What is Swyftx?
Swyftx is one of the best Australian crypto exchanges, and there are several reasons why it is ranked so highly. Swyftx is easy to use, supports 320+ cryptocurrencies, is AUSTRAC-registered, compliant with KYC/AML regulations, and has low fees and spreads.
Since its establishment in 2018, Swyftx has rapidly grown to become one of Australia's most popular exchanges, with an extremely high rating of 4.7 stars from 4,000+ reviews 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 account, and FREE $20 BTC with this link.
My Overall Thoughts on Swyftx
Swyftx is one of my top recommendations for Australians, and especially for beginner and intermediate crypto investors. Here are the 3 main reasons why I feel this way:
1) Swyftx has built an intuitive platform that allows novices to quickly and easily invest in cryptocurrency. The user-friendliness exists on the app and desktop site, and if you have any queries, you can reach contact customer support via live chat 24/7.
2) Swyftx has low fees and tight spreads. From the results of my comparison test on Swyftx and three other top Australian crypto exchanges, 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 a cryptocurrency they wish to buy or trade. Swyftx also regularly adds new coins to their platform; you can be one of the first to invest, before they are listed on major global exchanges.
One of Swyftx's drawbacks is that the exchange does not offer advanced features such as derivatives trading, margin trading, or trading bots. This is a fair and valid point, but Swyftx doesn't aim to be an advanced crypto trading platform; it is an easy-to-use exchange that makes it possible for the everyday person to get involved in crypto.
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:
Comparison Table of the Best Crypto Exchanges in Australia
What Services Does Swyftx Offer?
If you're researching cryptocurrency exchanges in Australia, you will know that there are so many different platforms, all with different advantages and disadvantages. I have 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 account feature so you can learn how to buy, sell, and trade crypto 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.
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. Especially for beginners, if you want questions answered, you don't want to wait 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 was connected to a real person within a minute. The Support member I spoke to was very knowledgeable and answered my questions 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. 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 recent events with 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 Global.
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 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 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.
Pros and Cons of Swyftx
- Credit and debit card deposits accepted
- Simple and user-friendly interface
- All customer funds held 1:1 and all asssets in 100% full reserve
- Over 320+ cryptocurrencies available
- 24/7 Live Chat Support with a real person
- No advanced trading markets
- Staking crypto is no longer supported
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.
You can also see my articles where I compare Swyftx to other exchanges:
Verdict
Swyftx is a standout crypto exchange for Australians. It is a user-friendly platform with a Demo Account, over 320+ cryptocurrencies, a wide range of fee-free deposit options, and 24/7 Live Chat Support.
On top of that, it has low fees of 0.6% on trades, low 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 our 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 I lost in fees and spread. Read the interesting results here.
Frequently Asked Questions
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.
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.
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.
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.
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.
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