As cryptocurrencies are considered the future of money, every Australian must be ready to adapt to this eventuality. However, you also need to find safe and secure exchanges to buy and sell your digital currencies.
Swyftx is one of Australia’s most popular crypto exchanges. We provide you with a complete review of this exchange, from how to use it to a breakdown of all its features. Make sure you purchase an offline wallet to store your crypto offline.
Swyftx provides a one-place solution for all your crypto needs. It is beginner-friendly, and you can register yourself swiftly. It supports more than 179+ assets to buy, sell or trade.
Let’s find out how to use Swyftx.
How to use Swyftx?
Swyftx offers its users the option to buy, sell or trade a myriad of cryptocurrencies. All this is available only once you sign up.
Sign up and Create an Account
Using Swyftx is easy. If you are looking to buy bitcoin or other cryptocurrency using fiat currency (instead of using a credit card) then signing up for an account is the recommended. Here are the steps you will need to follow:
- Sign up here to register a new account on the Swyftx exchange.
- The registration page contains a form where you need to fill out your email id, password, first name, last name, country of origin and your phone number.
- Finally, you need to agree to the Terms and Conditions, verify that you are not a robot, and click on “Create My Account”.
- As part of local regulations, new users on Swyftx have to verify their identity. The verification process on this platform is simple and can be completed in about two minutes. To start this process, navigate to the sidebar on the left and click on “Profile”, then click on “Verification” under your name. This easy to navigate process brings up an online form where you need to provide your email address, mobile number and ID document number.
Buy & Sell Crypto on Swyftx using a Deposit
- Deposit AUD on the exchange using various payment methods to deposit funds, including PayID, POLi, bank transfer and more.
- You need to select “Trade” and choose an asset from the sidebar on your left. Then, you can enter the amount of crypto you want to purchase, and then click on “Instant Buy” using your AUD or other digital assets.
- You can also sell cryptocurrencies by clicking on “Sell” at the top. Further, you can also set limits and stop-limits for buying and selling.
- If you need to have a look at the market movement, just click on “Charts” and begin analysing.
Is Swyftx Safe?
Swyftx is a regulated exchange by the AUSTRAC, which ensures the security of funds and privacy of its users. It contains multiple layers of security and is partnered with Auth0 to enhance cloud platform security.
Users can secure their account with Two Factor Authentication (2FA) using their mobile. With a 2FA compatible app on your mobile phone you can then sign in securely using a unique code along with your password. You also require this code to confirm withdrawals and change account details.
Swyftx.com.au Australia Review and Fees Breakdown
Fiat Currencies accepted:
Swyftx is an Australian cryptocurrency exchange and accepts only the Australian Dollar (AUD) for fiat deposits. This may be a problem only for international traders due to added foreign exchange costs. However, other currencies are accepted for large transfers.
Swyftx accepts more than 179+ crypto assets: BTC, ETH, LTC, XLM and more for crypto traders. Australian users also have the ability to being trading DeFi coins such as UniCoin.
There is $0 fee for deposits and withdrawals in fiat. For crypto deposits and withdrawals, standard network mining/trading fees are applicable. This is quite consistent across most exchanges in Australia.
As a Australian trading platform, Swyftx charges a minimal trading fee of 0.6%. Deep liquidity may provide users with spreads as low as 0.2% between the buyers and sellers. For a minimum deposit amount of $30 and deposits under $200, a $2 transfer fee is charged.
Methods for Deposits and Withdrawals:
You can deposit and withdraw in fiat or cryptocurrencies and check previous transactions in your order books. For fiat deposits, AUD is the standard currency.
You can deposit a maximum of AUD 20K via your bank account and even up to AUD 100K per special request per day. Bank transfer (Osko deposits) and POLi can be completed within a minute. PayID deposits are also instant.
Swyftx emphasises on strict privacy policies. It asks for the necessary information during sign up as it is a fully regulated crypto exchange. The user’s personal information is kept under secure layers.
AUSTRAC regulates Swyftx. AUSTRAC is an Australian Government agency that prevents, detects and responds to any criminal abuse to the financial system of the country. They are a must needed Government body to monitor high liquidity cryptocurrency exchanges in Australia.
Swyftx uses Intercom to respond to their customers quickly and personally. They have great feature of live chat support which is useful for beginners. When engaging with the automated Live chat you will also get helpful links to a wide range of commonly asked questions.
Swyftx also has a mobile application that is available for Android, iOS, Windows, etc. The UI of the app is extremely easy to use and is perfect for trading on the go. All features (including trading) available on the desktop are also provided on the mobile app.
History of Swyftx
Swyftx was launched in 2017 in Queensland, Australia by two science camp friends. This exchange is registered and regulated by AUSTRAC, so your assets and details are safe and secure. Swyftx has quickly emerged as one of the best crypto exchanges in Australia (and also offers some of the best prices). Within the last 18 months, Swyftx saw over 30,000 registered users and has plans of going international. It also has a 5-star rating on TrustPilot, with over 751 reviews, this is mainly thanks to their great customer support team who offer exceptional service.
The team has focused on fixing the flaws on other well-established Australian crypto exchanges such as manipulation, deception and so on. The end result is an easy to use experience.
Swyftx has seen a 1,100% growth from $10 million in monthly trading volume to $120 million. Earlier this year, Swyftx partnered with Koinly, a fast-growing crypto tax solution that aims to help investors file their crypto tax reports faster and in an efficient manner.
The Verdict on Swyftx
Swyftx lives up to its name of being the most trusted and best crypto trading platform in Australia. They aim to be a trustworthy platform rather than focusing on profitability alone. The company prides itself on increased security for user data and assets, the best response time, easy deposits, instant verification and low fees.
To know more about the crypto exchange and make your first deposit, head over to their website where they have some incredible customer support to assist you.