Swyftx Review | Best Australian Crypto Exchange!
Swyftx was created in 2017 in Brisbane, Australia, by Alex Harper and Angus Goldman. However, it wasn’t until 2019 that the network began to operate. The trading platform offers abundant liquidity, good spreads, relatively low charges, and an intuitive interface design.
Swyftx Exchange is known for its specialized brokerage offering. Therefore, in this Swyftx review, we’d try to discuss how this broker offers several of the most petite spreads and seems to be smoother to operate for beginners and professionals.
Table of Contents
- Swyftx is situated in Australia and was founded in 2018.
- Further, it recently began providing services in New Zealand, emphasizing cheap fees, small spreads, and a diverse range of currencies.
- Swyftx Exchange was established as a banking services operator in New Zealand in July 2021 (using the name SWYFTX PTY LTD – FSP1000861), enabling New Zealand-based consumers to purchase and trade cryptocurrencies such as Bitcoin.
- The process is straightforward from signup through trade: first, users must register an identity (by entering their name and details). Swyftx then confirms your identity (through picture ID, phone number, and email account) and requests payment.
- Bank transfer is one of the accepted payment options (POLI and credit cards will be added later)
- Coin pricing is as follows: Offers for sellers and buyers are available in real-time and are given in New Zealand Dollars (NZD). Swyftx Exchange is a low-cost, over-the-counter trading platform that operates as a middleman between buyers and sellers.
What is Swyftx Exchange?
Swyftx is among the finest Australian cryptocurrency exchanges, allowing customers to purchase and trade over 270 different cryptocurrencies using AUD. They are accredited with AUSTRAC and follow all KYC/AML laws. Since its inception in 2017, they have quickly established itself as one of the biggest and best exchanges. Swyftx offers a user-friendly app as well as a desktop interface for its users to trade on.
For Australians, Swyftx is a remarkable crypto exchange. It boasts a user-friendly interface with such a Demo Account alternative, allows a variety of deposit types with a minimal fee, and provides Live Chat Support.
Also, read CoinJar Australia Review | Is it Safe and Legit?
Swyftx Review: Services
If you’re looking into cryptocurrencies in Australia, you’ve come across a slew of various exchanges, each with its own set of advantages and disadvantages. I’ve compiled a list of Swyftx’s most outstanding features to demonstrate why this is one of the most exemplary cryptocurrency exchanges in Australia.
- You can purchase cryptocurrency instantaneously with AUD. Swyftx’s primary benefit is that you may buy cryptocurrency instantaneously with Australian Dollars. This is a significant advantage over exchanges situated in America and Asia since you won’t have to transform the AUD to USD and risk losing money due to currency rates. Swyftx likewise has no fees when depositing as well as withdrawing AUD.
- Recurring Orders, as well as Bundles, are popular among Swyftx’s experienced operators. Recurring Orders enable you to create regular programs in which money is regularly placed into Swyftx and used to acquire your favorite currencies. They’re beneficial since you’re averaging out your cryptocurrency purchase.
- Cryptocurrency staking is now possible with Swyftx. It’s accessible on both the smartphone application as well as desktop platforms.
Also, read 5 Best Crypto Exchanges in Australia
Swyftx Review: Features
Swyftx has a user interface that can be customized and is simple to use, even for beginners. It has a clean, modern appearance, and it’s simple to use on both the platforms, Web and Mobile applications. You may even utilize the Demo MODE to discover how to use the platform without using any cash. Therefore, let’s see some of the key features and benefits of using Swyftx.
- Sign-up and verification are quick and easy – there is no need to supply papers or photographs.
- As a signing incentive, you will receive $10 in Bitcoin for free.
- Purchase with AUD immediately; no deposit as well as withdrawal costs
- There are over 270 cryptocurrencies to purchase, sell, or trade.
- Cryptocurrency holdings are now possible.
- Modest fees of approximately 0.6 percent, as well as a low spread
- There are Android and iOS applications available, allowing you to trade from anywhere, at any time.
- For any questions, there is live chat help available.
- AUSTRAC-registered and adhering to rigorous KYC/AML requirements.
Further, you can also customize the Dashboard and view the data you want to see as well as in the sequence you want it to appear.
Swyftx Fees Structure
Swyftx is known for its cheap fees as well as spreads, which means you’ll have more revenue and cryptocurrency in your pocket.
- Swyftx Deposit Charges On AUD transactions, with absolutely no fees
Swyftx previously levied $2 for deposits under $200; however, that tax has recently been abolished, which is fantastic for the consumer. Some ancient literature may still claim that a deposit fee is charged, although this is not the case.
- Swyftx Withdrawal Fees
Standard networking mining costs apply to cryptocurrency withdrawals; there are no extra Swyftx fees.
- Trading Fees at Swyftx
Swyftx levies a fee of 0.6% on all trades. Discounts for large orders are available.
How to use Swyftx?
Swyftx Sign-up Process
Swyftx cryptocurrency exchange is an easy to use platform. Follow the below steps to sign up on Swyftx and start using it.
- Visit the official site of Swyftx and click on “Sign-up” in the top right corner.
- Next, fill in all the details, including name, country, email, and set the password.
- After filling in the details, click on “Create Account.”
- Now, you are set to move forward and verify your account.
Swyftx KYC Process
The verification process of the Swyftx crypto exchange involves three sections.
- Email Verification: To complete this verification part, you have to go to Profile -> Verification and click on verify email. They will send you the verification email on your registered ID. Then, click on that link and complete the process.
- Phone Number Verification: Now, click on phone verification. They will send you an OTP on your registered phone number. Enter that OTP on the blank space on your screen to complete this process.
- Identity Verification: To complete this process, it is mandatory to complete the above verification steps. Now, click on identity verification. A popup window will open, click on the check box and then click “Continue.” Now, fill in the details and upload your selected document to complete your Swyftx KYC.
How to trade on swyftx?
To start trading on Swyftx, follow the below steps:
- First, log in to Swyftax official website.
- Next, select “Trade” from the right-hand side drawer.
- Now, click on the buy option to buy the available cryptocurrencies.
- Next, select the pair you want to buy.
- Now, enter the amounts of both the cryptos and select one of the orders from the market, limit, stop, and recurring.
- Click on “Instant Buy” to complete your transaction.
On Swyftx, you can buy, sell, swap, and stake the cryptos.
How to withdraw from swyftx?
To withdraw the crypto’s from Swyftx, you have to follow the below steps carefully:
- First, log in to your Swyftx account.
- Further, select Trade from the right-hand side drawer and then click on withdraw option.
- Now, select the crypto you want to withdraw.
- After selecting, add the wallet address you want to withdraw it to.
- Finally, enter the amount you want to withdraw and click “OK.”
- The transaction will get completed that you can also see in the history section.
Also Read: Should you buy OKB Tokens? OKExChain Token
Is Swyftx Safe?
Swyftx provides two-factor authentication (2-FA) for increased security. This aids in the safety of the identity as well as the prevention of hackers and thefts. They also use encryption protocols across all sensitive information and conduct external vulnerability scanning frequently. Also, if they discover anything suspicious, it immediately time-lock that accounts till the administrator resets the password.
Swyftx’s offers a mobile app, which is accessible for both Android as well as iOS smartphones. Their mobile application offers fast and easy crypto trading, portfolio tracking, price alerts, triggered orders, trading view charts, and other services to their users.
Further, it also uses biometric security measures to enable safe, quick Swyftx login to the profile. You may select between fingerprint scanning and face recognition to keep your account secure even while you’re on the go.
Swyftx Review: Customer Support
Swyftx is among the few cryptocurrency exchanges with live chat assistance. It’s a feature that’s often ignored, but I’ve lately discovered how valuable it is. The Live Chat option is a fantastic service. You are instantly routed to a Chatbot, which will provide you immediate answers to simple concerns. Freeing up time for the Live Chat advisors to handle more complicated issues and reducing the waiting period. The Support team members are extremely competent and can respond to questions in a matter of minutes.
Swyftx Review: Pros and cons
|Deposits via credit as well as debit cards are accepted.||The AUD is the sole fiat currency accepted for transactions.|
|The UI is simple as well as user-friendly.||Only available to Australian/ New Zealand People (UK coming soon).|
|It only takes a couple of minutes to sign up and begin trading.|
|Customer Support through a live chat|
|There are about 270 cryptocurrencies offered.|
Swyftx Review: Conclusion
Swyftx is a cryptocurrency exchange geared for Australian people, with AUD as the primary currency. It has inexpensive trading costs, powerful trading capabilities, and a great mobile application. Further, Swyftx, featuring live chat and an integrated licensing and tax system, is excellent for Australians who wish to operate without giving over excessively high fees and spread or worrying about the logistical or tax consequences of their operations when customers make a withdrawal.
Frequently Asked Questions
Is Swyftx a real company?
Swyftx is a genuine Australian trading platform that was founded in 2017. It is authorized, controlled, and AUSTRAC-registered.
Is Swyftx secure?
Yes, Swyftx is a very secure cryptocurrency exchange. It includes a wide range of security precautions designed to keep business assets safe, as well as advice on how to improve your security. Swyftx combats scams and fraud by adopting extensive identity checks and collaborating with Chainalysis, the world’s largest cryptocurrency analysis organization.
What is a Swyftx wallet?
Swyftx is a crypto exchange on which you can purchase coins, but it also has a Swyftx Wallet application for Android as well as iOS. The wallet allows you to securely store Bitcoin, Monero, and Dogecoin, as well as over 270 additional cryptocurrencies.
Is Swyftx a regulated exchange?
Swyftx is, indeed, wholly authorized as well as licensed throughout Australia. In addition, it is approved with AUSTRAC to boost economic transparency and counter illicit cryptocurrency activity. So it strictly adheres to most of its KYC/AML responsibilities to avoid money laundering as well as terrorism funding.