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Review: Swyftx cryptocurrency exchange

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Swyftx says it offers the best prices in Australia. See how it works, and put the claim to the test.

Quick verdict

Great for
  • Small spreads
  • Overall value for money
  • A wide range of cryptocurrencies
  • Customer service
  • Beginner-friendliness
Not so great for
  • Fiat currencies other than AUD
  • Deposit/withdrawal foreign exchange spread

Check out our full list of pros and cons or read on.

Details

Product Name Swyftx Cryptocurrency Exchange
Fiat Currencies AUD
Cryptocurrencies BTC, ETC, XRP, BCH, EOS, XVG, LTC, ETH, USDT, XLM, XMR, DASH, NEO, IOTA and 50+ more
Deposit Methods Bank transfer
BPAY
Cryptocurrency
SWIFT
Osko
PayID
Trading Fee 0.6%
Deposit Fees Cryptocurrency: None
AUD deposits under $300: AUD$3.50
Withdrawal Fees None

Pros

  • Quick verification
  • Low fees
  • Mobile app available, compatible with iOS and Android

Cons

  • Available only in AU
  • Margin trading not available
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.

Learn more about Swyftx

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: AUD
  • Supported cryptocurrencies: Approximately 65 cryptocurrencies

Which payment methods are accepted?

  • Bank transfer
  • BPAY
  • Cryptocurrency
  • SWIFT
  • Osko
  • PayID
Go to Swyftx's website

What's it like to use Swyftx?

Fees and limits

The fees below are accurate as of 28 August 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.

Trading fee 0.6%
Deposit fees $3.50 on fiat deposits under $300, cryptocurrency network fees
Withdrawal fees $3.50 on fiat deposits under $300, cryptocurrency network fees
Forex fee ~0.9% on deposits and withdrawals

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Instant

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 can take a few minutes depending on the coin.

Withdrawals

Clock icon for transfer speed

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?

Go to Swyftx's website
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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

Pros

  • 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.

Cons

  • 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.
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Compare Swyftx against other exchanges

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
BPAY
Cash
Cryptocurrency
POLi
AUD
BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG, SKY, NAS, LINK, GO & over 100+ more
CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Credit card
Debit card
Neteller
PayPal
Wire transfer
Yandex Money
China Union Pay
Giropay (Sofortüberweisung)
Skrill Limited UK
WebMoney
Wire
Local Online Banking
EUR, GBP, NZD, USD, AUD, CAD, CHF, NOK, ZAR, JPY, SEK, TRY, HUF, PLN
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, BNB, XTZ
Disclaimer: Highly volatile investment product. Your capital is at risk. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Copy the trades of leading cryptocurrency investors on this unique social investment platform.
Bank transfer
Cryptocurrency
AUD, EUR
BTC, ETH, XRP, LTC, BCH, EOS
Use AUD and EUR to get cryptocurrency through an international exchange and app.

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Frequently asked questions

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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