Swyftx is an Australian crypto exchange that recently launched in Canada, supporting 300+ cryptocurrencies and offering some interesting features, including a demo account where you can make trades on paper before putting real money on the line. However, Swyftx's fees are higher than the industry average in Canada, and even though you can earn passive rewards by staking your crypto, the fees make Swyftx too expensive for most users to use as an everyday crypto exchange.
For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until April 20, 2024.
What Is Swyftx?
Swyftx is an Australian cryptocurrency exchange founded in 2018 by Angus Goldman and Alex Harper. In 2021 it won the prestigious High Growth Business of the year award and has more than 500,000 just in Australia. Swyftx is registered and regulated with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Swyftx is currently not registered with any Canadian authorities, which means Swyftx's transactions here are not as secure as they are in Australia.
In this review, I’ll review all the pros and cons, benefits and prices of Swyftx.
Swyftx Pros & Cons
Pros
- 2FA And Biometric Login: On top of your regular password, you can set up two-factor authentication and biometric login for extra security.
- Real-time Market Data: All the prices you see are updated in real-time, so you can be sure all the prices shown are accurate.
- All Prices In One Place: Swyftx keeps track of buy/sell prices of crypto assets across different exchanges to provide the lowest prices.
- Wide Crypto Support: Swyftx supports over 310 cryptocurrencies.
- Earn Rewards: You can earn rewards and interest by staking your crypto, so you can put your crypto to work.
- Offers crypto OTC desk service for large crypto trades.
Cons
- No Offline Storage: Swyftx doesn’t store its assets offline or in cold storage.
- Limited Trading Options: It doesn’t support derivatives or futures trading.
Swyftx Features
#1 Earn Rewards By Staking Crypto
The signup process is fully online, and you can get your account up and running in less than 10 minutes. We go over the whole process in the Signup Process section.
#2 Set-up Market Orders
Swyftx supports stop and limit market orders, so you can automatically sell or buy crypto at a specific price or on a specific date.
#3 Demo Environment
Swyftx has a very robust demo mode where you can try out different market orders and strategies before risking real money.
#4 Live Chat And Phone Support
Swyftx offers 24/7 customer support via chat, and their customer service reps are actually helpful rather than just following a script.
Cryptocurrencies On Swyftx
Swyftx supports over 310 different cryptocurrencies, which is close to what Binance offers and more than what VirgoCX (one of the best-rated crypto exchanges in Canada) offers. Here are some of the most popular:
| Bitcoin | Bitcoin Cash | Binance Coin |
| Ethereum | Ethereum Classic | FTX Token |
| Avalanche | Cardano | Chainlink |
| Dash | Hive | Litecoin |
| Polkadot | Polygon | Solana |
| Shiba Inu | Terra | Unicoin |
Swyftx Fees
- Trading Fees: 0.6% – 2% (high volume discount may apply)
- Spreads: From 0.41% to 1.70% (higher than the industry average)
- Deposit Fees (CAD): Free
- Withdrawal Fees (CAD): Free
How To Sign Up With Swyftx
Swyftx sign up process is very quick, in less than 10 minutes you can start trading. Keep in mind Swyftx complies with KYC policies, so they need to verify your ID.
In Summary
Swyftx supports over 300 cryptocurrencies and offers a robust demo account crypto investors can use to test out their trading strategies before putting real money on the line. However, Swyftx's fees are higher than the industry average in Canada, and even though you can earn passive rewards by staking your crypto, the fees make Swyftx too expensive for most users to use as an everyday crypto exchange.
For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until April 20, 2024.
Swyftx Canada FAQs
Who Is Swyftx For?
Swyftx is ideal for investors looking for a very complete crypto exchange with access to lots of cryptocurrencies, plenty of research tools and a demo account.
Is Swyftx Safe And Legal In Canada?
Yes, Swyftx is a safe and reliable crypto exchange that has yet to be hacked. Swyftx is regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and maintains a stringent KYC policy to prevent money laundering or other illegal activities. However, Swyftx has not yet registered with any Canadian authorities, which means it's not as tightly regulated as other Canadian exchanges and therefore should be approached with caution.
Swyftx Referral Code
Swyftx users in Canada can receive a signup bonus worth $20 of Bitcoin when signing up using this link.
Where Is Swyftx Available?
Swyftx is available in Canada, Australia, New Zealand, and the UK. Swyftx will soon start operating in India and Ireland as well.
