Review: Swyftx cryptocurrency exchange
Swyftx says it offers the best prices in Australia. See how it works, and put the claim to the test.
- Great for small spreads
- Not so great for fiat currencies other than AUD
|Product Name||Swyftx Cryptocurrency Exchange|
|Cryptocurrencies||BTC, BTG, BCH, ADA, ETH, ETC, FIL, LTC, NEO, XRP & 210+ more|
|Deposit Methods||Bank transfer (ACH)|
AUD deposits under $200: AUD$2
AUD withdrawals under $200: AUD$2
- 100+ cryptocurrencies
- Fast online ID verification & deposits
- Low fees and spreads
- Demo Mode for beginner traders
- Live chat support available 7 days/week
- Available only in AU
- Margin trading not available
What's in this review?
- Which fiat and cryptocurrencies are supported?
- Which payment methods are accepted?
- What's it like to use Swyftx?
- Fees and limits
- How fast will my funds be available?
- Is Swyftx safe to use?
- How do I create an account at Swyftx?
- What else do I need to know about Swyftx?
- In a nutshell
- Compare Swyftx against other exchanges
- Frequently asked questions
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: AUD
- Supported cryptocurrencies: Approximately 225 cryptocurrencies
Which payment methods are accepted?
- Bank transfer (ACH)
What's it like to use Swyftx?
Fees and limits
The fees below are accurate as of 6 July 2020.
Platform trading fees
There's a small deposit and withdrawal fee on fiat transfers under $200, and then a 0.6% trading fee.
But once you factor in the tight spreads, Swyftx may be among the best-value cryptocurrency platforms in Australia.
|Deposit fees||$2 on fiat deposits under $200, cryptocurrency network fees|
|Withdrawal fees||$2 on fiat withdrawals under $200, cryptocurrency network fees|
|Forex fee||~0.4% to 0.6% on deposits and withdrawals (included in the displayed cryptocurrency prices)|
How fast will my funds be available?
Bank Transfer (Osko deposits) & POLi can be completed in under a minute, while Non Osko transfers takes 2-6 business hours.
PayID deposits are also typically instant.
Cryptocurrency deposits are available for 100+ 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?
What else do I need to know about Swyftx?
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.