Welcome to my Swyftx Review, where I explore this growing Australian cryptocurrency exchange. I’ll cover what it is, its features, whether it’s safe, its pros and cons and how to join.
Swyftx is an Australian Cryptocurrency Exchange that was founded in 2019 by Aussie crypto enthusiasts Alex Harper and Angus Goldman. Feeling that they could deliver a better product than pre-existing Australian crypto platforms, they founded Swyftx. The core vision of Swyftx is to deliver a modern, low-fee crypto trading platform that provides exceptional customer service. Designed for Australians, by Australians, this platform delivers a range of unique products and features tailored for Aussie investors.
As far as cryptocurrency exchanges go, Swyftx is one of the safest platforms in Australia. Registered under the trading name SWYFTX Pty Ltd, Swyftx is regulated by the governing body AUSTRAC. As such, it complies with AML/KYC obligations. For more information on these obligations, please refer to:
Additionally, Swyftx provides multiple security layers to protect client funds. This includes a partnership with Auth0. Auth0 is a cloud-security based platform that secures and maintains password integrity and account safety.
Swyftx also applies a verification process, allows for 2-factor authentication (2FA) and routinely scans for data breaches. For these reasons, Swyftx is trusted by more than 30,000 Australians.
If you’re still looking to increase security, Swyftx is compatible with hardware wallets. A hardware wallet is a device, specifically designed to hold your private keys. It is another example of ‘cold storage’ meaning that it does not connect to the internet. You only have to plug it to confirm transactions, the private keys never leave the device, making it the most secure way to store your crypto.
If you’re interested in purchasing a hardware wallet, I recommend Ledger or Trezor, as they are the most reputable wallets available. You can purchase them here:
The good news for Aussies is that Swyftx makes it cheap and easy to remove and deposit AUD. There is a flat-rate $2 fee for deposits and withdrawals below $200 AUD. For any deposits or withdrawals above $200, there are no fees. As such, for Aussies looking to enter or exit the crypto markets, this is a viable option.
Swyftx charges a trading fee of 0.6% with no trading limits. While some competitors may offer lower trading fees, a key distinction that separates Swyft from its competition is its spreads. According to the Swyftx Team:
“Spread is the difference in price between the buy and sell prices of a tradable asset and in most cases can exceed the advertised “trade fee”. Australian banks charge up to 11% spreads when converting AUD to foreign currency, yet still advertise zero currency conversion fees. Many crypto trading platforms do not make this information readily available and will even advertise “low fees” or even “zero fees” yet fleece you several per cent in artificial spreads.”
Swyftx offers multiple ways for depositing AUD. These include bank transfers (Osko), Pay ID, Poli and Credit Card/Debit Card deposits. While all of these deposit methods are instant, it is worth noting that Swyftx doesn’t charge any fees for depositing AUD or buying Crypto with your debit card.
As such, Swyftx is a great platform for facilitating fast, feeless payments for purchasing cryptocurrency. This gives it the edge over its competition who while offering the same services, often charge hefty fees for using credit and debit cards.
Another significant issue encountered by Australians is being able to cash out their crypto and withdraw it in AUD. Previously, crypto exchanges have had significant limits on the amount of fiat (AUD) that users can withdraw. They also have historically charged significant % fees that greatly decreased overall profits.
Swyftx on the other hand offers a low-cost withdrawal fee of $2 for transactions under $200. If you wish to withdraw a sum greater than $200, there are no fees attached. As such, this is perhaps one of the best platforms for being able to cash out of crypto and take profits. The maximum withdrawal size is $50,000 per day. However, users can contact Swyftx Support to increase this limit.
A unique feature that Swyftx offers is ‘Bundles’. The Bundles feature acts as a diversification mechanism, similar to an ETF where the investor can choose a pre-selected basket of crypto assets or create their own. Swyftx users can choose from popular bundles such as the Swyftx Big Two Bundle which consists of a 50/50 split of Bitcoin and Ethereum. Swyftx also offers an altcoin bundle, a Defi bundle, a top 5 by market cap bundle and a staking coin bundle. These are great for beginner investors or people who want to diversify quickly and easily with one transaction.
Alternatively, users also have the option of adding or removing different cryptocurrencies from these bundles. For example, someone can change the Big Two Bundle to be 90% BTC and 10% ETH. Additionally, users can create their own custom bundles consisting of their favourite crypto projects at their own pre-determined ratios.
This feature which is unique to Swyftx is a great method for adding diversification to a profile and simplifying the crypto space for beginner investors. Users also have the option of doing a one-time purchase ‘Instant Buy’ or a Recurring Purchase. The addition of ‘Recurring Purchase’ helps introduce two key tenets of investing: Dollar Cost Averaging (DCA) and Diversification.
Swyftx is a smaller exchange that was founded by two friends who are passionate about the crypto space. As such, there is a greater emphasis on customer service that is hard to come by on major exchanges. I can personally vouch for their customer service, having contacted numerous times since I started using the platform. Every time I have used their customer support, I was answered quickly by an actual person and each time, my issue was resolved within a day. For this reason, Swyftx is one of my favourite exchanges to use.
Users can navigate to the ‘Help Centre’ to view frequently asked questions and access free tutorials that explain to users the fundamentals of cryptocurrency and how to use the app correctly. Additionally, Swyftx also offers a live chat feature and a ‘call back’ feature where users can communicate with Swyftx staff online or on the phone. This service separates Swyftx from other major exchanges and makes it a more user-friendly platform, particularly for beginner investors.
Similar to Bundles, Swyftx also offers a unique service in the form of Self-Managed Super Funds (SMSF). People who believe that cryptocurrencies are a growing industry can now invest in crypto through their SMSF.
While it is worth consulting with a financial advisor before making any decisions regarding superannuation, there are potentially unique benefits to investing in crypto via SMSF. This includes generous tax rates and hedging against traditional assets.
Swyftx offers a wide range of cryptos, exceeding 240+ assets. As such, Swyftx will likely be able to accommodate the needs of most investors. However, it is worth noting that some competitors offer a wider range of cryptocurrencies. For this reason, investors who are after less common altcoins may need to utilise a secondary or other exchange. However, for investors who want to buy large-cap coins, Swyftx should be able to facilitate.
Another drawback of Swyftx is that it is only available to Australian residents. While not an issue for Aussie investors, international investors who may benefit from the unique features of Swyftx (namely Bundles) will need to look elsewhere.
If you are a non-Australian who is looking to join a crypto exchange, Crypto.com is a viable option. For more information, please refer to my review below:
|Credit/Debit Card Deposits||Fewer Assets Than Competitors|
|Feeless Withdrawals||Only Available to Australians|
|Great Customer Service|
Swyftx is a great Australian exchange that is designed for Australians by Australians. They offer exceptional customer service, low spread rates, feeless deposits and withdrawals, the ability to invest in crypto via super and their unique Bundle service. For these reasons, Swyftx is great for beginner investors and Aussies wanting to have a simple trading experience. However, for non-Australian l investors and other people who want to invest in lesser-known altcoins, other platforms may be more suited.
All-in-all, I’m happy with Swyftx and the services they provide. Particularly with their customer support and their Bundle option, which helps enable diversification and dollar-cost averaging in a way that has previously not been seen. If you live in Australia and would like to join Swyftx, you can join up by clicking the following link:
If you’d like to increase your crypto security by purchasing a hardware wallet, I recommend using Ledger and Trezor. These are two of the most reputable hardware wallet providers.
If you would like to learn more about cryptocurrencies and other exchanges, check out these additional reviews: