Swyftx Review 2022 | Fees, Comparisons & More

Dominic Harper // January 16 // 0 Comments

By now, everyone has heard about cryptocurrency, and you are probably looking at investing in some yourself. The next big question is where to buy your crypto, and Swyftx is one of the big names in Australia. That’s why we are glad to review Swyftx, an Australian-based company that has full-service cryptocurrency features.

From beginners to seasoned traders, Swyftx is perfect for anyone in Australia looking for a low-fee crypto trading platform with over 280+ coins. Cryptocurrency is an important investment tool to diversify your portfolio in changing times, and Swyftx can help you get into the market.

What is Swyftx?

Swyftx is an Australian-grown company, based in Brisbane. Below, we’ll outline some bullet points, then move on to the features and review.

  • Available at www.swyftx.com.au, or via their mobile app
  • Many deposit options: bank transfer, POLi, Credit/Debit card, OSKO, PayID, or cryptocurrency
  • Trading fees of 0.6%
  • No deposit or withdrawal fees
  • Base currency is AUD
  • Over 280 cryptocurrencies supported, including BTC, ETH, ADA, DOGE
  • Reviewed online as the best exchange for Australians
  • “Excellent” rating on Trustpilot based on over 3,000 reviews

Features

Features for Newcomers

A lot of people are becoming interested in cryptocurrency, but they may not have anyone to ask about how to get started. Maybe they do have friends or colleagues that have been into crypto for a while, but they're worried they will look like a fool asking silly questions. Cryptocurrency can be an intimidating field to get into, and since it has been popular for a few years now, it can be difficult to know where to jump in.

Demo mode

The great thing is that Swyftx is so easy for beginners to use, and they even have a free Demo Mode that you can access once you open an account. You can learn how to trade cryptocurrency with their risk-free simulation, which gives you $10,000 of play money. It’s an incredible way to gain hands-on experience without having to venture any of your own funds. The Demo Mode even simulates real-life scenarios, like how the market will respond and what the investments will mean to your liquid assets.

Learn more about crypto by reading articles

If you’re more into reading articles, they have a whole Learn section on their website. This page is filled with in-depth articles on everything from understanding the market cycles of Bitcoin to how to develop strategies for investing.

This sort of information is useful for any level of investor, from a beginner to a pro. And it also says something about Swyftx: they’re invested in your investment success. Plenty of cryptocurrency exchanges are only interested in pushing a certain currency, or are only trying to attract a high volume of customers. Swyftx is looking to grow their clientele by helping you succeed.

Trade easily with AUD

Another featured benefit of Swyftx is that you can buy instantly with your Australian Dollar. Being an Australian based company, they know how buying and selling internationally can be difficult. That’s why it’s important that their portal doesn’t require you to exchange your AUD for USD or Euro.

Live Chat support

Being based in Australia has also made it easy for Swyftx to offer Live Chat support for their customers. One reviewer even tested out the Swyftx Customer Support, and he rated it as excellent. Having live chat on hand is so helpful for newcomers to crypto, because it an be very confusing at times. The friendly support staff will assist you on your journey.

Mobile app

Another great feature of Swyftx is their mobile app, available for Android or iOS. Having the app handy means you don’t have to worry about getting to your computer anytime you see a development in the crypto world. Trading in any market can be tricky, and success can depend on having up-to-date information and being able to act fast. Having the app right on your phone means you can act as fast as you can open your phone.

Staking

Staking is an excellent feature that has been added to Swyftx towards the end of 2021. It allows crypto investors to earn interest on their crypto just by holding it in your Swyftx account. This is a great way for both newcomers and advanced investors to increase the amount of crypto they own, with no risk at all.

Features for Experienced Traders

For those who are already well on their way to being experienced crypto traders, Swyftx is still the Australian company to go with. They offer a multitude of tools to help streamline active trading.

Portfolio Tracking

One key tool is their Portfolio Tracking, which sits right on the side panel of your screen. This helps you see real-time profit and loss across all of your investments. This makes it easier to navigate whatever headline you’re reading, or hot tip you’re trying to decide on acting on.

Recurring Orders

Speaking of acting, if you’re into automated features, Swyftx also offers Recurring Orders. If you have a system and want to sit back and watch it work, let Swyftx help you make that happen. By setting your investments to recur, your deposits in Swyftx will automatically roll over into the set investment purchases you’ve programmed into it.

Tax Reporting

They also have Individual Tax Reporting, which you can set to generate a report for any given time period. Whether you’re trying to secure a personal loan for a large purchase, or you have a diversified investment portfolio, it is nice to have a personalised tax report generated, already in AUD. This means your accountant, or your own calculator, will thank you when it’s time to pay taxes on your returns.

Coin Swap

They also offer Coin Swap, which means you can exchange any crypto in your portfolio for another currency in their list. That can make organising your portfolio a lot quicker and easier.

Real Time Pricing

Swyftx also offers some features that every pro trader is going to look for. They have Real Time Pricing and API, which means you won’t get stuck holding a coin that’s devaluing while you’re waiting for the update. You can also Integrate Trading Charts for all your favourite currencies, which means you won’t have to jump between pages tracking just a few currencies you’re actually interested in.

Automatic Buys and Sells

You can also set Automatic Buys and Sells. You won’t have to worry about losing out while you’re asleep because the crypto market took a turn on your favourite coin. You can use the Swyftx platform to buy or sell certain amounts based on any trigger price you set. 

OTC Desk

For the serious trader or high net worth individual or corporation, Swyftx also offers OTC services and consultations. You can book a consultation right from the link provided, on their website.

Crypto Bundles

You can also Bundle your portfolio purchases with one of 7 curated bundles of cryptocurrency collections. This works similarly to the old-school method of Index Stocks, where you can purchase a small piece of a number of companies based in one index. Swyftx monitors the market to find bundles that work for your investment goals.

Negatives of using Swyftx

No advanced markets

If you are a serious crypto trader, you will probably find that Swyftx doesn't offer enough advanced trading options for you. If you are after advanced trading tools and more markets, I suggest you use a crypto exchange like Binance. Binance has tons of markets you can access, like futures, margin trading, P2P and even an NFT marketplace, which are unavailable on Swyftx.

Fees

Swyftx provides great features and services, and they’ve managed to do it for relatively low fees. There is no deposit or withdrawal fee, up to $100,000 AUD per day.

They also offer a 0.6% trading fee, with discounts for high-volume trades. There are no trade limits, and spreads as low as 0.45%. We know there are sites out there with lower fees, but we can’t find any Australian based exchange platform with this level of service at this rate. The low spread rate is important, as many institutions don’t even list their spread rate, with some banks charging as high as 11% just for currency exchange.

They are transparent about their fees, and services. For instance, they list their competitors' fees right on the Swyftx website. But you can also see they have the highest TrustPilot score of any other company, and the only one that offers a free Demo Account.

Security

As we mentioned above, Swyftx has had no security breaches since they founded the company. Not only do they have an “Excellent” rating with TrustPilot, they’ve also been recognised by such outlets as the Queensland Times, The Australian, and Business Insider, Australia.

In addition to that, for the more technically minded, Swyftx uses JSON Web Tokens and KYC verification. They also have Biometric and 2FA account authentication and protection. They use a professional, 3rd party security auditor and undergo external penetration testing. Many traditional banks don’t offer that level of security.

Progress

Swyftx is right now only doing business for Australians and Kiwis. But in an effort to broaden the network for their users, they’re working on branching out to the UK and Canada. That means two important things for investors.

The first thing is that Swyftx is looking to the horizons. One of the facets of cryptocurrency that makes it so viable is that it isn’t constrained by the artificial boundaries of traditional investing. Swyftx is looking to expand their brand of exceptional service and progressive trading to new markets.

The second reason this is important is that for the Australian investor, getting into Swyftx now will help you expand your investments into other currencies as Swyftx expands. By joining now, you can make sure your portfolio grows as Swyftx grows.

Pros and Cons of Swyftx

  • P R O S
  • You can use your credit or debit card for withdrawals or deposits
  • There are over 280 supported cryptocurrencies
  • Live Support with real people
  • Free Demo Mode for beginners
  • Advanced features for experienced traders
  • Low rates and spread
  • Established, secure company
  • C O N S
  • Only available to Australians
  • Only uses AUD

Conclusion

We did our research into cryptocurrency exchanges, which also meant doing our research into the cryptocurrency industry. What we found is that it’s important to find an exchange platform that you can trust, and that works.

In the end, we’ve settled on Swyftx as the best platform for the Australian investor. We found this to be especially true for the first time or new investor. Swyftx offers services and features that, frankly, we didn’t see on any other platform, and they offer these features and services for a very competitive fee.

With over 280 coins on their list, high-grade security features, demo mode and live support, we can’t recommend a better exchange than Swyftx. Their low fees are another factor that leads to them being the best option for Australian investors.

Frequently Asked Questions

Is Swyftx safe? 

Swyftx is safe as it has invested in security measures better than many of their competitors. This gives you peace of mind that your assets with them will be secure. 

Is Swyftx a good option for experienced traders?

 Swyftx is ideal for traders of any level. We focused some of our attention on newcomers only for the purposes of this article, but the fact is, Swyftx is ideal for investors of any level. In fact, they can handle trades of over $100,000 through their special OTC Consulting. This service includes access to liquidity providers around the globe.

 Can I trust Swyftx? 

Yes you can trust Swyftx, and over 500,000 people already trust their platform by having accounts with them. Not only that, but over 3,000 customers have felt so good about their experience that they’ve rated them on TrustPilot with an “Excellent” rating.

What safeguards are in place for me?

 Swyftx and other digital currency exchanges are regulated and licensed; if they’re not, you shouldn’t trust them. Swyftx is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), and complies with all regulatory agencies to prevent money laundering, fraud, and terrorism funding.

To get in contact with us visit our contact us page.

About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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