Swyftx Crypto Exchange Review 2021

What is Swyftx?

Swyftx is one of the best Australian cryptocurrency exchanges that gives their users the opportunity to buy and sell more than 270+ cryptocurrencies using AUD. They are AUSTRAC-registered and comply with all the KYC/AML regulations. Since opening in 2017 they have rapidly grown to become one of Australia's most popular exchanges. Swyftx provide their customers with a user-friendly app and desktop platform to trade on. They are also known for low trading fees and spreads.

  • Web Address: www.swyftx.com.au
  • Main location: Brisbane, Australia
  • Mobile app available: Yes
  • Deposit Methods: Bank transfer, Credit card, Cryptocurrency, Debit card, OSKO, PayID
  • Trading Fees:  0.6%
  • Deposit Fees:  FREE
  • Fiat Currencies: AUD
  • Cryptocurrencies: BTC, BTG, BCH, ADA, ETH, ETC, FIL, LTC, NEO, XRP & 260+ more

My Overall Thoughts on Swyftx

When the founders of Swyftx, Alex Harper and Angus Goldman, decided to set up a new cryptocurrency exchange, their goal was a transparent, easy-to-use platform with trading features that would appeal to beginner and advanced traders alike.

They have definitely achieved that, because the result is an attractive, intuitive advanced trading platform that offers credit and debit card deposits, zero deposit & withdrawal fees, innovative trading tools and superior customer service to Australian traders. 

Swyftx has a big focus on low fees and low spreads, and I have found this to be true. I did a comparison test using my personal accounts on Swyftx and 3 of the other best Australian crypto exchanges (Digital SurgeCoinSpot and Independent Reserve), and Swyftx rose to the top. If you want to read about my test, click here.

One of Swyftx's few drawbacks is that the platform is only available to Australian crypto traders. Residents of other countries need to use other crypto exchange platforms.


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:

Comparison Table of the Best Crypto Exchanges in Australia

Digital Surge
CoinSpot
Swyftx
Binance
Independent Reserve
Crypto Exchange
Crypto Exchange
Digital Surge
CoinSpot
Swyftx
Binance
Independent Reserve
Fiat Currencies
Fiat Currencies
AUD
AUD
AUD
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
AUD, USD, NZD, SGD
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BNB, ADA, XRP & 250+ more
BTC, ETH, LTC, XRP, BCH, ADA & 280+ more
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, BNB, ADA, XRP & 500+ more
BTC, ETH, XRP, BCH, ADA, DOT, USDT & 15+ more
Deposit Methods
Deposit Methods
PayID, POLi, OSKO, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card
PayID, Credit card, Debit card, Cryptocurrency
PayID, OSKO, SWIFT, EFT, Cryptocurrency
Trading Fees
Trading Fees
Market order: starts from 0.5%, Instant buy: 0.5%
Market order: 0.1%, Instant buy: 1%
0.6%
0.1%
Starts from 0.5%

What Services does Swyftx offer?

If you're researching cryptocurrency in Australia, you've probably come across so many different exchanges and they all seem to have different pros and cons. I've summarised the best services that Swyftx offers, to show you 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 America or Asia, as there is no need to convert your AUD into USD, and lose money via conversion rates. There are also no fees for depositing and withdrawing AUD on Swyftx.

Customisable and simple user interface:  Swyftx is easy to use, even for the 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 losing any money.

Swyftx is not just 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 buy your favourite coins instantly. They are great because you are averaging out the investment you put into crypto. There is a good saying, "it's time in the market, rather than timing the market", which I think 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 7 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 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 270+ cryptocurrencies available:  Swyftx is one of the largest exchanges in Australia, offering over 270 coins. As you would expect, all the biggest 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, you may only be interested in the major coins, but as you become more experienced, your decisions may change. 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, you don't need to look for a new platform. 

Live Chat customer support:  Swyftx is one of the few crypto exchanges that offer Live Chat Support. It is an often-overlooked feature, but I have recently realised how useful it is. Especially for beginners to the crypto market, if you want questions answered, you don't want to have to wait hours or even days for a reply by email. 

I tested out the Live Chat feature, and it was excellent service. You are automatically connected to a Bot, which will offer you 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. 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

FREE $10 of Bitcoin Signup Offer:  Swyftx has a great offer for new customers. If you sign up and verify your account, you will receive $10 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

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.

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 may still state they charge a deposit fee, but it's not true. 

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. High volume discounts apply.

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. Swyftx boasts, on average, the lowest spreads of any Australian platform. For example, their spreads for Bitcoin are as low as 0.45%.

Their average spread is 1.7%, compared to the competitors' average spreads which can be up to 4.0%.

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 270+ cryptocurrencies available
  • Live Chat Support with a real person
Cons
  • AUD is the only fiat currency for deposits
  • Only available for Australians

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 270 cryptocurrencies, accepts a wide range of deposit options with no fees, and has 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 $10 free Bitcoin 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).

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 300 000 users of this platform, and it is rated extremely highly according to TrustPilot reviews.  

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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