We may earn a commission from links on our site, but this doesn’t affect our reviews. Learn more.

Swyftx Review

While Swyftx has beneficial tools and features for beginners in Australia, many of its offerings may not be suitable for advanced crypto traders with more experience.

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Our Take

4.9 / 5
HedgewithCrypto Score 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.

Bottom line:

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

  • Trading Fees:


  • Currency:

    AUD, USD

  • Country:

    Australia, New Zealand

  • Promotion:

    $20 Bitcoin for creating a verified account

Pros and cons

  • $20 referral bonus
  • Rapid verification
  • Designed for anyone to use
  • Does not offer margin, derivatives or Futures markets

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 to sign up, verify, deposit funds, and begin trading. Unlike other exchanges in Australia, there is no need to upload ID documentation or selfies and wait hours for the account to be approved before users 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 that is transparent with their spread fees which are as low as 0.45% for Bitcoin. The prices and spread costs are very competitive for AUD pairs in comparison to other Australian exchanges.

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 that was 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 is rich with innovative features to make buying cryptocurrency simple and affordable for Australians.

Exchange NameSwyftx
Fiat CurrencyAUD, USD, NZD
CryptocurrencyBitcoin, Ethereum, XRP, Cardano and 300+ others
Payment TypeBank transfers, POLI, PayID, credit card & debit card
Trading FeeFlat fee of 0.6% per trade
AUD Deposit FeeNone
AUD Withdrawal FeeNone
Mobile AppYes (Android and iOS)

Swyftx Compared & Alternatives



0.1% (spot) and 0.02% / 0.04% (Futures)

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 LogoByBit

331 (608 trading pairs)

0% (spot), 0.06% / 0.01% (futures)

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 LogoCoinSpot


1% (instant), 0.1% (spot)

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

There are a number of alternative exchanges like Swyftx with similar features that 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:

How Does Swyftx Work?

Swyftx automatically optimizes each crypto order across multiple exchanges' order books to provide higher liquidity on trading pairs (e.g. altcoins) that use their own order book. This results in the trading volume and market depth across the supported trading pairs being significantly higher in comparison to other crypto exchanges. The increased liquidity results in lower spreads (i.e. the difference between the bid and ask price) offered to the user. 

As an example, a traditional Australian cryptocurrency exchange will use its own order books for each trading pair. If there is a lack of trading activity for a particular coin, the spread fee can increase due to the lack of liquidity available. Swyftx solves this problem by drawing on billions of liquidity in one place from a larger Australian cryptocurrency exchange such as Binance Australia.

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 card and credit card payment methods.

Buying Bitcoin with AUD on Swyftx
Buying Bitcoin with AUD on Swyftx.

A Wide Range Of Supported Assets

Swyftx's platform has over 320+ cryptocurrency coins, assets, tokens, and digital currencies., For instance, investors can buy Ethereum, XRP, Litecoin, Bitcoin Cash, Cardano, EOS, Stellar Lumens, NEO, Algorand, and Dogecoin. 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 which shows the spread, market cap, 24-hour volume, and change percentage.

Supported crypto assets on Swyftx
Screenshot of the supported crypto assets on Swyftx.

SMSF Support

Swyftx provides its customers with an avenue to invest in cryptocurrencies as part of their Self-Managed Super Fund (SMSF). Whilst the tax benefits are widely known to be an attractive feature, 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 that compliance is achieved.

Due to standards set out by the Australian government, users will need to create an SMSF account that is separate from their account. Key information including the Trust Deed will need to be submitted and approved, a process which is 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 need to 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 provides users with 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 otherwise referred to as 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.

Setting up a recurring order on Swyftx
Setting up a recurring order on Swyftx from our account.

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 altcoins coins including Shiba Inu, Ethereum, Solana, Cardano, and Decentraland. A screenshot of the bundles is shown below.

Swyftx bundles to purchase groups of cryptocurrencies
Screenshot of Swyftx bundles to purchase groups of cryptocurrencies.

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 will be required to 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 its 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 use 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 with a maximum limit per account of $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.

Buying Bitcoin on Swyftx
Screenshot of how to buy Bitcoin on Swyftx.

Existing users on Swyftx can transfer crypto and convert it back to AUD. The supported 320 coins available to purchase can be also deposited to a Swyftx using a QR code or Bitcoin wallet address. The speed to transfer 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 take between 11 minutes and 1 hour to arrive. Other cryptocurrencies that can be transferred into the Swyftx wallet are limited Ethereum (ETH) and Ripple (XRP).

Deposit MethodSpeed
PayIDNear Instant
POLi1 minute
Bank transfer1 minute (OSKO), or 2-6 hours
Credit cardUp 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 Swyftx deposit and withdraw functions. 

User Experience

To buy cryptocurrencies using Swyftx, there is a simple order-entry form that gives an estimate of the 1 BTC to AUD price and the amount to pay in exchange. A great feature is the exchange will display the amount of crypto that will be received after the 0.6% trading fee to provide the user with 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.

Charting and indicators available on Swyftx
Overlaying charting tools and indicators on Swyftx.

The charts offer a wide range of time frames and price chart pairings against AUD, USD, and Bitcoin. There are several trading features that can be overlaid such as trend lines, indicators, and draw chart patterns 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.

Swyftx bundles to purchase groups of cryptocurrencies
Swyftx bundles to purchase groups of cryptocurrencies.

Trading Fees

Swyftx has a simple fee of 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%. Overall, the trading fees on Swyftx are competitive in the market and offer good value for money. For a full list of fees, visit the website.

Swyftx fees
Swyftx fees.

Deposit & Withdrawal Fees

The most common method for users is to deposit fiat currency from a local bank account. There are no fees to deposit AUD from a bank account. To make a withdrawal from Swyftx, the exchange does not charge any fees. 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 several frequently asked question articles.

Customer support team at Swyftx
Customer support team at Swyftx.

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, which is 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.

Frequently Asked Questions

Is Swyftx safe?

Yes, Swyftx is a secure exchange that has never been hacked or compromised. It employs strong security measures to protect users' information and funds such as AES-256 encryption, 2-Factor Authentication, and cold asset storage. 2FA is also required to confirm withdrawals, account detail changes, and certain high-volume trades.

Is Swyftx regulated?

Yes, Swyftx is a registered Australian private company under the business trading name SWYFTX Pty Ltd. The Brisbane-based digital currency exchange was registered on the 21st of December 2017 and is regulated by the governing body AUSTRAC. Swyftx also complies with the strict AML/KYC obligations set out by the Australian Government.

Can Swyftx be trusted?

Yes, Swyftx is a reputable and trustworthy exchange in Australia that lets you securely connect and trade crypto via an Australian bank account. In addition, Swyftx has more than 630,000 customers on the exchange and a very high customer review rating of 4.7/5 stars on Trustpilot.

Does Swyftx report to the ATO?

Yes, Swyftx is an ASIC-registered business in Australia and must report its profits and losses in its quarterly business activity statements for tax purposes. Swyftx is also GST-registered and must pay GST on income earned from providing goods and services.

Is Swyftx a wallet?

Swyftx provides a secure wallet for its users to store and hold cryptocurrency assets after purchasing, trading or selling activities. The wallet comprises of hot and cold storage to safely and securely store customer funds. The best approach is to withdraw funds from a Swyftx wallet to a hardware wallet.

Does Swyftx have its own exchange token?

No, Swyftx does not have its own utility token that can be used for perks such as trading fee discounts. This is partly due to Swyftx being a broker which obtains crypto pricing from other exchanges.

How We Rated Swyftx

Review CriteriaHedge With Crypto Rating
Features5 / 5
Supported Fiat and Deposit Methods4.8 / 5
Supported Crypto & Trading Pairs4.8 / 5
Fees4.6 / 5
Ease of Use4.6 / 5
Customer support5 / 5
Security Measures4.8 / 5
Mobile App4.8 / 5