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Swyftx Review Australia

Last Updated: Aug 13, 2022  |  Published: Sep 3, 2021


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Our Review 

Swyftx

4.1/5

We ranked Swyftx 1st place out of 16 platforms for Australians

Swyftx is a great platform for beginner-friendly and regulated cryptocurrency trading in Australia. Key features include 280+ altcoins, easy buying and selling with AUD, staking, 0.60% trading fees and a 0.90% total purchase fee when tested. 

We ranked Swyftx as the #1 option for Australian investors because it's a well-rounded platform in all major categories: fees, features, security, ease of use, and deposit and withdrawals. 

Where It Shines:

  • 🏆 Best Platform Overall: Swyftx did well in all major categories (fees, features, security, ease of use and deposit and withdrawals)
  • Beginner Friendly: The mobile and web app have a good U/X that is simple to navigate plus easy support for AUD deposit and withdrawals
  • Variety of Features: Offers staking, bundles, 280+ coins and lots of features compared to other Australian-based platforms

Where It Falls Short:

  • Cheaper Platforms Available: Although Swyftx has fair pricing, there are still cheaper platforms out there based on our tests (see fees section)
  • Mixed Mobile App Reviews: The Android app has many low reviews about the app not working properly and offering less features than the web app
  • Limited Professional Features: If you want margin, futures, lending/borrowing, crypto credit cards and more, then KuCoin, Crypto.com and other platforms are worth checking out
  • Less Withdrawal Options: To cash out fiat, there is only 1 withdrawal option versus 4 options when depositing

Best Swyftx Alternatives

Digital Surge
  • Similar fees
  • #1 for beginners
  • More Advanced Features
  • Better Pro Tools
  • Can't Cashout AUD
  • Lower Fees
  • Global reputation

Overview

📲 Features

Header

🔐 Security

Header

Coins

Mobile App

Web App

Beginner Friendly?

Pro Trading Terminal

Limit Orders

Recurring Buys

Bundles

Staking

Margin

Futures

OTC

24/7 Support

280+

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

No

No

Yes

No

App 2FA

Uses Cold Storage?

AUSTRAC Regulated?

Any Hacks or Incidents?

Withdrawal Confirmations

See Account Activity

Address Whitelisting

Crypto Withdrawals Allowed

Year Founded

Publicly Traded?

Yes

Yes

Yes

No

-

-

-

Yes

2019

No

💲 Fees

Cell

🏦 Deposits & Withdrawals

Cell

$100 Buy After All Fees

$100 Sell After All Fees

Best Deposit Fee

Best Withdrawal Fee

Trading Fee

BTC Spread (Dec 17, 21)

BTC Withdrawal Fee

$99.05

$99.23

Free

Free

0.60%

0.51%

Dynamic

$AUD Deposits?

Direct Bank Transfer

POLi

PAYid

Credit/Debit

BPay

Other Fiat Currencies

Yes

Yes

Yes

Yes

Yes

No

USD, NZD

  • Table last updated: Dec 17, 2021
  • Total fees and spread was tested Dec 17, 2021 and is subject to change

🔍 Swyftx Compared

Get a birds-eye-view of Swyftx versus the popular Australian platforms:

We are tracking the 15+ most popular Australian crypto exchanges. Compare the entire industry below:

Coins

Total Purchase Fee

Trading Fees

$AUD Deposits

Beginner Friendly

Advanced Features

Website

600+

0.15%

0.10%

Yes

No

Yes

18

1.24%

0.85%

Yes

No

Yes

110+

4.50%

2.90%*

No

Yes

No

50+

1.09%

0% - 2.00%

Yes

Yes

Yes

30+

0.14% + $50

0.10%

Yes

Yes

Yes

370+

1.89%

0.10% - 1%

Yes

Yes

Yes

280+

2.36%

0.05% - 0.9%

Yes

Yes

No

150+

1.30%

0.00%

Yes

Yes

Yes

270+

1.04%

0.50%

Yes

Yes

Yes

150+

1.45%

1.00%

Yes

Yes

No

30

-

0%

Yes

Yes

Yes

27+

1.68%

0.50%

Yes

Yes

Yes

50+

0.43%

0.16% / 0.26%

Yes

Yes

Yes

700+

2.23%

0.10%

Yes

No

Yes

270+

0.41%

0.08% - 0.1%

No

No

Yes

320+

0.95%

0.60%

Yes

Yes

Yes


Swyftx

About Swyftx

Swyftx is an Australian based crypto exchange that launched in 2019. They market themselves as a “quick, easy, secure and seamless” platform with 280+ cryptocurrencies and lots of beginner and advanced features.

So far, they have over 350,000 users with 1000’s of 5 stars reviews on Google Play and iOS. The company has 90+ employees according to LinkedIn and recently expanded to New Zealand.

Are They Legit?

Yes, in Australia, Swyftx is a registered Digital Currency Exchange (DCE) with AUSTRAC that follows KYC (know your customer) and AML (anti-money laundering) policies. These are fancy words meaning they are legit and compliant with Australian laws and regulations.


Screenshots


Verification

Application Time

  • 30 seconds (demo account)
  • Under 5 minutes (full verification)

Demo Account

Yes

KYC Verification

Yes

Instant Verification

Yes

Sign Up Requirements 

  • Name and email address (for demo account)
  • Verified phone number
  • Date of birth
  • Government issued ID (Australian driver's license or passport)
  • In some cases, accounts must prove sources of funds and do selfie verification if info doesn't match up

To get started, Swyftx requires just an email and phone number which takes under 30 seconds. This lets you test out their platform and even open a demo account.

To use the main features, like deposit or withdraw Australian dollars and trade crypto, you will need to verify your phone number and identity which is required by law. Once you have your documents ready, this process takes less than 5 minutes and most users will be instantly verified.


Security

Can You Trust Swyftx?

Yes, Swyftx is considered a safe crypto exchange. They have never been hacked or breached, they are a regulated Australian business and they have multiple layers of security features that you can see below.

However, it's not recommended to store large amounts of crypto on any exchange. Although they have security measures in place there is still a small risk of getting hacked, pulling an exit scam, government confiscation and more.

The safest way to store your crypto is offline, on a hardware wallet or a at least a software wallet where you own the keys.

Company Security Features

  • Based on our research, they have never been hacked or lost users funds (they launched in 2019)
  • Registered Australian business that's regulated with AUSTRAC
  • They hold users funds in cold storage and hot storage but don't say how much
  • Automatically monitors accounts for hacks and security breaches
  • They claim to do consulting with 3rd party security auditors
  • Partnered with Chainalysis, a third-party company that helps institutions with security

User Security Features

  • 2 Factor Authentication (Google Authenticator, Authy and other apps)
  • Biometric login on mobile app (face-ID, touch-Id, etc)
  • Auto logout after 30 minutes if inactive (customizable)
  • Crypto address whitelisting
  • Users can view live site status for incidents and outages

Deposits & Withdrawals

Section Last updated: Jan 8, 2022

AUD Deposits

Type

Fee

Time

Limits

PayID

Free

Instant - 1 day

$50k - $100k per day

POLi

Free

Instant

$20k per transaction

Direct Bank Transfer

Free

Instant - 6 hours

$50k - $100k per day

Credit/Debit

Third Party Fees + Bank Fees

30 minutes

$15k per transaction

AUD Withdrawals

Type

Fee

Time

Limits

PayID

Not Supported

-

-

POLi

Not Supported

-

-

Direct Bank Transfer

Free

Instant - 2 days

$50k - $100k per day

Crypto Withdrawals

Coin

Fee

Minimum Withdrawal

Bitcoin

Dynamic (network fees)

?

Ethereum

Dynamic (network fees)

?


Fees

Fee Type

Amount

Instant Buy & Sell

0.60%

Trading Fees

0.60%

Recurring Purchases

-

AUD Deposits

Free

AUD Withdrawals

Free

Price Test (Dec 17, 2021 at 1:17 pm)

Spreads and prices change daily so this data is subject to change. However, it's a good tool to compare. We price tested 11 platforms simultaneously and here are the results. 

Header

Amount

Ranking

$100 Buy After All Fees

$99.05 (0.95% total fee)

3/11

$100 Sale After All Fees

$99.23 (0.77% total fee)

5/11

BTC Spread

0.51%

6/11

BTC Buy Price

$66,065 AUD

3/11

BTC Sell Price

$65,728 AUD

8/11

Ref. Price Difference

Buy: +0.35%

Sell: -0.17%

-

Reference Price (Google)

$65,837

-

How We Tested This

The "$100 After All Fees" adds everything from when you deposit money to make your order plus the reference price difference.

The price test was conducted by logging into all platforms simultaneously and collecting buy/sell orders. We did this as quickly as possible (within minutes) in order to be as accurate as possible since prices can change rapidly. Find out more about our testing process.

We tested 10+ Australian crypto exchanges and Swyftx had a 0.95% total BTC purchase fee (3rd place) and a 0.77% total BTC selling fee (5th place). 

The lowest all-around fees were on Binance AU (0.15% total purchase fee) and Kraken (0.43% total purchase fee).


Platform & Features

Swyftx offers beginner and advanced features for all types of investors. Let's breakdown what this platform has to offer.

List of Features

  • iOS, Android and Web app
  • Instant Buy/Sells
  • Instant crypto swaps
  • Pro trading interface
  • Recurring orders
  • Staking for 14 cryptocurrencies
  • Demo accounts
  • Bundles (multi-coin purchases)
  • Portfolio tracker
  • Customizable dashboard
  • Live chat customer support
  • OTC desk
  • Affiliate program
  • And more

1. iOS, Android and Web App

Swyftx has a very user-friendly platform that can be accessed on all of your devices. The mobile apps have great ratings on both Goole Play and iOS.

2. Instant Buy/Sell

Users who want speed or simplicity can use the Instant Buy/Sell feature. This works by simply placing a Market order type. 

Swyftx Buy and Sell Section

3. Instant Crypto Swaps

Save time by doing any crypto to crypto trade in just one order. This involves a 1.2% fee which you'll be able to confirm before you place your order.

4. Pro Trading Interface

On the 'Charts" tab you'll find the pro trading interface. It includes stop, limit and market orders, charts from TradingView, technical indicators, a real time price feed and API and more. Swyftx also says they "combine order books across multiple exchanges" to give you the best rates.

SwyftX Charts

5. Recurring Orders

Make it easy to dollar cost average into the market with automatic orders. To set it up, you can choose the time frame, select multiple assets at once, make manual or automatic deposits from your bank and more. It's fully customizable! 

6. Bundles (multi-coin orders)

Bundles makes it quick and easy to purchase a combination of cryptocurrencies at one time. You can customize the % allocation for each coin make it an instant buy or recurring order. The bundles are curated by Swyftx into different categories and market trends such as the options below:

  • Top 5 Market Cap Bundle
  • Top 10 Market Cap Bundle
  • Defi Bundle
  • Staking Coin Bundle
  • NFT Bundle
  • And more
Swyftx Bundles

7. Portfolio Tracker

Automatically track your profit and loss percentage to see how your investments are performing in real time. You can stay updated on your account value history, overall portfolio and individual assets.

Swyftx Portfolio Tracker

8. Staking

SwyftX recently released Staking on their platform with support for 8 cryptocurrencies. There are no fees, no lockup periods and you can get started with as little as $1 AUD. Here is some other info you need to know:

  • Earn 4%-20% depending on the cryptocurrency
  • The supported coins are ADA, SOL, ATOM, DOT, MATIC, KAVA, KSM, ALGO, XTZ, FLOW, TRX, ONE, EGLD, LUNA
  • No fees and no lockup periods
  • Earned every minute and compounded daily
  • Rewards are credited once a day at 11am AEST
  • No cold staking at this time

Other platforms that offer staking and rewards include Kraken, OKX, Coinspot, KuCoin and many more. It might be worth comparing rates to get the best deals.

SwyftX Staking

9. Customizable Dashboard

The home dashboard is fully customizable so you can quickly access the information and features you want to see.

Swyftx Main Dashboard

10. Customer Support

Swyftx offers a live chat and phone support that is available 7 days a week from 9am to 9pm. The website claims their average response time is under 3 minutes. In addition, there's a detailed FAQ section with walkthroughs as well as a live website status page to view incidents.

Swyftx Customer Support

11. OTC Desk

For large orders above $100,000 you can visit the Swyftx OTC desk. It offers deeper liquidity and 1 on 1 support for high net worth individuals, SMSFs and institutions.

12. Affiliate Program

Swyftx has a professional affiliate program with customizable links and assts. If you refer friends to join the platform you will earn 30% of their fees for life.

Swyftx Affiliate Program

13. Other Features


FAQ

Is Swyftx Insured?

Swyfyx does not have an insurance policy for your crypto assets.

Is Swyftx A Wallet?

Your Swyftx account comes with a unique wallet for all 280+ cryptocurrencies that are supported. Keep in mind, Swyftx is a custodial wallet meaning they hold the private keys. In other words, you are trusting Swyftx to keep your crypto safe.

Is Swyftx Legal In Australia?

Swyftx is a legally registered Digital Currency Exchange in Australia that's regulated with AUSTRAC (ACN 623556730).

Is Swyftx Cheaper Than Coinspot?

When we tested both platforms at the same time, Swyftx had a total purchase fee of 0.95% versus 1.89% for Coinspot. Based on to this test (which is not perfect), Swyftx is almost 2x cheaper for buying Bitcoin.

Is Swyftx Better Than Coinbase?

Both platforms are beginner friendly however, Swyftx is considerably cheaper than Coinbase (0.95% total purchase fee vs. 4.50%) and offers more coins (280+ vs 110+).

Swyftx

🏆 Swyftx (1st place)

Get access to 280+ coins, staking, bundles and more

Best Crypto Exchanges Australia 2022

Swyftx

1. Swytfx

2. Binance

Digital Surge

3. Digital Surge