Buy Crypto Australia

SwyftX Review

The Australian cryptocurrency sector is thriving as traditional finance institutions such as the Commonwealth Bank of Australia (CBA.AX) begin to offer crypto services. The Australian Securities and Investments Commission (ASIC) has also approved Bitcoin and Ethereum spot exchange-traded funds (ETFs), and the sky now is the limit for the digital assets sector. 

None of these developments would be possible without the influence and intervention of popular cryptocurrency platforms such as Swyftx. Swyftx is undoubtedly Australia's most popular cryptocurrency exchange, as per user reviews on Trustpilot. 

Close to 90% of its reviewers (3,428 reviews) rate it as an excellent platform. What an impressive feat! Its most popular features are its ease of site navigation, friendly interface, excellent customer support and impressively low transaction fees. 

These features have positively impacted crypto awareness amongst Aussie investors, with 89% of Australian crypto traders now saying that they have made returns on their investment in 2021.

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Who Founded SwyftX?

Alex Harper and Angus Goldman launched Swyftx in 2017. That said, the Queensland based exchange kicked off its exchange services in 2019. Swyftx was Goldman's and Harper's response to the need for a liquidity rich, AUD deposits exchange. 

When the duo launched Swyftx, the Australian crypto market was at an inflection point. It showed signs of mass adoption, but the tax system and crypto regulations were kicking in. As a result, the market required a superior liquidity platform that would cater to the advanced and intermediate’s traders' needs while taking the complex regulatory systems head-on. 

Consequently, the duo designed and released a digital currency trading platform that would offer affordable brokerage services in a streamlined, hyperinflation-free, and regulation-compliant environment. As a result, Swyftx's crypto brokerage solutions have attracted a massive 250,000 registered users, one of the highest user bases of Australian exchanges.

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SwyftX Registration

Swyftx is a legit exchange and has an Australian company registration. It also has a digital currency exchange provider or DCEP license. Therefore, its services are monitored by the Australian Transaction Reports and Analysis Centre (AUSTRAC). 

AUSTRAC's regulatory oversight prevents illegal financial activities such as money laundering and terrorism financing. To this end, every Swyftx user has to undergo identity verification, KYC and monitoring processes. 

However, these processes take minutes to conclude, and retail traders only need to provide their email addresses, phone numbers, and identification documents. Institutional and family trust accounts undergo intensive verification processes and longer establishment timelines.

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Swyftx Fees

Unlike CoinSpot that has a 1% fee charged on instant purchases and a 0.1% fee on market orders, Swyftx charges a flat 0.6% fee on all trades. Some traders might find this charge a tad hefty on market orders, but it is good to note that Swyftx balances this fee with super low spread fees. 

To this end, while other exchanges might offer a 0.1% fee on trades and spreads of up to 5%, Swyftx spreads are a low 0.41%. Since spreads take a larger chunk of profit than fees do, traders at Swyftx will profit more than traders in exchanges with high spreads and lower transaction fee charges. 

To ensure that they offer traders low spreads, Swyftx maintains a high level of crypto assets liquidity via AI automation and scanning other exchanges for the best target crypto/currency pairings.

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Swyftx Security

Swyftx accounts have a two-factor authentication process. On top of that, these accounts have fast biometric login for further protection against hackers and fraudulent access to user accounts. In addition, Swyftx is constantly monitoring all its traffic and data to detect and ward off any potential breaches.  

On top of that, they encrypt all sensitive data on their servers and have routine external penetration tests that keep their systems secure. It follows then that Swyftx can easily detect suspicious activity and lock any compromised accounts till their owner has had adequate time to reset their password. 

They have partnered with Auth0, an account security provider. aAuth0's cloud platform account security services move all account user's authentication details from the Swyftx internal servers storing them in ultra-safe professional storage. 

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SwyftX Features

Swyftx's cryptocurrency trading features are designed with the Aussie investor in mind. They adhere to AUSTRAC law, ensuring that Swyftx users are compliant with various crypto laws, especially regarding tax on capital gains. Swyftx also supports United Kingdom, New Zealand, and Canadian accounts.

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SwyftX Staking

SwyftX is the first cryptocurrency exchange in Australia to offer a native staking solution for their clients. Through their staking product, investors can earn up to high interest (8-12% APY) on Proof of Stake assets like Ethereum, Solana, Cosmos and Cardano.

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Swyftx Account Interface

Swyftx has an intuitive and customizable user interface. Its sidebar offers easy access to features such as your dashboard, profile, trade features, deposit and withdraws tabs. It also displays your order history, recurring orders, bundles and assets list. 

The help button is conveniently placed at the bottom of the sidebar for quick access. In addition, you can toggle between regular and dark mode views when working long hours to lessen eye strain incidents. Besides its easy-to-use sidebar and navigation features, Swyftx account users access TradingView trading and charting tools. 

The professional traders can set their trading strategies and study their assets of choice price action analysis on the TradingView interface. In addition, they can place complex limit, market or stop orders for safety and perform research via its technical analysis features. 

The TradingView web-based interface has various features such as bid and ask pricing functions and order book depth to assist the avid trader's decision making.

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Tradable Assets

Swyftx supports over 260 cryptocurrencies. Some of its best trading features include portfolio tracking. Use this feature to view your real-time trading performance. 

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Demo Mode

The demo mode is the beginner trader's educational tool. Use it for risk-free trades.  The Swyftx demo tool simulates the exchange's market depth and liquidity for the learning benefit of new users.

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Swyftx mobile app

Swyftx has an android and iOS compatible app. In addition, it has biometric account security features with fingerprint ID or face scan recognition options.

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Swyftx deposits

Swyftx supports AUD deposits. Use POLi and PayID for instant and free deposits. Use Osko as well for large volume business day deposits. On top of that, BANXA supports credit and debit card deposits.

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Swyftx Simple Individual Tax Reporting

The Simple Individual Tax Reporting tool automatically makes capital gain tax reports for all buy, sell and swap crypto to fiat transactions. In addition, the Simple Individual Tax Reporting eases the complexity of the Aussie cryptocurrency tax reporting processes, generating tax reports that users can download for compliance.

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Swyftx SMSFs

Swyftx has a self-managed super funds feature, a perfect retirement savings tool. The recurring orders tool automates crypto investments, creating a valuable long term investment strategy. To use it, set up recurring deposits to your account and choose your cryptocurrency investment preferences. 

The Swyftx systems will split your deposits across your crypto investments choices and make recurrent purchases on your behalf. New Brighton Capital supports the self-managed super funds feature. 

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Swyftx customer support

Swyftx has an excellent customer support record. To this end, they have received warm reviews on Trustpilot, with users lauding them for responsiveness and willingness to help. You can reach the team via social media, live chat, email and phone.