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Swyftx Crypto Exchange Review: IMPORTANT - Read Before Using

By William
Published in Reviews
September 04, 2021
10 min read
Swyftx Crypto Exchange Review: IMPORTANT - Read Before Using

Website:
Link
Country:
AU, NZ
Transaction Fees:
0.6%
Currencies Available:
160+
Pros
  • Low Fees
  • Best For Beginners
  • Best Mobile Crypto App
  • Most Alt Coins Available
  • $10 Free Bitcoin For New Users
!
Cons
  • Only Available in Australia & New Zealand

In the ever-evolving world of cryptocurrency, it’s vital for investors to stay relevant with the latest crypto exchange platforms. These platforms serve as a hub of crypto activity. Depending on which one you choose, they can either make you rich or leave you confused as to where your money went.

Exclusive Promo: Get $10 Free Bitcoin when you sign up via our link! (It’s free).

Swyftx is the leading Australian cryptocurrency exchange because of its popularity and transparency. But how good is it? Is it more advantageous for Australians to utilize another service or even venture to international domains to exchange crypto? Is Swyftx so good that the rest of the world should get involved?

In this review, we will highlight all of Swyftx’s key trading features. We’ll see how it stacks up with other crypto exchanges on the internet and if it’s a safe place to put your money. Afterward, we’ll look at the advantages of Swyftx, its future updates, and plans, and if it’s so good that it’s worth making the switch.

Swyftx: The Best Australian Cryptocurrency Exchange?

Alex Harper and Angus Goldman, Swyftx’s founders, met at a computer science camp when they were in high school. The two were heavily into coding and internet technology and the world of Crypto was still in its fetal stages.

After becoming great friends and rooming together in college, they quit their jobs and began work on the earliest versions of Swyftx. They noticed a hole in the cryptocurrency market specifically for Australians. Australia had complex tax and crypto laws which made it difficult for other exchange services to operate within the country.

However, their innovation went beyond abiding by Australia’s strict crypto regulations. They managed to develop a powerful trading platform that was cheaper than the others, had better functionality, and wasn’t impacted by inflation.

Alex and Angus want to prioritize the customer with their business. They set out to solve the problems of “lack of customer service, dated user interfaces, and poor education practices” to make crypto available and exchangeable to the whole world. Instead of cluttered trading interfaces which are hard to understand they wanted a straightforward platform with cheaper trading costs.

You notice this immediately when using Swyftx because they have a wide range of packages and advice which makes them appealing to beginners and professionals. Swyftx has the only super fund functionality of all Australian exchanges. This gives its users the ability to work together to make large investments into specific currencies and sway the market.

Swyftx’s Best Features

To truly understand a crypto exchange platform you need to outline its key features. We looked at the best services and Swyftx has to offer and outlined them below.

Swyftx Deposit and Withdraw in AUD

We’ll go into more detail about the ways to deposit and withdraw in Swyftx later, but we think it’s great that they operate on the Australian dollar. With other popular services like eToro you need to use American dollars and without a good exchange rate this almost always means you’ll lose some money.

This is one of the many reasons why Swyftx is great for Australians because it allows you to avoid those exchange rates entirely. You’ll only have to pay the standard fees and all your crypto will be immediately converted and spendable. No middle man.

For citizens of countries with a favorable exchange rate to the AUD this can also be a benefit. When cashing out to AUD and then back to USD you might get the benefits of the exchange. Be sure to check the exchange rates daily as they are extremely volatile.

Swyftx Tax Reporting

Swyftx makes crypto tax reporting much easier. The service will create and store your tax report in a downloadable file. To get the report all you have to do is enter the tax information section and hit the download button. This makes tax reporting 100X faster because you don’t have to worry about regulations and additional information by the EOFY.

Instead, you’ll have a tax report ready to send to the necessary government agency. If you made a lot of money on crypto this year then the last thing you want to do is file wrong or file late. You could be susceptible to penalties for tax evasion that will halve your profits. With Swyftx you get perfect tax reports in an instant.

Swyftx Portfolio Tracking

All crypto exchanges have some way for you to keep track of your trading activity. Many of them are really confusing and don’t give concrete data that’s easy to track. You’ll see your gains and losses without the relevant data that can help improve your investments for the future.

During our review process, we really enjoyed Swyftx’s portfolio tracking system. First of all, it’s easy to access. In their app or on the website all you need to do is select the “Portfolio” side panel. This will open a clearly color-coded pie chart detailing the distribution of your crypto portfolio.

We found the pie chart exceptionally helpful because it can help strategize investment distribution and keep your portfolio diverse. If a certain section of the pie chart begins to shrink too small or grow too large, you know it’s time to shift some funds around.

Swyftx Automated Investments

Automating crypto investments is one of the fastest-growing trends in crypto trading. It turns out an AI or investment schedule with thresholds for buying, selling, and holding can be just as effective as refreshing your app every five minutes.

Swyftx will not be caught behind on the crypto automation trend. Their “recurring orders” feature allows you to fully automate your crypto investments. You can even split the cost by automating different cryptos.

Swyftx Demo for Beginners

If you’re new to cryptocurrency exchanges you might not want to invest your own money at first. Swyftx is the only Australian exchange currently offering demo trading tools to account holders. Basically, this feature allows you to trade with a set amount of fake funds and see the results of your transactions.

You can then take the successful trading strategies from demo accounts and use them on your real-life portfolio. We recommend demo trading one or two times before using real money so you can get a feel for how the service works.

Swyftx Family Trust and Corporate Accounts

Swyftx does not offer leverage trading. However, it does have family trust and corporate account options which make it much easier for multiple parties to invest together. This can actually be better than leveraged trading.

If you have a group of people or a company that you want to invest with, it can be a tax nightmare. You have to compare individual and group earnings with tons of numbers and bank accounts to keep track of. Which is better than leverage trading because it’s more official.

With this feature, you’re able to make all the group transactions and investments you need with faster tax reporting.

How Reliable is Swyftx?

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has Swyftx fully registered and cleared. That means they are 100% regulated and licensed. This agency helps prevent things like customer fraud and money laundering. Being registered with them clears Swyftx of any suspicions of these and other financial crimes related to digital currency exchange.

Their user security features have two-factor authentication to make it difficult to fake and fool. They also have constant traffic monitoring to make sure no hackers slip through the cracks. Auth0, a leading software in security measures for users’ accounts and online wallets, is employed to protect your investments. You won’t need a hardware wallet to keep your crypto safe.

While Swyftx has all the verifications of an exchange you can trust, that doesn’t make it difficult to sign up. Their sign-up process is only four steps long. First, you will create an account with your email address and personal information. Next, you need to confirm this information and complete the identity verification process.

You can verify your identity by taking a quick picture of your ID card, and email address, and phone number are done in the standard way. Next, you need to make a deposit into Swyftx so they can get your banking information. It can be any amount up to 50,000 AUD or BTC and can be done via bank transfer, OSKO, POLi, or PayID.

After all of that, you can begin trading. Just keep in mind that the process for family trust and corporate accounts is a bit more complicated and can take multiple business days to complete.

What Cryptocurrencies are on Swyftx?

Today Swyftx has over 260 cryptocurrency assets. They are the largest crypto exchange in Australia. They are constantly updating the service to include all the new assets emerging on the crypto market. if a new currency is trending, it’s sure to be onSwyftx within a month.

They also include all popular cryptocurrencies like Bitcoin and Ethereum and decentralized finance coins like Curve and Yearn. Finance. A wide range of cryptos allows their 300,000+ trades many options when trying to get ahead of the market and find the next Bitcoin.

How Expensive is Swyftx?

Swyftx offers a flat 0.6% trading fee to all of its users. That’s much better than other services like eToro which force users to invest based on a spread that can fluctuate and get very costly. However, this fee is still higher than other sites like Coinbase (0.5%) and Changelly (0.25%).

Swyftx also has a fair and competitive spread which can be a favorable option compared to other spreads throughout Australia. Other Australian exchanges can charge as much as 5.2% on average whereas Swyftx’s average rarely reaches about 0.45%, depending on the trading conditions.

Keep in mind that your total fee will be a combination of the spread and the flat fee. When combining Swyftx’s spread and fee you usually end up paying about 1.01% on every transaction. They also have no trading limit so when you reach a favorable spread you can utilize it to its full effect regardless of the trading volume.

The deposit and withdrawal fee depends on how much you’re withdrawing. For withdrawals of less than $200 you will incur a $2 fee. Anything more than that and it is $0. You can make as many withdrawals as you want per day with a maximum of 100,000 AUD in total.

You can also find Swyftx promo codes or ask a friend for a Swyftx referral code to get deals and sales.

How to Deposit and Withdraw Money from Swyftx

When transferring money in and out of a digital currency exchange service you want the methods to be diverse. If you have an account with a specific online transfer service then you’d like that service to be compatible with your exchange network. Swyftx operates with three online transfer services intended for Australia: PayID, POLi, and OSKO.

If you’re not familiar with these services, there are some factors you should be aware of. For instant deposits, you should choose PayID or POLi. They will have your transfer completed in seconds while OSKO will have it done in the same business day.

Credit card and Debit card functionality aren’t yet available on this advanced trading platform, but they should be soon. The company announced plans to implement credit card and debit card payments by the end of 2021.

One thing to keep in mind about Swyftx deposits and withdrawals is that it’s still technically converting your money to USD. You can make AUD deposits and withdrawals directly, but the system will automatically convert deposits to USD based on the real-time forex conversion rate.

It helps to check the daily Forex conversion before you make a daily deposit.

How is the Swyftx App?

Every good trading service needs a decent application. Modern-day people need to trade and check their portfolios on the go. Doing so through a phone internet browser can quickly become tedious. Fortunately, the Swyftx app is just as useful and straightforward as its website.

The application is available on both the Play Store and the Apple App Store and is 100% free. If your phone has a touch ID then you won’t have to worry about remembering a password. Swyftx applies full biometric authentication on all smartphones including fingerprints and face ID.

How is Swyftx for Pro Traders?

While this advanced trading platform has several features for beginners, it’s also incredibly valuable for advanced traders. All the things you need if trading crypto is your primary hobby or source of income are right there.

First, they have a real-time price feed and API. Regardless of your order size, the prices of crypto assets will update instantly. If you make a big enough order to influence these factors, Swyftx will have those updates right away. Their API (application programming interface) lets you easily automate your trading strategies and modify the interface to your specifications.

If you’re an experienced trader you know how important charts are. Chart and technical indicators will have all the relevant trading indicators of the day at your disposal. It will influence your decisions and tell you the probability an investment has to succeed.

Swyftx is partnered with Trading View to get the most accurate and relevant information on the market. Be sure to look at ask and bid pricing separately to get the best estimates available.

With their “Stop, Limit, & Market Orders” system you can set buy and sell rates at whatever number you like on all available crypto assets. You can also quickly trade with billions in liquidity in one place by combining order books.

Swyftx Customer Support

When trading crypto you can have thousands of dollars at stake. You need an exchange service with an effective support system. That way, if something goes wrong you won’t have anything to worry about. Poor customer service can result in a lot of lost money. Swyftx has one of the best customer support systems on the market.

First of all, they have a relatively small clientele base so you won’t have to worry about long wait lines on the support phone number. They also offer live chat and phone support. You can also send an email which will take about a business day for a response.

You can pick the option you prefer, but you’ll never have to wait more than 10 minutes to speak to a representative with an average response time of 2-3 minutes. However, you will have to operate within Australian business hours to contact the support system. Customer support is only available from 9AM to 9PM AEST.

Super Funds on Swyftx

As we mentioned earlier, the ability to combine investments and put together a fund is what separates Swyftx from the competition. This is called a self-managed super fund (SMSF). This isn’t the same as leveraged trading. However, the process isn’t as simple as creating a common user account. You need to meet a series of requirements and provide lots of tax information.

Swyftx makes this process much simpler. All you need is the details attached to your trust: name, address, ABN, deed copy, and beneficiary details. Major beneficiaries of the trust (more than 25%) need to have registered Swyftx accounts. There is also some lengthy paperwork and additional documentation you’ll need to fill out.

Swyftx also has a charge of 15% on benefits which is relatively low and taxable. They also help decrease risk against future changes in the market.

Conclusion

Overall, Swyftx is the best option for a currency exchange provider if you live in Australia. It has features and benefits that go unmatched by other exchange companies in the Australian market. It’s clearly made to benefit Australian cryptocurrency traders as best as possible.

If you’re not Australian and don’t live in Australia, there are probably better exchange platforms available. It doesn’t make much sense to convert to AUD just to convert back to USD and it can be expensive. Also, when you widen to a global perspective, there aren’t many features of Swyftx that stand out among the international cryptocurrency exchanges.


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