Anyone looking for a trading platform for crypto exchange in Australia will always come across Swyftx as one of the first options, given it is among the industry leaders in this market.
What makes it such a prevalent platform is that it seems to score highly in everything from its liquidity to the ease of use of its exchange and customer support.
However, as good as Swyftx might be, you cannot join it blindly, and this is more so if you are a new trader. It is vital to make sure you know everything about the company, starting with what it is all about, and this Swyftx review should provide all the information you need.
What Is Swyftx Exchange?
Swyftx is an Australian exchange that has been in operation since 2019, and it is one of the most widely used platforms in the country.
The company started to give Australians a customized platform that best suits their unique situation and addresses issues with the international exchanges, such as inferior liquidity.
While it maintains most traditional products you get on other exchanges, it also offers unique ones like the self-managed super fund.
Despite not having been around that long, the company has over 250,000 traders using their services regularly. Also, it has an ever-growing spot market portfolio with hundreds of different cryptocurrencies and trading pairs.
Which cryptocurrencies does Swyftx support?
There are more listed crypto coins on the Swyftx than on most other exchanges in Australia, explaining why it has such a massive following in the country.
Currently, the cryptocurrency exchange offers more than 220 different currencies ranging from the more famous ones like BTC and ETH to the smaller and less known ones like LTO (LTO network) and MDX (Mdex).
Therefore, whether you prefer to trade the high market coins or want to try your hand on the decentralized finance coins, Swyftx has you covered.
Swyftx Trading Product Offerings
Like other top crypto exchanges in Australia, Swyftx offers a wide variety of trading products to cater to all kinds of traders. However, their spot market, which covers crypto buying and selling, seems to be the most vibrant.
The spot market allows you to trade over 220 different coins against the BTC, USD, or AUD. Therefore, you can exchange hundreds of trading pairs, meaning there is always an opportunity to make profits regardless of how the markets move for the different coins.
One more thing crypto exchangers will love about the Swyftx spot market is that it offers high liquidity. The company achieves this by using data from other leading exchanges to determine the best liquidity and other things like spreads.
Swyftx trading platform
When you open the Swyftx trading platform, the first impression is that the interface looks simple and easy to use.
Besides being easy to navigate, the Swyftx trading platform is also incredibly robust and offers some highly advanced trading tools. Crypto traders can use the vast array of charting tools and some fantastic trading indicators, all of which are powered by TradeView.
There are also detailed pricing charts that allow professional traders to do a comprehensive analysis. Additionally, there is also an order book to ensure the traders get more insistence than many other cryptocurrency exchanges in Australia can offer.
Swyftx demo account
Another outstanding aspect of the trading platforms is the demo account. Any Swyftx review by both traders and experts always mentions the demo account as the company is currently the only one in Australia that provides it to allow traders to practice before risking actual money.
With the Swyftx demo account, even advanced traders can test their trading strategies before they start trading. Also, the platform is one of the few that simulate real-life liquidity to make the demo even more helpful.
Order types on Swyftx
You can make different order types on the Swyftx cryptocurrency exchange, and you need to quaint yourself with them to ensure smooth and profitable trading.
The three main order types are market, limit, and stop order, and each is handy for a different situation.
- Market order
Market orders allow you to buy or sell your digital assets at the best price at the moment. The price can change before executing the order, as they depend on the real-time market movement.
Therefore, market orders do not guarantee you will buy or sell the assets at a specific price and are never guaranteed to make a profit or avoid loss.
- Limit order
With limit orders, you buy or sell the crypto coins at a specific preset price. Therefore your order will be executed only when the desired price is attained.
Therefore, with the limit orders, you can make sure you get a profit or at least don’t make any loss when selling your coins, provided you choose an excellent price.
- Stop order
Stop orders allow for the sale or purchase of crypto assets once the stop price is attained. These orders can help traders minimize losses or guarantee they make at least some minimum profit.
- Recurring Orders
Recurring orders are a unique feature of the Swyftx crypto exchange, and they help smooth trading and make it more convenient for traders.
You can automate the digital currencies trading system by setting up automatic AUD deposits to your account with recurring orders.
You can use bank transfer, POLi, or PayID to add the funds and buy multiple or large volumes of cryptocurrency automatically. Recurring orders are handy for markets that are too volatile.
What is the Swyftx self-managed super fund?
The Swyftx self-managed super fund is another unique feature that makes the cryptocurrency exchange stand out from the many others.
Swyftx offers users some form of retirement savings vehicle with this fund and gives them more tax benefits. While these funds are often complicated to create, Swyftx simplifies the process by working with an experienced partner ( New Brighton Capital).
Users that want to create this fund on their Swyftx account will need a trusted address, registered trust name, trust ABN, trusts deed copy, and details of the trust beneficiaries.
It is important to note that all the major beneficiaries of this fund, who hold at least 25% claim, should have a verified Swyftx account.
There is intensive paperwork involved when setting up this account, but in the end, it will be worth it as it also helps mitigate any risk from future market volatility.
Swyftx Cryptocurrency Wallet
When you set up an account and start trading on Swyftx, the company will give you a custodial wallet for storing and managing your virtual assets.
The provided wallet supports all the coins available on the platform, meaning it will also work well for the traders that prefer to have a vast portfolio of different currencies for trading.
You can keep the coins in either hot or cold wallets depending on what you find convenient and safe for you. But, the company still uses highly advance security protocols for all wallets to ensure maximum user safety.
That said, Swyftx still understands that keeping your digital assets online is still highly risky. Therefore, they still recommend that their traders use a hardware wallet to keep all the digital assets they intend to store for extended periods.
A hardware wallet ensures you never lose your funds even if the exchange was hacked and also makes it easier to trade with multiple trading platforms if you want.
Swyftx Trading fees
Trading fees are something that every trader should not ignore as they impact everything from the trading experience to the profits you make.
The good news is that most cryptocurrency exchanges try to keep their trading fees as low as possible so that they do not eat up in the trader’s fees, and Swyftx also does just that.
While most other leading exchanges will have taker and maker fees, Swyftx maintains a flat rate fee for all transactions, which traders easily understand.
For any transaction you make on the Swyftx exchange with all the coins available, the company will charge you a flat fee of 0.6%. Although it is higher than the 0% to 0.5% you get on most other Australian cryptocurrency exchanges, it is still quite reasonable.
While the transaction fees for crypto trading at Swyftx might seem slightly higher than most other Australian exchanges, they make up for this by offering lower spreads.
With the low spreads on Swyftx, the overall transaction fee that you end up paying to buy or sell your crypto is much lower than the industry average.
Most Australian crypto exchanges charge trading spreads that average around 5.2%, but for Swyftx, they can be as low as 0.42%.
The low spreads on Swyftx ensure your actual trading fees per transaction are a little over 1%, but the total cost can easily exceed 5% for many other Australian crypto exchanges.
Deposit & withdrawal fees
Deposits and withdrawals will typically attract a fee on most platforms, which can also eat up your profits, hence the need to make sure you choose an exchange with the lowest ones.
Swyftx will not charge any fees for any deposits and withdrawals that you do with the AUD exceeding $200. Therefore, you always get 100% of the amount you are transacting. Deposits and withdrawals below $200 attract a flat-rate fee of $2.
Besides the low withdrawal fees, the Swyftx exchange will give you some of the highest limits for deposits and withdrawals in the world.
Traders can deposit up to $20,000 every 24 hours. For large volume traders, the limit can go up to $100,000. However, the exchange requires you to provide additional documents for an extra verification step.
Deposit and withdrawal methods on Swyftx
Given that Swyftx is a local Australian crypto exchange, they provide deposit and withdrawal methods easily accessible to the local trader, which is highly convenient.
You can deposit funds on your account using OSKO, PayID, or POLI. Funds deposited using POLI and PayID will instantly reflect your account, while OSKO deposits take just one business day to reflect.
Like most other crypto trading systems, you can also make deposits by transferring real money from your bank account.
However, it is essential to note that any deposits on this Australian exchange are always converted to USD before you can start trading. The conversion allows the cryptocurrency exchange to access deeper liquidity and gives traders lower spread and low overall transaction fees.
Credit and debit card deposits are currently not streamlined, but the company ensures crypto traders get even more options.
How to Open a Swyftx Account
Swyftx is a user-friendly platform that makes it easy for Australian traders to set up their accounts and start trading within just a few minutes. There are only a few steps involved in creating your account, and here are the main ones.
- Visit https://swyftx.com/
- Click on the blue “Sign Up” button on the top right section of the home screen.
- Fill in your email, name, phone number and set up a password
- Agree to terms/conditions
- Click “Create My Account”
- Deposit funds and start trading
Swyftx ID Verification
While still on the registration process, it is essential to know that Swyftx also requires user identity verification to ensure safety for all traders that use their exchange.
However, the ID verification process on the platform is relatively straightforward and should only take a few minutes to complete. The process requires you to follow the following steps.
- Go to the sidebar on the left and click the “Profile” button
- Go to the “Verification” section and click to verify your ID
- Next fill-up the form by adding an email address, phone number, and ID number
- Click to verify and wait for an email response on your verification outcome
Swyftx Trading platform security
Any Swyftx review is not complete without looking at the security of the exchange, as this is 0ne of the critical things that a typical trader will always look for when deciding whether to give it a try or not.
However, the fact that the platform is the most popular bitcoin Australian exchange is enough proof it is secure. However, it is vital to understand all the company’s security features and determine whether they are adequate for you.
That said, one of the main security features of the Swyftx exchange is the strict KYC verification process, which helps weed out any scammers from their system by ensuring only real traders can transact.
Additionally, two-factor authentication provides an extra layer of security for accessing your account and transaction. The two-factor authentication helps prevent hacks and crypto thefts, as knowing an account password is not enough to allow access.
You can trade crypto without ever having to worry about your data being exposed to hackers as Swyftx safe transaction process uses advanced encryption protocols to protect sensitive data.
Swyftx customer support
Customer support is also well-taken care of by Swyftx, so you can be sure they will resolve all your issues amicably.
The Swyftx customer support is available through multiple channels like live chat on their website, email ticketing system, and they also provide a phone number for call support.
Availability and response times for their customer support are also excellent. Live chats are available for 12 hours each day between 9 AM and 9 PM AEST.
The support time responds to the live chat and phone calls in as little as a minute, while all emails are answered in under 1 business day.
Swyftx is an efficient and convenient Australian exchange with lower spreads than many global exchanges, which should explain why it has drawn interest from traders from across the world.
Unfortunately, the trading platform is available in Australia only, and hence only those within the countries border can use it. Also, since it requires ID verification, you need to be an Australian citizen to verify your account and start trading.
The crypto trading exchange has only been around for a few years, so chances are they will spread their services to other countries in the world as they continue to expand.
One of the main reasons many cryptocurrency trading companies will not operate in some countries is a lack of regulation. However, this should not be an issue with Swyftx as it is registered and regulated by the Australian authorities.
Like any other cryptocurrency exchange in the country, the business is regulated by AUSTRAC, which helps to ensure the company does not involve itself in criminal activities like money laundering.
Besides money laundering, you never have to worry about losing your assets to unscrupulous people on the platform. Swyftx complies with the Australian government’s strict AML/KYC obligations, meaning they have to verify the identity of all their users.
- Is Swyftx a safe cryptocurrency exchange?
Yes, it is one of the safest in Australia. Besides having advanced security systems, Swyftx also requires identity verification for all users and has other things like 2-factor authentication for user safety.
- Is Swyftx a good crypto exchange?
Swyftx is one of the best Australian exchanges for digital assets trading. It supports hundreds of coins, gives good spreads and low fees, and makes deposits and withdrawals super easy and inexpensive. Users also love that deposits have high daily limits and that the exchange is secure enough.
- Does Swyftx have a mobile app?
Yes, they have a mobile app to cater to those that prefer to trade on the go. The Swyftx mobile app works for Android and iOS devices and has most of the trading tools and functionalities you get on their web-based system.
- Will Swyftx required ID verification?
ID verification is mandatory on the Swyftx change, but their process is relatively straightforward and only takes a couple of minutes.
- Is Swyftx an expensive platform?
While the 0.6% fees might make Swyftx look like an expensive exchange, the actual cost per trade is much lower than most others, given its spreads are pretty low. Also, there is no fee for withdrawals and deposits.
- What does this Australian crypto exchange need to improve?
Despite being one of the best cryptocurrency exchanges, Swyftx has a few areas it needs to improve. These areas include providing a leveraged market and additional learning materials on their blog for new traders.
There is no doubt that Swyftx is a fantastic exchange for all crypto traders. Users enjoy everything from more coin offerings to lower trading fees and excellent customer support.
Also, this Swyftx review makes it clear the company is well-regulated and so you can use Swyftx without worry about it being a scam.
All in all, Swyftx is a good exchange for both beginner and experienced users, and if you want to trade crypto in Australia, they are one of the best options.
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