different deposit methods. Users can quickly deposit up to 50,000 Australian dollars using any of the following deposit methods: PayID via an Australian bank account, POLi payment, bank transfer, and OSKO. Recently, Swyftx added support for credit cards for funding platform accounts.
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