Swyftx Review: IMPORTANT – Read Before Using

The future of digital currencies is bright and should be on every Australians radar as a means to build wealth for generations to come. It is equally important to find a safe and secure exchange to buy Bitcoin in Australia. 

A new cryptocurrency exchange in Australia that has become a trusted and reputable platform with over 30,000 users is Swyftx.

While we aim to provide you with the most accurate information in this Swyftx review, we suggest that you visit their website to keep updated with any changes that may occur afterward. 

Key  Features:

  • User-friendly desktop and mobile app
  • Rapid ID verification without document upload or selfies
  • 226+ assets to buy and sell
  • Low trading fees and spreads
  • Biometric account login
  • Individual tax reporting and tools 
  • Responsive customer assistance team
  • 5 Star rating based on 1040 reviews

overall 

5/5

SPECIAL PROMOTION: Claim $10 FREE Bitcoin Using Our Link

Ease of use

User interface

Fees

Security

Before getting started, it is recommended to use a Bitcoin hardware wallet such as the Ledger Nano X when buying and selling cryptocurrency. If you don't have a wallet, read our guide on the best hardware wallets to store cryptocurrency.

swyftx website

What Is Swyftx?

Swyftx is a cryptocurrency trading platform that offers a simple and transparent way for individuals to invest in Bitcoin or altcoins such as Ethereum in Australia. The platform has been built to eliminate frustrations on other well-established Australian crypto exchanges such as deception, manipulation, hyper inflation and high spreads by greedy companies.

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After seeing a massive surge in growth during the last 24 months, Swyftx has over 30,000 registered users in a short period of time. The team's vision is to bring together multiple exchanges, charts, portfolio monitoring, leverage trading, funding, fiat and risk management into a simple end-to-end solution. 

Quick Summary

Exchange Name

Swyftx

Fiat Currency

AUD

Cryptocurrency

228

Payment Type

Bank transfer

POLI

PayID

Credit card

Trading Fee

0.6%

Deposit Fee

$2 on deposits less than $200

Withdrawal Fee

$2 on withdrawals less than $200

Mobile App

Yes

swyftx compared

Is Swyftx Regulated?

Swyftx is a registered Australian private company (ABN 72 623 556 730) under the business trading name SWYFTX Pty Ltd. The Brisbane based digital currency exchange is regulated with the governing body AUSTRAC that enforces financial laws to minimize risk of criminals and money laundering. Swyftx also comply with the strict AML/KYC obligations set out by the Australian Government.

Swyftx Features

Rapid Verification

Swyftx provides 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.

swyftx create account

Users can get started with cryptocurrencies immediately with Swyftx's rapid verification process which can be completed in just a few minutes with a name, email address and ID document information.

User-Friendly

The desktop and mobile application has been designed for beginners and intermediate investors to get started with digital currencies. It is simple to navigate between the asset list, wallet, charts, withdrawals and other features using the side bar. The whole trading experience is very simple on a fully customisable dashboard that can be tailored to suit each investor.

swyftx interface

Deposit Methods

Swyftx is a popular Australian crypto exchange due to support for a wide variety of methods to transfer funds to an account. The cryptocurrency exchange provides a quick and easy way to instantly deposit up to $50,000 worth of AUD using a bank transfer, OSKO, POLi payment and PayID through an Australian bank account. Swyftx have recently introduced support for credit cards to fund an account.

Low Spreads

Did also you know, crypto exchanges can charge hidden fees in the spread? Competitor exchanges have spread costs that can reach up to 2.6% for each buy and sell order. Swyftx is one of the few digital currency platforms that are fully transparent with their spread fees which are as low as 0.45% for Bitcoin.

swyftx spread

Swyftx works like a broker to find the best crypto prices in AUD and USD by searching the best cryptocurrency trading exchanges to find a cryptocurrency exchange with the deepest liquidity for the asset being traded. As a result, Swyftx is able to obtain the best market rates and lowest spread.

Swyftx Compared

POLI Payments and PayID are the most popular methods to deposit Australian Dollars on Swyftx. This comparison table lists alternative exchanges like Swyftx that offer rapid bank account transfers.

Exchange

Trading Fees

Rating

Review

Promotion

Website

swyftx

0.6%

5/5

$10 Free Bitcoin
coinspot

0.1% / 1%

4.6/5

None available at this time

digital surge

0.5%

4.6/5

$10 Free Bitcoin

coinjar

0.2% / 1%

4.3/5

None available at this time

Is Swyftx Safe?

Swyftx includes multiple security layers to ensure the safety of client funds. The platform has partnered with Auth0 which specializes in cloud platform security to maintain the highest level of password and account safety. 

Accounts are kept safe using Two Factor Authentication (2FA) which means you need something you know (password) and something you have (2FA device) to successfully log in. 2FA is required to confirm withdrawals, account detail changes and certain high volume trades.  

How Does Swyftx Work?

Swyftx uses automatically optimizes each crypto order across multiple exchanges order books to deliver the best prices and liquidity. This means the liquidity on trading pairs (e.g. altcoins) on Swyftx is significantly higher in comparison to other crypto exchanges, resulting in lower spreads (i.e. the difference between the bid and ask price).

As an example, a traditional cryptocurrency exchange will use their own order books for each trading pair. If there is a lack of trading activity for the 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 cryptocurrency exchange such as Binance.

Account Registration & Login

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, 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. 

ID Verification

Due to local regulations, new users that 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 side bar on the left and click "Profile" then under your name go to "Verification". This will bring up an online form where you will only be required to provide:

  • Email address
  • Mobile phone number
  • ID document number

Depositing Funds 

Swyftx supports several payment options for its customers to transfer AUD to an account which include PayID, POLi, bank transfer and credit cards. There is currently no option to purchase crypto using a cash deposit or PayPal.  

There is a minimum deposit amount of $30 and deposits under $200 will attract a fee of $2. The maximum deposit limit is $100,000 with full verification.

Deposit Method

Speed

PayID

Near instant

POLi

1 minute

Bank transfer

1 minute (OSKO), or 2-6 hours

Credit card

Up to 30 minutes

Supported Assets

Swyftx provides a platform that offers over 226 cryptocurrency coins, assets, tokens and digital currencies that can be bought and sold such as BitcoinEthereumXRPLitecoin, Bitcoin Cash, Cardano, EOS, Stellar Lumens, Tezos, Algorand and NEO. The Australian crypto exchange also supports popular DeFi tokens like Compound, Sushi and Yearn Finance which can be purchased and sold. A great feature of Swyftx is the support for new coins which are regularly announced via their social media channels.

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Buying Cryptocurrency 

Swyftx provides 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 to bring up the trade window, change profile details and quick navigation to Swyftx deposit and withdraw functions. 

swyftx dashboard

To buy cryptocurrencies using Swyftx, there is a simple order-entry form which gives an estimate of the 1 BTC to AUD price and the amount to pay for in exchange. A great feature is the different types of orders that are available:

  • Market order
  • Limit order
  • Stop order

The advanced order execution types are perfect for traders looking for an exchange and trading interface into the one platform to allow easier risk management faster order execution. Traders can bring up a full screen charting mode with advanced trading and charting tools.

swyftx charts

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.

Did you know? Swyftx provides a full demo mode trading account for beginners to learn how to trade crypto and experience using the platform without real money.

However, we recommend creating an account with a dedicated charting package such as TradingView on a new tab or window. This will keep changes and technical analysis on each price chart.

Swyftx Fees

Swyftx offers one of the lowest fees in Australia with a flat fee of 0.6%. The deep liquidity offered on the cryptocurrency exchange provides users with spreads as low as 0.45% between the buyers & sellers and reduced slippage. In comparison with other well known Australian exchanges, they can charge up to 1% for instant buy/sell orders plus a spread cost around 2.6%. 

swyftx trading fees

Deposit & Withdrawal Fees

Swyftx allows its users to deposit funds with Australian Dollars (AUD). The maximum deposit and withdrawal amount is AUD $20,000 per day and can be increased to AUD $100,000 with enhanced verification.

All deposits are automatically converted into USD by the crypto exchange based on the conversion rate for the day. This allows Swyftx to search for deeper liquidity partners using the USD pairs to offer reduced spreads and ultimately cheaper crypto prices in AUD. Overall, the fees for deposits and withdraws on Swyftx are very reasonable and competitive with other exchanges.

swyftx deposit AUD

Customer Support

Swyftx uses Intercom to help people quickly and personally with live chat which is great for beginners using the exchange for the first time. The chat bot provides useful links from Help Center for commonly asked questions. There is also the option to chat directly to the customer service team. 

The customer service team at Swyftx are very active and will reply within minutes during hours or will email you back. We used the live chat feature and received a reply in about 2 minutes from one of the co-founders. Poor customer service can be an issue with the larger exchanges, however the support was exceptional and a strong indicator of a reputable Australian crypto exchange. 

Frequently Asked Questions

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 A Mobile App?

Swyftx's trading platform features a mobile trading app that allows its users to buy, trade and sell cryptocurrencies on mobile devices. The app provides access to all functionality and features on any device with a modern web browser such as Android or iOS smartphones.  

Can You Buy Crypto With A Credit Card?

Swyftx supports credit cards to purchase cryptocurrencies on its platform. Bank transfers using POLi and PayID are the other supported payment methods using the platform.

Is Swyftx Available In New Zealand?

Swyftx trading platform is only available for users in Australia to buy, trade and sell cryptocurrencies. Residents that reside in other countries such as New Zealand can not use Swyftx and will need to find a NZ crypto exchange.

Can You Demo Trade Using Swyftx?

Swyftx provides a crypto demo mode which can be toggled to simulate trading the market using virtual funds. User's on the platform are able to experience trading with Swyftx using virtual funds to become familiar with the features and user-interface. 

Is There An Affiliate Program?

Swyftx features an affiliate program that rewards new users that sign up using a referral code. Swyftx pay out 30% of fees collected on all trades made for the lifetime of the accounts you’ve referred. The unique referral code can be shared with family or friends to earn extra passive income.

Does Swyftx Offer A Savings Account To Earn Interest?

Swyftx does not currently offer a lending and borrowing services for its customers to earn interest on crypto holdings while stored within the online wallet. To earn interest on crypto, Australian customers will need to use a reputable financial provider such as BlockFi or Nexo.

Not all cryptocurrency exchanges in Australia are the same.

COMPARE SWYFTX WITH OTHERS

Conclusion

To conclude our Swyftx review, we can confidently say that the exchange is a reputable and feature-rich crypto service in Australia that is easy to use for both beginners and experienced investors. Combined with low trading fees, simple to use interface and responsive customer support team at Swyftx makes it our #1 best cryptocurrency exchange in Australia.

When buying cryptocurrencies, make sure to withdraw funds to a reputable hardware wallet to keep off the exchange and in your personal custody.


digital surge

Exchange fees are a very important consideration for any prospective cryptocurrency investor. The following exchanges - in addition to the above exchange - provide very competitive trading, deposit and withdrawal fees (with no hidden charges) with a wide variety of deposit methods that will suit all types of investors in Australia. 

  1. Cointree
  2. Zebpay
  3. Coinspot
  4. BTC Markets
  5. Bitaroo
  6. ZipMEX
  7. Bitcoin Australia
  8. Mine Digital
  9. Easy Crypto
  10. Independent Reserve

This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

Swyftx

5

Ease of Use

5.0/5

Reputation

5.0/5

Fees

5.0/5

Deposit Methods

5.0/5

Customer Support

5.0/5

Pros

  • Beginner Friendly
  • Rapid Verification
  • Low Fees
  • Mobile App
  • Dollar Cost Averaging

Cons

  • Automatic conversion to USD
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.