Swyftx Review: Pros and Cons, Fees and warning

We recommend reading our full Swyftx Review. You can skip ahead at any time by clicking on the links below, which will guide you to a section within the page.

swyftx review

Recent News: To celebrate St Patrick’s day 2022, Swyftx has a special fee-free trading promotion. For 24 hours on 25 crypto-assets, pay 0%

A Brief Overview of the Swyftex Exchange

Established in 2017, Swyftx is an Australia based exchange that allows trading in more than 290 cryptocurrencies. The Swyftx platform is geared towards both beginner and advanced users. It offers demo trading for amateur users and trading charts to track the price movement of various coins. 

With an easy and quick sign up process, Swyftx has become one of the most popular exchanges with exciting features that will appeal to all categories of users. In this review of Swyftx, we will discuss the various key features of the platform, how to create an account, and payment methods to deposit funds into the exchange.

What service does Swyftx offer?

1. Tokens and Cryptocurrencies available on Swyftx

Swyftx allows buying and selling of cryptocurrencies on its platform. The cryptocurrency exchange has listed over 290 cryptocurrency tokens, including the most popular coins such as Bitcoin, ICPSHIBA INU and DIA.

2. Swyftx Trading Features

The Swyftx cryptocurrency exchange allows easy trading and features trading charts so investors can track the performance of each coin. 

3. Fiat Currency Support

This exchange supports the Australian dollar, and users can deposit AUD directly on the site. Bank transfers are also supported by the New Zealand dollar (NZD). 

4. Wallet Support

Swyftx also provides the option of storing assets in hot and cold wallets. Funds can also be withdrawn to a personal cryptocurrency wallet at any time. 

5. Swyftx Order Facility

A recurring order facility is also provided by Swyftx, where clients can issue instructions to automate their cryptocurrency trades. This can be done by automating deposits on Swyftx and spreading it across various cryptocurrencies selected by the user. 

6. Swyftx Security

The platform takes security seriously and provides support for two-factor authentication to ensure that users’ accounts are protected. This can help prevent unauthorised access and protect against phishing and fraud. Biometric login is also available on the site.

7. Swyftx Demo Feature

The Demo feature on Swyftx allows users to gain experience without putting real capital at risk. Swyftx provides dummy currency deposited into a demo account, and the customer can get a feel of the trading environment. New customers can take advantage of the demo account to carry out trading and gain some experience before using real funds. It is advisable to practice using the demo account, especially if you are a new user. 

8. Swyftx “Learn” section

The ” Learn ” tab is a fun and interactive section of the site. There are educational articles shared about various cryptocurrencies. This information is free to access. Above all, it can assist users in understanding cryptocurrencies and the technology behind them. Additionally, the Swyftx exchange has a useful “Help” tab. It features instructional guides that provide input on common issues faced by traders. 

PROS

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1. No fees on deposits and withdrawals for Australian users
2. Low trading fees
3. Access to price charts
4. Multiple cryptocurrencies available for trading
5. Demo trading feature for new users
6. Several payment methods available on the platform
7. Allows staking for various coins
8. Tax reporting feature
9. Biometric login feature for extra security
10. Real time price feeds available

CONS

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1. Currency conversion charges are applicable for currencies other than AUD
2. Support for limited fiat currencies

How long has Swyftx been operational?

The Swyftx cryptocurrency exchange was founded in 2017 (5 years). It has earned a lot of positive reviews on sites such as Trust Pilot and is expanding its customer base quickly. The cryptocurrency exchange currently services more than 555,000 customers.

Swyftx Comparison – Swyftx VS Coinspot VS Binance

Let us compare Swyftx with cryptocurrency exchanges such as Binance and Coinspot. 
Exchange Feature Swyftx Binance Coinspot
Coins Available 290+ 500+ 330+
Fees 0.6% 0.5% 0.1-1%
Deposit fees Free Free No fees on bank transfer, POLi, PayID, OSKO. For BPAY-0.9%, and Cash-2.5%
Withdrawal Fees Free Free Free
Coin Staking Available Available Not available
Customer Service Live chat support Live chat support Live chat support
Demo feature Available Not available Not available
Fiat currencies AUD, NZD More than 40 fiat currencies supported AUD

Swyftx Exchange Fee Review 2022

With Swyftx, all AUD deposits and withdrawals are free. This is a great feature for frequent traders who often deposit and withdraw large amounts.

Swyftx has a flat trading fee of 0.6%, and the exchange has some of the lowest spreads making it ideal for frequent trading.

Furthermore, there are no hidden fees or extra commissions on Swyftx, and all profits are yours to keep. 

Users can deposit funds through bank transfers, POLi pay, PayID or OSKO on Swyftx. 

While using the platform, customers may experience some extra charges. However, these are fees levied by banks and third-party payment processors and not by the cryptocurrency platform.

Is Swyftx a legitimate crypto exchange?

Yes. Swyftx is a registered company based in Australia. It has been registered as per the due process under the Australian Securities and Investments Commission.

The large number of positive testimonials received by the exchange on various sites confirm that customers are satisfied with the services provided by Swyftx. 

Can I swap coins on Swyftx?

Yes. Swyftx allows swap from one cryptocurrency into another.

Step 1: Simply select the Swap button from the side tab and select a cryptocurrency such as Bitcoin.

Step 2: Select another cryptocurrency such as Ethereum and complete the swap. You can easily convert one cryptocurrency token into another directly by using the swap feature available on Swyftx. 

The swap feature is handy for traders who wish to trade in cryptocurrencies. You can easily deposit and withdraw the supported cryptocurrency tokens on the Swyftx platform and trade them at the click of a button. 

Swyftx App

Swyftx is also accessible via applications available for both Android as well iOS devices.

The Swyftx app can be downloaded easily for trading on the go. The app has an interesting user interface with dark mode and font scaling available.

The app also supports portfolio tracking to keep a watch on your cryptocurrency assets all the time. The Swyftx app also supports a multi-buy/sell feature where you can purchase multiple assets in a single order. You can also swap cryptocurrencies in the app itself. 

The Swyftx app is a useful add-on feature and will appeal to users who wish to trade or monitor their assets frequently. Access to desktops or laptops is not always possible for people who are always on the move. This is why the Swyftx app is a very useful feature and provides easy access to a full trading experience on your mobile phone. 

Swyftx wallet review

The Swyftx exchange provides a wallet with every account. The tokens are held in a mixture of hot and cold wallets to offer high security. However, if you plan to hold a large number of coins for the long term, it is advisable to withdraw and store tokens on a personal cryptocurrency wallet.

Many wallet options are available, but hardware or cold wallets are the best options as they store assets in an offline environment.

Create an account on Swyftx – Step by step

Complete Step by Step Sign up tutorial

Click on “Signup” (on the top right corner). 

 Once you click on Signup, the page will look like this.

step 1 (sign up swyftx)

sign up step 2 swyftx

Fill in all the details correctly into the respective fields and then click on Create Account 

This is how now your screen will look like when you hit on “Create Account” if all details which you fed into respective places are correct. If not, then the screen will show a pop up to correct the incorrect field.

To verify the newly created account, click on “Profile” follow the next screenshot to check how your screen should look when you click on “Profile

showing profile link at swyftx website

To verify click on “verify now” and check your e-mail Id, SMS for OTP/Link. 

And now your account on swyftx has been created. Cheers!

verify now swyftx website

The Swyftx final verdict

Swyftx is a secure cryptocurrency exchange and has not experienced any major breaches in its operational history.

It is a good option for Australian customers as it provides support for the Australian dollar (AUD).

The Swyftx exchange provides support for a large number of cryptocurrency tokens and has a demo feature that will be of great help to new users who wish to learn and upgrade their skills before trading on the platform. 

The customer support team is also highly responsive and you can get in touch with a representative at any time by using the live chat feature. The learning and help resources sections are also valuable features to guide customers if they face difficulties while navigating the site. 

Furthermore, the Swyftx platform is easy to use and creating an account takes a few minutes.

Visit the official Swyftx Website

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