Swyftx Review and Tutorial 2021
|Traders in United States welcome|
|Swyftx Facts & Figures|
Swyftx is an Australian, regulated cryptocurrency exchange with a range of DeFi services, including trading and lending.
|Payment Methods||Bitcoin Payments, PayID|
|Mobile Apps||iOS & Android|
Swyftx has more than 270 cryptocurrency tokens available for purchasing, borrowing and lending.
|Coins||ZRX, 1INCH, AAVE, ACM, ADX, ELF, AERGO, DLT, AION, AST, AKRO, ALGO, TLM, ALPHA, AMB, FORTH, ANKR, APPC, ANT, ARDR, ARK, ARPA, ASR, AUDIO, REP, AUTO, AVAX, AXS, BADGER, BAL, BNT, BAND, BAT, BEL, BNB, BUSD, BTC, BCH, BCD, BTG, BTS, BTT, CDT, BLZ, AUCTION, BRD, BTCST, BZRX, ADA, CTSI, CELR, CELO, CTK, LINK, CHZ, CHR, CND, CVC, COCOS, COMP, CFX, COS, CTXC, ATOM, COTI, CRV, DASH, MANA, DCR, DEGO, DENT, YFII, DIA, DGB, DNT, DODO, DOGE, DREP, DUSK, EPS, EGLD, ENJ, EOS, ETH, ETC, ERN, EVX, FTM, BAR, FET, FIO, FLM, FLOW, FOR, FRONT, FTT, FUN, GVT, GTO, GTC, GO, GLM, GRS, GXS, HARD, ONE, HBAR, HNT, HIVE, HOT, ZEN, ICX, IDEX, RLC, INJ, ICP, IOST, IOTA, IOTX, IRIS, JST, JUV, KAVA, KEEP, KMD, KSM, KNC, LINA, LSK, LTC, LIT, LPT, LOOM, LRC, LTO, MFT, MKR, OM, MASK, MDX, MDT, MTL, MIR, MITH, MDA, MTH, MBL, ALICE, NANO, NAV, NEAR, NEBL, NAS, XEM, NEO, GAS, CKB, NBS, NXS, NKN, NU, NULS, NMR, ROSE, OAX, OCEAN, OMG, ONT, ONG, OXT, OGN, ORN, CAKE, PSG, PAXG, PAX, PERL, PERP, PHA, PNT, POA, DOT, POLS, MATIC, POLY, PPT, POWR, PUNDIX, QLC, QTUM, QNT, QSP, QKC, QUICK, RDN, RAMP, RVN, REEF, REN, REQ, RSR, XRP, RIF, SCRT, KEY, SRM, SHIB, SC, AGIX, SKL, SKY, SOL, SNM, STX, FIS, STPT, SNT, STEEM, XLM, STORJ, STMX, DATA, SUN, SUPER, SUSHI, SXP, SNX, SYS, WABI, TRB, LUNA, TVK, XTC, GRT, SAND, THETA, TFUEL, RUNE, TCT, TOMO, TORN, AVA, TRX, TROY, TRU, TUSD, TWT, UMA, UNFI, UNI, USDC, USDT, UTK, VET, XVS, XVG, VTHO, VIA, VIB, VIDT, VITE, VGX, WTC, WAN, WAVES, WRX, WPR, WING, WIN, WBTC, WNXM, YFI, YOYO, ZEC, ZIL|
Swyftx is a regulated cryptocurrency exchange platform with its head office in Brisbane, Australia. Read this 2021 Swyftx review to find out more about the services offered, available assets and more.
Swyftx is a cryptocurrency exchange, meaning it is a platform on which users can buy, sell and trade crypto tokens. The exchange is based in Milton, Brisbane and its founder and owner is Alex Harper. Unlike The Australian Securities Exchange (ASX), Swyftx only deals with cryptocurrencies.
Since its inception in 2019, the company has quickly grown to be one of the most popular crypto exchanges in Australia and New Zealand. The service is currently unavailable to residents of other countries, unless you have an Australian or New Zealand ID, but will be made available to UK and Canadian residents in late 2021. Australian companies can also apply for a Swyftx Business account.
Traditional crypto exchanges use their own order books for each trading pair. This means there can be increased spreads and risk of slippage if there is reduced trading activity for a particular coin. Swyftx optimises each order over several larger exchanges like Binance. This provides higher liquidity and trading volume resulting in tighter and more reliable spreads than other cryptocurrency exchanges.
Users can sign up to Swyftx for free and access a wide range of services that cater for novice and experienced traders alike.
The Swyftx platform is available both as a desktop version and a mobile app. This can be downloaded for Android (APK) or iPhone (iOS) and there are regular in-app updates. The broker’s growing popularity can be attributed to rising interest in crypto in Australia and the fact that its intuitive and user-friendly platform simplifies trading for beginners. Users can easily access the asset list, wallet, charts, deposits and withdrawals using the side bar.
The platform is easy to get to grips with and the demo mode feature provides a risk-free means of testing out the platform and experimenting with trading strategies. The demo mode uses live market data and real liquidity to accurately reflect the trading environment.
The Swyftx dashboard is customisable and can be tailored to display the information you find most useful. Your portfolio clearly tracks the profit/loss percentage of all your crypto holdings.
As well as providing an accessible platform for novice investors, Swyftx offers a wide range of features that cater to intermediate or more advanced investors. One such feature is recurring orders, which allow clients to automate their crypto investing.
Recurring orders automatically deposit into your Swyftx account via your chosen method and invest in your preferred cryptos at regular intervals. These can be used to purchase multiple cryptocurrencies at once and are a way to mitigate risk in the volatile crypto market by increasing your position size on a long-term basis.
If you are interested in long term growth, Swyftx offer seven different coin bundles, which are a way of diversifying your investments. Bundles are collections of coins that can be purchased together. Swyftx compiles these bundles in groups such as “Swyftx Top 10 by Market Cap”. If you purchase this bundle, your investment will be split evenly between the top 10 coins, ranked by market capitalisation.
Swyftx offers a wide variety of cryptocurrencies to buy, sell and trade. In total, there are over 270 coins available. As well as the biggest and most popular coins like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Tether (USDT), Stellar (XLM), Monero (XMR) and Cardano (ADA), Swyftx offers an impressive number of smaller altcoins, including, XDC, ABN, Nano, Quant, Pundi X, Shiba Inu, Dogecoin and Internet Computer (ICP), as well as several NFT-related coins. XCD is currently unavailable.
Swyftx is constantly adding new coins to its platform. If you are a novice trader, you will probably be most interested in the bigger coins. However, having a platform that offers such an array of altcoins can prove useful if you want to begin diversifying your portfolio and investing in up-and-coming cryptos.
As with any other crypto exchange you can buy and sell coins using fiat currencies. There is a minimum order of $25 when you buy with fiats. Moreover, Swyftx allows you to swap coins, exchanging one cryptocurrency for another in a single order. Note that you cannot trade with leverage on Swyftx and you cannot purchase CFDs or futures.
Fees & Spreads
The exchange charges a 0.6% fee on every trade but, aside from this, there are no hidden charges. The broker’s spreads are transparent and competitive. As a guide, spreads on Bitcoin can be as low as 0.41% and the average spread on Swyftx is 1.7%. As opposed to other Australian competitors like Digital Surge or Independent Reserve, Swyftx does not charge a fee for fund withdrawals.
Deposits & Withdrawals
A benefit of trading with Swyftx in Australia is the possibility of funding your account and buying crypto using AUD and NZD. When this service is made available in the UK and Canada, you will be able to deposit using GBP and CAD. This is possible using a variety of methods including POLi, PayID, bank transfer and Osko and there are no deposit fees.
Depositing in AUD directly is an advantage because other exchanges based in the USA or Asia may require you to deposit in a specific currency, such as USD, and you may incur conversion fees. Swyftx users can deposit a maximum of $100,000 per day but there are no withdrawal limits. Fiat withdrawals are free and processing times depend on the method but are not usually longer than one hour.
You can also deposit and withdraw cryptocurrencies from your own wallet, like Ledger or Metamask. Other than standard network mining fees, there are no charges for depositing or withdrawing crypto. For optimum security, your best bet may be to withdraw from your Swyftx wallet to a hardware wallet such as Ledger Nano S or X.
However, Swyftx provides users with a secure software wallet for holding cryptocurrencies with high security measures. This wallet uses both hot and cold storage procedures. You can deposit crypto in your wallet for storage and trading with your wallet address is protected with a private key. Other wallets, such as Yoroi, are available but may only be able to store certain coins and tokens.
Swyftx Extra Features
Real-Time Price Feed & API – Prices on Swyftx are updated in real-time based on the size of your order. The platform also has integration capabilities and transactions can be automated using their GitHub API.
Integrated TradingView Charts – You can chart, track and monitor your chosen cryptos using the Swyftx TradingView feature.
Stop, Limit & Market Orders – You can set up automatic triggers to place orders when assets reach your desired price, like limit buys. This can help you manage your risk and avoid missing out on important price swings.
Combined Order Books – In order to deliver competitive crypto prices, Swyftx uses combined order books that display the recent buy and sell prices of cryptocurrencies across different exchanges.
Swyftx Promos – There is currently a promotion offering a $10 Bitcoin bonus upon registration. Ozbargain has previously offered a referral code which rewards users with $15 BTC upon registration. It is also possible to receive a 15% discount on any new tax reports with Koinly. In April 2021, the exchange ran a digital Easter egg hunt. 16 customers had the opportunity to win $50 of Bitcoin by finding eight Easter eggs on the website. There was one golden Easter egg worth $200.
Cryptocurrency SMSFs – Self-managed super funds (SMSFs) are a type of retirement savings fund that eligible Australian investors can use to allocate cryptocurrencies into a retirement portfolio. SMSFs are popular in Australia due to low taxation. Under current SMSF regulation, income is taxed at a rate of 15% and long-term gains are taxed at an effective rate of 10%. Income generated from assets in a retirement pension is taxed at 0%.
Dusting – Swyftx has a AUD 1 minimum order limit. This means you may have problems getting rid of crypto assets worth less than $1. The dusting feature allows you to convert all crypto assets worth less than $1 into your base currency.
Security & Regulation
Security should always be a key factor when choosing a cryptocurrency exchange. Since 2012, nearly $2.58 billion has been stolen from crypto exchanges through security breaches. Crypto trading is often not afforded the same level of regulatory protection as traditional markets, so if your coins are stolen, reimbursement may not be possible.
Having said this, Swyftx prioritises security and has an ample number of security measures in place. These include using JSON Web Tokens (JWTs) and session expiry, KYC verification, biometric authentication, 2FA account protection, breached password detection and regular consultation with 3rd party security auditors. This protects Swyftx customers from hacks and data breaches.
Two-factor-authentication (2FA) means that you will need to both enter a password and scan a QR code with your mobile device to sign in, confirm withdrawals, change account details and carry out certain high-volume trades. You can use the Google Authenticator app to log onto Swyftx.
Swyftx is a private company registered in Australia under the name SWYFTX Pty Ltd. This company is regulated by AUSTRAC (Australian Transaction Reports and Analysis Centre) and adheres to strict KYC/AML obligations that prevent money laundering and the financing of terrorism.
When you sign up to Swyftx you will only need your ID number and you can deposit and start trading immediately. To withdraw any funds, you will need to complete the KYC level 0 check with a verification call with an operator. This will give you silver unrestricted status.
Some big transactions may lead to your account being temporarily suspended while you complete further security checks called KYC level 1 and KYC level 2. These checks may include uploading a picture of your ID and will give you access to the Swyftx Diamond Level. The exchange recommends you start the verification process soon after sign-up to avoid your account being put under review. If this happens, contact customer support.
Swyftx Customer Support
Swyftx have a customer support team with an excellent reputation. On Trust Pilot, support has been rated 88% out of over 2,300 reviews as “excellent”. You can get in touch with the customer support team via phone, email, live chat or Telegram. You can also follow Swyftx on Twitter and Instagram for news and updates. The website also has an extensive section with how-to guides, FAQs and tutorials.
When using the live chat function, you will first be connected with a bot, which will point you in the direction of articles it believes will help you with your problem. If you are still not satisfied, you will be connected with a real person. Connection time is usually not longer than an hour. This is especially useful for urgent queries, for example, if your account is not logging in, your Osko deposit has not been received, 2FA is not working or you are having withdrawal issues.
In most countries, cryptocurrency is considered an asset and is subject to capital gains tax. With Swyftx, you can generate a customised tax report or EOFY report when it comes to declaring taxes. This can be done by navigating to the Profile Tab > About > General > Tax Report > Download. You can the input custom date ranges by selecting dates from the corresponding drop-down menus and download this report as a CSV (openable with Microsoft Excel) or PDF file.
This report can be useful for self-reporting your income, but we always advise consulting a local tax expert for further information.
Benefits of trading with Swyftx include:
- Zero Conversion Fees – You can deposit directly with AUD and NZD; in the future, you will be able to deposit using GBP and CAD
- Huge Range Of Assets – Over 270 cryptocurrencies available, including popular coins like Bitcoin and Ethereum, as well as other altcoins
- Security Is Prioritised – There are extensive features in place to protect your funds
- Quick Sign-up & Verification Process – You will not need to upload documents or photos
- Signup Bonus – Swyftx will give you free $10 of Bitcoin when you register
- Good Customer Reviews – The exchange has a 4.5/5 rating from Google reviews and a rating of 4.8/5 on Trustpilot. This is impressive when considered vs other platforms like Kraken, Coinbase, Binance and Coinspot. The exchange is also recommended by famous Australian podcast Equity Mates and you can also check public forums like Reddit for Swyftx reviews.
- Location Restrictions – At the moment, you can only trade on Swyftx from Australia and New Zealand, though soon UK and Canada residents will be supported. Traders in USA and other countries will not be able to use Swyftx.
- Restricted Deposit Currency – As you can only deposit in AUD and NZD, you will need to convert any other fiat currencies before depositing. Poor exchange rates may impact your deposits negatively.
- Verification Call – You will need to have a call with an operator to be able to withdraw your funds.
- No PayPal Deposits – Swyftx does not allow users to deposit or withdraw money using PayPal.
How To Start Trading With Swyftx
- Register & Login – Opening and maintaining a Swyftx account is free. On the Swyftx home page, click the “Sign Up” button. This takes you to the registration page where you will have to fill in your email, set a password, enter your name and phone number. Hit “Agree” on the terms and conditions and click “Create My Account”.
- ID Verification – Once you have opened an account, Swyftx will need to verify your identity. This is done more quickly than other exchanges as there is no need to upload documents or photos. You must be at least 18 years old. To begin the verification process, click “Profile” on the sidebar and go to “Verification”, where you will need to confirm your email address, phone number and ID document number. This process usually only takes two minutes.
- Deposit – Swyftx supports PayID, POLi, bank transfer and credit cards as payment methods. The minimum deposit amount is $30 and there is a daily limit for fully verified accounts of $100,000. Depending on your method of deposit, this can happen instantly or take up to six hours.
- Trade – The next step is making a transaction. On Swyftx, you can buy, sell or swap over 270 cryptocurrencies through a liquidity pool made up of billions of investments.
- Withdraw – Once you are happy with your earnings and wish to withdraw. Simply click “Quick Withdraw” on the sidebar and choose your preferred method. You can transfer to your Swyftx wallet in BTC, ETH or XRP.
Overall, Swyftx is a platform with ample features aimed at beginner to intermediate crypto traders. The company has an attention to security that helps reassure clients of its safety. Spreads are generally tight, hitting an average of 1.7%, but it might be worth comparing specific pair spreads with other exchanges to find the one that suits you best.
Is Swyftx A Wallet?
Swyftx is a cryptocurrency exchange that also offers a crypto wallet service for Android and iOS mobile devices. This wallet is supported by both hot and cold storage and has the ability to store over 100 cryptocurrencies.
Is Swyftx Safe?
Swyftx demonstrates a commitment to security and encryption and stores crypto in hot and cold wallets. The exchange is also regulated by AUSTRAC.
Does Swyftx Have Any Deposit Fees?
No, Swyftx does not charge any fees for depositing or withdrawing money. If you are transferring crypto you will incur standard network mining fees but the exchange does not charge any of its own fees.
Is Swyftx Legit?
Swyftx is a legit crypto exchange that is regulated in Australia by AUSTRAC and has positive customer reviews – 4.8 stars on Trustpilot. Moreover, the exchange has implemented decent security measures to try to keep your assets safe.
Does Swyftx Have Any Deposit Fees?
No, Swyftx does not charge any fees for depositing or withdrawing money. If you are withdrawing or depositing crypto you will incur standard network mining fees, but Swyftx does not charge any fees on top of that.
What Are The Verification Levels On Swyftx?
There are three levels of verification on Swyftx that are required for different classes of transactions. The lowest level, KYC level 0, requires you to have a phone call with a Swyftx operative. KYC levels 1 and 2 will require further information, including uploading identity documents.
Do I Need To Pay Tax On Cryptocurrency Earnings With Swyftx?
The Australian Taxation Office (ATO) classes crypto transactions as “akin to barter arrangements for the purposes of income tax” and classes cryptocurrency as both property and an asset when it comes to capital gains tax (CGT).
Swyftx accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Alternatives to Swyftx
If you are looking for alternatives to Swyftx we have compiled a list of the top 5 brokers that are similar to Swyftx below. This list of brokers like Swyftx is in order of similarity and only includes companies that accept traders from your location.
- Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- Binance – Binance is one of the leading online crypto exchanges offering Bitcoin.
|Swyftx is an Australian, regulated cryptocurrency exchange with a range of DeFi services, including trading and lending.|
Swyftx vs Other Brokers
Compare Swyftx with any other broker by selecting the other broker below.