Swyftx Review 2023: Features, Fees & Advantages
Published 21 Jul, 2021 Updated 02 Feb, 2023
Table of Contents
- 1 Our Takeaways
- 2 What Is Swyftx?
- 3 Swyftx Pros & Cons
- 4 Top Swyftx Features You Should Know
- 5 Is Swyftx Legit?
- 6 Is Swyftx Safe To Use?
- 7 Getting Started With Swyftx
- 8 Fees and Charges
- 9 Accepted Countries
- 10 Ease Of Use
- 11 Customer Support
- 12 Customer Feedback & Reviews
- 13 Mobile App
- 14 Swyftx Alternatives
- 15 Swyftx Comparison Reviews
- 16 Frequently Asked Questions
- 17 Our Verdict
Swyftx is considered one of the best cryptocurrency exchanges in Australia and New Zealand, and for good reason. The Brisbane-based platform is licensed with ASIC, regulated by AUSTRAC, and sports a suite of unique and innovative features and trading options that cater to beginners and advanced investors.
We have reviewed Swyftx’s service offerings and features by creating an account and exploring the platform for ourselves. Keep reading to see if Swyftx is the right exchange for your crypto trading needs.
Promotion: $20 Free Bitcoin for creating a new account
Trading Fees: 0.6%
Available Cryptos: 312
We work with partners that may result in MoreCrypto earning a small commission. Read our affiliate disclaimer for further information.
Swyftx is a trusted and well-established Australian cryptocurrency exchange that emphasizes a user-friendly and feature-rich platform. Beginner and experienced investors and traders can use AUD, NZD, or USD to buy, swap, trade, earn interest, and sell 312 digital currencies. The platform offers high liquidity, low trading fees and tight spreads, a customizable dashboard, and responsive customer support.
Based on our Swyftx review, the exchange is suitable for investors and traders of all levels of experience who want to use AUD or NZD to directly purchase cryptocurrencies. SMSF investors who want to build cryptocurrency portfolios and long-term stores of value will also benefit.
|Name||Swyftx (Swyftx Pty Ltd)|
|Core Services||Buy crypto with fiat, OTC, SMSF, earn interest|
|Fiat Currencies||AUD, NZD, and USD|
|Deposit Options||Bank transfer, POLi, PayID, and credit card|
|Interest Rates||Up to 101%|
|Mobile App||Yes (iOS and Android)|
What Is Swyftx?
Founded in 2019, Swyftx is a relatively young exchange. Founding partners Alex Harper and Angus Goldman understood the issues and frustrations that crypto consumers faced including dated interfaces, high trading fees, poor customer service, and inadequate educational services. The aim was to integrate a suite of useful crypto features on an easy-to-use and functional platform with low fees, where you can benefit from a more enjoyable trading experience.
Swyftx has a strong focus on providing a user-friendly and enjoyable trading interface. Swyftx also offers several attractive features that other Australian platforms don’t. These include a dedicated and responsive customer support team, portfolio monitoring, and risk management tools, the advanced TradingView charting package, and the ability to buy cryptocurrency bundles.
Swyftx is now one of Australia’s leading cryptocurrency exchanges and it is extremely popular amongst beginner investors. Since its inception in 2019, Swyftx has surged in popularity and boasts over 550,000 registered users with around $120 million monthly trading volume. The exchange has increased its visibility in the corporate and public domains and is highly active on social media platforms.
Swyftx Pros & Cons
- Better value for money with tight spreads and low fees (0.6%)
- Integrated TradingView charting package with advanced tools and indicators to optimize trades
- Explore the platform and practice trading with virtual funds using the demo mode
- Quickly diversify portfolios by purchasing cryptocurrency bundles
- 297 supported digital assets which suits altcoin traders
- Receive quick and helpful customer support 24/7
- Start trading immediately with a rapid signup and ID verification process
- Advanced trading features including leveraged margin trading are not supported.
Top Swyftx Features You Should Know
An Abundance of Supported Cryptocurrencies and Assets
At the time of writing, Swyftx supports the trading of 312 digital currencies including Bitcoin (BTC), stablecoins (e.g. USDT), and altcoins such as Ethereum (ETH), Ripple (XRP), Shibu Inu (SHIB), Litecoin (LTC), and many more. The vast array of tradable cryptocurrencies is one of the largest in Australia. The low fees, tight spreads, and crypto selection makes Swyftx one of the best ways to buy altcoins in Australia.
Intuitive & Customizable Dashboard
The Swyftx dashboard is easy-to-use and fully customizable. You can set up your dashboard with the indicators and widgets. All products, services, and features can be customized using the tabs on the left side panel. There is also a dark mode function and demo mode that can be toggled on and off.
Overall, the dashboard is clean, modern, and highly functional. If you’re starting with an exchange for the first time then you should be able to quickly adjust and become familiar with the Swyftx interface.
Competitive Fees & Low Spreads
Swyftx offers you competitive trading fees of 0.6% for all buy and sell orders placed.
However, the key benefit of using Swyftx is the tight spreads. The spread is the monetary difference between a digital currency’s buy and sell price. If the liquidity of a cryptocurrency is high then, the spread will be lower, resulting in a better transaction return for the user. If the liquidity is lower then the spread is typically greater.
Swyftx can access increased liquidity through its trading algorithms and combined order books. The average spreads for crypto on Swyftx are around 1.7%. Bitcoin is lower at 0.45% due to its high trading volume. Exchanges in Australia are not known for their deep order books and liquidity, and hence spreads may be as high as 4%.
In other parts of the world, spreads typically range around 1.5% to 1.8%. Therefore, Swyftx users can benefit from tight spreads which mean more value for money.
Instantly Buy Crypto With AUD
Whilst the majority of other crypto platforms such as CoinSpot, Cointree, and Independent Reserve offer a ‘quick buy/sell’ function, the Swyftx version is a bit more refined in its layout and simplicity. The design of the Swyftx interface allows you to quickly deposit AUD and use it to purchase cryptocurrencies such as BTC, ETH, SOL, XRP, SHIB, USDT, and BNB.
Newcomers to cryptocurrency trading will appreciate the simplicity of the design as reviewing live charting is not needed.
Buy Crypto Bundles
Swyftx offers you the ability to buy crypto in bundles, where several different assets are purchased in a single transaction. The key benefit of this is that it allows you to quickly diversify your crypto holdings with a minimal number of transactions. This means fewer trading fees are incurred.
The bundles themselves and the percentage allocation of each digital currency included are determined by Swyftx. For example, the ‘Swyftx Top 5 by Market Cap’ bundle offers Bitcoin, Ethereum, Binance Coin, Solana, and Cardano all at 20% allocations.
For added control and risk mitigation against volatility in market prices, you can set up recurring orders to automate the bundle purchasing process. A drawback of the crypto bundle service is the inability of you to create your bundles.
Explore & Practice With The Demo Mode
Swyftx provides a demo account for you to explore the features of the platform and practice trading using virtual funds. The demo account is credited with AUD $10,000 that can be used to buy, sell, and trade all the cryptocurrencies that Swyftx supports at real market prices.
Advanced order types such as limit and stop orders can be placed to plan and track trades ahead of time. The demo mode even simulates real market liquidity and market depth to produce the most realistic and accurate trading experience possible.
The Swyftx crypto demo account is suited for beginners with little cryptocurrency trading experience, or those who are new to the platform. There are several benefits to using the Swyftx demo account, including:
- Since funds are virtual, you can explore and become familiar with the features of the platform risk-free.
- Become familiar with the TradingView tools and indicators and practice technical analysis of the price action of digital currencies.
- Place trades and learn how the advanced order types work.
Swyftx has partnered with New Brighton Capital to enable you to invest in cryptocurrencies such as Bitcoin as a long-term store of value. If you want to allocate a portion of your Self-Managed Super Fund (SMSF) to the building of a cryptocurrency portfolio then you can Swyftx.
The SMSF service is based on a strong understanding of the Australian legalities and regulations associated with SMSF and cryptocurrencies. This includes the taxation obligations, record-keeping, and reporting that must be undertaken to remain compliant with ATO regulations.
If you’re seeking to diversify your SMSF with cryptocurrencies then you can get in touch with Swyftx. A copy of the Trust Deed Summary page (sometimes referred to as an Extract or Schedules) is required and you must hold a verified Swyftx account.
For more information, you can read our guide on cryptocurrency SMSFs in Australia. The guide breaks down the advantages, risks, and costs of maintaining a crypto SMSF.
In-Built Tax Reporting
In Australia, the Australian Tax Office (ATO) regards cryptocurrencies as property and therefore subject to taxation. If capital gains were made from the trading of digital assets, then these must be reported to the ATO. Your obligations regarding cryptocurrency taxation and reporting can be confusing and more and more crypto platforms are partnering with third parties to provide their customers with an easy way to inform their tax returns.
Swyftx has partnered with top crypto taxation specialists Koinly and CryptoTax to provide you with the ability to instantly generate crypto tax estimates. The crypto tax report tool is integrated into the Swyftx interface and can be accessed in the ‘Profile’ panel. You can automatically export a summary of your crypto tax report (CSV. or pdf) to inform the completion of your tax return for that financial year.
Earn Interest On Your Crypto
Swyftx Earn is a new feature that allows you to receive interest payments on your crypto holdings. If you have idle cryptocurrencies that you don’t intend to trade then placing those assets into a Swyftx Earn wallet is a great way to obtain a passive income. In terms of the Australian market, Swyftx is one of the very few local places that offer interest-earning accounts as this service is mostly offered by large global exchanges.
How Does Swyftx Earn Work?
Swyftx Earn is essentially a crypto loan and reward system where you allocate your crypto to Swyftx and receive interest in return. When you deposit one of the supported assets into an Earn wallet, you effectively enter into a loan agreement with Swyftx and interest will start generating on a daily basis. The loan agreement finishes when you withdraw the assets from the Earn wallet and into your Trade wallet.
What Are The Interest Rates?
Currently, Swyftx offers interest returns of up to 101% Annual Percentage Yield (APY) can be earned on 21 popular cryptocurrencies such as BTC, ETH, ADA, SOL, MATIC, DOT, and KAVA. Interest rates vary depending on the type and amount of asset that was deposited. This is because interest rates follow a tiered structure where the interest rate diminishes the more you deposit. For example, if you initially deposit less than 0.2 BTC then the Tier 1 interest rate is 5.12% APY. However, if the amount deposited increases to between 0.2 and 0.4 BTC then you will receive the Tier 2 interest rate of 4.08% APY.
Tiered interest rates for Swyftx Earn are detailed here.
How do Swyftx’s interest rates compare to other interest-earning accounts that are available to Australians? We compared Swyftx’s interest rates to Nexo and BlockFi, two platforms that are renowned for their premium crypto interest-earning accounts.
|CRYPTO||SWYFTX (TIERED)||BLOCKFI (MIXED)||NEXO (FLAT)|
|Bitcoin (BTC)||5.12%, 4.08%, 3.04%||3%, 1%, 0.1%||6%|
|Ethereum (ETH)||5.12%, 4.08%, 3.04%||3%, 1.5%, 0.25%||6%|
|Tether (USDT)||6.71%, 5.54%, 4.49%||7.25%, 6%, 4.5%||10%|
|Cardano (ADA)||4.60%, 4.34%, 4.08%||10%||6%|
|Solana (SOL)||6.18%, 5.65%, 5.12%||10%||6%|
|Polygon (MATIC)||12.74%, 11.62%, 10.51%||11%||14%|
Without considering factors such as fees and currency conversions, the interest rates offered by Swyftx Earn are lower than Nexo and BlockFi. Whilst you may not earn as much crypto interest, Swyftx has a significant advantage over its global counterparts as the platform provides an easy process for obtaining cryptocurrencies using AUD. Since crypto can be easily transferred to and from your Swyftx Earn wallet, managing your interest-earning and tradeable assets is much more straightforward for beginner investors.
Is There A Minimum Term To Earn Interest?
Currently, cryptocurrencies earning interest in a Swyftx Earn wallet can be withdrawn at any time as minimum or maximum terms are not fixed. This is important to note since deposited crypto is not able to be traded and it must be transferred to your wallet if you decide to withdraw or sell the assets.
Does Interest Compound?
Interest starts accumulating after you deposit one of the 21 supported cryptocurrencies into your Swyftx Earn wallet. Interest compounds daily and is automatically credited to your balance in the crypto that was deposited. For example, if you loan Swyftx your Ethereum, then interest will be paid in ETH.
The compounding effect means that the interest rewards over time are greater. That is, the balance of your Swytx Earn wallet on day 2 is based on the total balance from day 1 (initial day 1 deposit + interest earned).
How To Earn Interest On Swyftx
An overview of the five steps to start earning interest on eligible cryptocurrencies with Swyftx is described below. If you already possess a supported cryptocurrency with Swyftx then you can skip to Step 4.
- Create an account with Swyftx and complete the ID verification process.
- Fund your Swyftx account by depositing AUD using a supported method such as bank transfer, POLi, PayID, or credit card.
- Purchase one of the eligible cryptocurrencies.
- Click on “Earn” on the left side panel and find the purchased crypto from the asset list.
- Select the “+” sign and enter the amount of crypto to deposit into the Earn wallet. Click on “Add” to complete the transfer.
Is Swyftx Legit?
Swyftx is a legitimate Australian company that operates under the business name Swyftx Pty Ltd (ACN 623 556 730). The Brisbane-based company is registered with AUSTRAC as a digital currency exchange and adheres to strict Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), and Know Your Customer (KYC) policies and transaction monitoring programs.
In July 2021, Swyftx successfully obtained registration with the New Zealand Companies Office as a Financial Service Provider (FSP10000861). The New Zealand arm of Swyftx complies with the local regulations including KYC procedures.
Is Swyftx Safe To Use?
Swyftx incorporates security and privacy into its digital infrastructure and includes several other features to safeguard the assets and privacy of its customers. The exchange employs a multitude of security measures to protect the integrity of its digital infrastructure as well as customer assets and funds.
Based on our search, Swyftx has not experienced any hacks or security breaches that have resulted in the theft or loss of funds or digital assets. Swyftx is a safe and secure crypto platform that can be attributed to the following security measures and controls.
Compliance With Regulatory Requirements
Swyftx is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the government body responsible for the detection, mitigation, and prevention of organized crime in the financial sector including money laundering and terrorism financing. As such, the exchange is compliant with Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols that are required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. This means that you need to verify your identity before you can deposit AUD funds into the account wallet and trade cryptocurrencies.
Digital Infrastructure & Wallet Security
Digital assets held by Swyftx are stored in a combination of hot and cold wallets. This practice has become the norm for most crypto exchanges around the world and means that only a portion of stored assets are potentially accessible if a security breach was to occur. Penetration testing is conducted and audited by third parties to simulate and test the robustness of the security framework under a wide variety of hypothetical scenarios. Human errors made internally are minimized through a least-privileged security model.
Protection Of Customer Accounts
The safeguarding of your accounts funds, and personal information is at the forefront of Swyftx’s operations. You can activate Two Factor Authentication (2FA) to provide an additional layer of security to minimize security risks. Other account security practices include the implementation of JWT tokens and session expiry times and adherence to customer account verification.
Getting Started With Swyftx
Creating & Verifying An Account
MoreCrypto has partnered with Swyftx to provide new customers the opportunity to earn $10 free Bitcoin by using our Swyftx referral link. The promotional offer can only be claimed once per new account and is valid until further notice.
To use the platform and purchase cryptocurrency such as Bitcoin, you will need to provide a form of government-issued documentation such as your driver’s license or passport to prove your identity. ID verification is a mandatory process to satisfy KYC procedures.
In our experience, the process of creating and verifying an account with Swyftx was seamless and almost instant (we completed the process in 4 minutes). This is quick compared to other Australian crypto exchanges such as Independent Reserve where ID verification may take up to 1 business day to complete.
Deposit and Withdrawal Methods
Swyftx offers five different methods to deposit fiat currencies, comprising PayID, OSKO, POLi, standard bank transfer from an Australian account, and a credit card. Fiat deposits of AUD made using Osko and POLi 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 performs compliance checks on the transaction.
|PayID||Within 1 business day||Min. $30 – max. $50,000|
|OSKO||Near-instant||Min. $30 – max. $50,000|
|POLi||Near-instant||Min. $30 – max. $20,000|
|Bank transfer||1 – 3 business days||Min. $30 – max. $50,000|
|Credit card||Within 30 – 45 minutes||Min. $30 – max. $15,000 and max. $60,000 per month|
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 be contacted to arrange this.
Depositing funds can also be done using Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). 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.
You can withdraw your AUD, BTC, ETH, and XRP assets with zero Swyftx fees, however, a standard network fee will apply for withdrawn crypto. The maximum withdrawal limit is currently AUD $50k per day. Withdrawals can be made to a nominated Australian bank account, however, a dishonor fee of AUD $40 applies if assets are withdrawn to the incorrect account.
Fees and Charges
No Fees For Fiat Currencies
You can deposit fiat currencies of up to AUD $100k per day without incurring any fees. AUD, NZD, and USD are the supported fiat currencies.
Trading Fees & Spreads
Although no fees apply to deposits and withdrawals, Swyftx charges a flat fee of 0.6% for all trading transactions. The fee is competitive compared to other Australian-based exchanges such as Digital Surge (0.5%), Cointree (0.9%), BTC Markets (0.85%), CoinSpot (0.1%), and Binance Australia (0.1%).
Not to be confused with trading fees, the spread is the difference between the buy and sell price, and is charged in addition to the trading fee. In the Australian market, spreads of up to 4.0% are common as trading volumes are generally lower. 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 (i.e. altcoins) may be higher due to their decreased trading volume.
Swyftx is unique in the Australian market given that it utilizes trading algorithms to access their combined order books. Access to a greater trading volume means increased liquidity and Swyftx users will benefit from lower spreads (1.7% on average).
Swyftx supports users residing in Australia and New Zealand. The exchange is licensed and regulated by the local government authorities to operate as a digital currency service provider in both countries. If you are located in other parts of the world will need to find an alternative cryptocurrency exchange that is regulated and licensed to provide crypto services in your local jurisdiction.
Ease Of Use
Buying Crypto Is Easy
Swyftx provides a simple and uncluttered trading experience for beginner investors. Users deposit AUD, NZD, or USD funds into the account wallet with a variety of methods including bank transfer, POLi, PayID, and credit cards.
Once funds are deposited, the desired cryptocurrency (e.g. BTC, LTC, ADA, SHIB, XRP, and ETH) can be searched and bought in a few easy steps. This is the easiest way to buy crypto on the platform. Simply enter how much you want to buy and select from a variety of order types including:
- Limit order
- Market order
- Stop order
- Recurring order
These order types will be helpful for experienced traders who want to optimize their trading, but if you’re a beginner then the default ‘market order’ will simply buy it at the current market price.
The dashboard includes a top bar with the live prices in AUD and the bar on the left is the navigational menu to bring up the trade window and the other features on the platform. There is also the option to set price alerts that will trigger on the desktop and mobile apps when crypto reaches your desired price.
A Simple & Elegant Trading Interface
While Swyftx markets itself as a beginner-friendly platform, it has also included an advanced trading interface that will suit experienced traders. Utilizing the world-renowned charting package, Tradingview, their trading interface is as sophisticated as those found on serious trading platforms like Binance Australia, Kraken, and Huobi Global. If leveraged margin trading is what you want, then you’ll need to switch to an alternative like FTX Australia as this is not currently supported by Swyftx.
There is a complete assortment of technical indicators and charting tools, and you will have all the bells and whistles at your disposal to analyze the price action of crypto. While they don’t offer every order type in the book, this trading interface will satisfy the vast majority of traders and there are several bonus features that traders will love, including:
- Easy price alerts.
- Swapping directly between coins.
- Low trading fees.
- Customizable dashboard.
- Recurring buys.
- Automatically generated downloadable tax report.
Overall, Swyftx has done an impressive job of creating a platform that caters to both beginner and experienced traders. This is partly why they have become the leader in the Australian crypto market.
The Swyftx Help Centre is a library that contains over 130 detailed and informative articles to guide you through specific features of the platform and provide assistance to common technical issues. Articles are neatly organized into several key categories and we found the search tool to be highly functional in finding specific topics. You can find answers to a wide range of topics including but not limited to the following:
- How to apply for a company account and set up a Trust with Swyftx.
- Tips and pointers on how to customize the account dashboard.
- How to set price alerts on the mobile app.
- Why withdrawals cannot be made after depositing using POLi.
- How to deposit cryptocurrencies to Swyftx, and many more.
Articles are well-written and easy to digest with screenshots and numbered step-by-step guides a common feature. Overall, the level of content and the functionality of the Help Centre is considered to be well above average compared to other exchanges.
The Swyftx customer support team is one of the largest that boasts 35 individuals including Customer Support Officers, Resolution Managers, Compliance Officers, and Verifications Officers. You can get in touch with the customer team via live chat, phone, email, or Telegram.
Not all Australian-based exchanges offer a 24/7 live chat service and even less connect the user to a real person. The Swyftx live chat initially starts with a bot and if the issues cannot be resolved then the option to talk to a member of the customer team becomes available.
We tested the live chat by asking a question about trading fee discounts for high-volume transactions. Several brief paragraphs about non-related topics were produced by the bot however a member of the Swyftx customer service team introduced herself 1 minute later. Several follow-up queries were concisely answered and we were subsequently connected to the High-Volume Account Manager. A transcript of the conversation was then emailed.
Overall, the experience lasted 7 minutes and felt static and transactional but in no way unpleasant. Responses were prompt and directly addressed the question. If you value prompt and helpful customer service, then Swyftx is the clear standout.
Customer Feedback & Reviews
Based on over 3,400 customer reviews on Trustpilot, Swyftx has an overall rating of 4.8/5.0 with 96% of feedback categorized as ‘excellent’ or ‘great’. The overwhelming proportion of positive feedback generally related to the design of the interface which made it easy to use and navigate, and superior customer service.
The Android mobile app has been downloaded over 100,000 times. Based on 6,700 customer reviews, the Android mobile app has a solid rating of 4.2/5.0.
Swyftx has an iOS and Android compatible mobile app that provides you with access to most of the features and functionality of the desktop platform. Biometric fingerprint log-in can be set up as an additional layer of account security. The apps can be used to fund your account with AUD, NZD, and USD so you can buy, sell and swap a range of digital assets including BTC, ETH, and XRP. However, features such as the ability to view live charting are not available.
In terms of design and ease of use, the Swyftx mobile app performs very highly and we did not experience any technical errors or latency issues. Other notable inclusions comprise a dark mode which can be toggled, demo trading mode, and easy access to the customer support team.
Swyftx is a trusted Australian crypto platform that provides Aussies and New Zealanders with an easy way to use AUD and NZD to buy, trade, and sell 312 digital currencies. Swyftx caters to a broad range of Australian crypto investors and traders with a well-executed suite of mainstream products and services.
However, if you are looking for an exchange with specific features such as leveraged margin trading or the ability to copy the portfolios of successful traders, then you will need to seek an alternative to Swyftx.
We have reviewed over 20 Australian-based cryptocurrency platforms and have selected six as the best alternatives to Swyftx. Other honorable mentions include:
- Easy Crypto – The New Zealand cryptocurrency exchange is the best local Kiwi exchange and is best known for its easy-to-use website and reliable reputation. The platform has recently expanded its service offerings to residents in Australia. Since 2017, the platform has amassed over 150,000 customers and has executed over $1.1 billion in trades.
- Binance Australia – Binance Australia boasts a greater number of crypto products and services than Swyftx including lower trading fees of 0.1%. The global platform still maintains a user-friendly trading experience and its strengths lie in its high liquidity for trading pairs, a wide range of services, and innovative features. Binance Australia is an excellent choice for altcoin trading.
- Cointree – Cointree is a Melbourne-based crypto exchange that offers over 280 digital assets to purchase on a beginner-friendly platform. Cointree has a user base of over 80,000 Australians and has traded over $250 million of cryptocurrency.
Swyftx Comparison Reviews
To highlight how Swyftx compares to other Australian crypto exchanges, MoreCrypto has reviewed Swyftx against several other platforms. For more information, you can read our exchange reviews and comparisons below.
- Swyftx vs Coinspot
- Swyftx vs Digital Surge
- Swyftx vs Independent Reserve
- Swyftx vs Cointree
- Swyftx vs Binance
- Swyftx vs CoinJar
- Swyftx vs Crypto.com
Frequently Asked Questions
Is There A Demo Mode On Swyftx?
Demo mode is a feature offered by Swyftx that allows you to explore the platform and practice trading using virtual funds. The demo account is credited with AUD $10,000 that can be used to purchase, swap, trade, and sell 312 digital currencies at real market prices. Real-time liquidity and market depth are also simulated. Since funds are virtual, users can practice trading with zero risk and have to deposit AUD.
Can You Earn Interest On Swyftx?
Swyftx’s new Earn feature provides Aussies with the ability to earn interest rewards of up to 101% on 21 popular cryptocurrencies such as Bitcoin, Ethereum, Cardano, Solana, and Polkadot. The feature allows beginner and advanced crypto investors to increase their crypto holdings without the need to purchase them using AUD.
Interest starts generating after one of the 21 supported cryptocurrencies is transferred from your Trade wallet and into your Earn wallet. Interest compounds daily and is automatically credited to your balance in the crypto that was deposited.
Does Swyftx Support New Zealand Investors?
Swyftx is registered by the New Zealand Companies Office to operate as a Financial Services Provider (FSP10000861) and complies with local regulations. New Zealand investors and traders can deposit NZD into their account wallet to, swap, trade, and sell 312 cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Solana (SOL), and Cardano (ADA).
Can You Margin Trade On Swyftx?
Leveraged margin trading is currently not supported by Swyftx. However, the crypto platform has indicated that it recognizes the market need for leveraged margin trading and is working towards providing this service in the future. In the meantime, you may wish to consider a global crypto exchange that offers leveraged margin trading such as KuCoin, Huobi Global, and Kraken.
Is Swyftx Good For Beginners?
Swyftx is a great choice for beginner investors and traders due to its simple and visually intuitive user interface design. The learning curve for new traders will be low because of the simple and streamlined cryptocurrency purchasing process where AUD can be used to directly buy crypto.
Does Swyftx Support US Traders?
If you’re located in the USA then you will be unable to create and verify an account with Swyftx. You will need to find a reputable and secure crypto exchange that is registered and licensed in your state.
Does Swyftx Have An Affiliate Program?
Once you successfully verify your account, you can share your unique Swyftx referral code with friends and family. Swyftx payout 30% of fees collected on all trades made for the lifetime of the accounts you’ve referred which will generate you a passive income.
Does Swyftx Support Crypto Staking?
During mid-2022 Swyftx ceased its crypto staking service and no longer supports Proof-of-Staking (PoS) consensus protocols. It was replaced with an interest-earning product called Swyftx Earn.
Australian investors and blockchain enthusiasts still have staking options, however, there is a lack of local exchanges to choose from. For more information, you can read about our review of the best places for Australians to stake crypto.
Swyftx has risen to popularity in recent years due to its reliability as a crypto exchange platform and its continual efforts to stay in touch with the ever-changing market by providing innovative products and services. The lack of leveraged margin trading is a drawback however the platform has identified this as a market need and has indicated that this may be implemented in the future.
Swyftx is a solid option for both beginner and experienced investors living in Australia and New Zealand. It offers competitive trading fees, 312 digital currencies to choose from, and an intuitive user interface. The platform is equipped with features to cater to both novice and experienced users including a demo mode, and an advanced TradingView charting package. Swyftx is undoubtedly one of the top contenders on the Australian market.
Based on our review, the Swyftx platform is best suited for a wide spectrum of investors and traders, from the inexperienced to serious traders. The combination of personalized customer support, high-net trading, and crypto taxation reporting tools will be highly appealing to SMSF investors.
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