Swyftx Review | Should You Use This Australian Exchange?
Jack Moreau
Feb 2024
9 min read
Fact checked
Are you searching for a reliable cryptocurrency exchange and wondering if SwyftX is the right choice for you? Look no further as we have thoroughly analyzed Swyftx's product features, security measures, trading fees, and user experience to provide you with an unbiased review. Keep reading to discover the pros and cons of Swyftx and how it stacks up against other exchanges in the market.
Swyftx is a relatively new cryptocurrency exchange that was founded in 2018 by Alex Harper and Angus Goldman. The company is registered and based in Milton, Queensland, and has a workforce of over 100 employees.
Swyftx exchange
Swyftx is one of Australia and New Zealand's most popular cryptocurrency exchanges, offering a range of features including spot trading for over 300 cryptocurrencies such as Bitcoin, Ethereum, Avalanche, Cosmos, Solana, Polkadot, and many others.
The exchange has seen decent growth in recenty years with over 700,000 registered users mainly from Australia and New Zealand. In addition to its web platform, Swyftx is also available on Android and IOS, where it has over 10,000 downloads.
Swyftx app
Swyftx is known for its user-friendly interface, and it is a decent option for those who are new to cryptocurrency trading. It is also a great choice for users who want to trade with an Australian-based exchange, with full compliance with Australian laws and regulations.
Swyftx KYC Requirements
The signup process on SwyftX is more comprehensive than other exchanges. Users must provide their full name, country of residence, phone number and email.
Swyftx signup
Once this information has been entered, users must verify both their email address and phone number before their account is created. KYC is obligatory on SwyftX and users cannot begin trading without completing it.
Swyftx KYC
To unlock fiat deposits and cryptocurrency trading, users must verify their email address, phone number, and government ID. For those who wish to send and receive crypto, they will also need to provide a selfie. Once all the necessary KYC information has been provided, it can take 1-2 days for the SwyftX team to verify the account.
Swyftx Products & Services
While Swyftx is a beginner-friendly exchange, it's also quite limited it terms of the range of products and services that it offers. To begin, users can buy and sell over 300 cryptocurrencies via spot trading and can also opt in to recurring buys for dollar cost averaging.
Swyftx spot trading
In terms of trading volume, Swyftx is a smaller exchange with daily spot trading volumes in the range of $20 to $40 million. This is to be expected from a smaller exchange mainly targeted to a local audience.
Swyftx supported cryptocurrencies
Swyftx also offers a demo account for users who want to practice buying and selling with fake money without going through KYC.
In regards to the user experience, Swyftx actually feels quite crowded and a tad confusing. Considering they're mainly targeting beginners, you would think the interface should be smoother and easier to navigate.
Swyftx interface
Overall, Swyftx is a decent exchange for beginners who want to dip their toes into the world of cryptocurrency trading. However, intermediate users, experienced traders and more senior investors will not be satisfied by the limited product offering of Swyftx.
When it comes to trading fees, Swyftx charges maker and taker fees of 0.6%, which is quite high compared to most exchanges out there.
Swyftx trading fees
For those that conduct swaps, the minimum fee applied is 0.6% for the buy order and 0.6% for the sell order. Thus a total fee of 1.2% which is on the high side once more, not great. Compared to exchanges such as Binance and OKX, Swyftx is 6 to 12 times more expensive depending on whether you spot trade or swap between cryptocurrencies.
SwyftX offers a range of fiat deposit methods for Australian users. These include PayID, Poli, bank transfers, and credit/debit card deposits with Visa and Mastercard. While there are no fees for deposits made via PayID or bank transfers, credit/debit card deposits come with a hefty fee of 3.6% and up to 4% spread. We advise users to avoid these high fees and opt for the free deposit options instead.
How to withdraw from Swyftx?
SwyftX an an Australian cryptocurrency exchange only offers users the ability to withdraw two fiat currencies in AUD and NZD.
For AUD withdrawals, there are no fees and the process is quick for banks that support Osko. However, for banks that do not support Osko, users may have to wait up to 2 business days to receive their funds. For NZD withdrawals, there is a fee of $10 excluding any possible fees charged by the bank.
In terms of cryptocurrency withdrawals, SwyftX charges nominal fees. For Bitcoin withdrawals, the fee is 0.0002 BTC for each withdrawal, while Ethereum and Solana withdrawals come with a 0.0018 ETH and 0.008 SOL fee, respectively. If users want to withdraw ERC-20 USDT, the fee for that is 7 USDT.
Overall, SwyftX provides users with convenient fiat withdrawal options for those residing in Australia and New Zealand.
Overall, Swyftx is a decent exchange for beginners in Australia and New Zealand who want to dip their toes into the world of cryptocurrency trading. However, intermediate users, experienced traders and more senior investors will not be satisfied by the limited product offering of Swyftx.
When comparing Swyftx to the bigger exchanges such as Binance, Kraken, OKX and others, they are simply not competitive across any dimension. This means that the international exchanges offer a wider range of cryptocurrencies, lower trading fees, and a much wider product offering.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
