SwyftX is a great all in one cryptocurrency trading platform that offers over 350 different assets, crypto staking and secure managed wallets. Their platform has relatively low fees at 0.6% per trade with their Instant Buy feature, making them one of the cheaper options in Australia.
Swyftx Pty Ltd (ACN 623 556 730) is licensed and registered with AUSTRAC and is a registered entity with ASIC. Their business is based in Brisbane, Australia and is the second largest exchange behind CoinSpot with over 500,000 users.
SwyftX Review Highlights
- Trade 350+ Cryptocurrencies with trading fees starting at 0.6%.
- Licensed and regulated by ASIC and AUSTRAC with audited proof-of-reserves.
- Feature rich exchange with products like Crypto Staking, SMSF Support, Multi-Chain withdrawals and more.
What is SwyftX?
SwyftX is one of Australia's leading cryptocurrency exchanges. They offer a wide range of features and services, making them a great option for those looking to trade, stake and earn interest on their cryptocurrencies.
One of the things that makes SwyftX so popular is their user-friendly platform. It's easy to use, even for those who are new to the world of cryptocurrency trading. SwyftX also offers a great mobile app, making it convenient to trade on the go. In addition to being user-friendly, SwyftX also offers competitive rates. Their transaction fees are some of the lowest in the industry, and they offer a tiered trading structure which gives you even lower rates as you trade more.
SwyftX Mobile App
The SwyftX app is available to download for both Android and iOS, and it allows users to enjoy the full functionality of their platform. Users can track their portfolio and make fast trades whenever and wherever they want. The UI of the app is easy to navigate, even a complete crypto newbie would find it hassle-free.
AUD Deposit Methods
SwyftX currently supports three deposit methods - Bank Transfer, POLi and PayID.For Bank Transfer the processing time is instant from OSKO bank accounts and 2-6 business hours from non OSKO bank accounts.
POLi deposits are credited and tradable instantly within a minute, however the funds will be locked from withdrawals until the deposit clears.
PayID is instant however, some banks may delay the first PayID you make for up to 24 hours though, particularly Commonwealth Bank.
SwyftX was the first Austrlian-based cryptocurrency exchange to offer a digital asset staking solution for their customers. Through the SwyftX Staking feature, you can earn up to 75% yields (returns) on 16 different cryptos including Cardano, Solana, Terra, Kava, Tezos and many others.
Some examples of the yields you can earn with SwyftX Earn when you stake cryptocurrencies in Australia are:
- Cardano (ADA) - 4.5% RPY*
- Solana (SOL) - 6.5% RPY*
- Kusama (KSM) - 18% RPY*
- Tezos (XTZ) - 3.9% RPY*
- Flow (FLOW) - 6% RPY*
- Polygon (MATIC) - 12% RPY*
- Elrond eGold (EGLD) - 12% RPY*
- Axie Infinity (AXS) - 75% RPY*
- Polkadot (DOT) - 12% RPY*
- Kava (KAVA) - 23% RPY*
- Cosmos (ATOM) - 10.8% RPY*
- Algorand (ALGO) - 4.6 RPY*
- Tron (TRX) - 5.8% RPY*
- Harmony (ONE) - 8.7% RPY*
- Terra (LUNA) - 8% RPY*
- Zilliqa (ZIL) - 13% RPY*
*The list of cryptocurrencies eligible for staking on Swyftx, and the RPY associated with each eligible cryptocurrency, are subject to change.
Is SwyftX Safe?
SwyftX is currently in the process of applying for the ISO27001 certification, once they have obtained it they will be considered an extremely high security exchange. They have currently implemented strategies to protect their customers funds and data including data encryption, Two-Factor Authentication (2FA), penetration testing, least privilege and breached password detection.
SwyftX Trading Fees
SwyftX charges 0.6% in trading fees, which is slightly higher than CoinSpot who have fees as low as 0.1%. However, where Swyftx may lack in fees, they make up with their extremely tight spreads, thanks to their innovative lowest spread seeking proprietary algorithm.
When depositing AUD (Australian Dollars), SwyftX does not charge any fees. Please refer to the below photo for a breakdown of their fees.
SwyftX currently over 350 different cryptocurrencies to invest in, they have the second widest selection of tokens out of any Australian-based cryptocurrency investing platform.
SwyftX Customer Support
Most cryptocurrency exchanges have pretty poor customer service and very rarely will you find a platform with 24/7 Live Support. SwyftX however, has a reputation for having the best customer support. They have a hardworking and friendly support team that has received incredibly good reviews on TrustPilot. They have the highest Trust Pilot score out of any cryptocurrency exchange in the world.
You can contact the SwyftX customer support team via email, live chat, phone and Telegram.
To wrap up our SwyftX review, we are incredibly impressed with the platform. They have great user-experience on their website and mobile app, they have a wide selection of coins and tokens to invest in and most importantly they offer secure trading. Their customer support team is extremely helpful and will go out of their way to make sure that you are satisfied.
We highly recommend SwyftX for anyone looking to get into the cryptocurrency space in Australia and New Zealand.