Our Review
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:
Where It Falls Short:
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 |
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 |
|
Demo Account | Yes |
KYC Verification | Yes |
Instant Verification | Yes |
Sign Up Requirements |
|
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 | - |
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.
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.
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
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.
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.
9. Customizable Dashboard
The home dashboard is fully customizable so you can quickly access the information and features you want to see.
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.
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.
13. Other Features
- Light/dark mode
- Custom price alerts
- Downloadable tax reports
- Fullscreen mode (desktop)
- Australian Crypto Tax Calculator
- Learn Section with free crypto guides
- Blog with news and company updates
FAQ
Swyfyx does not have an insurance policy for your crypto assets.
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.
Swyftx is a legally registered Digital Currency Exchange in Australia that's regulated with AUSTRAC (ACN 623556730).
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.
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+).
