Swyftx Review for 2022 – Australian Crypto Exchange
Swyftx has been in the limelight for a few years now. We truly consider them to be one of the best crypto exchanges in Australia and this review will shed some light on why.
And just in case you just want the summary, here you go.
Unless you’re a super hardcore daytrader (in which case, Binance is probably more up your alley), Swyftx has your back. The fees are competitive, the support actually works well and is responsive, the app is beautiful, and they have 200+ cryptocurrencies on offer! A big thumbs up from us!
Swyftx was launched in 2017 and based in Queensland, Australia. It was co-founded by two developers and crypto enthusiasts, CEO Alex Harper and CTO Angus Goldman, who are working hard to outpace its competitors and create a crypto platform that can solve many of the common market challenges.
The majority of Australian traders complain about the high service fees, low liquidity, cluttered dashboards, and poor customer support they experience when using other local or international platforms. Swyftx, on the other hand, aims to curb the greediness characteristic of the crypto industry and turn these struggles into a thing of the past.
The exchange provides users with the best of both worlds, i.e. fully-fledged brokerage services coupled with a sophisticated trading platform that caters to the needs of beginners and experienced traders alike. Swyftx is able to stand out with its low fees, amazing spreads, and reliable SMSF savings account thanks to its partnership with numerous fiat banks and other liquidity providers (e.g. the global exchange Binance).
Bitcoin and Other Supported Cryptocurrencies
Swyftx supports an extensive list of 200 cryptocurrencies including the most popular ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Stellar (XLM), and EOS. The list even includes decentralized finance tokens such as UniCoin, one of the hottest assets at the moment.
You can trade any asset against AUD, USD, or BTC using the TradingView interface. Swyftx provides the highest asset liquidity in Australia. When you place an order, the platform looks for an exchange with the highest liquidity of that asset and finds the best price (lowest spreads) for your target currency.
Swyftx supports bank transfers, POLi, or PayID payments as deposit methods. The last two offer instantaneous deposits except for the first PayID payment that might take longer to process. Bank transfers are instantaneous if you’re sending money from an OSKO bank account. Otherwise, they can take between 2-10 hours on business days.
Trading Fees and Limits
Swyftx charges no fees for fiat deposits and withdrawals, and only 0.6% per transaction. This is very competitive once you consider the tight spreads, i.e. the difference between buy and sell prices.
If the spreads are too high, it costs more to buy crypto, and you earn less when selling them. The reason why Australian exchanges have such large spreads is that the Australian crypto market is smaller and thus less liquid than the US one, for example.
As far as limits are concerned, Swyftx has a daily deposit and withdrawal limit of $20,000 Australian Dollars that can be increased to 100,000 AUD with additional documentation. There’s no trading limit.
Getting started is very easy and fast. They managed to really streamline the process from signup to trading your first cryptocurrency.
Here are some unique features that made us love Swyftx even more:
- Customizable dashboard.
You can tune the dashboard to show your preferred and most frequently used metrics.
- TradingView charting and various order types.
Advanced crypto traders will lose their heads over Swyftx’s charting user interface. It features high-level charting tools and market indicators that will help you gain more and lose less. You can select the indicators you want to follow and draw chart patterns. You can place market, limit, and stop-loss orders.
- Recurring deposits.
Swyftx lets you automate your investments with the recurring deposits feature that places orders on your behalf in your target cryptocurrency.
- Generate tax reports.
If tax season is the reason behind your headaches, you’ll be happy to learn that Swyftx offers downloadable tax reports for stress-free accounting.
- Demo mode.
Demo mode or paper trading is a beginner-friendly feature that gives you a taste of crypto trading in a risk-free environment. Your demo account gets fake money that you can “spend” to buy Bitcoin or any other asset. The demo mode even simulates the current liquidity level and market prices.
- Referral program.
If you refer a friend to create a Swyftx account, you can take part in the platform’s referral program and become an affiliate. You’ll earn 30% of the commission fees on all your friend’s trades for as long as they’re using their Swyftx account.
Self Managed Super Fund
Investing a portion of one’s superannuation in cryptocurrency (particularly in Bitcoin) is on the rise among Australians, as a lot of them believe that digital money is the future. During the COVID-19 pandemic, people turned to cryptocurrency as an alternative to government-issued and government-controlled currencies.
On Swyftx, you can easily create a Self Managed Super Fund (SMSF) account to start depositing your savings. You’ll need the following information: registered trust name and address, trust ABN, copy of the trust deed, and trust beneficiary details. Your major beneficiaries, i.e. those holding stakes over 25%, should all have verified Swyftx accounts.
The responsiveness and efficacy of the Swyftx support team are definitely worthy of a shout out. Apart from email support tickets, users can contact the team via phone or live chat, seven days a week, from 9 am to 9 pm AEST. The typical response time is just 2-3 minutes. They also have a robust Help section with all sorts of crypto-related articles at your disposal.
Is Swyftx Safe to Use?
First and foremost, Swyftx is registered and regulated by AUSTRAC, Australia’s finest financial intelligence agency. As part of AUSTRAC requirements, Swyftx verifies the identity of each of its customers.
However, unlike long KYC procedures, Swyftx verification takes less than two minutes. The platform only asks you to enter your email address, phone number, and ID document number.
Moreover, the platform offers two-factor authentication on account activity (both password and security code sent to your device), encryption protocols, frequent data monitoring to detect any breaches, and external penetration testing. This enables Swyftx to detect any suspicious account activity in due time and lock your account until you change your password.
To top it off, Swyftx has partnered with Auth0, a reputable cloud security platform that safely stores users’ login details for the ultimate account security.
Frequently Asked Questions
What countries does Swyftx support?
At the moment, Swyftx is only available in Australia.
Does Swyftx have a mobile app?
Yes. Swyftx recognizes the necessity and convenience of trading on the go, allowing both iOS and Android users to download its mobile app onto their devices. Once you download it, you can set up a fingerprint or a face scan ID recognition as a security method. The mobile app lets you navigate the dashboard, make deposit/withdrawals, and monitor your current orders and assets.
Does Swyftx provide a cryptocurrency wallet?
Swyftx provides cryptocurrency wallets for all the digital currencies on its list and they can easily be integrated with your trading account. Your coins are stored in both hot and cold wallets and secure with state-of-the-art security protocols. However, Swyftx acknowledges the fact that online wallets are attractive hackers’ targets and advises its users to consider purchasing a hardware wallet such as Ledger Nano S or X.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.