Summary: SwyftX is a great all in one cryptocurrency trading platform that offers over 300 different assets, crypto staking and secure managed wallets.
Their platform offers relatively low fees at 0.6% per trade and $10 free when you sign up.
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SwyftX Review (2022)
SwyftX is the fastest growing exchange in Australia and currently has over 500,000 users. The reason for their growing popularity is due to their competitively low fees and it was built specifically to service Australian investors.
SwyftX App Review
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.
Trading and Deposit 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 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.
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 Supported Cryptocurrencies
SwyftX currently supports 313 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.