Fees, Features, and Security (Tested)

Crypto is a booming market, and Australia is a hotspot for it. But with so many platforms to choose from, how do you know which one is the best?

Swyftx is a crypto exchange that has over 310 coins to choose from, low fees, high liquidity, and many features to make trading easier and more profitable.

But how good is Swyftx? Is it safe, reliable, and user-friendly?

In this Swyftx review, we will answer these questions and more. We will review the main advantages and disadvantages, platform fees, security, customer support, and other aspects you should consider before signing up.

Key Insights:

In this in-depth review, you will learn:

• What is Swyftx crypto exchange, and how it works?
• Reviewing platform features and products
• Understanding different platform fees and payment methods, and
• Is it reliable and trustworthy for your crypto investment?

Swyftx Review Overview

Launched date	2019
Founders	Alex Harper and Angus Goldman
Types of trading	Spot orders, limit & market orders, recurring orders, etc.
Supported coins	310+
AUD supported	Yes
Trading fees	0.6% per trade
Deposit fees	Free
Withdrawal fees	Free (network fees may apply)
Payment methods	Bank transfer, POLi, PayID, credit/debit cards, etc.
Customer support	Phone, e-mail, chat, and help desk

Swyftx Review: Key Features

Here are some important features of the Swyftx cryptocurrency exchange:

1. Demo mode to practice your trading skills
2. Swyftx bundles to buy different coins at once and diversify your portfolio
3. Recurring order for automatic buying
4. Tradingview chart integration for technical analysis
5. Crypto news feed for the latest news and information on the market
6. Crypto SMSF accounts for investing in digital assets
7. Low spreads and high liquidity for zero price slippage
8. Tax reporting and CSV file download
9. Reliable crypto platform in Australia with over 660K users
10. Deposit and withdraw AUD and enjoy low trading fees
11. Access 310+ cryptocurrencies, such as BTC, ETH, BNB, XRP, ADA, DOGE,
12. Licensed in Australia and ISO certification for user data security
13. Swyftx Learn platform to get quality education and analysis on crypto and blockchain
14. Easy-to-use mobile app for iOS and Android

Let’s understand some of its important key features in more detail:

1. Demo Mode

Demo Mode lets you learn how to trade Bitcoin and other digital currencies without risking real money.

You can activate it from the top-right corner of your screen and get $10,000 of fake virtual currency to try out different crypto coins.

You can also restart your demo balance whenever you want. Demo Mode is a great way to practice your skills, explore different coins, and gain confidence while getting familiar with the crypto market.

2. Swyftx Bundles

Bundles are a convenient way to buy multiple coins at once. Swyftx offers different types of bundles based on criteria such as “Swyftx Top 10 by Market Cap”, “Swyftx Top 10 by Volume”, “Swyftx DeFi Bundle,” and more.

When you buy a bundle, your money will be distributed equally among the coins in the bundle, depending on their market value.

You can also make your bundle and choose which assets to include or exclude. Bundles let you spread your risk, reduce trading costs, and diversify your portfolio.

3. Recurring orders

With these orders, you can buy crypto automatically by depositing money as often as you want.

You can choose any crypto asset and set a fixed amount, frequency, and time for your orders. You can also cancel or change your orders at any time.

The minimum amount for a recurring order on Swyftx is $30. This way, it helps you automate your crypto purchases and save time.

4. TradingView charts

Swyftx lets you use TradingView features to create and analyze charts on its platform. You can trade and chart at the same time, using tools and indicators to study the crypto market’s trends.

This feature lets you draw lines, shapes, and patterns on your charts and use other technical analysis indicators.

With Swyftx and TradingView, you can make informed decisions based on powerful charting and analysis functions.

5. Crypto news feed

With this feature, you can get the most recent and relevant information on the crypto world.

You can browse a selection of content from trusted sources and influencers, including articles, videos, podcasts, and social media posts.

You can customize the newsfeed by choosing categories, topics, and keywords. The crypto newsfeed helps you stay informed about the market movements, views, and insights on Swyftx.

6. SMSF accounts

If you want to use your self-managed super fund (SMSF) to buy and sell crypto assets, you can open an entity account with Swyftx.

An SMSF is a fund that lets you choose your investments and insurance for your retirement. The ATO treats crypto assets as CGT assets, which means you have to pay tax on every transaction. But with an SMSF, you can enjoy a low tax rate of 15% for income and 10% for long-term gains.

You need a personal account on Swyftx and a copy of your SMSF deed summary page or extract to get started. You also need to ensure that everyone involved in your SMSF has personal accounts on Swyftx. 

7. Low Spreads and High Liquidity

Swyftx can offer low trading fees and minimal spreads by using global liquidity partners, which means it can get the best prices from multiple sources.

It also has high liquidity, which means it can execute large volumes of trades without significant price fluctuations.

Swyftx’s low spread and high liquidity benefit traders who want to save trading fees and get the best value for their crypto transactions.

8. Tax Reporting

The Swyftx tax reporting feature lets you export your transaction history as a CSV or PDF file. You can use this file to report and calculate your crypto taxes to the ATO or IRD, either on your own or with the help of crypto tax software.

Swyftx also shares your information with the tax authorities to comply with legal requirements. The tax reporting feature helps you keep track of your taxable transactions, such as income and disposals from crypto.

However, it does not give you a detailed tax report or calculate your capital gains or losses for each transaction. You may need to use a crypto tax calculator or an accountant.

Related Article: Koinly vs CoinTracker- Which is the Best Crypto Taxing Tool?

Swyftx Review: Customer Support

Swyftx has a live chat feature that allows users to get quick and helpful answers. You can also contact Swyftx via email or an online ticketing system for more complicated queries or problems.

You can find solutions to various questions and issues related to the platform, account, security, deposit, withdrawal, trading, and more in the online support center of Swyftx.

Therefore, Swyftx has a high-quality customer support system available 24/7 and covers various topics and issues related to the platform and crypto trading.

Swyftx Review: Supported Coins

Swyftx has more than 310 different digital assets on its platform. It also offers AUD trading pairs for all supported coins.

Some of the popular cryptocurrencies are:

• Bitcoin
• Ethereum
• Binance Coin
• XRP, Cardano
• Dogecoin
• Solana
• Polygon
• TRON
• Litecoin
• Chainlink

Swyftx Review: Supported and Regulated Countries

The Swyftx cryptocurrency exchange is only registered to operate in Australia and New Zealand. It is also available in Canada.

If you are outside these countries, you can join their waitlist and get informed when they start in your region. Otherwise, you can use other crypto exchanges that support your country and currency.

Swyftx Review: Payment Methods

Deposit methods: You can fund your Swyftx account with these methods:

Withdrawal methods: You can withdraw your money from Swyftx with these methods:

Fiat currencies: Swyftx accepts three types of fiat money: NZD, AUD, and USD.

Deposit and withdrawal limits: Swyftx requires a minimum of AUD 30 to deposit and a minimum of AUD 30 to withdraw. 

The maximum amount you can deposit or withdraw depends on how you pay and how much you have verified in your account.

• For deposits in AUD, you can use bank transfer or PayID to deposit at least AUD 30 and up to AUD 50,000 per day. You can also use a card deposit to deposit at least AUD 75 and up to AUD 10,000 per day and AUD 60,000 per month.
• For withdrawals in AUD, you can use bank transfer to withdraw at least AUD 30 and up to ADU 50,000 per day.
• For crypto deposits, there is no limit on how much you can deposit, but you may have to pay network fees depending on the asset and network you use.
• For withdrawals in crypto, the minimum amounts vary depending on the asset and the network you choose. The maximum limit is AUD 50,000 equivalent per day for crypto withdrawals. You will also have to pay network fees for withdrawing crypto.

Swyftx Review: Swyftx Fees

Swyftx Trading Fees

Swyftx charges a fee of 0.6% for every trade you make on the platform. This means buyers and sellers pay the same fee when they trade crypto assets. You can get a discount on your trading fee if you trade a high volume.

Swyftx Deposit Fees

Swyftx does not charge you any fees when you deposit or withdraw AUD. You can fund your account with AUD, such as PayID, Poli, or bank transfers. If your account is verified, you can deposit or withdraw up to AUD 50,000 daily.

Swyftx Withdrawal Fees

Swyftx does not charge you any fees when you withdraw AUD. You can get your AUD into your bank account instantly.

For withdrawing crypto, you only pay the standard network or mining fees that the wallet handlers charge for processing the crypto transfers. Swyftx does not charge any additional fees for withdrawing crypto.

What is Swyftx?

• Supported Coins: 310+
• AUD and NZD Withdrawal: Yes
• Is it Regulated: Yes (AUSTRAC in Australia and FSPR in New Zealand)
• Solvency (PoR): 1:1 backed
• Mobile App: Yes (Android and iOS)

Swyftx is a crypto exchange founded in Australia in 2019 by two crypto enthusiasts, Alex Harper, and Angus Goldman.

It is registered with AUSTRAC and has ISO 27001 certification for information security. It also operates in New Zealand.

The platform offers a $20 Bitcoin bonus for new customers who sign up and verify their identity. It also has brokerage services that allow you to buy and sell large amounts of crypto with minimal slippage and market impact.

Swyftx has a staking feature that allows you to earn passive income by locking up your digital assets. You can also create a self-managed super fund (SMSF) account on Swyftx and access tax benefits, low fees, and diversified portfolio options.

Pros of Swyftx

• Wide range of cryptocurrencies, including popular and emerging ones
• Fund and withdraw their accounts instantly via various payment methods
• Advanced features such as stop-loss orders, recurring orders, price alerts, and portfolio tracking
• Low trading fees
• High liquidity and volume
• Complete regulatory compliance in Australia and New Zealand

Cons of Swyftx

• No margin trading or derivatives
• Limited geographical availability
• No advanced trading features such as copy trading, trading bots, lending, etc.

Related Article: Best Crypto Exchanges in Australia

How secure is Swyftx?

Swyftx has implemented various security features to safeguard your assets and data, such as:

1. JWT tokens and session expiry: These are unique codes that you get when you log in and will expire after a while. They prevent anyone else from accessing your account without your permission.
2. 2FA account protection: This extra security step asks you for a code from your device every time you log in. It makes it more difficult for hackers to get into your account.
3. Breached password detection: A feature that alerts you if your password has been leaked on other websites and tells you to change it. It lowers the risk of identity theft and fraud.
4. Third-party security auditors: External experts that check Swyftx’s security practices and recommend improvements. They ensure that Swyftx follows the best industry standards and complies with regulations.
5. External penetration testing: These are simulated cyberattacks on Swyftx’s platform and app to find and fix any weaknesses. They improve Swyftx’s resilience and reliability.
6. Least privileges security model internally: This is a policy that limits the access of Swyftx’s staff to the minimum amount of data and resources they need to do their job. It prevents unauthorized or accidental disclosure of sensitive information.
7. ‘Know Your Customer’ (KYC) and customer account verification: These requirements ask you to provide proof of identity and address when signing up for Swyftx. They prevent money laundering, terrorism financing, and other illegal activities.
8. Cold Storage: It recommends that customers use cold storage wallets like Ledger and Trezor for longer-term HODLers.

Related Article: 10 Best No KYC Crypto Exchanges To Buy Crypto From

Is Swyftx easy to use?

Swyftx is a user-friendly platform for trading various kinds of cryptocurrencies. Many users have given positive feedback about their experience with Swyftx. They like that Swyftx is easy to use, fast, helpful, and responsive.

After exploring Trustpilot reviews for Swyftx, we have found that some of the aspects that users enjoy are:

• Low fees that Swyftx charges compared to other platforms
• Quick Osko transfers for withdrawals and deposits
• High-quality user interface and chat
• Wide selection of crypto

However, some users also have some issues with Swyftx, such as:

• The high spread on some currency pairs
• The account cancellation without valid reasons 

What are the risks of Swyftx?

Swyftx needs other service providers to run its platform. For example, exchanges, custodians, and network providers.

If they have any problems or failures, Swyftx may not work well or safely. Crypto assets also have different and unclear laws and regulations in different countries.

Crypto assets are stored in digital wallets that require passwords or keys to access. If you forget your password or key or someone hacks or steals your wallet, you can lose all your crypto assets.

How do I Open an Account with Swyftx Crypto Exchange?

• Step 1: Visit the official website of Swyftx and click on the Start Trading button on the top right corner of the homepage.
• Step 2: Fill in your email address, password, and phone number and agree to the terms and conditions. Then click on the Create Account button.
• Step 3: You will get a verification code via SMS on your phone. Enter the code and click on the Verify button.
• Step 4: You will be taken to your Swyftx dashboard, where you can complete your profile, set up your security preferences, and verify your identity.
• Step 5: To verify your identity, you will need to provide your full name, date of birth, address, and a photo of your ID document (such as a driver’s license or passport). You will also need to take a selfie holding a piece of paper with “Swyftx” and today’s date written on it. The verification process usually takes a few minutes.
• Step 6: Once your identity is verified, you can deposit AUD into your Swyftx account using various methods such as bank transfer, PayID, POLi, or credit/debit card. You can also deposit crypto from another wallet or exchange.
• Step 7: After you have funds in your account, you can start trading over 310 crypto assets on Swyftx. Using the platform’s features and tools, you can buy, sell, swap, send, or receive crypto.

Related Article: Best Crypto Exchanges UK in 2023 (Reviews & Comparison)

Swyftx Alternatives and Comparison

	Swyftx	CoinSpot	Binance	CoinJar
Headquartered	Australia	Australia	Asia	Australia
Debit Card Deposits	Yes	Yes	No	Yes
Trading Fees	0.6%	0.1%	0.1%	0.1%
KYC required	Yes	Yes	Yes	Yes
Demo Account	Yes	No	No	No
Crypto Assets	310+	390+	350+	50+
Fiat Pairs for All Coins	Yes	Yes	Yes	Yes
Mobile App	Yes	Yes	Yes	Yes

Final Thoughts: is Swyftx safe?

To sum up, Swyftx is the best option for Aussie crypto enthusiasts who want a trustworthy, easy-to-use, and affordable exchange.

It has many features, such as buying and selling services, earning interest, SMSF accounts, and over 310 cryptocurrencies.

Swyftx also provides outstanding customer service, high trading volume, and low spreads. The platform follows AUSTRAC and KYC/AML rules, ensuring a secure and legal trading platform.

Whether you are new or an expert, Swyftx is worth consideration for your crypto goals.

Swyftx Review: FAQs 

Can I use Swyftx outside of Australia?

Swyftx is currently only open to Australian, Canadian, and New Zealand residents. However, they are working to extend it to other countries.

Is Swyftx a safe trading platform to use?

Swyftx is a safe trading platform that uses various features to protect its customers’ funds and data.

These features include data encryption, biometric authentication, cold storage, KYC verification, and consistent data and traffic monitoring.

Does Swyftx have withdrawal fees?

Yes, Swyftx has withdrawal fees for crypto transactions. These fees are not paid to Swyftx but to the wallet handlers who enable crypto transfers across the network.

The fee amount varies depending on the asset and the network congestion you are using. Swyftx does not charge any extra fees for fiat withdrawals.

Is Swyftx a good trading platform for beginners?

Yes, Swyftx is good for beginners who want to invest in crypto. It has a fast and simple process to register, verify, deposit funds, and begin trading. It also has a user-friendly interface, low fees, high liquidity, and access to over 310 cryptocurrencies.

Swyftx also offers educational resources, such as courses, articles, and videos, to help beginners learn more about crypto and blockchain.

Is Swyftx expensive to use?

Unlike other crypto exchanges that have cryptocurrency trading fees as low as 0.1% or even lower, Swyftx has a flat fee of 0.6% for all trades, which may appear a bit high.

However, Swyftx does not impose any fees for depositing or withdrawing AUD to or from your account. So, that’s a plus point to consider.

Is Swyftx based in Australia?

Yes, Swyftx is an Australian company that operates an AUSTRAC-regulated and compliant crypto exchange. It is headquartered in Brisbane, Australia.