Swyftx Review

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Bottom line:

Swyftx is undoubtedly one of the best crypto trading platforms for Australians due to its feature-rich user interface and mobile app. With rapid AUD deposit and withdrawal methods, 0.6% trading fees, and the ability to stake the best coins to earn rewards, Swyftx targets Australians. While the abundance of features can be daunting for new users, it doesn't take long to become familiar with and start buying crypto. There is also a Swyftx referral code to claim $20 worth of free Bitcoin.

How We Rated Swyftx

Review Criteria	Hedge With Crypto Rating
Features	5 / 5
Supported Fiat and Deposit Methods	4.8 / 5
Supported Crypto & Trading Pairs	4.8 / 5
Fees	4.6 / 5
Ease of Use	4.6 / 5
Customer support	5 / 5
Security Measures	4.8 / 5
Mobile App	4.8 / 5

Pros Explained

• $20 referral bonus. Swyftx has a $20 Bitcoin bonus for individuals who create an account and complete the ID verification process. The promotion is available for users who sign up using our link. For a quick guide on how to claim the Swyftx referral bonus, click here.
• Rapid verification. Swyftx has a quick and simple process for signing up, verifying, depositing funds, and beginning trading. Unlike other exchanges in Australia, users do not need to upload ID documentation or selfies and wait hours for their account to be approved before they can buy cryptocurrency.
• Designed for the general public. The desktop and mobile applications have been designed for the Australian community. The whole trading experience is modern, fresh, and fully customizable to suit each investor to monitor their portfolio and place traders. There is also the ability to toggle dark mode and a demo account to trade crypto risk-free.
• Low fees and spreads. The cost to buy and sell crypto is a flat 0.6%. Swyftx is one of the few platforms transparent about its spread fees, which are as low as 0.45% for Bitcoin.

Cons Explained

• No margin trading products. Swyftx is limited to a spot market only and does not offer margin, derivatives, options, or leveraged tokens. Experienced traders will need to create an account with an additional trading platform such as Binance Futures or Bybit which are reputable margin platforms available in Australia.

Swyftx At A Glance

Swyftx is a leading crypto trading exchange based in Brisbane, Australia, founded by Alex Harper and Angus Goldman. It is a trusted and reputable platform with over 660,000 users. Individuals can buy, trade, and sell 320+ cryptocurrencies with AUD using a safe and user-friendly exchange. Swyftx has an intuitive and advanced user interface that is perfect for the general public. The platform has innovative features, making buying cryptocurrency simple and affordable for Australians.

Exchange Name	Swyftx
Fiat Currency	AUD, USD, NZD
Cryptocurrency	Bitcoin, Ethereum, XRP, Cardano and 300+ others
Payment Type	Bank transfers, POLI, PayID, credit card & debit card
Trading Fee	Flat fee of 0.6% per trade
AUD Deposit Fee	None
AUD Withdrawal Fee	None
Mobile App	Yes (Android and iOS)

Swyftx Compared & Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
CoinSpot	380	1% (instant), 0.1% (spot)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	$20 Bitcoin for creating a verified account and depositing	Visit CoinSpot	CoinSpot Review

Many alternative exchanges like Swyftx with similar features can also be considered, such as CoinSpot, Digital Surge, and others. For more information on the best alternatives to Swyftx, read this article or check out these comparison articles:

• Swyftx vs Coinspot
• Swyftx vs Digital Surge
• Swyftx vs Binance
• Swyftx vs Crypto.com
• Swyftx vs Coinbase
• Swyftx vs CoinJar

Swyftx Features Reviewed

Buy Bitcoin Instantly

A key reason to use Swyftx is the ability to buy Bitcoin in Australia or another crypto asset quickly using AUD or USD. Swyftx supports a wide variety of methods to transfer funds to an account. Customers can rapidly deposit up to $50,000 worth of AUD using a bank transfer, OSKO, POLi payment, and PayID through an Australian bank account. There are zero fees to deposit and withdraw AUD to a bank account. Swyftx has also recently introduced support for debit and credit card payment methods.

A Wide Range Of Supported Assets

Swyftx's platform has over 320+ cryptocurrency coins, assets, tokens, and digital currencies. For instance, Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Cardano, EOS, Stellar Lumens, NEO, Algorand, and Dogecoin can be traded at live daily prices with charting features. The exchange also supports popular DeFi tokens like Compound, Sushi, and Yearn Finance. A full list of the supported assets can be viewed on the platform, showing the spread, market cap, 24-hour volume, and change percentage.

SMSF Support

Swyftx allows its customers to invest in cryptocurrencies as part of their Self-Managed Super Fund (SMSF). While the tax benefits are widely known to be attractive, some of the biggest risks revolve around non-compliance with regulatory requirements. As such, Swyftx has partnered with super fund specialist New Brighton Capital to ensure compliance.

Due to Australian government standards, users must create an SMSF account separate from theirs. Key information, including the Trust Deed, must be submitted and approved, a process facilitated by Swyftx. Once approval is obtained, funds can be deposited, and cryptocurrencies such as Bitcoin can be purchased as long-term stores of value. All SMSFs must understand the costs, risks, and regulatory nuances behind using super funds to invest in digital assets.

In-built Crypto Tax Calculators

In Australia, a capital gains event may be triggered when crypto, such as Bitcoin, is sold for financial gain, traded, or converted back to cash. In these instances, the Australian Tax Office (ATO) may regard these as taxable events and must be reported at the end of the financial year. To aid Australians in understanding their taxation obligations, Swyftx has integrated a free-to-use tax calculator that gives users a preliminary idea of how much Capital Gains Tax (CGT) they might have to pay.

For more information about the tax implications associated with cryptocurrencies, read our cryptocurrency taxation guide for Australians.

Recurring Orders

An excellent feature offered on Swyftx is recurring orders to automate investing in digital currencies. Individuals can set up automatic AUD deposits for a particular amount and transfer funds to the exchange using PayID, POLi, or a bank transfer.

The funds can be used to purchase multiple cryptocurrencies at once. Recurring orders called Dollar Cost Averaging (DCA) are useful for highly volatile markets. Users should note that setting up recurring orders in the demo mode is not supported. Below is a screenshot of the fields to complete when setting up a DCA order.

Swyftx Bundles

Users who can't decide which coins to purchase can purchase Swyftx Bundles to diversify a cryptocurrency investment portfolio. The bundles are essentially collections or groups of crypto assets that can be purchased in a single transaction. The advantage of bundles for customers is they will reduce the overall fees incurred by individuals buying crypto assets. Bundles can also be set up as recurring orders to DCA in the market. 

For example, the Swyftx Top Traded Altcoin bundle includes an equal 20% allocation to buy the most altcoin coins, including Shiba Inu, Ethereum, Solana, Cardano, and Decentraland. A screenshot of the bundles is shown below.

Account Registration & KYC

To create an account with Swyftx, click the “Sign Up” button below. This will take you directly to the Swyftx registration page, where you must fill in your email, set a password, and enter your name and phone number. Click “agree” to the terms and conditions and hit “Create My Account”. There are no fees to create or maintain a Swyftx account or wallet.

New users who create an account with Swyftx are required to verify their identity. The Swyftx verification process is simple and can be completed in 2 minutes. To start the verification process, navigate to the sidebar on the left and click “Profile.” Then, under your name, go to “Verification”.

Depositing Funds

Swyftx Australia supports several payment options for customers to transfer AUD to an account, such as PayID, POLi, bank transfers, debit cards, and credit cards. The safest and easiest method to transfer funds to Swyftx is using PayID or POLi payment method with an Australian bank. The money will arrive near-instantly to purchase crypto. The ability to instantly deposit AUD is a major advantage of Swyftx compared to other exchanges.

The minimum deposit amount is $30, and the maximum limit per account is $50,000 with full verification. There is no option to purchase crypto using a cash deposit or PayPal. Read this article for a list of Australian exchanges that offer to buy crypto with PayPal.

Existing Swyftx users can transfer crypto and convert it back to AUD. The supported 320 coins available for purchase can also be deposited to Swyftx using a QR code or Bitcoin wallet address. The speed of transferring Bitcoin or other digital coins will depend on the number of confirmations and network congestion at the time of the transaction.

For example, BTC deposits can arrive between 11 minutes and 1 hour. Other cryptocurrencies that can be transferred into the Swyftx wallet are limited Ethereum (ETH) and Ripple (XRP).

Deposit Method	Speed
PayID	Near Instant
POLi	1 minute
Bank transfer	1 minute (OSKO), or 2-6 hours
Credit card	Up to 30 minutes

Buying Cryptocurrency

Swyftx has a simple, clean, and easy-to-use trading experience for new beginners or experienced investors. The dashboard includes a top bar with the Bitcoin live price in AUD and other cryptocurrency assets. The bar on the left is the primary navigational menu to bring up the trade window, change profile details, and quick navigation to the Swyftx deposit and withdraw functions. 

User Experience

To buy cryptocurrencies using Swyftx, a simple order-entry form estimates the 1 BTC to AUD price and the amount to pay in exchange. A great feature is that the exchange will display the amount of crypto received after the 0.6% trading fee to give the user full transparency. Customers have the option to place a trade using different orders, such as:

• Market order
• Limit order
• Stop order
• Recurring order

Traders can bring up a full-screen charting mode with advanced trading and charting tools. The platform is integrated with the premium charting package TradingView which is renowned for its real-time charts. An example of the Bitcoin chart is shown below.

The charts offer various time frames and price pairings against AUD, USD, and Bitcoin. Several trading features, such as trend lines and indicators, can be overlaid, and chart patterns can be drawn to perfect an entry using a market, limit, or stop order.

There is the option to set price alerts that will trigger on the desktop and mobile app to alert when crypto reaches a pre-defined price. Moreover, there is a full demo mode trading account for users to learn how to trade crypto and experience using the platform without real money.

Trading Fees

Swyftx charges a simple 0.6% per transaction for buy and sell orders. The deep liquidity available gives users tight spreads from 0.45% and reduced slippage. Other exchanges can charge up to 1% for instant purchases, with spreads around 2.6%. For a full list of fees, visit the website.

Deposit & Withdrawal Fees

The most common method for users is to deposit fiat currency from a local bank account. Depositing AUD from a bank account is free. The exchange does not charge fees for making a withdrawal from Swyftx. Customers can withdraw any amount of AUD to a bank account without charges.

Customer Support

Swyftx provides a 24/7 service desk with 29 members in the customer support team to assist via phone, email, live chat support, or Telegram. The live chat support feature is very useful to users who need guidance with creating an account, completing ID verification, depositing funds, or using the exchange to buy and sell coins. The response time on support queries was exceptional during hours in our experience. The website also provides a comprehensive section with over 130 articles on how-to guides, tutorials, and frequently asked question articles.

The exchange has received a 4.7/5 star rating according to Trust Pilot reviews based on 3,828 customer reviews and comments. About 88% of feedback was rated as great or excellent, a slight decline from 96% since our last update. This is still a good reflection of the customer service for its new and existing users. Overall, the customer support on Swyftx is one of the best compared to other crypto exchanges in Australia.