Swyftx review
- Regulator registration
- AUSTRAC,ASIC
- Supported assets
- 352
- Fiat currencies
- 3
Our verdict
Buy and sell hundreds of cryptos with this beginner-friendly exchange.
Swyftx is a good option if you're looking for an intuitive and beginner-friendly crypto platform.
It offers a flat trading fee of 0.6% and free AUD deposits when you use a bank transfer, PayID or Osko.
There is a wide selection of assets available and useful features like recurring buys, stop-loss orders and even self-managed super fund (SMSF) support.
The exchange has a mobile app and desktop platform, each emphasising a user-friendly design.
Newcomers can make use of a demo trading account to get familiar with trading before risking any real assets.
Live chat support means you should easily find help with any issues you might run into.
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If this is your first exchange. Swyftx's intuitive layout, free demo trading account and live support gives new users a solid foundation for building their crypto portfolio. It's range of over 300 cryptocurrencies should have many of the assets beginners are looking for.
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If you're switching exchanges. Swyftx has a comprehensive list of supported cryptocurrencies and a good range of portfolio management tools. It's customer support is Australian based and responds within about 10 minutes. However, it lacks some of the advance charting tools and features that larger exchanges offer.
Pros
- Complies with the Australian Transaction Reports and Analysis Centre regulations in Australia. AUSTRAC is the peak body for regulating cryptocurrency exchanges in Australia which requires Swyftx to comply with laws and regulations that are intended to provide certain protections for users.
- Over 351 cryptocurrencies supported. Swyftx supports 351+ assets, which should give you a good range of industries and asset types to invest in without needing to hop between multiple exchanges.
- Trade with multiple fiat currencies. Swyftx allows you to trade with 3 currencies including AUD, USD, NZD.
- Deposit and withdraw AUD directly to your bank account in Australia. With Swyftx you can deposit cash from your Australian bank account and cash out back into the same account.
Cons
Details
Product details
| Product Name | Swyftx |
| Fiat Currencies | AUD, USD, NZD |
| Cryptocurrencies | BTC, BTG, BCH, ADA, ETH, ETC, FIL, LTC, NEO, LUNC & 342 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card Osko PayID |
| Trading Fee | 0.10—0.60% |
| Deposit Fees |
Bank transfer: $0 Card: Fees vary PayID: $0 Cryptocurrency: $0 |
| Withdrawal Fees |
AUD: $0 Cryptocurrency: $0 (network fees apply) |
Ratings breakdown: How we scored Swyftx
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology for more information.
Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
About Swyftx
Swyftx is an Australian cryptocurrency exchange founded in 2017 by Alex Harper and Angus Goldman. The platform is headquartered in Milton, Brisbane and has expanded operations into New Zealand.
Swyftx is a member of Blockchain Australia, an industry body designed to create and implement best practices for the digital asset industry in Australia.
We launched Swyftx in 2019 to give Aussie crypto users access to industry-high levels of security, customer experience, and value. Four years on, I'm proud to say we still live and breathe those values and it's why we've been the country's top-rated exchange for 28 consecutive months. We're trusted by more than 655K customers and that number is growing day by day, week by week - Alex Harper, CEO
Swyftx supported assets
Swyftx supports over 351 cryptocurrencies. In total, Swyftx carries 18 of the top 20 cryptos by market cap.
Popular assets on SwyftxSwyftx fees review
Swyftx Cryptocurrency, PayID and bank transfer deposits are free for folks in Australia.
Deposit and withdrawal fees
| Transaction type | Fee |
|---|---|
| Deposit funds | Bank transfer: $0 Card: Fees vary PayID: $0 Cryptocurrency: $0 |
| Withdraw funds | AUD: $0 Cryptocurrency: $0 (network fees apply) |
Swyftx uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
| Type | Fee |
|---|---|
| Maker | 0.10—0.60% |
| Taker | 0.10—0.60% |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Swyftx deposit methods
- Bank transfer
- Credit card
- Cryptocurrency
- Debit card
- Osko
- PayID
How to sign up on Swyftx
Before you can get started trading on Swyftx, you'll have to go through a Know Your Customer (KYC) verification process (which usually involves proof of identification).
- Get started
Visit Swyftx's site. After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Swyftx account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Swyftx.
About the Swyftx app
The Swyftx app is very elegant and easy to use. It offers the same features as the desktop exchange, so you can trade, monitor your portfolio or make withdrawals and deposits from anywhere.
The interface is visually appealing with a very clean and simple user interface. It is equally well suited to beginners as well as experienced traders. You can toggle between light and dark mode.
There is automated portfolio tracking which provides analytics and insights into your portfolio with easy to understand charts and visuals.
You can contact customer support through the app, using the live chat.
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | 4.2 stars | 7.2k reviews with 100k downloads |
| Apple Store | 4.5 stars | 5.6k reviews |
Is Swyftx safe?
Swyftx is registered with Australian regulatory body AUSTRAC and abides by relevant money-laundering, counter-terrorism and KYC protocols.
Past hacks. No hacks have been recorded since Swyftx was founded in 2017.
Security audits. Swyftx employs a number of industry-standard security measures, including penetration testing, least privilege and breached password detection. They're among a small group of Australian exchanges that hold the international security standard ISO27001 certification.
Swyftx recommends all account holders activate 2-factor authentication (2FA) to provide additional protection.
Insurance. Swyftx does not offer insurance for either fiat or cryptocurrency funds held on the exchange.
Keeping your crypto secure
All centralised exchanges, including Swyftx, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Swyftx customer support
Swyftx's customer support team is based in Australia and can be reached via live web chat.
When you first open the live chat you will be answered by a bot. You can then proceed with the bot or request to speak with a person. When we tested this, it took around 10 minutes to be put in touch with a person.
In addition to live chat there is a help centre with articles. You can search by topic or keyword.
Swyftx also maintain active accounts on Twitter, LinkedIn and Facebook.
How to reach Swyftx customer support
- Help center articles
- Live chat
- Support ticket
Alternatives to Swyftx
James Finder
Editor
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