Swyftx is an Australian cryptocurrency exchange that gives their users the opportunity to buy and sell more than 200 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 Australians most popular exchanges. Swftx provide their users with a user friendly app and desktop platform to trade on. They are also known for low trading fees and spreads.
Swyftx Supported Deposit Methods:
- Bank transfer
- Credit card
- Debit card
Swyftx Fees and Limits
$2 on fiat deposits under $200, cryptocurrency network fees
$2 on fiat withdrawals under $200, cryptocurrency network fees
~0.4% to 0.6% on deposits and withdrawals (included in the displayed cryptocurrency prices)
A trading fee of 0.6% can seem high but when you factor in the tight spread Swyftx offer then they quickly become the best value exchange in Australia. Due to the nature of the small market of AUD - Cryptocurrency markets the spreads tend to be larger than on the US exchanges.
What is spreads?
The spread is the difference between the buy price and the sell price. As a trader you want them to be as close as possible because the difference acts as an additional fee (that many don't talk about). Swyftx's competitors can have a spread as wide as 2.6% where Swyftx can have a spread as tight as 1.01%.
Why are there forex fees?
When you deposit into Swyftx, your AUD is automatically converted to USD, this is generally a good thing as the price you get in USD will be better. However this conversion does carry a fee.
What additional features do Swyftx have?
A unique feature that Swyftx gives its users is a demo account. Most cryptocurrency exchanges do not have this feature and Swyftx is the only one to offer it in Australia. A demo account is funded using virtual cash or assets. By having the account as well as the funds available to you, you can learn how to use the platform, how it works, and the conditions of trading through the platform.
A demo account is useful for both beginners and advanced traders. Advanced traders can use the demo account and its funds to test new trading strategies before using real money to make trades. Swyftx also goes above and beyond to simulate real trading conditions and liquidity to make the experience as real as possible.
All users get a custodial wallet when they start trading on Swyftx. This wallet supports all the coins that are supported by the platform with coins being stored in either cold or hot storage that is protected by the latest security protocols. Swyftx advises its users that online wallets are not a great option because they attract hackers. Because of this, users are advised to buy and use a hardware wallet from a reputable company such as Trezor or Ledger device.
Self-Managed Super Fund
The one feature that we cannot fail to mention is that Swyftx lets its users create a Self-Managed Super Fund (SMSF). This service is provided in partnership with New Brighton capital, a reputable finance company. The fund is a retirement fund that also comes with lots of tax benefits.
To set up the Self-Managed Super Fund, you will need to provide the exchange with some information. This includes the name and address of a registered trust, the Trust ABN, the details of all the beneficiaries of the trust, and a copy of the trust deed. All major beneficiaries - people who have a stake of 25 and over - should also have registered with Swyftx and have active accounts.
The Australian Tax office categorizes SELF Managed Trust Funds as one of the many types of retirement funds. The members of the fund are also its trustees and are supposed to comply with all the regulations set by the Australian Tax Office, including super laws and all tax regulations. The benefits that come with the fund make it a great investment option for crypto traders and holders. All the benefits that come from the fund are taxed at 15%.
Is Swyftx Safe for Its Users?
Swyftx is registered with AUSTRAC as a digital exchange and an Australian company. Swyftx also complies with all KYC/AML rules, regulations and obligations.
The platform uses instant verification where users are not required to upload any documentation. Swyftx reports that over 70% of users who verify tier identity on the platform do so within a couple of minutes.
Swyftx has implemented 2-factor authentication. Additionally, they scan data breaches to ensure that none of their customer data is compromised. If it is, they take measures to secure all affected accounts, if any.
Addional information about Swyftx
Swyftx is an Australia-based company. It has its base of operations in Queensland. It was started by Alex Harper and Angus Goldman, programmers and cryptocurrency enthusiasts. Alex and Angus reviewed the crypto market in Australia and sought to create a better exchange than what was available.
To stand out from other exchanges, the platform has some unique features. For example, it offers tight spreads by converting all funds deposited by users to USD and functions as a hybrid exchange, with the best parts of both a brokerage and peer-to-peer exchange network.
On Swyftx, users buy crypto from the company rather than from other traders. However, the aggregated liquidity and low fees allow the platform to operate as some kind of peer-to-peer exchange network, with features like stop losses, limit orders and TradingView integration.
Swyftx Pros & Cons
- Because of its small spreads, Swyftx offers the best value for traders’ money in Australia.
- Swyftx offers trading features and the ease of a brokerage on the same platform. By offering this hybrid model, it is to offer traders the best parts of both worlds.
- There are hundreds of cryptocurrencies to trade on Swyftx
- The customer service s incredible, with an industry-leading wait time of 1.5 minutes
- The foreign exchange costs can offset the value of money deposited or withdrawn from the platform
- Swyftx’s main currency is AUD. However, it does accept other currencies if you would like to make a large transfer.
Swyftx Pros & Cons
The platform is only available in Australia.
It does. You can download the iOS or Android apps from their respective play stores.
Swyftx verifies its users using their phone number, email, and government-issued identification.
You can use the live chat button or visit the help section on their website.