Swyftx Australian Cryptocurrency Exchange Review
Interested in blockchain technology and cryptocurrency? Whether you’re just looking for a different asset class to diversify your portfolio with or an alternative and more decentralized way to generate revenue, trading cryptocurrency is always a great option.
As an experienced trader, you won’t have any problem switching to the digital assets market, and you’ll easily get your way around crypto trading platforms. However, a prior trading experience is not a prerequisite for crypto investing. Nowadays, platforms offer automated services, detailed guides and tutorials, and demo accounts to help you get started.
In Australia, there are a great many cryptocurrency exchanges you can choose from but our team believes that Swyftx is by far the best and most popular one.
In this guide, we’ll talk about how and when this platform came to be and what has been the main incentive for its co-founding team ever since. We’ll go through their list of supported cryptocurrency, payment methods, fees and limits, and the trading features that make this platform stand out from other Australian cryptocurrency exchanges.
Australian Cryptocurrency Exchange: Swyftx
Swyftx was launched in 2017 and based in Queensland, Australia. It was co-founded by two developers and crypto enthusiasts, CEO Alex Harper and CTO Angus Goldman, who are working hard to outpace its competitors and create a crypto platform that can solve many of the common market challenges.
The majority of Australian traders complain about the high service fees, low liquidity, cluttered dashboards, and poor customer support they experience when using other local or international platforms. Swyftx, on the other hand, aims to curb the greediness characteristic of the crypto industry and turn these struggles into a thing of the past.
The exchange provides users with the best of both worlds, i.e. fully-fledged brokerage services coupled with a sophisticated trading platform that caters to the needs of beginners and experienced traders alike. Swyftx is able to stand out with its low fees, amazing spreads, and reliable SMSF savings account thanks to its partnership with numerous fiat banks and other liquidity providers (e.g. the global trading platform Binance).
Therefore, it’s not surprising that Swyftx has managed to reach over 30,000 customers in such a short period of time.
Bitcoin and Other Supported Cryptocurrencies
Swyftx supports an extensive list of 200 cryptocurrencies including the most popular ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Stellar (XLM), and EOS. The list even includes decentralized finance tokens such as UniCoin, one of the hottest assets at the moment.
You can trade any asset against AUD, USD, or BTC using the TradingView interface. Swyftx provides the highest asset liquidity in Australia. When you place an order, the platform looks for an exchange with the highest liquidity of that asset and finds the best price (lowest spreads) for your target currency.
Swyftx supports bank transfers, POLi, or PayID payments as deposit methods. The last two offer instantaneous deposits except for the first PayID payment that might take longer to process. Bank transfers are instantaneous if you’re sending money from an OSKO bank account. Otherwise, they can take between 2-10 hours on business days.
Trading Fees and Limits
For fiat deposits and withdrawals under $200, Swyftx charges a small $2 fee plus a 0.6% trading fee per transaction. This is very competitive once you consider the tight spreads, i.e. the difference between buy and sell prices.
If the spreads are too high, it costs more to buy crypto, and you earn less when selling them. The reason why Australian exchanges have such large spreads is that the Australian crypto market is smaller and thus less liquid than the US one, for example.
To solve this problem, Swyftx converts your AUD deposits into USD and vice versa when you’re withdrawing funds. As a result, the platform charges a forex fee, which is no more than 0.4-0.6%, unlike its competitors that charge up to 5.2%. The forex fee is included in the cryptocurrency prices you see on the website.
As far as limits are concerned, Swyftx has a daily deposit and withdrawal limit of $20,000 Australian Dollars that can be increased to 100,000 AUD with additional documentation. There’s no trading limit.
Here are some unique features that made us love Swyftx even more:
- Customizable dashboard.
You can tune the dashboard to show your preferred and most frequently used metrics.
- TradingView charting and various order types.
Advanced crypto traders will lose their heads over Swyftx’s charting user interface. It features high-level charting tools and market indicators that will help you gain more and lose less. You can select the indicators you want to follow and draw chart patterns. You can place market, limit, and stop-loss orders.
- Recurring deposits.
Swyftx lets you automate your investments with the recurring deposits feature that places orders on your behalf in your target cryptocurrency.
- Generate tax reports.
If tax season is the reason behind your headaches, you’ll be happy to learn that Swyftx offers downloadable tax reports for stress-free accounting.
- Demo mode.
Demo mode or paper trading is a beginner-friendly feature that gives you a taste of crypto trading in a risk-free environment. Your demo account gets fake money that you can “spend” to buy Bitcoin or any other asset. The demo mode even simulates the current liquidity level and market prices.
- Referral program.
If you refer a friend to create a Swyftx account, you can take part in the platform’s referral program and become an affiliate. You’ll earn 30% of the commission fees on all your friend’s trades for as long as they’re using their Swyftx account.
Self Managed Super Fund
Investing a portion of one’s superannuation in cryptocurrency (particularly in Bitcoin) is on the rise among Australians, as a lot of them believe that digital money is the future. During the COVID-19 pandemic, people turned to cryptocurrency as an alternative to government-issued and government-controlled currencies.
On Swyftx, you can easily create a Self Managed Super Fund (SMSF) account to start depositing your savings. You’ll need the following information: registered trust name and address, trust ABN, copy of the trust deed, and trust beneficiary details. Your major beneficiaries, i.e. those holding stakes over 25%, should all have verified Swyftx accounts.
The responsiveness and efficacy of the Swyftx support team are definitely worthy of a shout out. Apart from email support tickets, users can contact the team via phone or live chat, seven days a week, from 9 am to 9 pm AEST. The typical response time is just 2-3 minutes. They also have a robust Help section with all sorts of crypto-related articles at your disposal.
Is Swyftx Safe to Use?
First and foremost, Swyftx is registered and regulated by AUSTRAC, Australia’s finest financial intelligence agency. As part of AUSTRAC requirements, Swyftx verifies the identity of each of its customers.
However, unlike long KYC procedures, Swyftx verification takes less than two minutes. The platform only asks you to enter your email address, phone number, and ID document number.
Moreover, the platform offers two-factor authentication on account activity (both password and security code sent to your device), encryption protocols, frequent data monitoring to detect any breaches, and external penetration testing. This enables Swyftx to detect any suspicious account activity in due time and lock your account until you change your password.
To top it off, Swyftx has partnered with Auth0, a reputable cloud security platform that safely stores users’ login details for the ultimate account security.
Frequently Asked Questions
How to deposit from Swyftx to Coinjar?
Let’s explain the process step by step. First, you need to open Coinjar and choose ‘Send’ from the Payments bar. Next, select the asset and the amount you want to transfer and enter the Swyftx deposit address. Review all the details and click ‘Confirm’. At this point, you’ll see the added network fee. Select ‘Pay Now’ to complete the process.
Is cryptocurrency legal and taxable in Australia?
In Australia, it’s perfectly legal to buy, sell, or trade cryptocurrency. They were officially declared legal in 2013 by the governor of the Reserve Bank of Australia (RBA). However, there’s still no definite regulatory framework that can guarantee user protection.
For now, the only requirement for a local and international cryptocurrency exchange is to register with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and comply with their AML and CTF policies.
Moreover, cryptocurrencies are treated as property and subjected to Capital Gains Tax (CGT). This means that if you capitalize on your crypto holdings, the profit will be taxed. This is an improvement from the previous double taxation.
What countries does Swyftx support?
At the moment, Swyftx is only available in Australia.
Does Swyftx have a mobile app?
Yes. Swyftx recognizes the necessity and convenience of trading on the go, allowing both iOS and Android users to download its mobile app onto their devices. Once you download it, you can set up a fingerprint or a face scan ID recognition as a security method. The mobile app lets you navigate the dashboard, make deposit/withdrawals, and monitor your current orders and assets.
Does Swyftx provide a cryptocurrency wallet?
Swyftx provides cryptocurrency wallets for all the digital currencies on its list and they can easily be integrated with your trading account. Your coins are stored in both hot and cold wallets and secure with state-of-the-art security protocols. However, Swyftx acknowledges the fact that online wallets are attractive hackers’ targets and advises its users to consider purchasing a hardware wallet such as Ledger Nano S or X.
Summing It Up
The high-level performance and sophisticated trading features of Swyftx definitely bear repeating. This two-in-one broker slash trading platform is perfect for both entry-level and advanced crypto trading.
In this review, we mentioned a number of things that make Swyftx our top pick. First of all, the support from global liquidity providers, which allows Swyftx to optimize your order and find the best price by comparing different exchanges’ order books. Then there’s the wide range of altcoins you can choose from, the tight spreads, and low limits if any.
If you lack trading experience, Swyftx lets you use their demo mode account for as long as you need it to practice your trading strategies. If you already have the expertise, you can combine different order types and make recurring deposits to save time. To top it off, Swyftx provides spotless customer support, a crypto wallet, and a mobile app too.
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Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.