Trying to figure out just where to begin when it comes to crypto investing can be pretty daunting. New investors can easily become overwhelmed by the sea of new and over-complicated information that often leaves them feeling more confused than before they started out.
That’s why we’re going to start at the very beginning: choosing a trustworthy exchange to buy, sell and hold your crypto assets. Today, we’re going to take an unbiased look at everything that you need to know about the Australian-owned and operated crypto exchange: Swyftx.
Check out our full round-up of the best crypto wallets here
In This Review
What is Swyftx?
Since its launch in 2017, Swyftx has rapidly grown to become one of Australia’s most popular exchanges, offering its users the opportunity to buy and sell more than 280+ cryptocurrencies. This means that investors can purchase everything from Bitcoin (BTC) all the way down to the random altcoin a friend of yours told you to check out over beers last week.
Swyftx provides users with an intuitive, beginner-friendly platform and mobile app as well as offering technical features that more advanced traders would be after. Swyftx is one of the top choices for Australian investors, as the platform conducts all transactions exclusively in AUD.
To get a better understanding of Swyftx, let’s use a classic Pros and cons list to weigh up the verdict.
Pros & Cons of Swyftx
Pros
- Most Competitive Fees: What really differentiates Swyftx from the other Australian crypto exchanges is that it offers the simplest, best value-for-money fee structures on the market.
- One of the Best Platforms for Australian Users: One of the biggest setbacks for Australian users when navigating other exchanges like Binance or Crypto.com is that prices are natively denominated in US Dollars. While this might be fine for more advanced users, most everyday Aussie crypto investors just want to be able to transact easily in AUD. Swyftx makes this possible with AUD-only transactions and viewing.
- Beginner Friendly: If you’re new to cryptocurrency, then Swyftx is the exchange for you. The Swyftx app is one of the most beginner-friendly and simple-to-use crypto apps available anywhere. If you just want to buy and hold crypto assets, Swyftx takes out all the complicated and unnecessary “trading” jargon, charts and info so that users can focus on the simple stuff.
- Huge Selection of Major Tokens & AltCoins: Perhaps one of the most frustrating experiences is getting completely set up on a new app or platform and then realising that the random, super niche altcoin your mate mentioned to you isn’t actually available on this random app you’ve just installed. With a selection of over 280+ digital assets, Swyftx has one of Australia’s most comprehensive coverages of all the altcoins you could ask for — second only to CoinSpot which offers over 350 cryptocurrencies on its exchange.
- 24/7 Customer Support via Live Chat / Help Desk: Great customer support may not be the first thing investors jump to when it comes to buying cryptocurrency, but it can be a deal breaker when digital assets get transferred to the wrong place and you get stuck with a “help-bot” that is anything but helpful. That’s why Swyftx now offers a Live Chat support feature where users can interact with a real human person, which if you find yourself needing assistance with monetary issues can be a lifesaver.
Cons
- AUD Only Transactions: While pure Australian Dollar deposits and transactions may be great for the fresh new Aussie investor, this feature can end up becoming a little limiting once investors develop more proficiency and become interested in trading. If you’re just looking to buy and sell crypto quickly and easily without any super fancy bells and whistles then this won’t be a problem for you.
Swyftx Fees Explained
Fees are ultimately how crypto exchanges and platforms make their money, so it’s really important for investors to understand how much they’re paying every time they make a trade. Fee structuring can be pretty tricky, as platforms often like to disguise hidden costs in the form of strange fees.
The best thing about Swyftx is that it has the simplest fee structure of any Australian crypto platform.
Swyftx Deposit & Withdrawal Fees
Good news — Swyftx does not charge a deposit or withdrawal fee when investors transfer their Australian dollars onto the platform. Investors can use a wide variety of different methods to onboard their fiat currency onto the platform including debit cards, bank transfer
Swyftx Transaction Fees
Blanket 0.6% Fee: Swyftx charges a blanket 0.6% fee on all trades, which is one of the most competitive in the Australian crypto industry. This fee will also be incrementally reduced if investors begin transacting high volumes of digital assets.
Swyftx Spread: Swyftx offers investors one of the lowest spreads of any Australian cryptocurrency platform. Now, for those reading who may not be familiar with the term spread — it simply refers to the small difference (spread) between the buy and sell prices of a cryptocurrency. When you submit a transaction, the broker (Swyftx) increases the final purchase or sale price by a small amount as payment for executing that transaction.
Swyftx spreads are incredibly low, with their average spreads for Bitcoin being as low as 0.45%. The average spread for Swyftx is 1.7%, which is impressive when compared to the average competitors’ spreads, which can be as high as 4%.
Is Swyftx Safe to Use?
No matter your experience level, the security and safety of the platform used to buy and sell digital assets is usually a top concern for crypto investors. Swyftx is among the most secure and reliable cryptocurrency exchanges in the Australian market.
Swyftx is a certified member of Blockchain Australia and is also registered with AUSTRAC. It is aiming to receive its ISO 27001 certification in 2022, which is one of the highest levels of information security possible. All Swyftx login and transaction activity is further protected by 2FA (two-factor authentication) that requires investors to enter a code generated on their registered mobile device to sign in to the Swyftx platform.
The only downside to Swyftx security is that the platform does not store any of its assets in offline cold storage crypto wallets, which other exchanges such as CoinSpot and Digital Surge do.
Swyftx Alternatives
If Swyftx isn’t exactly what you’re looking for, there are plenty of alternatives. The alternatives listed here are ranked in order of similarity and preference for using AUD.
- CoinSpot: Australia’s largest cryptocurrency platform with more than 350 digital assets available.
- Cointree: An Australian-operated exchange and fully AUSTRAC-regulated. Offers similar features to Swyftx but with a smaller selection of tokens and slightly higher fees.
- Digital Surge: Another Australian exchange with more than 200 cryptocurrencies that operates natively in AUD. Has a quick verification process but higher fees than CoinSpot.
- Binance: The largest crypto exchange in the world based on daily trading volume. Binance is oriented more strongly towards non-Australian users and is more suitable for advanced traders looking for niche pairs.
- Coinbase: Possibly the most well-known exchange in the world. Investors can trade a variety of different cryptocurrencies but fees are high and all values are denominated in USD.
- eToro: Offers commission-free crypto trades with the added bonus of social and copy trading.
Overall Swyftx Conclusion
Swyftx is definitely the standout choice for Australian investors who are looking for an intuitive and cost-effective platform. Swyftx’s range of features, low fees (just 0.6% on all transactions) and user-friendly design make it possible for beginners and advanced traders alike to navigate the platform with ease.
Swyftx complies with the highest levels of financial regulations and is registered with AUSTRAC, who works to actively prevent financial crimes, scamming and any other unsavoury business from occurring on the platform.
Finally, Swyftx’s selection of over 280+ different cryptocurrencies is one of the widest ranges in Australia. Investors will be able to purchase all of the major crypto assets, such as BTC, ETH, BNB, XRP, ADA, as well as just about any altcoin that you could think of.