Summary: SwyftX is the second-largest Australian cryptocurrency trading platform that offers over 310 digital assets. The platform has relatively low fees at 0.6% per trade with its instant buy feature, making it one of the cheaper options in Australia. It is widely known for offering its users a seamless and intuitive trading experience and services over 660,000 registered users in the country.
- Trade 310+ Cryptocurrencies with trading fees starting at 0.6%.
- Licensed and regulated by ASIC and AUSTRAC with audited proof-of-reserves.
- Deposit AUD for free with PayID, Bank Transfer, POLi or Osko.
What is SwyftX?
SwyftX is one of Australia's leading cryptocurrency exchanges based out of Brisbane. It was founded by friends Alex Harder and Angus Goldman in 2019 and has since amassed over 660,000 registered users. One of the things that makes SwyftX so popular is its user-friendly platform which it's easy to use for those new to the cryptocurrency world.
In addition to offering a simple user experience, SwyftX also has competitive rates. Its transaction fees are some of the lowest in the industry, and it has a tiered trading structure, which gives you even lower rates as you trade more. With robust security protocols, excellent customer service, and comprehensive educational resources, it ensures a supportive environment for all traders.
SwyftX Features
The platform provides various services, including instant asset swap capabilities, portfolio tracking, recurring trades, and price-triggered buy/sell orders, enabling effective risk management and more. Refer to the below list for a high-level overview of SwyftX’s wide range of features:
- Buy and Sell Crypto: Trade hundreds of cryptocurrencies on Spot markets with a variety of trading tools like stop losses and limit orders.
- Mobile & Desktop Compatibility: SwyftX also offers a great mobile app, making it convenient to trade on the go.
- 24/7 Customer Service: Contact the support team at any time via the live chat feature or by email. There is also phone support available for institutional-level customers.
- Demo Account: Practise trading on SwyftX’s virtual trading platform that allows users to make trades with $10,000 worth of artificial currency. This allows users to practise strategies without risking capital.
- Multiple AUD Deposit Methods: Transfer AUD from your bank account via several popular Australian payment methods, including PayID and POLi.
- Recurring Orders: Automate your trading by setting up recurring deposits to your SwyftX account and automatically invest in tokens of your choice at the same time every month.
- Rewards Hub: Get rewarded for completing tasks like making a trade or depositing funds. Users can earn vouchers and coupons of cryptocurrencies as a reward.
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Is SwyftX Regulated?
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 currently applying for the ISO27001 certification. Once they have obtained it, they will be considered a high security exchange.
They have implemented strategies to protect their customer's funds and data, including data encryption, Two-Factor Authentication (2FA), penetration testing, least privilege, and breached password detection. Furthermore, with its swift KYC process and deep liquidity pools, SwyftX caters to the evolving needs of global digital asset investors, prioritising transparency, affordability, and user satisfaction.
Fees
The exchange charges 0.6% in trading fees, slightly higher than CoinSpot, which has fees as low as 0.1%. However, where SwyftX may lack in costs, it makes up for its extremely tight spreads thanks to its innovative lowest spread seeking proprietary algorithm. It is completely free to deposit funds to SwyftX via POLi, PayID, and Bank Transfer, but card deposits incur a 2% fee.
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Supported Cryptocurrencies
SwyftX currently supports over 310 cryptocurrencies to buy and sell on its platform. It has the second widest selection of tokens out of any Australian cryptocurrency investing platform. For a detailed list of the available tokens, visit SwyftX’s crypto asset list.
Mobile Application
The SwyftX app is available to download on Android and iOS devices, allowing users to enjoy its platform's full functionality. The application's UI is easy to navigate, even a complete crypto newbie would find it hassle-free. Users can track their portfolios, make trades, and contact customer support on the go. You can download it on both the Apple App Store and the Google Play Store.
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Customer Support
SwyftX has a reputation for having the best customer service in Australia. They have a hardworking and friendly support team that has received excellent reviews on Trustpilot, most commenting on the wonderful customer service. You can contact the SwyftX customer support team via email, live chat, phone, and Telegram. It is one of the only exchanges globally that provides live phone support.
Final Thoughts
To wrap up, SwyftX has a great user experience on its website and mobile app, has a wide selection of cryptocurrencies to invest in, and provides a secure and reliable trading environment. It is regulated and licensed by AUSTRAC and complies with all regulations and laws. We highly recommend SwyftX to anyone looking to enter the cryptocurrency space in Australia and New Zealand.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
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