Swyftx is an Australian crypto exchange that supports 300+ cryptocurrencies and offers 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, 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.
ZenGo is the favourite among knowledgeable Australian crypto investors, both for its enterprise-grade security and zero trading fees. If you’re looking for a safe, cost-effective way to buy and sell crypto in Australia, I can’t recommend ZenGo highly enough.
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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).
In this review, I’ll review all the pros and cons, benefits and prices of Swyftx.
Pros & Cons
- 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.
- 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.
Features & Benefits
#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 at a specific date.
#3 Demo Environment
Swyftx has a very complete demo mode where you can try out different market orders and strategies before investing 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 Australia) and Coinbase offer. Here are some of the most popular:
|Bitcoin||Bitcoin Cash||Binance Coin|
|Ethereum||Ethereum Classic||FTX Token|
- Trading Fees: 0.6% (high volume discount may apply)
- Spreads: From 0.41% to 1.70%
- Deposit Fees (AUD): Free
- Withdrawal Fees (AUD): Free
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.
Swyftx has very positive reviews from its users with an average of 4.8 on Trustpilot; in fact, it was very hard to find a single negative review.
Here’s what some of those users have to say about Swyftx:
- “I now only use Swyftx – Has a great web and phone interface and makes trading easy.” – Jeff B.
- “Great app very handy to use on the go.” – Ray B.
- “The app and the support for the app are great. I wish there were more stars to give to the support staff” – Kiran T.
Swyftx is a crypto exchange based in Australia: it supports over 300 cryptocurrencies and it has interesting features like a demo account and market orders. You can also earn some passive rewards by staking your crypto.
Who Is It 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.
In Which Countries Is Swyftx Available
Swyftx is available in all of Australia, New Zealand, the UK, and Canada. Support for India and Ireland coming soon.
Is Swyftx Safe And Legal?
Yes, Swyftx is a safe and reliable crypto exchange that has yet to be hacked. Swyftx is affiliated with the Australian Transaction Reports and Analysis Centre (AUSTRAC) and maintains a stringent KYC policy to prevent money laundering or other illegal activities.
Swyftx Referral Code
$20 worth of bitcoin bonus when you sign up using this link.