While we aim to provide you with the most accurate information in this Swyftx review, we suggest that you visit their website to keep updated with any changes that may occur afterwards.
The future of digital currencies is bright and should be on every Australians radar as a means to build wealth for generations to come. It is equally important to finding a safe and secure exchange to buy crypto in Australia.
One of the most popular and trusted crypto exchanges in Australia is Swyftx.
Swyftx is an AUSTRAC registered cryptocurrency trading platform with tiny spreads, based in Queensland, Australia. Swyftx combines all your favourite crypto trading tools, exchanges, education and news into one simple place. Swyftx has formed some partnerships with various international financial institutions who support Blockchain technology in the hope to bring these partnerships onshore to Australia and making it easier for local business to adopt blockchain.
Swyftx has been designed to be the best of its competitors such as Coinspot and Binance by making it fairer and easier for users wanting to exchange AUD to BTC. The exchange is incredibly easy to use with instant verification, offers a fair Bitcoin price in Australian dollars with low fees to transact.
Swyftx is not a conventional exchange. It works like a broker to find the best BTC price in AUD and USD. It uses smart order routing to distribute buys and sells across a range of top 100 cryptocurrency exchanges, starting with the most liquid first. Swyftx’s combined order book liquidity has the potential to be more than 10 times that of Binance which currently trades at 70+ Billion a month. When an order is placed using Swyftx, the platform searches for an exchange that provides the most liquidity for that asset and then splits the order across those exchanges to ensure the best market rate, lowest spread and minimal slippage. By searching higher liquidity exchanges, Swyftx is able to provide its users with lower spreads between buyers & sellers and less slippage compared to other crypto exchanges in Australia.
Review What Is Swyftx?
Swyftx is an AUSTRAC registered cryptocurrency exchange and trading platform that offers a simple and transparent way for individuals to invest in cryptocurrencies in Australia. The platform has been built to eliminate frustrations on other well-established Australian crypto exchanges such as deception, manipulation, hyperinflation and high spreads by greedy companies.
After seeing a massive surge in growth during the last 18 months, Swyftx has over 25,000 registered users in a short period of time. The team’s vision is to bring together multiple exchanges, charts, portfolio monitoring, leverage, funding, fiat and risk management into a simple end-to-end solution.
Swyftx Features Review
Swyftx includes innovative and leading edge features in addition to its low trading fees, deep liquidity and a modern web-based user interface such as:
- Over 100 assets to trade with high liquidity
- Instant verification (less than 2 minutes) without having to upload documentation or take selfies
- Advanced charting system powered by TradingView to give greater control on your investment, exposure and risk
- Full demo mode to practice trading crypto and test the platform without having to deposit
- Dollar-cost averaging tools to automatically build your crypto investment over time
- 2-Factor Authentication to protect account for hackers and theft
- Generate reports to assist with preparing your Australian crypto tax
- An affiliate program that rewards 30% of commissions for referred users
It has been a frustration for years in Australia with the larger exchanges having a monopoly on the market and charging excessive fees. Did also you know, crypto exchanges can charge hidden fees in the spread?
Using an exchange with lower fees does not always mean you have found the cheapest way to buy Bitcoin. The total fees including spreads can reach up to 4% each time you buy, trade and sell crypto. This is a big reason why thousands of Australians have decided to create an account with Swyftx in order to pay less spread charges.
Review How Does Swyftx Work?
Swyftx works like a broker to find the best crypto prices in AUD and USD by searching the top cryptocurrency exchanges in the world. When an order is placed using Swyftx, the platform searches for an exchange that provides the most liquidity for that asset.
As a result of Swyftx’s global liquidity providers such as Binance, the trading platform is able to obtain the best market rates and lowest spreads for all Australian crypto traders and investors.
Is Swyftx Safe?
Swyftx includes multiple security layers to ensure the safety of client funds. The platform has partnered with Auth0 which specializes in cloud platform security to maintain the highest level of password and account safety.
Accounts are kept safe using Two Factor Authentication (2FA) which means you need something you know (password) and something you have (2FA device) to successfully log in. 2FA is required to confirm withdrawals, account detail changes and certain high volume trades.
Creating An Account With Swyftx
To create an account with Swyftx, click the “Sign Up” button below. This will take you directly to the Swyftx registration page where you will be required to fill in your email, set a password, enter your name and phone number.
Click “agree” to the terms and conditions and hit “Create My Account”.
Review Swyftx Verification
Due to local regulations, new users that create an account with Swyftx are required to verify their identity. The verification process for Swyftx is incredibly simple and can be completed in 2 minutes.
To start the verification process, navigate to the side bar on the left and click “Profile” then under your name go to “Verification”. This will bring up an online form where you will only be required to provide:
- Email address
- Mobile phone number
- ID document number
Swyftx User Interface
Swyftx user-interface is simple, clean and easy to navigate. Along the top bar, the Bitcoin live price in AUD and other cryptocurrency assets are displayed. The bar on the left allows users to bring up the trade window, change profile details and quick navigation to Swyftx deposit and withdraw functions.
To buy cryptocurrency such as Bitcoin, there is a simple order-entry form which gives an estimate of the 1 BTC to AUD price and the amount to pay for in exchange. A great feature is the different types of orders that are available:
- Market order
- Limit order
- Stop order
The advanced order execution types are perfect for traders looking for an exchange and trading interface into the one platform to allow easier risk management faster order execution.
The team at Swytfx are currently working to bring additional order types like ‘One Cancel the Other’ (OCO) combined with position management. This would be a great feature to bring the platform inline with popular cryptocurrency trading exchanges.
Swyftx Charting & Tools
Swyftx charting interface is smooth, intuitive and clean. Active traders will be able to use advanced trading and charting tools provided by the TradingView charts to maximize profits and minimize risk.
TradingView charts offer a wide range of time frames and are available against fiat pairs AUD, USD and BTC pairs. The crypto price chart is more than adequate to draw trend lines, add indicators and draw chart patterns to perfectly time a BTC buy or sell entry using a market, limit or stop order.
Swyftx offers 100+ assets against base pairs AUD, USD or BTC that include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- EOS (EOS)
- Stellar Lumens (XLM)
- Tezos (XTZ)
- Algorand (ALGO)
- Theta (THETA)
- Basic Attention Token (BAT)
Swyftx uses automatically optimizes your crypto orders across multiple exchanges order books to deliver the best prices and liquidity using a single platform. This means the liquidity on Swyftx is significantly higher compared to other crypto exchanges in Australia such as Coinspot and CoinJar.
These are traditional exchanges that use their order books for each trading pair. This results in reduced liquidity on the exchange as it is spread across each asset creating thinner volume for each asset and larger spreads (hidden fees) to buy and sell crypto in Australia.
Swyftx Deposit Methods
Swyftx offers the following payment methods to deposit Australian Dollars:
- PayID (instant deposit method)
- POLi (instant deposit method)
- OSKO (deposit within a same business day).
Swyftx does not provide the option to purchase crypto using a cash deposit, credit card or PayPal which usually attracts a surcharge in addition to the trading fee.
Swyftx Fees & Limits
Swyftx fee structure consists of a flat trading fee of 0.6%. The deep liquidity on the platform provides users with spreads as low as 0.2% between the buyers & sellers and reduced slippage.
There is a minimum deposit amount of $30 and deposits under $200 will attract a fee of $2.
Deposit & Withdrawal Limits
Swyftx allows its users to deposit funds with Australian Dollars (AUD). The maximum deposit and withdrawal amount is AUD $20,000 per day and can be increased to AUD $100,000 with enhanced verification.
All deposits are automatically converted into USD by the platform based on the conversion rate for the day. This allows Swyftx to search for deeper liquidity partners using the USD pairs to offer reduced spreads and ultimately cheaper crypto prices in AUD.
Customer Support & Reviews
Swyftx uses Intercom to help people quickly and personally with live chat which is great for beginners using the exchange for the first time. The chat bot provides useful links from Help Center for commonly asked questions.
We tried out to live chat and received a reply in about 2 minutes from one of the co-founders. After business hours the response time was delayed but still received a response within 40 minutes.
Feedback in local cryptocurrency Facebook groups is very positive. There are some queries from Facebook users however nothing of concern. We did note that the co-founders of Swyftx are within the group answering user queries. Overall the team at Swyftx was incredibly helpful. Being Australian based, they are available when you need them.
Conclusion of Swyftx Exchange Review
To conclude our Swyftx review, we can confidently say that the exchange is a reputable and feature-rich crypto service in Australia that will suit beginner and experienced investors. It is (in our opinion), the best cryptocurrency exchange in Australia by far.
Exchange fees are a very important consideration for any prospective cryptocurrency investor. The following exchanges – in addition to the above exchange – provide very competitive trading, deposit and withdrawal fees (with no hidden charges) with a wide variety of deposit methods that will suit all types of investors in Australia.
- Instant verification in less than 2 minutes without taking selfies
- Hybrid Exchange
- Demo Mode
- AUSTRAC Registered
- Live Chat Support
- Real-Time Price Feed
- No Mobile App
- Only Accepts AUD Fiat Deposits [ Soon will accept internationally ]
- No margin trading available