What is Swyftx?
Swyftx is a cryptocurrency trading platform based in Australia famous for its transparency, rapid verification, and easy deposit through credit cards. Swyftx was established in 2017 by Alex Harper to help transform the cryptocurrency scene in the country. Swyftx has seen massive growth in the last two years with over thirty thousand registered users. The platform allows for the trading of Bitcoin and different types of altcoins.
Swyftx offers multiple of features as listed below:
- Rapid Verification
Super quick verification process done within 2 minutes
- Low Spreads
spread fees which are as low as 0.45% for Bitcoin.
- Multiple Coin Wallet
Secure wallet offering multiple currencies to deposit, receive and store.
- Fool Proof interface
Designed to break technical barriers, the platform is preferred by beginners and is considered easiest to use.
- Best Practiced Security
Claims industry leading security practices and customized protection mechanisms.
- Extensive range of crypto assets
Over 226 assets including Bitcoin, Ethereum, Ripple and Litecoin as well as DeFi coins such as UniCoin are available to trade.
How does it work?
Swyftx uses auto optimization on crypto orders to find the best liquidity and prices to make tight spreads. This means the liquidity of trading pairs on offering digital assets on Swyftx is significantly higher when compared to other crypto exchanges resulting in a tighter spread (difference between asking and bidding price).
Swyftx works like a broker and pulls together data for all the deep liquidity assets in one place. It finds the best crypto prices in AUD and USD by searching for the best cryptocurrency trading exchanges.
Which currencies does it support?
Swyftx currently provides up to 226 Cryptocurrency coins, assets, tokens and digital certificates that can be traded on the platform. It includes all the popular ones like Bitcoin, Ethereum, XRP, Litecoin, Cardano, Lumens, NEO and lots more.
It also allows the buying and selling of DeFi tokens like Compound, Sushi and Yearn Finance. Swyftx encourages new coins and supports them by regularly adding them to their list.
Which countries does it support?
Swyftx currently is only available for Australia based users.
Is Swyftx safe?
Swyftx is considered one the most highly secure crypto platforms in Australia. It uses multiple security layer mechanisms to ensure maximum protection measures are taken. It has also partnered with Auth0 so all cloud security is up to date on the platform.
As per industry standards it also uses Two Factor Authentication you mean you need to provide a set password and enter through email or phone information to further authenticate your profile when making purchases or trading in high volumes.
Is Swyftx regulated?
Swyftx is a registered Australian company. It is currently regulated by AUSTRAC which is responsible for governing financial laws on minimizing online fraud, security of digital platforms and tracking cyber-crimes. Swyftx also observes strict AML/KYC obligations set out by the Australian Government.
- Bank Transfer
- Credit card
- Debit card
Swyftx fees structure
How much is Swyftx trading fee?
- Trading Fees:0.6%
- Deposit Fees: $2 on fiat deposits under $200, cryptocurrency network fees
- Withdrawal Fees: $2 on fiat withdrawals under $200, cryptocurrency network fees
- Forex Fees: 0.4% to 0.6% on deposits and withdrawals (included in the displayed cryptocurrency prices)
What are forex fees and why does Swyftx charge forex fees?
Unlike other trading cryptocurrency Australian platforms, Swyftx doesn’t directly trade in AUD, instead whatever AUD you deposit is converted into USD first, and this is done to find the best rates and tighter spread. Swyftx uses a trusted banking relationship to make these conversions at an institutional rate of 0.4-0.6 &, this is why customers are charged forex fees which are included in prices.
Transaction Speeds on Deposits & Withdrawal
- Bank Transfer (Osko Transfer) and Poli takes less than a minutes
- Non-Osko transfer take 2-6 days
- PayID is instant
- Crypto deposits depend on network congestion
- Fiat Witdrawals take 24 hours
- Fiat Withdrawals via Osko take less than 3 minutes
- Crypto withdrawals will depend on network congestion
Swyftx claims to take max 6 days for fund withdrawals.
Swyftx’s rapid verfication process
The verification process on Swyftx is one of the quickest of any Australian cryptocurrency exchange and is why users prefer this exchange over others. Unlike many other platforms that make potential users jump through a lot of hoops to get the verification done, Swyftx process is simple and easy.
You simply need to supply basic information like your name, email address, and phone number to sign up. Your verification process is completed against your government ID and phone number. No need to upload unnecessary documents, photo ids, or biometric checks. Once your details are verified which is mostly ‘instant’ less than a few minutes your account is activated. You can deposit funds and start trading.
Does Swyftx offer demo mode training?
One of Swyftx selling points is its crypto demo mode. If you are still not too sure about your trading skill you can use this simulated trading experience using virtual funds. Users on the platform experience firsthand what trading on Swyftx will be like, they also get to familiarize themselves with the account dashboard, processes of buy and sell, and things to avoid. All in all, it makes a great way to test the waters before completely committing to trading and losing out on funds.
Depositing and withdrawing on Swyftx
How to deposit crypto on Swyftx?
Swyftx offers an easy method to deposit cryptos in your account. Simply from the Trade tab follow Trade Tab > Search for the Crypto you wish to deposit > Deposit Menu. You will be asked for a specific asset address you wish to send the funds from. Make sure the address is wallet and that you haven’t mistyped it.
How to withdraw funds from Swyftx
Withdrawing in AUD Dollars:
Withdrawals can simple be done through the Withdraw AUD menu and then clicking the ‘+’ button. You will be asked input USD amount to withdraw. USD applies because of the forex exchange rates mentioned before. Swyftx convert your USD amount to AUD to bring you tighter spreads at best rates.
Withdrawing in Crypto
For withdrawing in cryptos, navigate to Trade > Asset menu and look in the list the asset you wish to withdraw. Click the asset then click the Withdraw tab. The funds will be available at the withdrawal address shortly after withdrawing, the time depends on network congestion. Transaction fees will be applied which is the mining fees according to the network.
Does Swyftx have a wallet?
Swyftx provides a secure online wallet for all crypto assets listed on the platform. The wallet is integrated with the account to make trading buy and sell easier. In events of deposit of withdrawal of funds Swyftx follows security protocol to make sure no theft or hack occurs. It is however still recommended that you use hard wallets and keep funds offline.
Swyftx customer services & satisfaction
Swyftx boasts about being super responsive and quick with customer service. You can contact the support team via live chat, phone and email. The customer support staff is known to be quite prompt and detailed with their response. There are excellent reviews about the platform and it is currently rated at 4.9 on Trustpilot. Most of these reviews mentioned the quick customer services and issues getting sorted efficiently by the staff.
Swyftx has a detailed dashboard
Easy to use Interface
Swyftx has an easy to use and navigate interface. The user experience is rated high with plenty of customers praising the system’s design, colors and theme use. The dashboard has clear tabs and quick toggle making viewing and processing trades easy. It is easy to understand without being too overwhelming.
The dashboard also offers custom analysis tools for more seasoned traders who would like to track more information about their assets. You can use these tools to view
- Your Favourites – track asset’s performance you like to keep a close eye on
- The Top Movers – this shows the current top performing Crypto’s
- Your referrals – All your affiliated earned funds and referrals
- Your Portfolio – View your portfolios assets in the form of a Donut chart for easy interpretation
- Your Account Status – this shows the current verification status of your account, the benefits and account functions associated
What’s new? – Keep track of all the latest news with Swyftx and Crypto from new assets listed, updates on payment processes and all sorts of industry related announcements
Does Swyftx have an app?
Swyftx doesn’t have a local mobile app currently however the website platform is built keeping in mind the mobile experience, this means the platform can be accessed via mobile devices and tablets etc. You can make trades, buy and sell from your mobile devices. You can add an icon for the platform on your android or ios phones to make the mobile trading experience easier.
Link to video:
Swyftx seems to be a smart, secure and very promising platform to trade cryptocurrency for Australian residents.
Pros and Cons
- It’s secure
- It’s regulated
- It offers 500+ cryptos
- Has a secure wallet
- Best money for value
- Offers hybrid model of being a brokerage and trading platform both
- Quick responsive customer service
- User friendly interface
- Only works with Australian dollars
- Spreads are offset slightly because of forex exchange
- No Mobile App