Swyftx Review 2022: Australian Crypto Exchange

Swyftx is an Australian-based crypto exchange that has 300+ tradable coins and offers staking.

Our honest thoughts on Swyftx

Swyftx is great option for beginners looking to enter the crypto market in Australia. Its intuitive and well-designed app makes it easy to use and makes trades. 

Swyftx charge a 0.6% flat fee for all buy and sell orders, which is lower than the industry average. This along with its tight spreads makes it good value among the Aussie exchanges. 

There is a wide range of tradable cryptocurrencies and additional features such as staking, SMSF trading, recurring orders and a fully functional demo mode for customers to practice and test their trading strategies. 

The main drawback of Swyftx is it doesn’t offer advanced trading features like futures or margin trading.

Sign up to Swyftx

About Swyftx

Swyftx is a Brisbane-based crypto exchange that was founded in 2018 by Alex Harper and Angus Goldman. With an easy to use app, low trading fees, excellent customer service, a high number of listed cryptocurrencies and varied range of deposit options, Coinware considers Swyftx to be one of Australia’s best crypto exchanges. 

Swyftx is an AUSTRAC registered exchange that has grown quickly in its few years of existence. You can find reliable and fact-checked information about the Swyftx exchange on this page, and can visit their website for more info.

Quick Summary

  • Website: swyftx.com
  • Headquartered: Brisbane, Australia
  • Trading fees: 0.6%
  • Listed cryptocurrencies: 310+
  • AUD Deposit and withdrawal fees: N/A
  • Deposit limit: $100k
  • Fiat currencies: AUD, USD & NZD
  • Deposit Methods: Bank transfer, POLi, PayID & Credit/Debit card
  • Australian-based customer service: Yes
Open Swyftx Account

Pros

  • Great features for crypto trading
  • Easy to use app and desktop trading platform
  • Competitive trading fees
  • Large range of cryptocurrencies
  • Has an interest earning feature

Cons

  • Does not offer futures, margin or leverage trading
  • Only available to Australian and New Zealand residents

Exchange Website Cryptocurrencies Fees Supported Visit Website
310+ 0.6% AUD, USD & NZD Join Swyftx
351 1.0% AUD Join Coinspot
250+ Varies AUD, USD, GBP & more Join Crypto.com
280+ 0.5% AUD Join Digital Surge
353 0.1% AUD, USD, NZD & GBP Join Binance
140+ Varies USD, NZD & GBP Join Coinbase
50+ Varies AUD & GBP Join Coinjar Exchange
40+ 0 USD, GBP & more Join Nexo

What is Swyftx? 

Swyftx is an Australian based cryptocurrency exchange that was launched in 2018 by founders Alex Harper and Angus Goldman. Despite being a relatively new Australian exchange, Swyftx has grown rapidly and is now one of the biggest exchanges in the country with over 400,000 users. The exchange is known for having an affordable fee structure and a well-designed interface that is suitable for traders of all experiences. 

Is Swyftx safe? 

The cryptocurrency industry has evolved incredibly fast so it’s no wonder why people have their doubts about the security of their funds. After all, there is a lot of money to be made in crypto. However, if you choose an exchange that is not secure, it could end up costing you.

Swyftx is considered a safe exchange as it is regulated by AUSTRAC and has implemented a robust security framework to ensure their customers’ funds are safe. They have reportedly had zero security breaches since being founded in 2018

Through our research and experience with Swyftx, we have found that the platform takes security very seriously and the team are constantly making improvements to their platform to protect users’ accounts. The Swyftx exchange platform includes a number of advanced security features like KYC verification, Two-Factor Authentication (2FA), biometric logins, breached password detection and session expiry. 

Swyftx users can add 2FA to their account by downloading a third party authentication app like Google authenticator, Microsoft Authenticator or Authy. These apps generate time-sensitive codes that you’ll require when logging in. This adds an extra layer of defence to your account when you login in or withdraw funds, meaning if someone were to get access to your password, they still won’t be able to access your account.

Swyftx security dashboard

Swyftx Features and benefits 

Swyftx offers a range of different products and features including a fully functional crypto demo mode, portfolio tracking, a crypto Self Managed Super Fund (SMSF) service, customer support and live chat, recurring orders and much more. We will discuss these features in-depth below. 

Trading fees and spreads 

Swyftx has an affordable fee structure compared to some other exchanges. There are no fees associated with creating an account, nor is there a fee for AUD deposits or withdrawals. 

There is a standard trading fee of 0.6% for all buy and sell orders, which is lower than the industry average. If you’re considering trading crypto frequently it’s always best to go with an exchange with low fees as you can commit to trading without having to worry about paying high fees. There are other available exchanges in Australia that have lower fees than this (i.e. Binance), however, it is always best to take into account a number of other factors like interface, listed cryptocurrencies, customer support etc. 

Additionally, market spreads are arguably more important than trading fees. A spread is the difference between the buy and sell prices listed on an exchange. Different exchanges will have different buy and sell prices. To put this in perspective, Australian banks charge up to 11% fees when converting AUD to foreign currencies. Swyftx has an average market spread of 1.7% which is very competitive in the Australian crypto scene. 

Platform and app interface 

Swyftx is known for its simple and smooth interface on both its mobile and desktop trading apps. This makes the processing of buying and selling cryptocurrency assets, as well as monitoring your progress, easy and enjoyable. The platform has a fresh, modern look to it and is simple to navigate, even for beginners with zero crypto experience.

You can customise your dashboard to suit your preferences. For example, you could customise it to just show your portfolio, trading activity and the top movers from that day. This is a particularly useful feature for more experienced traders who are looking to focus on what’s important to them. You can customise your Swyftx dashboard by clicking the settings icon in the top right-hand corner. You’ll be shown a menu of features that you can pick and choose from to include in your dashboard and in what order. 

Swyftx dashboard

Listed cryptocurrencies 

One of the biggest benefits of the Swyftx exchange is the number of assets they have listed for trading. At the moment, Swyftx has over 300+ assets listed on their trading platform. This of course includes all the largest coins by market cap like BTC, ETH, BNB, ADA, USDT and DOGE. However, given they list so many cryptocurrencies, users have the option of investing in smaller cap altcoins. The benefit of this is that smaller-cap altcoins are more likely to deliver bigger returns than large cap coins. For instance, some coins like Shiba Inu (SHIB), Polygon (MATIC), and Solana (SOL) have had over 1,000% returns since the start of 2021. 

Coin Market Cap and Coin Gecko are two great resources with a tonne of information that is useful for finding low cap altcoin gems. 

Earn (previously staking)

Swyftx Earn is a feature allowing customers to earn interest on a range of cryptocurrencies that they hold in their Swyftx wallet. Under the earn feature, users loan their crypto to Swyftx in exchange for interest that is paid to users daily at an advertised rate.

This used to be their staking feature, however, Swyftx recently introduced interest-earning capabilities on large market cap coins like Bitcoin and Ethereum as well as stablecoins like USDT, USDC and TAUD, an Australian dollar stablecoin. Given these aren’t backed by Proof of Stake blockchains and therefore can’t be staked. This is likely the reason for the feature name change.

There are currently 21 cryptocurrencies that are eligible under the Earn feature. These cryptocurrencies, along with their corresponding APYs (interest rates), have been listed below:

CryptocurrencyAPY
Bitcoin (BTC)5.12%
Ethereum (ETH)5.12%
Tether (USDT)6.71%
USD Coin (USDC)6.71%
True AUD (TAUD)5.33%
Algorand (ALGO)8.32%
Cardano (ADA)4.60%
Axie Infinity (AXS)101%
Cosmos (ATOM)11.40%
Polkadot (DOT)12.74%
Solana (DOT)6.18%
Kusama (KSM)19.71%
Tezos (XTZ)3.97%
Kava (KAVA)25.85%
Tron (TRX)5.97%
Flow (FLOW)6.18%
Polygon (MATIC)12.74%
Harmony (ONE)8.32%
Elrond eGold (EGLD)12.74%
Terra (LUNA)6.18%
Zilliqa (ZIL)13.88%

Learn more about Swyftx staking, how it works and if it’s safe.

Swyftx demo mode

Swyftx features its own demo mode which allows users to practice their trading techniques with zero financial risk. The crypto demo account simulates real trading volumes of all the cryptocurrencies listed on the Swyftx exchange. Users are given $10,000 in mock currency to trade, invest and test their trading strategies. This is a great feature for beginners looking to get into the crypto market but who are worried about losing their hard-earned money.

Customer support 

Swyftx prioritises customer support above all else and this is reflected in their 4.8/5 Trustpilot score, based on over 3,000 reviews. They have dedicated a lot of resources to ensure that customers have a smooth experience with the platform. This is something that is often difficult to find, particularly with international exchanges like Binance and Coinbase that are known to have poor customer service. 

Swyftx has over 50 customer service staff that are on deck to assist customers with any issues they may have. Its main line of communication is through online live chat. You can check out the list of the Swyftx customer support team on their meet the team page.    

Our experience with the Swyftx customer service has been positive. After sending them a message during a busy period in the day, we received a response within 15 minutes. Not only was this an in-depth response, that cleared up our query, but the customer service representative continued to assist with follow-up questions in a timely manner. Overall, we consider the customer service exhibited by Sywtfx to be top quality.  

Supported fiat currencies  

This feature may not seem that important, however, it can turn out to be a deal-breaker depending on your situation. Swyftx supports deposits, withdrawals and trades made in 3 fiat currencies. These are Australian dollars (AUD), United States dollars (USD) and New Zealand dollars (NZD). Swyftx is available to people in both Australia and New Zealand and therefore it’s a huge benefit having both their base currencies available to deposit. You can swap currencies within the Swyftx app depending on your preferences. 

Some exchanges, like Coinbase, do not support a multitude of fiat currencies. Instead, they only allow their users to deposit via USD or via crypto. This can make it very difficult to even get started on the trading platform if you’re based in Australia. Other exchanges, like Binance, support AUD but don’t have AUD trading pairs on all their assets. This means you will need to buy an asset in which they allow AUD purchases on (i.e. USDT) and then use that to purchase your chosen asset. This can end up costing you more in trading fees as you’re placing more than one trade. 

Fortunately, Swyftx supports AUD, NZD and USD purchases on all their listed assets, meaning you can deposit, withdraw and trade with ease. 

Related: How to transfer crypto from Swyftx to MetaMask.

Account verification 

As an AUSTRAC registered exchange, Swyftx is required by law to conduct Know Your Customer (KYC) procedures on all their users. This involves collecting personal info on customers. After you sign up using your name, email address and phone number, you’ll have to verify your account before you start trading. 

You can easily verify your account under the profile drop-down in the left-hand side navigation. Here you’ll be asked to verify your email address, phone number and identity. Verifying your email and phone number is easy. Simply input the code sent via both email and SMS. 

To verify your identification, you won’t need to print or submit any documents. Instead, Swyftx uses an ID scanner that scans your ID when you turn on your webcam or phone camera. This process took us no longer than 3 minutes to complete. Once you are fully verified, your account is then activated, allowing you to deposit funds and trade instantly. 

Is Swyftx regulated? 

Yes, Swyftx is a fully licensed and regulated exchange that is based out of Brisbane, Australia. Cryptocurrency and blockchain projects, including exchanges, are subject to anti-money laundering laws stated in the Counter-Terrorism Financing Act 2006. Additionally, all exchanges that operate in Australia must be registered with AUSTRAC (which stands for the Australian Transaction Reports and Analysis Centre). As part of these regulations, Swyftx must:

  • Maintain records of customer transactions and details 
  • Verify and identify all of their customers 
  • Comply with government AML/CTF reporting requirements (specifically Part 6A – the Digital Currency Exchange Register)

How to get started with Swyftx  

We have provided the simple steps below to help you create and activate your account with Swyftx. 

1. Register an account 

If you’ve decided that you would like to sign up with Swyftx, you can click this link to register an account. Here, you’ll need to provide your name, email address, phone number as well as creating a secure password. Once you have done all these things, click ‘Create Account.’ 

2. Complete KYC verification

Next, before you activate your account, you’ll need to verify a few details. As part of the KYC verification process, you’ll need to verify your email address, phone number and identity. Simply input the code sent to you via email and SMS to confirm your contact details. Then scan your ID (i.e. drivers license or passport) using the platforms in-built ID scanner to verify your identity. Once this is complete, your account will be activated. 

3. Deposit funds 

You can deposit funds into your account via one of the following payment methods: bank transfer, PayID, OSKO or credit or debit card. All these transfer methods are very quick and deposits are typically received within a minute. 

4. Start trading 

Once you have successfully deposited AUD into your account, you can then start trading any of the 300+ cryptocurrencies on the Swyftx exchange. 

Is Swyftx or Coinspot better? 

Both Swyftx and Coinspot are great Australian crypto exchanges with huge user bases. However, through our experience and research, we have found that overall, Swyftx is the better crypto exchange. Although Coinspot has been around for a lot longer than Swyftx and has over 2 million users, Swyftx has created a great crypto trading platform that is suitable for beginner, intermediate and advanced traders. 

Both exchanges have well-designed interfaces, however, Swyftx’s low trading fees and top quality customer service is where Swyftx takes the edge over Coinspot. Review our full Swyftx vs Coinspot comparison.

Swyftx alternatives

Crypto.com – Crypto.com is an international exchanges based out of Singapore. It has a wide range of useful features and benefits such as staking, interest earning, a prepaid crypto Visa card, crypto lending and borrowing, and more.

Binance – Binance is the biggest exchange in the world in terms of trade volume. It is has extremely low trading fees of 0.01% which makes it one of the most affordable crypto exchanges for Australian users.

Coinbase – Coinbase is a huge crypto trading platform based out of the US that is primarily targeted for beginners. It has a very a simple app interface that is easy to navigate.

Coinjar – Coinjar is the oldest Australian exchange having launched in 2013. It lists 50+ cryptocurrencies for trading and even has its own crypto Visa card.

Digital Surge – Digital Surge is a Brisbane-based crypto exchange that lists 300+ cryptocurrencies and charges 0.5% trading fees.

Nexo – Nexo is crypto platform where users can earn interest on their crypto holdings and also take out loans using their crypto as collateral.

Frequentle Asked Questions

Does Swyftx have a wallet?

Yes, Swyftx does have wallets integrated into their user accounts. As soon as you buy a crypto asset on their exchange, this will be immediately stored in the digital wallet provided for you.

Can I send crypto to another wallet through Swyftx?

Yes, if you have crypto in your Swyftx personal wallet, you can send it to an external wallet via the withdraw tab in the navigation on the left-hand side. Simply provide the public address of the wallet you plan on sending your crypto to. This is typically a 42-character string of numbers and letters. The time it takes for the cryptocurrency to arrive in the external wallet will depend on how busy the network is.

Can I stake my crypto on Swyftx?

Swyftx has recently changed their staking feature to ‘Earn.’ This is essentially the same feature with a few added benefits. For instance, Swyftx now allows you to earn interst on non staking cryptocurrencies such as BTC, ETH, USDT, USDC and TAUD. In total, Swyftx has 21 eligible cryptocurrencies that you can earn interest on. Scroll up to the table to find the Annual Percentage Yield (APY) on each of these cryptocurrencies. This feature is great for users looking to earn passive income on cryptocurrencies that they own.

Does Swyftx offer tax reporting?

The Australian Tax Office has stated that it plans to put cryptocurrency investors under the microscope. Cryptocurrency tax reporting can be very difficult and complex, especially if you’re trading frequently. Fortunately, the Swyftx platform has a feature allowing users to generate automatic tax reports that takes into account all their trades within the last financial year. You can access your Swyftx tax report by navigating to Profile > About > General > Tax Report and then clicking download.

What are the Swyftx fees?

Swyftx charges a 0.6% fee on all buy and sell cryptocurrency orders. This means if you buy $1,000 of Bitcoin, you’ll only be charged a fee of $6.