Swyftx Review NZ | Fees, Comparisons & More

Dominic Harper // July 21 // 0 Comments

Swyftx is an Australian crypto exchange and one of the most popular there, offering a wide range of crypto services. It is a perfect platform for all types of crypto enthusiasts, including beginners. Swyftx offers a whopping 320+ cryptocurrencies and has now launched a dedicated platform for New Zealand, providing the same features, low fees, and tight spreads for Kiwis. It has quickly rose to be the best crypto exchange in NZ, and you can see why it is so popular, in our in-depth review.

What is Swyftx?

Swyftx is a crypto exchange based in Brisbane, Australia, and is considered one of the best crypto companies operating in the Pacific. You will find support for over 320 cryptocurrencies, staking on 20 coins, low trading fees of 0.6%, and average spreads of 0.51%.

Swyftx Features

The crypto world can certainly be intimidating if you are a beginner who is not familiar with this niche. Crypto is increasingly popular, with more casual investors wanting to get involved but not really knowing how or where to start.

That's where Swyftx comes in, to make it easy for anyone in New Zealand to invest and trade crypto. For the more well-established crypto investors, Swyftx also caters for them, with a huge range of 320 coins, interest earning options on 20, and a ton of features. Let's see some of the best features on offer at Swyftx.

NZD Deposits & Withdrawals

The first thing about this Swyftx NZ is that you can easily and swiftly deposit NZD and make trades using NZD. There is no hassle of converting from USD or AUD, which demonstrates that Swyftx has really focused on making their platform dedicated to New Zealanders. Not only does this make it more convenient for Kiwis, but you also save money as there are no currency conversion fees to consider.

Over 320 Cryptocurrencies

Whether you are a new or seasoned crypto investor, you will love the huge range of 320 cryptocurrencies found in Swyftx. You will definitely find a coin you want to trade, whether it is a popular coin like BTC, ETH, ADA, or DOGE, or an obscure coin that you have just heard about recently. This means that you can use Swyftx for all of your crypto trading, you won't need to search for another exchange to buy the smaller coins that are unavailable on most platforms.

Earn Interest on 20 coins

New Zealanders can also venture into interest earning on their assets by using the Swyftx Earn feature. You can opt to receive interest on various cryptocurrencies, which include the most popular ones such as BTC (Bitcoin), ETH (Ethereum), and  ADA (Cardano). This is an excellent way to grow the amount of cryptocurrency you own, while you wait for the value to increase over time. 

Demo Mode

One of the best features at Swyftx is the Demo Mode option, which is perfectly suitable for beginners. To choose this mode, you just sign into your account and toggle the Demo Mode button in the settings. You can use this tool to learn how to navigate Swyftx and buy, sell, or trade crypto.

You will receive $10,000 in play money using the Demo Mode, and you can use this to simulate trades based on real-time market prices. The idea behind this feature is to enable you to acquire hands-on experience, simulate real-life scenarios, and take a look at how the whole process operates. Beginners can take advantage of this Demo Mode to see if they can execute good trades without the risk of losing their own funds. Experienced traders can also make use of this by testing out new strategies.

Portfolio Tracking

Another key tool in Swyftx arsenal is the Portfolio Tracking, which is an advanced feature and most suitable for experienced traders. You can find this tool on the side panel and it’s where you’ll be able to see the profits and losses of all your investments in real-time. By using this feature, you can easily see how your assets are performing at a glance, and decide whether you need to re-invest your funds elsewhere if you have an underperforming coin.

Recurring Trading Orders

Next on our list is the automated feature of recurring buy orders that Swyftx enables for its users. If you wish to regularly invest in crypto without having to spend any time on it, Swyftx can help you accomplish this. When you set up this feature, you are effectively Dollar Cost Averaging (DCA) into cryptocurrency, which means you reduce the volatility of the asset. Your investments will recur at set intervals that you nominate, by automatically depositing and purchasing the coin you desire.

Graphs & Management Tools

This feature allows you to make use of the integrated view charts for trading to monitor all digital assets you’d like to trade with. If you’re looking to acquire pricing data or separately view the purchase and sale prices, you can do so with these integrated charts. This can help you accurately gauge the latest data and estimate how much you can gain or lose with given trades.

Live Chat & Phone Support

Even though the exchange is based in Australia, there’s also live chat support for New Zealanders as well. Having this type of service, alongside phone support, is extremely helpful and beneficial, especially to beginners in the crypto world. The very friendly staff will assist and guide you in any issue or query you might have, making the whole crypto trading journey an easy process.

Learn

Another useful section, particularly for beginners, is the Learn area of the website. Swyftx has a whole host of in-depth articles on how to better understand the crypto market, how to invest, develop strategies, intros, analysis, and other crypto resources to help you navigate your way through the crypto world.

This is beneficial to all types of investors, regardless of level of experience. It also reveals a lot about the company since it’s also invested in seeing you succeed. You’ll find plenty of other exchanges that are pushing a certain agenda, or just want to grow their clientele, but Swyftx differs as it looks to help you succeed and indirectly grow its own user base.

Negatives of using Swyftx

The main downside of using Swyftx is that there are no advanced markets. Namely, if you’re an experienced trader and are looking to margin trade, or trade futures, you’ll have to look elsewhere. If you are looking for an advanced trading platform, have a read of our articles on the best margin trading platforms and best future trading exchanges.

Swyftx NZ Fees and Deposit Methods

Swyftx does not charge any fees for opening an account, and in fact you can receive FREE $20 BTC when you sign up, even without making a deposit! This is thanks to the special deal we have secured with Swyftx and for our readers only. Sign up with this link here, verify your identity, and you will receive $20 BTC free in your account!

Depositing NZD and crypto into your Swyftx account is also free of charge, which is a bonus, as many exchanges will charge you depending on your payment method. By keeping deposits free, you have more money in your pocket to invest into crypto! Swyftx accepts deposits using POLi and Credit card for New Zealanders.

The trading fees at Swyftx are 0.6% of the transaction value. What’s good is that the exchange offers discounts if you conduct high-volume trades. This can be beneficial if you’re looking for an exchange to execute large trades. The spreads are another point to keep in mind. If you are unfamiliar with the term spread, it is the difference between the buy and sell prices of the same coin (you can read about it in full here).

Spreads at Swyftx start from 0.41%, with an average of 0.51% (according to 3rd-party testing) and the company claims to have an algorithm for trading that is optimised to increase liquidity depending on the volume of the trade, to decrease the spread in the process. Swyftx users can trust that they are enjoying some of the lowest spreads in the market, since the average market spread is 1.7%.

Withdrawing crypto from Swyftx will incur a fee depending on the coin, and withdrawing fiat currency (NZD) will cost $10 NZD, with a minimum withdrawal amount of $30 NZD. The NZD withdrawal will be sent directly to your New Zealand bank account.

Swyftx Security

Swyftx is an incredibly secure exchange with no security breaches to date since its establishment in 2018. It boasts an impeccable rating at TrustPilot, and it is also recognised by many top outlets in Australia.

The platform holds its customers’ cryptocurrency secure in cold and hot wallet storage systems in order to protect their assets. Swyftx employs two-factor authentication (2FA), biometric protection, security protocols like JWT tokens, and session expiry. Moreover, the exchange makes use of third-party security auditors that conduct security testing activities.

If you wish to learn more about the company’s approach to safety and security, read about it here.

Pros and Cons of Swyftx

  • P R O S
  • C O N S
  • No advanced trading markets such as futures or margin trading
  • Only accessible by New Zealanders and Australians

Conclusion

Overall, Swyftx is a feature-rich and reputable online crypto platform in New Zealand. It is easy to use, beginner friendly, and also suitable for experienced traders.

Trading fees on 320 coins are only 0.6%, with low spreads and zero fees on fiat deposits. The exchange stands out from its competitors in the industry and leads the way with state-of-the-art security and no breaches whatsoever.

This, alongside a streamlined and smooth user experience, the ability to deposit NZD funds, and an outstanding live chat customer service, makes Swyftx the best place to trade, buy, and sell crypto in New Zealand.

Don't forget to claim $20 FREE Bitcoin to kickstart your crypto journey, by signing up here.

Frequently Asked Questions

Is Swyftx safe? 

Swyftx is a very safe exchange; it has invested in multi-layered security measures and has never been hacked since its establishment in 2018.

Is Swyftx a good option for experienced traders?

Swyftx is a great option for experienced traders, due to low spreads and low fees of 0.6%, and the ability to discount the fees based on high trading volume. If you are planning on trading large amounts over $100,000, you can even use their special OTC trading desk for personalised service.

Is Swyftx trustworthy? 

Yes, Swyftx is a legitimate and trusted crypto exchange, with over 600,000+ users in NZ and Australia, and an Excellent rating on Trustpilot from 4,000 reviews.

What is the best crypto exchange in NZ?

Swyftx is the #1 crypto exchange in New Zealand. If you are interested in other options, read our article here.

To read our privacy statement follow the link.

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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