Swyftx is a service that is designed for Australians. Its aim is simple: To empower Australians to be able to trade cryptocurrency in the simplest and most convenient method. Honesty seems to be a theme that is consistent across their website, which makes Swyftx one of the most interesting crypto exchanges out there.
Let’s take a look at Swyftx and whether or not people in Australia should go for it.
Swyftx can be used to exchange over 100 different assets. Almost all of the mainstream cryptocurrencies are available on the platform. The good thing about being a service that is focused only on Australia is that Australians can enjoy integration that is unmatched by any other service.
As such, it is possible for you to link Swyftx to your Australian bank account as well as many other payment gateways in Australia including OSKO and PayID.
As the name suggests, the company attempts to differentiate itself based on speed. It does not offer any extra features when compared to some of the other exchanges, but it aims to do everything in a more efficient manner for Australian residents. This includes fees, and Swyftx does seem to be one of the most competitively priced crypto exchanges out there.
Swyftx is jam-packed with features that allow it to stand up to some of the biggest exchanges out there. Here is an overview of the main features:
- Some of the lowest spreads of any crypto exchange (along with lowest fees)
- Almost instant verification for Australian users. Most users are verified without any documents (and within a few minutes).
- Integration with Trading View for advanced charting.
- Order optimization between multiple exchanges to get you the best price and the highest liquidity possible.
- Live chat and phone support.
- All major trading tools are available including market orders, limit orders, and stop loss.
- Numerous withdrawal and deposit options, supporting most mainstream payment platforms in Australia.
- Checks for data breaches along with 2FA in order to make sure the service is as secure as possible.
- Robust referral program that allows you to earn 30% of the fees generated by your referrals.
- Complete support for Australian tax laws and regulations (including the ability to generate tax reports through Swyftx).
Swyftx seems to ooze quality in whatever it does, and its mobile apps are no different. Swyftx is available on both Android as well as iOS. Both of these apps have an extremely high rating (above 4.5) in their respective stores.
The great thing about the Swyftx mobile apps is that you can do almost everything that you can do on a computer. While I personally would prefer to use the PC web version due to the precision of a mouse and the larger screen, the mobile app is a great feature to have on the go.
Apart from this, it is also possible to access Swyftx through the browser on your phone/tablet and enjoy a similarly great experience. Swyftx proudly exclaims that their service is perfectly compatible with any Operating System that has a web browser, and it is hard to disagree.
Is Swyftx Safe?
Swyftx is definitely a safe service to use. The company has its own wallet but openly admit that any online wallet can be susceptible to attacks. Because of this, they say that the easiest way to be sure that your crypto will not be stolen is through the use of cold storage. One important tip when using cold storage is to make sure that you create backups. Otherwise, a device failure could have huge ramifications for you.
Apart from identity verification, Swyftx also offers the standard Two-Factor Authentication along with all of the necessary encryption protocols that provide the maximum amount of security that an online wallet could have.
A huge security feature that not a lot of crypto exchanges use is the monitoring of data breaches. Swyftx keeps a close eye on other exchanges and any other site that may be linked to your crypto activities in any way. If a data breach occurs, Swyftx takes all the necessary steps to ensure that the integrity of your account is not compromised in any way. This includes locking your account until you change your password if Swyftx detects that your password may have been compromised.
Swyftx is partnered with Auth0, one of the most reputed cloud security organizations in the world. The login details are maintained by Auth0 and they constantly monitor Swyftx for any breaches. All in all, Swyftx is easily one of the most secure crypto exchanges in the world.
How to Use Swyftx
The process to begin using Swyftx is an incredibly simple and easy one. First, head over to the Swyftx Signup page and input all of your details. Swyftx will immediately take you to the dashboard after this. However, you should first go to your email and verify your account. Then, you can proceed.
Once that is done, you will be at your dashboard. From here, you can verify your account which will require you to mention your documentation number along with your phone.
Once that is done, you can then deposit funds. You can deposit your funds in the form of AUD, BTC, ETH, or XRP.
You are ready to go! Head on over to the trading portal and begin trading. Swyftx allows you to use a demo mode to test your strategy and a live mode where your money is at stake. Choose the option that you want and begin trading.
Swyftx charges a flat fee of 0.6% on your trades. There are numerous other exchanges that offer a lower fee. However, other exchanges also have hidden fees in the form of spreads. Swyftx uses its proprietary algorithm to get you as low a spread as possible. Swyftx claims that after accumulating spreads, they offer some of the lowest fees of any crypto exchange anymore.
Swyftx claims that the spreads can be as low as 0.2%. While it is technically possible, spreads are usually a lot higher. You should expect spreads between 0.5-1%. That is still extremely low, and Swyftx’ claim that their fees are some of the lowest actually has some merit.
Swyftx charges no additional fee on crypto deposit and withdrawal apart from the network mining fee. On fiat deposits and withdrawals of less than $200 (Australian), there is a fee of $2. However, there is no fee for transactions over $200. Keeping all of the above in mind, Swyftx is one of the cheapest crypto exchanges out there (a few others like Binance have similar fees and spreads).
Swyftx Review: Conclusion
If you are someone who lives in Australia, then you absolutely have to try Swyftx. The company has a stellar reputation (just look at their Trustpilot), and manages to back up all the claims it makes.
With low fees, instant verification, and all the trading tools that you expect from a high-end crypto exchange, Swyftx is easily better than most of its competitors.