Swyftx Review

swyftx review

Overview

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Advantages 

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Limitations

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What is Swyftx?

Swyftx is a Brisbane-based private company which is registered under the business trading name SWYFTX Pty Ltd. 

Key Market Differentiators

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Is Swyftx Regulated?

The Brisbane based exchange is regulated the Australian government body AUSTRAC. AUSTRAC is responsible for the prevention and detection of criminal activity in the financial services sector, as well as responding to serious and organised crime. Swyftx also complies with the strict Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements outlined by the Australian Government.

Getting Started

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Trading Services and Features

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An Abundance of Supported Cryptocurrencies and Assets

Users will be able to buy, sell and trade in 266 cryptocurrencies including all the majors such as BTC, ETH and XRP. The complete list of supported crypto is available for viewing on the Swyftx website.

Fees and Charges

Zero Fees on Fiat Currencies

Users are able to deposit and withdraw fiat currencies of up to AUD$100k per day without incurring any fees

Trading Fees (Spreads)

Although no fees apply to deposits and withdrawals, Swyftx charges a spread for trading transactions. Often referred to as trading fees, the spread is the difference between the buy and sell price. Currently, the spread may be between 0.45 and 0.60% however Swyftx advise that discounts may apply for larger volume trades.

In the Australian market, spreads of up to 4.0% are common. In other parts of the world, the spread is typically between 1.5 and 1.8% for the major cryptocurrencies such as BTC. Spreads on more exotic crypto may attract higher spreads due to their decreased trading volume. 

Swyftx utilise trading algorithims that are optimised for increasing liquidity with trade volume and therefore enable lower spreads. This makes Swyftx highly competitive and an attractive trading option (at the time of writing, the spread on BTC is 0.45%).

Deposit and Withdrawal Methods

Depositing Funds

Swyftx offer five different methods to deposit fiat currencies, comprising PayID, Osko Bank Transfer, POLi Pay, standard bank transfer from an Australian account, and from a credit card. Fiat deposits made using Osko and POLi Pay will be completed almost instantly. Depending on the bank, fiat transfers from an Australian account may take up to one business day to complete (excluding weekends), especially if the bank perform compliance checks on the transaction.

  • PayID – deposits may take up to one business day to complete
  • Osko – instant deposit
  • POLi Pay – instant deposit
  • Bank transfer – up to one business day depending on the bank
  • Credit card – up to 30 minutes

The minimum deposit amount is AUD$30 with a maximum of AUD$50k with full identity and account verification. Deposits of greater than AUD$50k are possible however Swyftx will need to contacted to arrange this.

Depositing funds can also be done using Bitcoin (BTC) and Ethereum (ETH). Swyftx will provide the option to enable the transaction via a randomly generated deposit address code, or a QR code. It is important to note that crypto deposits made to the incorrect account are not recoverable, so an initial deposit of a small amount is advisable to test.

Withdrawing Assets

Users will be able withdraw their fiat, BTC, ETH and XRP assets with zero fees. The maximum withdrawal limit is currently AUD$50k per day. Withdrawals are able to be made to a nominated Australian bank account, however a dishonour fee of AUD$40 applies in the event that assets are withdrawn to the incorrect account.

User Experience and Interface

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Customer Support

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Our Thoughts and Conclusions

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Frequently Asked Questions

Q1

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Q2

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Q3

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Q4

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Q5

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