Exchange Review

Swyftx Review 2021

Team Cryptoradar by Team Cryptoradar

Updated: Dec 23, 2023

Swyftx is an Australian cryptocurrency exchange that was launched in 2017. Swyftx allows individuals to invest in more than 230 different cryptocurrencies.

Unlike most cryptocurrency exchanges, with Swyftx you aren’t trading with other users on the platform. Rather, Swyftx acts as a broker where orders are sent to Swyfx, who buys or sells cryptocurrency on your behalf.

About Swyftx

Swyftx was founded in Queensland, Australia in 2017 by two programmers and cryptocurrency enthusiasts, Angus Goldman and Alex Harper, with a focus on providing great customer service.

Swyftx’s goal is to enable Australians to trade cryptocurrency in the easiest and most convenient manner possible. To this end, the platform has some unique features. For starters, it converts your deposits to USD in order to offer you tight spreads.

Although Swyftx is a broker service, the platform allows users to use more advanced features like stop losses and limit orders, thanks to its high liquidity.

How to Buy Crypto on Swyftx

Creating an Account

To create an account on Swyftx, visit the website and simply click on ‘Signup’, then enter your names, phone number, email, and password of choice.

Identity Verification

Next, you will need to verify your email address and phone number. You will receive an email and SMS from Swyftx for this purpose.

Additionally, you need to provide a proof of identity (this is necessary to comply with anti-money-laundering regulations). Nevertheless, this is as easy as uploading a copy of your identity document to the platform.

Most users get verified within minutes, depending on the accuracy of the details they have provided.

Making a Deposit

Once your account has been verified and activated, you can proceed to deposit money into your Swyftx account.

To do so, navigate to the deposit tab on the Swyftx platform and select the payment method of your choice:

From there on, the deposit process varies depending on the payment method you selected.

Buying Cryptocurrency

As soon as your deposit arrives, you can begin trading from a choice of more than 230 different cryptocurrencies.

With Swyftx there are different kinds of order possible. If you just want to buy cryptocurrencies at the current price, navigate to the coin’s buy page for a market order (‘Instant Buy/Sell Order’). Simply enter the amount of the asset you want to purchase or the amount of the currency you want to spend.

Additionally, you can also set a limit and a stop price. For purchase orders this means that you can buy a specific amount of cryptocurrency when it dips below a certain price (limit order) or as long as the price of the asset is below a certain price (stop order).

Conversely, for sales this means that you can set a higher price at which you would like to sell as soon as the cryptocurrency reaches this price (limit order), or a lower price at which you would like to sell if the cryptocurrency dips below it (stop order) which helps minimise losses and maximise profits.

Available Payment Methods

Swyftx supports the following payment methods:

  • Bank transfer
  • Debit card (first exchange in Australia to offer credit & debit cards)
  • Credit card
  • OSKO
  • POLi
  • PayID

Deposits are usually instant for OSKO, POLi, and PayID payments, and are settled to your account in under a minute. Other payment methods can take anywhere between 2 to 6 business hours. \

Withdrawals are completed either on the same day or the next day, depending on the time the withdrawal was initiated. Most withdrawals are processed through OSKO and only take a few minutes to complete.

Limits and Fees

Swyftx charges a flat fee of 0.6%. Additionally, exchanges usually charge a so-called spread between ask and bid price. At Swyftx, these spreads are comparably low, with an average spread of only 0.45% for bitcoin transactions.

Additional fees:

  • Cryptocurrency Transfers: free (except network fees).
  • Deposit Fees: $2 on fiat deposits under $200.
  • Withdrawal Fees: $2 on fiat withdrawals under $200.
  • Bank Transfers: No fees for transfers under $20. Transactions over $200 have a $2 fee.

After successful verification, you can trade cryptocurrencies worth up to 50,000 AUD per day.

Is Swyftx Trustworthy?

Swyftx is a licensed and regulated company, registered with AUSTRAC (Australian Transaction Reports and Analysis Centre). AUSTRAC is the Australian financial intelligence agency responsible for monitoring financial transactions in an effort to identify organized crime, money laundering, welfare fraud, terror financing, and tax evasion.

As a registered DCEP (Digital Currency Exchange Platform), Swyftx maintains very strict KYC (Know Your Customer) policies to reduce the possibility of ill-willed users taking advantage of the platform. This essentially means that their verification process is as meticulous as needed and that there is a regulator (AUSTRAC) constantly monitoring the activities in the platform.

Additionally, Swyftx employs many security best-practices like two-factor authentication. This feature protects your account from unauthorized use whenever you log in to the platform and whenever you make a transaction in your account. Further, Swyftx makes use of network monitoring, encryption protocols and regular third-party penetration testing to keep its systems safe and sound.

Conclusion

Swyftx is a reliable and secure cryptocurrency platform suited to newcomers and more advanced users alike. It is regulated, offers competitive rates and a large number of payment methods.

The major downside of the platform is that its services are currently limited to residents of Australia.

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