Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
The fees below are accurate as of 12 November 2019.
Platform trading fees
There's a small deposit and withdrawal fee on fiat transfers under $300, and then a 0.6% trading fee. There's also a forex fee that's typically around 0.9%.
But once you factor in the tight spreads, Swyftx may be among the best-value cryptocurrency platforms in Australia.
$2 on fiat deposits under $200, cryptocurrency network fees
$2 on fiat deposits under $200, cryptocurrency network fees
0.6% on deposits and withdrawals
Spreads are the price difference between buy and sell prices on an exchange. On an exchange with large spreads, it costs more to buy crypto, and you get less when you sell crypto.
Due to being a relatively small market, AUD to crypto markets will often experience larger spreads than American exchanges, or other big global crypto exchanges, which means buying cryptocurrency with AUD is sometimes not great value for money.
Swyftx has created a system that gets around this problem, albeit while incurring a 0.6% forex fee in the process.
When you deposit AUD into Swyftx, it's converted to USD, and when you make a withdrawal, it's converted from USD back to AUD.
This is helpful because you generally get the best rates when buying crypto with USD.
Swyftx uses banking relationships to make these currency conversions at an institutional rate of around 0.6%, hence the ~0.6% forex fee.
This is why Swyftx can offer much tighter spreads than other Australian exchanges.
How fast will my funds be available?
Osko deposits can be completed in under a minute, while PayID deposits are also typically instant.
BPAY deposits usually complete within 4 hours.
Cryptocurrency deposits are available for 30+ cryptocurrencies including BTC and ETH. This can take a few minutes depending on the coin.
Same or next day
Fiat withdrawals can be completed on the same day if done early or the next day if initiated after 3pm AEST. Most withdrawals are processed within a few minutes via Osko.
Cryptocurrency withdrawals take a few minutes depending on the coin.
Is Swyftx safe to use?
Regulation. Swyftx is an AUSTRAC-registered digital currency exchange and a registered Australian company. It complies with AML/KYC obligations.
Verification process. Swyftx uses an "instant verification" procedure that does not require document uploads. It says 70% of users who complete verification do so within 2 minutes of signup.
Security features. Swyftx allows 2-factor authentication, and proactively scans public data breaches in case any of its users are compromised by other services. If so, it automatically secures their accounts.
How do I create an account at Swyftx?
Click "signup" on the top of the page, and then enter your email, name, phone number and choose a password.
Once you've created an account, you will need to verify your email address to activate it. Go to your email account and look for the email from Swyftx. It will prompt you on how to activate your account.
Based on your name and government ID, most users can get verified within minutes.
Make a deposit by sending funds to your Swyftx account with BPAY (Osko) or PayID.
Start trading across Swyftx's many cryptocurrencies as soon as your deposit arrives.
Swyftx is an Australian company, based in Queensland. It was founded by two cryptocurrency enthusiasts and programmers, Alex Harper and Angus Goldman, who looked at Australia's cryptocurrency exchanges and felt like they could create a much better one.
To this end, the exchange has some unique elements. It converts user deposits to USD to offer tight spreads and then operates as a kind of hybrid with the best parts of a brokerage and the best parts of a peer-to-peer exchange.
Although users purchase cryptocurrency through Swyftx rather than from each other, the low fees and aggregated liquidity allow for peer-to-peer exchange-style features throughout, such as limit orders, stop losses and TradingView integration.
In a nutshell
Overall value for money. Swyftx aims to be the best value exchange in Australia through its small spreads.
Hybrid exchange. Swyftx aims to offer the best of both worlds, with trading features on one hand and the ease of a brokerage on the other.
Wide selection. You'll find dozens of cryptocurrencies on Swyftx.
Customer service. Swyftx says its customer service has a median response time of 1 minute and 30 seconds.
Deposit/withdrawal foreign exchange spreads. The overall value for money is slightly offset by the small foreign exchange costs on deposits and withdrawals.
AUD-only. Swyftx mostly only accepts AUD fiat deposits, although other currencies are available for large transfers.
Swyftx doesn't have an app, but the full features of the site are available on mobile, and you can also add the Swyftx mobile site to your phone desktop so it functions almost exactly like an app.
Swyftx uses instant verification based on your email, phone number, name and government ID.
You can find Swyftx customer service by going through the live chat button on the website or visiting the help section.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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