Swyftx Review

Key Features & Advantages of Swyftx

Here are a snapshot of Swyftx's best features that have led to it quickly becoming one of Australia's most popular crypto exchanges:

Negatives & Disadvantages of Swyftx

While Swyftx is an excellent exchange for many users, there are a couple of points to keep in mind when deciding whether this platform is the best choice for you:

What Services Does Swyftx Offer?

If you're researching cryptocurrency exchanges in Australia, you will know that there are plenty of platforms, all with their own pros and cons. I have summarised the best services that Swyftx offers, to highlight why it is one of the best crypto exchanges in Australia.

Buy crypto instantly with AUD:  The first advantage of Swyftx is that you can buy crypto instantly using Australian Dollars. This is a huge advantage over global exchanges based in Asia or the US, since you won't need to pay fees converting AUD into USD. There are also no fees for depositing and withdrawing AUD on Swyftx, regardless of the payment method you choose, which means more money to invest in crypto.

Learn and Earn: receive free crypto by completing short courses:  Swyftx is so passionate about ensuring their customers are educated about cryptocurrencies, that they have released short courses to educate their users. The best part is that you can earn $5 FREE Bitcoin when you complete certain courses! Swyftx is the first and only Australian crypto exchange with this feature.

The courses are simple to understand, and only take a few minutes. To receive the $5 FREE BTC you need to complete the course and then score at least 80% in the multiple choice quiz at the end. If you score below 80%, you will be able to attempt the quiz again after 24 hours. I completed my first course in under 15 minutes, and received $5 of BTC in my Swyftx account immediately!

Customisable and simple user interface:  Swyftx is easy to use, even for complete crypto beginners. It has a clean, modern look, making it easy to navigate around the website and mobile app. There is even a Demo account feature so you can learn how to buy, sell, and trade crypto without risking your own money.

Swyftx is not only suited for first-time crypto traders; it is also a popular platform for intermediate and experienced crypto investors. There is the option to customise your Dashboard to display the information you find valuable, in any order you like, so it's set up just how you prefer.

Recurring Orders and Bundles:  Experienced traders on Swyftx often utilise features like Recurring Orders and Bundles to optimise their trading strategies. Recurring Orders enable the setting up of automated schedules for depositing funds into Swyftx, which then automatically purchase selected cryptocurrencies. This approach is an effective way to implement a dollar-cost averaging (DCA) strategy with your investments. The adage "it's time in the market, rather than timing the market" is particularly relevant in the volatile world of cryptocurrency. By consistently purchasing small amounts over time, you can incrementally increase your stake in the crypto market, mitigating the risks of significant losses.

Bundles represent another investment strategy, aimed at diversifying your portfolio. Swyftx offers a choice of 9 different Bundles, each comprising a collection of cryptocurrencies purchased simultaneously. This allows for investment across multiple coins at once. A personal favourite of mine is the 'Top 10 by Market Cap' Bundle, which does exactly as its name suggests – it evenly distributes your investment across the ten largest cryptocurrencies by market capitalisation, offering a solid opportunity for long-term growth.

Over 422+ cryptocurrencies available:  Swyftx is one of the largest exchanges in Australia, offering over 422+ coins. As you would expect, all of the most popular coins are supported, but that's not all; Swyftx's range of altcoins is extremely impressive. As a new investor you might not be considering investing in lesser known coins yet, but as you start learning more about crypto, you may want to diversify your investments. It is a good idea to start learning on an exchange that has a large selection of cryptocurrencies, so that if you decide you want to invest in upcoming coins later on, you don't need to sign up to a new platform. 

24/7 Live Chat customer support:  Swyftx is one of the few crypto exchanges that offer 24/7 Live Chat Support. It is an often-overlooked feature, but I recognise how important and useful it is. Particularly if you are new to crypto and have lots of basic questions, you want them answered immediately instead of waiting hours or days for an email reply. 

I tested out the Live Chat feature, and it was an excellent service. I was automatically connected to a Bot, which offered some answers to common questions (freeing up Live Chat agents to deal with more complex issues and saving you wait time). Since the bot couldn't answer my question, I asked to be connected to a real person. There was an 11 minute wait, but this isn't too long, especially when compared to the customer support of other crypto exchanges. The Support member I spoke to was very knowledgeable and answered my questions in just a few minutes. Swyftx scored a 9.5/10 for customer support in my real-world test, and you can see the methodology and results here.

Android and iOS apps:  Swyftx has an app for Android and iOS users, and it is one of the best crypto apps in Australia. I found it very easy to navigate, and everything on the desktop site is available, eg: buying, selling, trading, deposits, withdrawals, and even the demo mode. I found it very convenient for keeping an eye on my crypto portfolio and current market prices at all times.

Security is top priority:  Being able to trust a crypto exchange is one of the most important things to check when choosing which platform to use. To keep your investments safe, Swyftx has an extensive range of security practices including the following:

• Using JSON Web Tokens (JWTs) and session expiry
• KYC verification
• Biometric authentication
• Offering and encouraging 2FA account protection
• Breached password detection
• Consulting with 3rd party security auditors 
• Undertaking external penetration testing
• Internal least-privilege security model
• ISO 27001 certification

In light of the collapse of FTX, there is a fear that crypto exchanges cannot be trusted. However, Swyftx holds all customer funds 1:1 and all assets in 100% full reserve. You can also opt for self-custody using one of Australia's best crypto wallets to ensure you maintain total control at all times.

Swyftx also holds ISO 27001 certification, the international standard for information security. The exchange is regularly audited so you can trust that your funds and personal information are safe at all times. 

FREE $20 of Bitcoin Signup Offer:  Swyftx has a great offer for new customers. If you sign up and verify your account, you will receive $20 of Bitcoin for free! It only takes a few minutes to sign up and verify, and then you will be rewarded your first cryptocurrency, free! Click here to claim the offer now. 

What I Don't Like About Swyftx

Despite all the positives, there are a few drawbacks to using Swyftx as your cryptocurrency exchange, and I cover these issues here.

No advanced markets for experienced traders:  Swyftx is focused on creating a user-friendly experience for newcomers to crypto and they have succeeded in doing that. The downside is that experienced traders that enjoy margin trading, futures trading, and CFDs will not find that on Swyftx. If you are interested in those features, you need to try an exchange like Bybit or MEXC.

No staking or earn options:  Swyftx used to have an Earn feature, where you could stake your crypto and earn interest on your coins. However, they have stopped this feature for now, as they seek information about regulations on this financial product in Australia. If you are looking for a crypto exchange to stake your coins, click here.

Swyftx Fees

Swyftx prides itself on low fees and spreads which means more money and crypto in your pocket. Have a look at the various fees for depositing, withdrawing, and trading.

Swyftx Deposit Fees

No fees on AUD deposits, regardless of your chosen payment method.

Swyftx used to charge $2 deposit fees if you deposit under $200 but this is now gone, which is great for the user. Some outdated information on other websites may still state they charge a deposit fee, but that's inaccurate. 

Swyftx Withdrawal Fees

No fees on AUD withdrawals of any limit. 

Crypto withdrawals incur standard network mining fees; no additional Swyftx charges.

Swyftx Trading Fees

Swyftx charges 0.6% fees on trades, and you can receive discounts based on high trading volume.

Swyftx Spreads

You may have heard of the term spread but may not be sure exactly what it means. The spread is the difference between the buy and sell prices of the cryptocurrency. If you don't take into account the spreads, you can lose chunks of profit or incur larger losses through hidden fees. 

According to an in-depth test I conducted, Swyftx's average spread is just 0.51%, which was much lower than competitors CoinSpot and Crypto.com.

Verdict

Swyftx is a standout crypto exchange for Australians. It is a user-friendly platform with a Demo Account, over 422+ cryptocurrencies, a wide range of fee-free deposit options, and 24/7 Live Chat Support.

On top of that, it has low trading fees of 0.6%, tight spreads, and top-notch security so you can buy and sell with peace of mind. To sign up with Swyftx, don't forget to use this link to receive $20 free Bitcoin as soon as you register and verify. 

If you are still looking to compare the best Australian crypto exchanges, read my article here. You may also be interested in my comparison test of the top crypto exchanges. I deposited $100 into each of four crypto exchanges: Swyftx, Digital Surge, CoinSpot and Independent Reserve, bought $100 of Bitcoin on each, then sold it all back, to see how much money was lost to fees and spread. Read the interesting results here.

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