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Swyftx Exchange – A Comprehensive Review (2020)

Swyftx Exchange Rating
Account Types9.1
Trading Speed9.2
Customer Service9.6
Safety9.4
Conslusion
Sywftx is a first cryptocurrency exchange in Australia that offers multiple crypto trading opportunities in the lowest fees. As a regulated exchange by AUSTRAC, it ensures the security of funds and privacy of users. In Swyftx’s top-notch features, great customer support and availability of mobile app are also included.
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Swyftx Review

Swyftx logoSwyftx is an Australian cryptocurrency exchange offering a one-place solution for those who want to earn from cryptocurrency. Regulated and registered by AUSTRAC, Swyftx is a reliable crypto trading platform in Australia. The exchange allows everyone in Australia to join and earn by trading cryptocurrency. As you know, one can earn thousands of dollars from trading digital assets. Swyftx provides unlimited opportunities for traders and investors in one place.

Start Trading

Australia is the latest country where cryptocurrency is gaining recognition by traders as well as investors. In a growing and flourishing environment for digital assets, Swyftx is plying a big role in crypto adoption in Australia. As a cryptocurrency broker, you will find the best price rates over Swyftx.

Source: https://swyftx.com.au/ | SWYFTX
Source: https://swyftx.com.au/ | SWYFTX

There are many more features of the crypto exchange, including the lowest fees in the market. In its top priority, security is the major thing as scams are now common in the crypto space. Swyftx says:

“We are increasing efficiencies, reducing fees, minifying spreads, and simplifying the deposit, withdrawal and trading processes of digital currencies via our Australian cryptocurrency exchange.”

Deposits and Withdrawals

Swyftx is providing an opportunity for Australian users to deposit funds in Australian Dollars (AUD). The maximum daily limit is fixed at AUD $20,000, which can be increased with further verification of identity. The payment methods for deposits and withdrawals include bank transfer, POLi, Osko, and PayID.

Accepted Payment Methods for Deposits and Withdrawals

The accepted payment methods are widely known methods in Australia and are accessed easily by Australian citizens. These methods include POLi, PayID, Osko, and bank transfer. These methods can be used to deposit and withdraw funds in the exchange, but the company charges fees on them. But with cryptocurrency, Swyftx charges no fees at all, but the mining fees are included on crypto transactions.

Osko deposits are instant, while non-Osko deposits can take time. Deposits and withdrawals with cryptocurrency can take up to some minutes depending on the blockchain. PayID deposits are also completed in a minute. If user deposit funds in fiat currency are less than $200, then there will be a $2 fee for it. Similarly, the fee is the same for withdrawal with fiat, such as the Australian Dollar (AUD). But if you adopt cryptocurrency as a payment method, then there will no fee on deposits and withdrawals.

How to Start with Swyftx?

Swyftx is easy and simple to use due to its top-notch functionalities. After doing some simple steps, you will become an official member of the exchange. First of all, you have to register with the site by submitting the necessary information. Secondly, you will verify your account by verifying email, phone number, and ID. In the third step, you will feed your exchange account with funds. Finally, you will get ready to trade more than 170 cryptocurrencies.

Account Creation

The procedure of account creation with Swyftx is easy and simple. After a few steps, you can easily create an account. First of all, you have to press the button “sign up” and after clicking the button, a page will be open in front of you. On the registration page, you will put the required information such as email, phone number, full name, and country of residence.

Account Verification

If we compare top cryptocurrency exchanges of Australia, Swyftx is the only crypto trading site whose verification method is instant and simple. It is simple as your account can be verified in just two minutes. After landing on the verification page, you will see three respective options: verification of email address, verification of mobile phone number, and verification of ID document number. The company does not ask you to upload documents but to submit basic information.

Deposit Funds

In the third step, the registered user will have to deposit funds into the account. There are various payment methods offered by Swyftx to deposit funds in the broker account. These payment methods include PayID, POLi, bank transfer, Osko, and cryptocurrency.  In fiat currency such as AUD, you can submit up to 100k AUD on daily basis. However, if you want to add more funds to the account, you can contact the support team of the trading site.

Start Trading

After funding your account, you can start trading with more than 100 digital assets. A demo account is a great feature for beginners who can train themselves with a demo account before funding accounts. Australian Dollar (AUD) is accepted for both deposits and withdrawals. The facility of digital assets trading over Swyftx is outstanding and marvelous.

Resource Material for Users

To let users know about news and important announcements in the crypto world, Swyftx has created a separate portion covering crypto news. Cryptocurrency news proves very crucial when we do fundamental analysis. It helps us to find the development of a particular crypto project and its influence over price value. The news covers all important topics related to cryptocurrency.

For beginners, who do not know enough about cryptocurrency, Swyftx has made an attempt in the form of a comprehensive guide. Beginners’ guide introduces cryptocurrency to people who have the first encounter with digital assets.

Mobile App

Mobile App

In today’s busy world, everyone carries a phone with her or him but not a laptop, so, access to trading services via mobile phone is very crucial for both companies and users. The mobile application is also introduced by the company for users’ ease. With a mobile app, one can trade a wide range of digital assets irrespective of place. The mobile app is available for iOS, Android, Linux, Windows, and OS X. All features and functions of a desktop are also available at mobile devices via the mobile app of the company. Through the mobile application, people will also have access to resource material. The user interface of mobile app is also friendly and integrated providing trading facility to customers. Feedback from customers clearly shows that the mobile app of the trading platform is competitive.

Active Customer Support

Customer support is the backbone of online trading sites because traders come across many issues and problems in using sites. So, it must be active and functional. Swyftx is known for its highly active and functional live chat support. Customer agents are obliged to reply to you in less than 3 minutes. You can ask anything from chat agents such as deposits, withdrawals, or trading process.

 If you read users’ comments about the crypto exchange, you will find feedback positive. Even you can connect with the customer agents in off-time. After reading the comments of Swyftx’s users, you will get an idea of the good performance of customer support. A user can also book a call back if he wants to.

Professional Team of Swyftx

No company can grow without a dedicated and professional team. A team plays an important role in building users’ satisfaction over the company and its products. Swyftx’s team members are professional and experienced offering dedicated services to Swyftx’s customers’.

Swyftx is known for its great customer support due to the well-experienced customer support team. However, the company is hiring people as number of users is increasing day by day. Users’ number has increased many folds thanks to the dedicated team of Swyftx. Swyftx defines itself in words,”Swyftx is bridging the services gap between traditional platforms like CMC Markets, IG & Pepperstone, to the world of crypto currency. Our founders and team are working flat stick every single day to add new features and solve pain points that they too face when navigating the industry in its current state.”

Security of Swyftx

In terms of platform security and funds protection, Swyftx has made its name at the top of the list. According to the company, it has collaborated with Auth0 to maintain a high security level as Auth0 is an expert in platform cloud security. The major goal of the company is to offer a reliable trading place for Australian users as crypto scams and theft attacks have become common in the region.

It has added extra layers of security by utilizing Two Factor Authentication (2FA). Nowadays, 2FA has become a necessary thing as crypto scams are everywhere in the industry. Two Factor Authentication is needed when you try to change the personal details or at the time of withdrawals. As Swyftx is regulated by AUSTRAC, it is also subjected to Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. After reviewing users’ comments, it is found that no user has ever spoken against the crypto exchange.

Working of Swyftx

In working, Swyftx operates like a broker, and it finds the best prices of cryptocurrencies in the market. It searches top cryptocurrencies and then picks up the most favorable rates in USD and AUD. It tries to go for that exchange for trade which offers high liquidity. So, we can say the best rates for selling and buying of cryptocurrency can be found on Swyftx. As it scans the world top crypto exchanges for best rates, it provides great liquidity. According to Swyftx, it “automatically optimizes your orders between exchanges and order books to help deliver the best prices and liquidity and quickly trade with billions in liquidity all in one place.”

Only for Australian Users

Swyftx is only created to provide crypto services to people present in Australia. So, traders from other countries and states are unable to access the platform. In all cryptocurrency exchanges working in the region, Swyftx has made its name in the top due to its top-notch features and characteristics. In comparison, fees are lowest while spreads are also tight. It is a big opportunity for Australian people to take benefits of cryptocurrency via Swyftx. It may expand its services in other countries as the platform is growing exponentially.

Interactive User Interface

The interface plays an important role in the engagement of users with the platform. The user interface of Swyftx is interactive as well as friendly for both beginners and professionals. Due to the simplicity of the user interface, users feel comfortable in the trading process. One cannot confront any kind of complexity during the whole experience with the site. However, you ask from customer agents in case you get stuck on the platform.

On the dashboard of the site, you can monitor all activities of your account including account security, portfolio, recent activity, top movers, account referrals, and many other things. Beginner traders do not feel any hesitation while using the site as the user interface is very simple and easy to navigate. Similarly, the user interface of mobile app is also integrative and easy to use.

Affiliate Program

Swyft gives a chance to earn money besides profit from cryptocurrency trading. The company offers a very competitive referral program for users. Through the affiliate program, you can get 30% of fees on trades made by accounts you have referred to. And you can get a share of fees for a lifetime. By referring Swyftx to your friends and relatives you can generate a handsome amount of money. The company gives full control to track activities of referral program such as customization of referral code, performance, viewing payouts, and growth tracking.

Exchange Fees

As compared to its competitor exchanges and trading platforms in the market, it is offering a low fee structure. The charming fee structure makes users more attractive to Swyftx. The company charges 0.6% fees every trade, and it is flat rate for every kind of trade over the platform. The spreads are set as low as 0.2% as compared to 5.2% of competitors. The deposits and withdrawals are available to users in both fiat currency as well as cryptocurrency. For deposits and withdrawals in fiat, the platform charges $2 if the amount is less than $200. But with cryptocurrency, there are no fees at all.

Salient Features of Swyftx

Transparency

To build a long-term relationship between the company and customers, transparency is the most demanding thing. It means there are no hidden policies or rules which exploit users. You will find Swyftx a completely transparent platform, and users are fully satisfied with the company and its wide range of services.

Information about company fees, commission, and spreads is clearly defined over the platform.  Related to fees, all rules and regulations are written clearly. Besides these rules, there are no hidden policies at all. Moreover, if you get confuse over site or anything related to it, you can ask from the customer support agents via live chat. You will get an answer to your every question, thanks to the professional team of the exchange.

Charts and Tools

In order to pick profitable opportunities at the right time, Swyftx offers a wide range of tools and charts for users. Charts are powered by TradingView, which assists traders in making correct predictions about the price value of the digital assets.

Charts and tools help traders in making successful trades, which results in high profit for traders. Swyftx is a single solution where everything related to crypto trading is available. A range of tools and technical indicators are present in collaboration with TradingView.

Asset Info Tab

At the top, you will see the “Asset” option, which will take you to a list of all cryptocurrencies accepted by Swyftx for trading. You will find detailed information about the crypto project behind every coin besides current market data, including 24-hours change and rates of buying and selling. Swyftx has presented a list of coins in alphabet order instead of presenting on a market cap basis.

The assets include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Basic Attention Token (BAT), Litecoin (LTC), Tezos (XTZ), Cardano (ADA), Algorand (ALGO), NEO, EOS (EOS), Theta (THETA), Stellar Lumens (XLM), and others.

Users’ Privacy

The privacy policy of the company is very strict, and it allows full protection to users’ in terms of privacy. At the time of registration and verification, Swyftx only asks the necessary information as it is a fully regulated cryptocurrency broker.  The crypto firm does not manipulate information of users and keeps it under secure layers, thus ensure users’ privacy and security.

Demo Account

Unlike other crypto exchanges in Australia, Swyftx offers a demo account. The demo account does not ask you to deposit funds for processing but it makes you familiar with the platform. Moreover, beginners can learn a lot about the trading of digital assets such as Bitcoin. After training with a demo account, beginners can become professional thanks to Swyftx for a great feature.

With a demo account, you can make operations over the platform, such as trading of different digital assets. After getting familiarity with Swyftx via a demo account, you can officially start the trading process. In Australia, Swyftx is the only cryptocurrency exchange that offers a demo account for users.

Conclusion

Sywftx is a first cryptocurrency exchange in Australia that offers multiple crypto trading opportunities in the lowest fees. As a regulated exchange by AUSTRAC, it ensures the security of funds and privacy of users. In Swyftx’s top-notch features, great customer support and availability of mobile app are also included.

Swyftx

9.3

Overall Exchange Score

9.3/10

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Bentley Kapoor

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

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