Swyftx Review Australia – Is This Platform Safe For Australians In 2022?
In this Swyftx review Australia we will dive deeper into every aspect of the Swyftx exchange to help our Australian crypto traders get a better understanding of the exchange.
If you are looking to start investing in cryptocurrencies, it could be quite daunting if correct steps are not followed or correct exchange choices are not made.
A lot of cryptocurrency exchanges are coming up in the market, which confuses a lot of newbie traders.
Contents
Swyftx Review Australia – Do They Really Charge High Fees?
Just like any other cryptocurrency exchange, users can use this to buy crypto tokens from fiat currencies without any hassle.
It charges quite low gas fees and allows you to complete technical analysis using third-party tools like trading view.
Read this Swyftx Review Australia to know about the features, fees, and pros and cons of the Swyftx crypto exchange
| Exchange Name | Swyftx |
| Country | Australia, New Zealand |
| Currency | AUD, USD |
| Key Features | |
| Coins Supported | Over 300 cryptocurrencies |
| Trading Fee | 0.6% on buying and selling |
| Average Spread | 1.7% |
| Payment Type | POLI, PayID, Bank transfers, credit card & debit card |
| Security | 2FA authentication along with session expiry |
| Pros | Offers advanced trading features to do technical analysis |
| Cons | High forex fees for people who want to convert their fiat currency to AUD |
| Promotion | $20 Bitcoin on the creation of a verified account |
What Is SwyftX?
Swyftx is one of the centralized cryptocurrency exchanges that is owned by an Australian Firm and was launched in 2017.
It has listed over 300 cryptocurrencies including BTC and Ethereum. If you want to begin investing in cryptocurrency in Australia, then the Swyftx exchange could be the best choice because of its long list of advantages.
Swyftx provides a beginner-friendly user interface for both web and mobile applications along with several other advanced technical features for traders.
As per the survey done by an Australian company, it is ranked among the top 5 cryptocurrency exchanges that allow you to purchase all the crypto tokens through AUD or Australian Dollar.
Swyftx is a certified cryptocurrency exchange and member of Blockchain Australia.
It was verified by AUSTRAC and is now aiming to receive the ISO 27001 certification.
This is the highest level of certification that most of the secured Australian cryptocurrency exchanges get.
Swyftx Supported Coins
It has listed over 300 tokens including Altcoins like UniCoin and much more. You can trade major cryptos like bitcoin and Ethereum on the swyftx exchange.
If you are a beginner to crypto trading you probably might be thinking about major coins only, but as you become experienced you will know how important some small coins are.
Swyftx Features & Advantages
Swyftx makes it quite user-friendly for beginners to use their platform for trading. There are some unique features of the Swyftx crypto exchange that are given below.
Demo Mode
Users who are quite new to cryptocurrency trading in general, then they can use the Demo Mode.
With the demo mode, users get some dummy funds that they can use and try different trading strategies in the simulated environment that offers market depth and liquidity.
Once you create an account, you can enable it.
Portfolio Tracking
For any cryptocurrency investor, Portfolio tracking is quite important to calculate the rewards and the losses.
Hence swyftx cryptocurrency exchange offers you a side panel, that lists all the crypto tokens holdings yours using which you can further calculate your profits.
It is quite easy to use and beginner-friendly for new users.
AUD Deposit And Withdrawals
Australian users can use fiat Currency, AUD, or Australian Dollar to buy Crypto tokens.
It offers some payment methods that users can utilize to transfer their AUD to the Swyftx wallet to seamlessly buy tokens without any confusing user experience.
Some of the common payment methods are net banking and debit/credit cards.
Recurring Orders
Users can strategize their cryptocurrency investment through automated features.
Users who are looking to make periodic investments, then they can enable the recurring Order feature, which will automatically diversify your risk and portfolio of crypto holdings.
Swyftx User Experience
As mentioned before in this Swyftx Review Australia, the Swyftx cryptocurrency trading platform is quite easy to use.
The mobile and desktop application is designed in such a way that it caters to the need of beginners to advanced-level traders who are looking to begin their cryptocurrency investments.
It offers various buttons and forms that allow users to navigate from one asset to another or different wallets.
The charts displaying the technical analysis are quite easy to understand and fully customizable.
For every cryptocurrency investor, there is a tailor-made user interface that allows them to monitor their portfolio.
Also, recently they have introduced a dark mode feature on both desktop and mobile applications that users can toggle between.
Last but not least, there is a demo account to get an understanding of the market dynamics and learn trading strategies.
New people can get a lot of advantages through this user experience feature.
Swyftx Safety And Security
Swyftx utilizes the advanced technology crypto hard wallet storage and hot wallet storage.
To make it safe for users, they have integrated a 2FA authentication along with session expiry and JWT tokens.
Users can enable these features to protect their funds in case of loss of the device.
Also, the Swyftx trading platform supports hardware wallets, so if any user wants to transfer their holdings to cold storage they can do it easily.
Swyftx has also got a strict privacy policy and it is registered by AUSTRAC to maintain the strict KYC or know your customer.
All the micro and macro transactions are monitored to prevent money laundering and terrorism.
Swyftx Fees
Swyftx exchange does not charge any withdrawal or deposit fees from the users when they directly buy crypto tokens from AUD fiat currency.
There are different ways through which Australian users can fund their wallets with fiat currency for which there is a separate fee charged.
Swyftx Deposit Fee
There are no deposit or withdrawal fees on fiat currencies. Users might fund their account up to 100k AUD.
Users can simply use their debit card or bank transfer to fund their wallets without paying any percentage to Swyftx.
If you are sending tokens from any other wallet or cryptocurrency exchange, then being a sender, you need to pay the fees to the company of exchange or wallet from which you are transferring.
Swyftx Withdrawal Fee
Users can withdraw any amount from their fiat currency holding wallets without paying any withdrawal fees.
If you are withdrawing any cryptocurrency, then there might be some mining fees applied depending on the blockchain at which that token is deployed.
Swyftx Trading Fees
For every trade conducted on Swyftx, there are blanket fees or trading fees charged. Currently, it charges 0.6% of all the trades whether it’s buying or selling.
This amount is subject to change with the high transaction volumes of any cryptocurrency or digital asset.
SwyftX Crypto Staking
Another advanced feature of Swyftx is crypto staking. Users can stake their holdings and receive rewards based on the staked amount.
This is a good way to earn passive income. They charge no extra charges to offer staking services and all the rewards earned are periodically added to the total balance.
Also if you want to claim rewards on your own then that is also possible. Once you claim the rewards they will be credited back to the trading wallet.
Swyftx SMSFs
Australia offers a generous tax structure. Hence for any trader, a popular choice is to make investments under SMSFs.
Users can claim SMSF tax benefits by making investments in crypto tokens like Bitcoin and Ethereum.
All the income generated through this is taxed at the rate of 15% whereas long-term gains are taxed at 10% of interest.
Swyftx Review Australia -Swyftx Pros And Cons
There are many Swyftx Australia reviews online where they talk only about the positive sides of the Swyftx exchanges but in this unbias review we will point out the major Cons of the Swyftx crypto exchange.
Pros
- It offers a good value to Australian Citizens since it does not charge any deposit or withdrawal fees.
- The transaction fees are quite low and discounts are offered on high trading volumes with low spread fees.
- Offers advanced trading features to do technical analysis and learn basic trading concepts.
- New users can use demo trading whereas advanced traders can use features like recurring trading and portfolio tracking.
- It is quite easy for users to declare Profits to ATO on all the crypto trades that they make.
Cons
- High forex fees for people who want to convert their fiat currency to AUD to buy crypto tokens on Swyftx Exchange.
Swyftx Customer Reviews And Complaints
Swyftx is a trustworthy cryptocurrency exchange in Australia that complies with all the KYC/AML regulations.
They have worked on an intuitive platform that allows sellers and buyers to make cryptocurrency investments with all the advanced features.
If users are facing some problem they contact customer service and raise the ticket for any complaints.
As per the different Swyftx customer reviews and Swyftx reviews Australia online, it has got a good star rating when compared with the other centralized cryptocurrency exchanges.
Australias can use Swyftx without any second thought. All the features are quite easy to use and compliant with all rules and regulations by ATO or the Australian tax authority.
Is Swyftx Exchange Legitimate?
When selecting any cryptocurrency exchange, this is the most common question that people want an answer to know.
As per the official website of Swyftx crypto exchange Australia, it is a fully legitimate cryptocurrency exchange, with a huge user base.
As per the earlier discussions in the previous section, it has been validated by AUSTRAC.
AUSTRAC is an organization in Australia that aims to prevent, detect and respond to any illegal activities happening through the financial system to protect its citizen.
It does complete AML and KYC compliance for the cryptocurrency exchanges and their Users.
As per the various sources, it has got a good user base and a huge trading volume for blue-chip cryptocurrencies like Ethereum and Bitcoin.
Swyftx Exchange Contact And Customer Service
Swyftx exchange is always open to new problems and helps its customers to get a complete understanding of fees, education about cryptos, and how to use user interfaces.
It offers 24/7 hour services to their customer. Whenever you face some problem, you can contact them and raise a ticket for it.
Also, they have a good section of frequently asked questions, you can refer to that as well.
The turnaround time for offering resolution is quite low when compared with other cryptocurrency exchanges.
How To Use Swyftx?
Buying cryptocurrency tokens on Swyftx crypto exchange is quite easy and user-friendly. If you have experience in using different cryptocurrency exchanges, then this might not be difficult for you.
For Australian crypto beginners, in this Swyftx Review Australia we have specified all the important steps that you need to follow to open an account on Swyftx.
Step 1: Open A Swyftx Account
To open an account of SwyFtx You need to go to the official website and click on Create account.
After this, you will be redirected to the new page where you would require to enter all your details like email, password, name, and all the necessary information.
Once you fill out this form, you might receive an email to verify that and confirm that you want to open an account.
Step 2: Verify Identity.
To do cryptocurrency transactions, opening an account is not sufficient, you need to verify your identity by offering all the necessary documents they ask for.
This is quite a necessary step since this will process your KYC and get it verified.
Within a few fractions of minutes, the KYC will get verified but it can get delayed if you don’t offer the correct information. In that case, you would need to do it again.
Step 3: Deposit Funds/ Instant Buy.
Swyftx supports the AUD to buy crypto tokens, hence if you own some Australian Dollars, then you can instantly deposit it to your Swyftx wallet.
Some of the methods to fund your account are using debit or credit cards and bank transfers.
Step 4: Storage
Storing your cryptocurrencies can be easily done by transferring your crypto tokens to a hardware wallet.
If you want to keep them in the Swyftx cold storage or hot storage, then you don’t need to use a hardware wallet.
For extra security steps, you can consider storing your crypto in a hardware wallet.
Swyftx Review Australia – Final Thoughts
Swyftx is one of the best cryptocurrency exchanges for Australians. It offers quite easy to use user interface and provides access to the demo account.
People can trade on the Swyftx exchange without worrying much about the trading fees which are quite low up to 0.6%.
If you would like to open an account with Swyftx then you can also get a 10 USD bonus after you complete the verification process.
As per the survey, Swfytx is the first choice for Australians when compared with other cryptocurrency exchanges.
We believe this Swyftx review Australia helped our fellow Australian readers to get an overall idea about the Swyftx exchange.
Comparisons
Compare swyftx with other leading crypto exchanges in Australia
Frequently Asked Questions
Swyftx is one of the best cryptocurrency exchanges, and when compared with coinbase, it was found that it charges quite low fees since Coinbase charges around 5%. It also offers free deposits for users, whereas coinbase doesn’t allow fiat currencies.
No, Swyftx is not a decentralized exchange. It is a regulated cryptocurrency exchange run by a few Software Engineers. It has been verified by AUSTRAC.
It is quite easy to withdraw money from Swyftx. If you want to withdraw AUD, then you can go to your wallet and click the withdraw button, it will ask you to confirm that you are making this transaction. Soon after you place an order, the money will be credited to your account. If you want to transfer funds from one wallet to another, then you need to get the depositor’s address and enter it for the cryptocurrency that you want to withdraw.
Swyftx does not offer leverage trading for any cryptocurrencies on its platform. But this is something in the roadmap that they would be implementing soon.
