As the world turns to cryptocurrencies in the recent past, exchanges have become a need to provide a gateway for investors – especially retail investors – who wish to get their hands on a crypto asset. Despite the abundancy of cryptocurrency exchanges cropping up, there are still some missing links and issues arising such as high fees, poor customer experience, and insufficient fiat-to-crypto payment options.
Swyftx is one of the crypto exchanges aiming to solve these problems faced by centralized crypto exchanges. The Australian-based digital exchange offers users industry-competitive fees, a vast catalog of assets to buy, sell, and trade with, and leading customer experience.
So good is their customer experience that the exchange’s main website reads:
“Join the cryptocurrency exchange that gives a sh*t.”
- Low trading fees.
- Instant verification in under 2 minutes.
- Quick and responsive communication team.
- Features TradingView charts for technical traders.
- Includes a demo account for the new and learning traders.
- Only offers custodial services.
- Only available to Australian customers.
- Relatively young
Background of Swyftx exchange
Swyftx is an Australia-based cryptocurrency exchange launched in 2017 aiming to change the current status quo, according to its founders, Alex Harper and Angus Goldman, two cryptocurrency enthusiasts, and programmers.
The exchange is an Australian-r egulated and registered exchange and holds an Australian Transaction Reports and Analysis Centre (AUSTRAC) license. The exchange is also KYC/AML compliant.
The exchange provided users with over 130+ crypto assets and fiat currencies including USD, AUD, and EUR. The exchange’s main headquarters are located at 4/55 McDougall Street, Milton, 4064 QLD Australia.
Phone Number: (07) 3088 7633
Email: [email protected]
- History, Location, Full registration, What it does.
- Regulation status
Swyftx crypto exchange introductory video (Source: Swyftx)
Features and Products on Swyftx crypto exchange
Swyftx offers users industry-leading features allowing it to rise high against its competitors in the Australian digital asset exchange market including Coinjar and Coinspot. Notwithstanding, the exchange offers Australian traders new and unique features yet to be implemented – even by the largest crypto players around the globe such as Binance and Coinbase.
Features on Swyftx
- Swyftx Demo mode: Swyftx offers a testing account for users starting out on trading to learn without actually using real money in a bid to boost their trading skills.
- Instant Verification: Swyftx offers an ‘instant’ verification for new customers in a 2-minute process that only requires a user’s name, email address, and an ID document number. Low tier traders do not need selfie or a photo verification.
- Strong security measures: The exchange also allows you to secure your account easily using 2-factor authentication (2FA) on SMS or Google. The exchange also monitors other sites and exchanges for user data breaches that might compromise your account.
- Tax reports: In line with regulation policies, the exchange also calculates your taxes allowing you to download and generate full tax reports based in AUD easing your accounting troubles.
- Recurring orders: Swyftx also allows users to automate their crypto investments through Dollar Cost Averaging (DCA) model. Once you set your recurring orders, the system will automatically make deposits to your account and the fiat split to different cryptos (at the current buy rate).
- Available on multiple devices: Swyft allows you to trade while connected to the internet from anywhere in the world. The exchange supports both mobile and web browser versions on iOS, Android, Windows, Linux, and OS X.
Assets offered on Swyftx crypto exchange
Swyftx offers over 170+ cryptocurrencies on its platform that are tradable against fiat currency pairs including USD, AUD, and BTC. Here’s a list of some of the assets available on Swyftx:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Eos (EOS)
- Cardano (ADA)
- NEM (XEM)
- Algorand (ALGO)
- AAVE (LEND)
- 0x (ZRX)
- Zcash (ZEC)
- Monero (XMR)
- Compound (COMP)
- Litecoin (LTC)
- Ravencoin (RVN)
- Serum (SRM)
- Tether (USDT)
- Tezos (XTZ)
- Band Protocol (BAND)
Other crypto assets available to buy, sell and trade can be found here.
Payment methods accepted
Swyftx offers bank payment, online payment, and crypto payment methods to depositors and those withdrawing as well. While any cryptocurrency can be deposited into Swftx accounts, AUD is the only accepted fiat currency on the exchange. Some of the available payment methods include:
- PayID (instant deposit method)
- POLi (instant deposit method)
- OSKO (deposit within two to six hours in a business day).
Getting started on Swyftx Crypto Exchange Australia
Swyftx offers a simple four-step process for you to start trading on their exchange easily within a day or less.
- Creating an account
Enter your personal details – Name, email, password, and phone number– to start the process. Read the terms and conditions and if you accept them, click “Create Account”. Remember that the exchange only serves Australian customers.
- Verify your identity
Next step is to verify your identification. Contrary to the complicated KYC compliance steps that other exchanges take up, Swyftx verifys the ID document number, email and phone number without the need of uploading documents or waiting for approvals.
- Deposit AUD or BTC
New users can deposit up to $20,000 AUD or its equivalent in BTC through their preferred payment method either through bank transfers, PayID, OSKO, or POLi.
- Start trading
Once your funds are deposited on your Swyftx trading account, you can start trading on any of the 130+ crypto and fiat pairs offered on the exchange.
Deposits, Withdrawals, and fees
Swyftx.com.au aims at increasing efficiencies in providing a gateway to mass crypto adoption and trading services across the globe. The exchange has partnered with “several global liquidity providers and banking partners” to deliver the lowest fees, minimize the spread of trades, and enhance deposit and withdrawal processes for crypto traders in Australia.
Fiat deposits & withdrawals: 0% fee
- Daily limits up to $100,000 AUD
- A $2-charge on withdrawals below $200 AUD.
Crypto deposits and withdrawals: 0% fee
- No additional charges from Swyftx.
- Only blockchain network fees are charged.
Trading Fees: 0.6% trading fee
- Over 100+ crypto and fiat pairs listed on the exchange.
- Discounts are offered to high volume traders.
- No trading volume limits on the exchange.
- Spreads as low as 0.2% to 0.6%
After having a look at the exciting features that Swyftx offers you and the fees charged, in this section, we focus on “under-the-hood” features that the digital asset exchange also offers.
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Live chat support
The exchange has a quick and responsive customer service team that operates during Australian business hours for 5 days a week. The team offers a quick 3-minute response to any questions or queries needed. You can also book a call with the Swyftx customer service desk.
For professional traders, Swyftx exchange offers fully interactive TradingView charts with over 100+ chart drawing tools and technical indicators.
Swyftx also offers amateurs and new traders in crypto a demo trading account which provides a risk-free platform to learn the intricacies of trading – simulating real-life liquidity and market depth.
Frequently asked questions
- How quickly can I withdraw and deposit funds to my Swyftx account?
Swyftx offers different deposit and withdrawal options to its traders – each with its own time transfers. Swyftx’s deposits on bank transfers, OSKO deposits, PayID are completed instantly or in minutes. Non-OSKO deposits are completed in 2-6 business hours.
- Is Swyftx exchange safe to use?
Yes. Swyftx crypto exchange is an AUSTRAC-regulated exchange offering users safe accounts, instant verification, and a regulated platform to trade on cryptocurrencies and fiat currencies.
- How many cryptocurrency assets are offered on the exchange?
Swyftx offers over 130+ cryptocurrency pairs on its exchange including Bitcoin, Ethereum, Litecoin, Tether, Monero, etc.