Swyftx Review

Swyftx Review

Robert McDougall

December 5, 2022

Cryptocurrency

What is Swyftx?

Swyftx is one of the best Australian cryptocurrency exchanges, and it has achieved this due to several main reasons. Swyftx offers more than 320+ cryptocurrencies, it is AUSTRAC-registered, compliant with KYC/AML regulations, has low fees, and you can earn interest on 20 coins

Since its establishment in 2018, Swyftx has rapidly grown to become one of Australia's most popular exchanges, and has an extremely high rating of 4.7 stars on TrustPilot. Swyftx customers enjoy the user-friendly app and desktop site to buy, sell and trade crypto, with 24/7 live chat support on hand. Swyftx also offers low trading fees and spreads, a demo mode, interest earning options, and FREE $20 BTC with this link.

  • Web Address: www.swyftx.com.au
  • Main location: Brisbane, Australia
  • Mobile app: Android and iOS apps
  • Deposit Methods: Bank transfer, POLi, Credit card, Debit card, OSKO, PayID, Cryptocurrency
  • Trading Fees: 0.6%
  • Deposit Fees: Free for all methods
  • Fiat Currencies: AUD, NZD
  • Cryptocurrencies: BTC, BTG, BCH, ADA, ETH, ETC, XRP & 320+ more

My Overall Thoughts on Swyftx

Swyftx is one of my top recommendations for Australians looking for a crypto exchange, and there are 3 main reasons for this:

1) Swyftx has built an intuitive platform that allows novice buyers to easily invest in cryptocurrency and also earn interest on 20 different coins. The user-friendliness exists on the app and desktop site, and if you have any trouble, you can easily contact customer support via live chat.

2) Swyftx has low fees and tight spreads. From the results of our comparison test on Swyftx and 3 of the other best Australian crypto exchanges (CoinSpot, Digital Surge, and Independent Reserve), Swyftx rose to the top for trading fees and spreads. Moreover, Swyftx offers free AUD deposits and withdrawals, regardless of which payment method you choose. 

3) Access to all the most popular cryptocurrencies (over 320+ listed). With such a wide array of coins to choose from, both beginners and experienced crypto investors will find something they wish to trade. Users can also earn interest on 20 different cryptocurrencies, which is an excellent feature.

One of Swyftx's few drawbacks is that the platform does not offer advanced features such as derivatives trading or margin trading, but this is because Swyftx is focused on making crypto investing easy for the everyday person.

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 most users, there are a couple of points to keep in mind when deciding whether you should sign up to this platform:

Comparison Table of the Best Crypto Exchanges in Australia

Bybit
CoinSpot
Swyftx
Binance
MEXC
Crypto Exchange
Crypto Exchange
Bybit
CoinSpot
Swyftx
Binance
MEXC
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
AUD
AUD, NZD
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, EOS & 220+ more
BTC, ETH, LTC, XRP, BCH, ADA & 370+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, BNB, XRP, LTC, BCH, XLM & 600+ more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Google Pay, PayID, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID/OSKO, Debit/Credit card, SWIFT, Bank transfer (SEPA), Bank transfer (ACH), Cryptocurrency
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Trading Fees
Trading Fees
0% for spot, 0.01%/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
0.6%
0.1% (0.075% if you pay with BNB)
0.2% for spot, 0.02%/0.06% for futures

What Services does Swyftx offer?

If you're researching cryptocurrency exchanges in Australia, you've probably come across so many different platforms, all with different advantages and disadvantages. I've summarised the best services that Swyftx offers, to highlight why it is one of the top 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 bonus over exchanges based in the USA or Asia, as there is no need to convert AUD into USD, and lose money in conversion fees. There are also no fees for depositing and withdrawing AUD on Swyftx.

Customisable and simple user interface:  Swyftx is easy to use, even for a complete crypto beginner. It has a fresh, modern look, and it is easy to make your way around the website or the mobile app. There is even a Demo feature so you can learn how to use the site without risking any of your own money.

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

Advanced traders on Swyftx like to use tools such as Recurring Orders and Bundles. Recurring Orders allow you to set up regular schedules, where money is deposited into Swyftx and automatically purchases your favourite coins. This is a convenient way to dollar cost average (DCA) your investment. There is a good saying, "it's time in the market, rather than timing the market", which holds very true in crypto. Since cryptocurrency is volatile, by buying small amounts over time, you are gradually increasing your share in the crypto market without having to risk big losses.

Bundles are another way of investing in the market, by diversifying your holdings. Swyftx offers 8 different Bundles, which are collections of coins that are all purchased together so you invest in all of them at once. My personal favourite is the 'Swyftx Top 10 by Market Cap' which is exactly what it sounds like. Your investment is evenly split among the top ten biggest coins, which is a good opportunity to make long-term growth.

Over 320+ cryptocurrencies available:  Swyftx is one of the largest exchanges in Australia, offering over 320+ coins. As you would expect, all the popular coins are available, as they are on most crypto exchanges, but Swyftx's array of altcoins is extremely impressive. As a new investor you might not be thinking about the small coins yet, as you may only be interested in the popular ones, like BTC and ETH. However, as you become more experienced, you may start to research and invest in other coins. 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 newer upcoming coins, you don't need to sign up for a new platform to buy them. 

Earn interest on 20 cryptocurrencies:  Many beginner-friendly exchanges don't offer crypto interest options, but Swyftx does with its Earn feature. You can earn interest on many popular coins such as BTC, ETH, ADA, USDT and AXS, which you can see here. This is available on both the mobile app and desktop platforms, and is a way to earn rewards on your cryptocurrency, paid in the same coin that you have deposited. It is similar to earning interest on your fiat currency in a bank, you are growing your investment while you hold it - a neat way to earn some passive income. For a step-by-step guide on how to earn interest on Swyftx, read our article here.

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 we recognise how important and useful it is. Especially for beginners, if you want questions answered, you don't want to wait hours or even days for a reply by email. 

I tested out the Live Chat feature, and it was an excellent service. I was automatically connected to a Bot, which offered me some answers to common questions you have (this frees up time for the Live Chat consultants to deal with more complex issues and saves your wait time), and if you still need to talk to a person, you will be connected within a minute or two. The Support member I spoke to was very knowledgeable and was able to answer my question in just a few minutes. 

Android and iOS apps:  Swyftx has an app available for both Android and iOS users, and it is one of the best crypto apps in Australia. It is an essential tool for those that want to stay ahead of the market. The app allows you to trade anytime and any where so you can always keep an eye on your investments.

 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

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 will go through them 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 Binance or KuCoin.

Only available in Australia and New Zealand:  Swyftx is a great platform, but it is currently only available to residents of Australia and New Zealand. If you are from the USA, you won't be able to access Swyftx.

Swyftx Fees

Swyftx prides itself on low fees and spreads which means more money and crypto in your pocket.

Swyftx Deposit Fees

No Fees on AUD deposits, regardless of your preferred method.

Swyftx used to charge $2 deposit fees if you deposit under $200 but they have now removed that, which is great for the user. Some outdated information on other websites may still state they charge a deposit fee, but it's not accurate. 

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 are not 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 increase your losses through hidden fees. 

According to a test we conducted, Swyftx's average spread is just 0.51%, which was much lower than competitors CoinSpot and Crypto.com.

Pros and Cons of Swyftx 

Pros
  • Credit and debit card deposits accepted
  • Simple and user-friendly interface
  • Only takes a few minutes to register and start trading
  • Over 320+ cryptocurrencies available
  • Stake 20 coins and earn interest
  • 24/7 Live Chat Support with a real person
Cons
  • No advanced trading markets
  • Only available in Australia and New Zealand

How Does Swyftx Compare to Other Exchanges?

Below is a table that compares Swyftx to six other popular crypto exchanges in Australia. You can see at a glance which features you are interested in, and which platforms offer them.

Verdict

Swyftx is a standout crypto exchange for Australians. It has a user-friendly platform with the option of a Demo Account, offers over 320+ cryptocurrencies, staking on 20 coins, accepts a wide range of deposit options with no fees, and has 24/7 Live Chat Support.

On top of that, it has low fees of 0.6% on trades, the lowest spreads of any Australian exchange and top-notch security so you can buy and sell with peace of mind.

If you decide you want to open an account with Swyftx, don't forget to use this link to receive $20 free BTC as soon as you register and verify. 

If you are still looking to compare the best Australian crypto exchanges, read my review 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 I lost in fees and spread. The results are interesting!

Frequently Asked Questions

Is Swyftx legitimate?

Yes, Swyftx is a legitimate Australian cryptocurrency exchange established in 2017. It is licensed and regulated, and is registered with AUSTRAC (Australian Transaction Reports and Analysis Centre). There are more than 630,000 users on Swyftx, and it was awarded ISO27001 certification, after undergoing regular external auditing.

Is Swyftx safe?

Yes, Swyftx is an extremely safe crypto exchange. It has an extensive range of security measures designed to keep your assets secure, and even has tips on how to increase your protection. For more detailed information, see their Cryptocurrency Security Guide. Swyftx battles against scams and fraud by implementing advanced identification checks and working together with Chainalysis, the largest global blockchain analysis company. 

Is Swyftx a wallet?

Swyftx is a cryptocurrency exchange where you can buy and sell coins, but there is also a Swyftx Wallet app available for Android and iOS. You can use the wallet to securely store your Bitcoin, Ethereum, and Litecoin, and over 100 other cryptocurrencies in total.

Can Swyftx be trusted?

Yes, Swyftx is a trustworthy Australian cryptocurrency exchange that has been established since 2017. There are over 630,000 users, and it is rated extremely highly according to TrustPilot reviews. It has also received ISO27001 certification, meaning it undergoes regular external auditing. All assets are also held in reserve 1:1 so you will never have issues withdrawing your funds.

Is Swyftx regulated?

Yes, Swyftx is fully regulated and licensed in Australia. It is registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) to promote financial transparency and thwart criminal crypto activity, and complies with all its strict KYC/AML obligations to prevent money laundering and financing of terrorism.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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