Swyftx is one of the most beginner-friendly crypto platforms in Australia due to its simple interface, demo account and abundance of educational resources. Here’s our expert Swyftx review to help investors decide if the exchange is right for their cryptocurrency trading and investing needs in 2024.
New Trading Features
Swyftx has rolled out several new trading features over the past year to improve platform functionality:
- Soft Staking – Users can now earn up to 6% APY by holding supported proof-of-stake coins on the exchange. There’s no lock-up periods or fixed terms.
- API Access – Third-party services can now directly connect to Swyftx accounts via a read-only API key. This makes tax automation much easier.
- Recurring OTC Buys – High net-worth traders using the OTC desk can now set up recurring buy orders for large sums of cryptocurrency.
Swyftx Review of Pros and Cons
|No derivatives trading
|Low 0.6% trading fee
|Spreads could be tighter
|Free AUD deposits/withdrawals
|320+ coins supported
|Excellent customer support
Overall, Swyftx is an excellent option for Australians looking to buy and sell cryptocurrency. The platform strikes a nice balance between being simple enough for crypto newbies yet sufficiently featured for more advanced traders.
The only major drawback is the lack of derivative products. If you wish to trade futures, options or perpetual swaps, you must look at another exchange like Independent Reserve.
- 25% of all Australians have owned cryptocurrency at some point. This equals around 5 million Aussies.
- 36% of Australians under 50 years old own or have owned crypto assets.
- 42% of Millennials (born 1981-1996) currently own or previously owned cryptocurrency.
- The typical Australian crypto owner is now a Millennial parent with young children living at home.
- 76% of Australian cryptocurrency owners made a profit trading digital assets over the past year.
- The average profit made by Aussies trading crypto was over $10,000 AUD.
- 12% of crypto traders made over $30,000 AUD in profits over a 12-month period.
- 33% of Australians believe cryptocurrency is the future of online financial transactions.
- 46% of Australians over 65 years old see crypto as a form of gambling.
- 50% of seniors don’t trust crypto because they feel it’s not properly regulated.
Swyftx charges 0.1% to 0.6% trading fee, substantially lower than most competitors. There are no fees for AUD or crypto deposits/withdrawals.
The average spread sits around 1.7%, which is very competitive for the Australian market. By comparison, some rival platforms advertise spreads above 4%.
Swyftx utilises cold storage and two-factor authentication to keep assets safe. The exchange has never been hacked and complies with all relevant Australian regulations.
While Swyftx does not offer insurance for crypto holdings, its security standards match or exceed industry norms.
Swyftx Verification Process
The Swyftx verification process is very quick and simple. New users just need to submit ID photos and will receive approval within minutes.
Swyftx supports individual and SMSF accounts. More advanced traders can also create entity accounts for their business or trust.
Swyftx Customer Service
Swyftx offers exceptional customer support through live chat, email and an extensive Help Centre. Support staff are based in Australia, and response times average 15 minutes.
The company maintains a 4.7/5 trust score, demonstrating most users have positive interactions with Swyftx’s customer service team.
Swyftx User Experience
The Swyftx platform uses a clean, intuitive interface that makes buying and selling cryptocurrency straightforward. Traders can easily switch between basic and advanced order types.
A free demo account is also provided, allowing users to practice crypto trading risk-free. This makes Swyftx one of the most beginner-friendly exchanges in Australia.
Available Tokens on Swyftx
Swyftx supports over 320 cryptocurrencies, including all major coins like Bitcoin, Ethereum and Cardano. The platform aims to rapidly integrate new and popular assets as they emerge.
Swyftx’s native utility token is SWFX. Holding SWFX provides users with discounted trading fees based on their staked amount.
Regulatory Compliance and Legal Status
As an Australian-based exchange, Swyftx abides by all relevant Anti-Money Laundering and Counter-Terrorism Financing laws. The platform is fully registered with AUSTRAC.
Swyftx is taking steps to become ISO 27001 certified. This certification represents the global security standard for financial institutions.
Liquidity and Volume
Swyftx provides excellent liquidity for all major cryptocurrencies. Users can easily deposit and withdraw Australian dollars with no fees.
The exchange also operates an OTC trading desk that supports block trades over $100k AUD for institutions and high-net-worth investors. In total, Swyftx has facilitated over $12 billion in trading volume since its launch.
Staking and Lending Options
Swyftx lets users earn crypto yields by locking up assets in fixed-term deposits. Although it no longer offers automated staking products, fixed terms provide similar benefits.
On Swyftx Earn users can find yields between 3-10% on tokens like DOT, ATOM and ALGO.
App and Web Experience
Swyftx Web Experience
Swyftx’s web platform provides a seamless user experience for crypto trading and portfolio management. The interface contains intuitive charts, order options and quick coin searches.
Even beginners should find the desktop experience straightforward. More advanced traders gain access to customizable TradingView charts and advanced order types.
Swyftx App Experience
The Swyftx iOS and Android app closely mirrors the functionality of its web counterpart. Users can instantly buy and sell crypto assets on the go while monitoring price alerts.
The mobile experience is fast, responsive and stable with no noticeable performance issues. The Swyftx app holds an impressive 4.6/5 rating on both app stores.
Swyftx is the best all-round crypto exchange tailored specifically for Australian users. Beginners will love the simple buying process, demo account and wealth of educational material. More experienced investors get to take advantage of low fees, a wide coin selection and advanced trading features.
Really, the only thing missing is derivatives trading. So while Swyftx likely won’t satisfy demanding day traders, it’s a fantastic option for most cryptocurrency investors.
While Swyftx is one of the top all-round crypto exchanges in Australia, some traders may prefer platforms with specific features. Here are a few solid alternatives for specific use cases:
|0.5% trading fee, 1% average spreads
|Lower fees, High-volume traders
|Futures, options, 5x margin trading
|Advanced trading, Technical traders
|300+ coins listed, Many exotic altcoins
|Wide coin selection, DeFi and altcoins
|OTC desk, Insured custody <br> 0.15% spreads
|Institutions, Large block trades
Is Swyftx legit and safe?
Yes. Swyftx is a legitimate Australian crypto exchange registered with AUSTRAC. The platform has never been hacked and utilises industry-standard security protocols.
What fees does Swyftx charge?
Swyftx charges a 0.6% trading fee on all trades. There are no deposit, withdrawal or account fees. Users only pay a small spread between buy and sell prices.
How long does Swyftx verification take?
The Swyftx verification process only takes a few minutes in most cases. New users need to submit ID photos and then can start trading instantly once approved.
Does Swyftx have an app?
Yes. Swyftx offers fully-featured iOS and Android applications with 4.6+ star ratings. The Swyftx app allows seamless trading, checking prices, depositing and more while on the go.