Swyftx Review: Here’s What We Didn’t LikeLast Updated on December 24, 2023 by Kevin Groves
If you’re trying to decide if Swyftx is a top Australian crypto exchange, this review should help answer that. We’ve taken a lot of things into consideration while doing our research for this Swyftx review so you don’t have to. Keep reading to see if Swyftx is the right option for you and your money.
Number of cryptos:
Bank transfers, POLi, PayID, credit card & debit card
Australia, New Zealand
$20 Free Bitcoin
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The Bottom Line
After using Swyftx for the best part of a year, we have noticed that the platform has undergone continual improvement. The interface has been redesigned and offers a modern and sleek trading experience where all its features are seamlessly integrated. The trading fees of 0.6% have not changed but they still remain competitive compared to other popular crypto platforms. Our favourite features were the free demo mode and Earn module where you can earn up to 80% APY in interest payments.
Swyftx is perfectly designed for beginners who prefer HODL or those who want to delve into using real-time price charts to identify trades. If you’re a serious or advanced trader then you may be better off using a more advanced platform.
What we liked:
- The newly designed interface.
- Quick sign-up process and convenient funding methods.
- Modern mobile app for 24/7 use.
What we didn’t like:
- Lack of transparency on fee discounts for large trades.
- No margin trading markets.
Limited Promotion – $20 Free Bitcoin
At A Glance
Here is a quick summary of the exchange information.
|Australia, New Zealand
|Fiat currencies supported
|AUD, USD, NZD
|Bank transfers, POLi, PayID, credit card & debit card
|Yes (up to 80% APY)
|Yes (Android, iOS)
What Is Swyftx?
Founded in 2019 and based in Brisbane, Swyftx is a relatively new cryptocurrency trading exchange. Although young in existence, it has managed to accumulate an impressive user base of over 600,000 investors and traders. The AUSTRAC-registered company provides Australians with a simple way of using Australian Dollars (AUD) to buy popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
The success of Swyftx is largely attributed to its focus on providing a platform that overcomes common issues seen in the Aussie crypto market. These include a lack of customer support, outdated interfaces that are too complex to use, and high fees. The end result is a simplistic user experience stocked with features that specifically cater to what the Australian crypto market is looking for.
Pros & Cons
Here’s Some Notable Features We Observed
There is a a $20 Bitcoin Signup Bonus
We have partnered with Swyftx to provide you the chance to obtain $20 of free Bitcoin (BTC) upon creating and verifying a new account. This can only be achieved by using our Swyftx referral link. Once you create and verify an account, the Bitcoin will be transferred into your account wallet. The promotional offer can only be claimed once per new account and is valid until further notice.
A full guide on using our Swyftx bonus link is provided in this article.
Has an impressive list of supported crypto
With 320 supported digital currencies and assets that can be bought with AUD, Swyftx is one of the better options for altcoin investors and traders. The ever-popular Bitcoin and Ethereum are included, but you also have access to stablecoins Tether (USDT), Dai (DAI), USD Coin (USDC), and Binance USD (BUSD).
Buying popular altcoins is never easier with the list of coins and tokens including Solana (SOL), Cardano (ADA), Ripple (XRP), Polygon (MATIC), and Chainlink (LINK). You can also cheaply add meme coins to your portfolio such as Dogecoin (DOGE) and Shiba Inu (SHIB).
With the exception of Binance Australia and its list of over 600 assets, Swyftx’s offering of over 320 cryptocurrencies is on par with the largest crypto exchanges in the country.
The buying and selling process is straightforward
Swyftx goes out of its way to ensure that the desktop platform and mobile apps are easy to use by both beginners with no experience and those who have been trading crypto for some time. The company is known for its simple interface, however, it has recently redesigned it to improve its functionality.
The customisable dashboard remains and several improvements have been made in relation to how the features integrate with other. Apart from the noticeable aesthetic difference, we found the experience to be more enjoyable than previously. Another aspect that has been retained are the navigational buttons on the left side of the interface. All of Swyftx’s crypto features and account management tools can be easily found and navigated.
Overall, the Swyftx user experience is vastly more user-friendly and enjoyable than most other Australian platforms that still have traditional or out dated interfaces.
You can buy crypto in bundles (and save on fees)
If you want to quickly diversify your cryptocurrency portfolio then one option is to digital assets in bundles. This means that you can acquire multiple crypto in a single transaction. And rather than making individual transactions for each crypto, it also means that you incur less trading fees.
At the time of writing (September 2022), Swyftx offers 9 crypto bundles for purchase with AUD. Examples include the “Big Two Bundle” where Bitcoin and Ethereum can be bought at the same time.
One of the advantages of using Swyftx is that you can apply recurring orders to bundle purchases. This means that you can allocate your money to automatically buy a bundle (or two) at regular intervals. This is a popular way for investors to build their portfolios without needing to ‘time’ the market, as the method mitigates against the affects of price volatility.
Swyftx has also added the ability to customise a crypto bundle. For example, if you wanted to add Cardano on top of the “Big Two Bundle” then you can. Whilst most Aussie platforms offer crypto bundles, Swyftx is one of the very few that allow you to make up your own bundle and apply auto buys. Coinjar is another platform where you can amend your own crypto bundle.
Related: Swyftx vs CoinJar: Which is better?
They have a free demo mode
Swyftx is one of the very few Australian exchanges that provide a free account for crypto demo trading with virtual funds. The demo mode can be toggled on by navigating to the settings icon in the top right-hand corner of the dashboard.
The free-to-use demo mode comes stocked with $10,000 of virtual funds for you to explore the platform and practice trading. However, some functions and features are not able to be used such as Earn and withdrawing funds. Since funds are virtual, you can place trades and use market orders risk-free.
Retirees can invest with their SMSF on the platform
Investors can create a Self-Managed Super Fund (SMSF) as a long-term store of value for retirement purposes. The provision of this service is a result of a partnership between Swyftx and New Brighton Capital, an Australian-based super fund specialist.
By Australian Tax Office (ATO) crypto regulations, a new account will need to be created so that it is separate from any personal trading account. To sign up for a SMSF account, further verification is required, including a trust ABN, details of the trust beneficiary, and a registered trust name and address. To learn more about crypto SMSF investing, read our full beginner’s guide here.
Place recurring orders
Recurring orders, otherwise known as Dollar-Cost-Averaging (DCA), is a popular method for investors who want to slowly build their crypto portfolios over time during periods of market volatility. Like the majority of the more developed crypto platforms in Australia, you can set up recurring purchases to automate crypto purchasing.
Recurring orders can be used to purchase single or multiple digital currencies and funds are directly taken from your linked Australian bank account. There is no ability to use a credit card to recurring purchases.
Crypto tax reporting tools are useful to EOFY
Swyftx has partnered with Koinly and CryptoTax Calculator to help Australians understand their crypto tax obligations. The ability to produce a copy of your crypto transactions can be found at “Transaction Reports” under your profile. Transaction records can be prepared as .csv files or as PDF’s. The output can then be inserted into the tax calculator from either Koinly or CryptoTax Calculator.
So, Do We Think Swyftx Is Safe?
Yes, Swyftx appears to be a safe and secure crypto platform to buy and trade a range of cryptocurrencies such as Bitcoin and Ethereum. Since its establishment in 2019, it has not experienced any hacks or breaches in its security framework. They also monitor all accounts on the back end to protect your account from hacks and data breaches. If they detect any suspicious activity on your account, it’s immediately locked until you can reset the password.
Swyftx is a safe and secure crypto platform to buy and trade a range of cryptocurrencies such as Bitcoin and Ethereum.
What About Regulations?
Swyftx is a legitimate Australian company that has been trading under Swyftx Pty Ltd (ACN 623 556 730) since its inception in 2019. The Brisbane-based platform is registered with AUSTRAC as a digital currency exchange and adheres to strict Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.
All financial transactions over the value of $10,000 are monitored to identify and prevent tax evasion, money laundering, terrorism financing, welfare fraud, and other organised crimes.
Since Swyftx is a registered DCEP, it has to maintain strict transaction monitoring programs and Know-Your-Customer (KYC) policies. What this means is that they have to verify the identity of every user, as they are legally required to do so.
In New Zealand, Swyftx is listed as a Financial Service Provider (FSP10000861) with the New Zealand Companies Office. This was obtained in July 2021. Swyftx complies with local New Zealand regulations including Know-Your-Customer (KYC) procedures.
How Much Are Swyftx Fees?
Deposit and withdrawal fees
Swyftx does not charge any fees when you fund your account through any of the supported deposit methods. However, you should check with your bank or financial institution if any fees would be incurred. The exception lies with credit cards where a fee of 3.6% and up to 4% spread may apply.
There are no fees withdraw AUD from your Swyftx wallet and into a nominated Australian bank account. When it comes to transferring crypto from Swyftx to metamask or another external wallet, a standard blockchain fee will apply. For example, the cost to withdraw Bitcoin is 0.0005 BTC.
Fees to trade crypto
Swyftx has a flat fee of 0.6% that applies for all crypto buying, trading, and selling transactions. Unlike other Aussie platforms such as Digital Surge, Swyftx’s trading fees are not tiered where they can be reduced depending your trading volume. Cheaper fees on high-volume orders may be able to obtained through the Over-The-Counter (OTC) desk.
When compared to other popular Australian crypto exchanges we have reviewed, Swyftx’s 0.6% trading fee is highly competitive. As seen in the table below, trading fees and charges in the Australian crypto market typically ranging between 0.1% and 1% of the transaction amount.
At 0.6%, Swyftx is not the cheapest but offers an economical option. When you take into account the ample liquidity Swyftx has that results in spreads as low as 0.45% for popular digital assets such as Bitcoin, and you have a crypto platform that is full of value for money.
|Spot Trading Fees
|Yes (high volume orders only)
|1% (Instant), 0.1% (Exchange)
|Yes (30-day trading volume)
|0.1% maker, 0.1% taker
|Yes (30-day trading volume)
|1% (Instant), 0.1% (Exchange)
|Yes (30-day trading volume)
Here’s How To Get Started With Swyftx
Create and verify your account
CoinCryption has partnered with Swyftx to provide you with $20 of free Bitcoin if you create a new account using our promotional Swyftx referral link.
We found the Swyftx signup process to be fairly easy. Details such as name, phone number, email address, country of residence, and a password were required.
Before you can deposit AUD funds and start buying crypto, you will need to complete the Know-Your-Customer (KYC) process that Swyftx is legally required to satisfy. This means providing a copy of your driver’s licence or Australian passport. One thing that stood out is the fact that the verification process took us less than 5 minutes to complete which is quite fast considering that some exchanges like Independent Reserve may take up to 1 day.
Fund your account
When it comes to account funding, Swyftx provides you with several options of depositing AUD including bank transfers, PayID, POLi, and credit cards. All of these deposit methods are free to use with the exception of credit cards where a 3.6% fee and up to 4% spread will apply. This is due to the service being facilitated through Banxa, a third-party payment provider.
Whilst the 3.6% credit card fee is actually quite reasonable, it should be avoided in favour of one of the other methods which generally deposit funds near-instantly. The minimum limit of $30 for bank transfers, PayID, and POLi is not a barrier to entry and is suitable for beginners who want to start investing in smaller amounts.
|Instantly for OSKO, otherwise 2-3 days
|$30 – $50,000 per day
|First deposit: 1 day
Subsequent deposits: Instantly
|$30 – $50,000 per day
|$30 – $20,000 per day
|30 – 45 minutes
|$75 – $50,000 per day
|Up to 15 minutes
We Traded on Swyftx: Here’s What We Think
Although the Swyftx interface is unique (and better designed) than a lot of other Australian platforms, the crypto buying process has retained its streamlined nature and is beginner-friendly. Once your account is funded, all you need to do is select the digital currency and enter the amount to spend. The currencies will then be near-instantly transferred into your wallet where you can track their performance or use them to earn interest payments.
If you prefer a level of control or automation in your trading activities, then the trigger and recurring orders will be ideal for achieving this.
- Trigger orders: This is where you can set a desired price of a digital currency and the order will be fulfilled when the market price reaches your desired price. Swyftx also allows you to enter the amount of AUD, USD, NZD, or crypto to spend.
- Recurring orders: Automatically and regularly purchase one or more cryptocurrencies using funds from your linked Australian bank account. A great strategy for slowly building up a portfolio whilst mitigating against the effects of price fluctuations since you don’t need to ‘time’ the market.
If you know how to analyse the price action of cryptocurrencies against the price AUD then the TradingView charts and tools will be useful. You have the full suite of drawing tools, indicators, and other analytical features at your disposal. One thing that we noticed during our testing of the interface, is that drawings and annotations that we drafted on the real-time charting window were retained when switching between digital assets. Moreover, we were able to come back to our analysis even after logging out and logging back in.
The found the trading experience on Swyftx to be enjoyable, however, this is primarily due to the well-designed interface. Whilst TradingView charting is provided, there are no order books to assess the trading volume or spread any given asset. When you add this to the limited orders that can be placed, Swyftx is not likely to satisfy the advanced trader. Instead, Swyftx provides a seamless trading experience that is specifically targeted towards beginner and novice users.
Security Measures We Observed
Swyftx is a licensed and regulated trading platform that is registered with the AUSTRAC (Australian Transaction Reports and Analysis Centre). They also have a 2-factor authentication protocol to keep your account secure and eliminate unauthorized access. Part of their security measures includes regular penetration testing and data encryption. This helps them identify and protect your account against any suspicious activities.
Customer Support Is Exceptional
Swyftx has excellent customer support, as indicated by its outstanding Trustpilot score of 4.7 out of 5.0. This is based on over 3,800 customer reviews where over 96% were categorised as ‘great’ or ‘excellent’. Out of the majority of Australian crypto exchanges, Swyftx has the best Trustpilot rating which is an indication of the quality of the service and experience.
In terms of getting assistance for any issues, the 24/7 live chat bot is the portal to the Help Centre as well as the avenue to the customer service team. Initially, the chat bot will point you in the direction of useful and up to date articles on the Help Centre. In our experience, a member of the customer service team entered the chat bot and introduced themselves within 3 minutes.
Other ways you can get in touch with Swyftx include direct phone support, email, and Telegram. Swyftx is one of the few exchanges in Australia that offer assistance over the phone.
Swyftx Mobile App Is Superb
Swyftx has an iOS and Android-compatible mobile app that allows you to use all features and trade on the go. This includes all account management tools, portfolio tracking, buying crypto with cash, as well as viewing real-time price charts. Biometric fingerprint log-in can be set up as an additional layer of account security.
In terms of design and ease of use, the Swyftx app is one of the better crypto apps available and we did not experience any technical errors or latency issues. Other notable inclusions comprise a dark mode which can be toggled, demo trading mode, and easy access to the customer support team.
Our Final Verdict
Swyftx has all the hallmarks of a reliable and trustworthy crypto exchange. It provides good value for money, is rich in features that cater to the Australian market, and is tied together on a well-designed and highly functional interface. From its vast array of over 320 digital currencies to its unique crypto buying options to its interest-earning wallets, Swyftx stays in touch with the crypto community and continues to deliver its products and services extremely well.
The highly regulated and secure trading platform is better suited to newcomers to the crypto industry or those who have been investing for a while. Whilst there are ample features to keep beginners interested, experienced traders may feel left out by the lack of advanced trading markets and features. Therefore, investors may consider transferring from Swyftx to Binance to take advantage of the more expansive trading markets, pairs, and features.
Promotion – $20 free Bitcoin
Frequently Asked Questions
Is leverage margin trading available on Swyftx?
Swyftx currently doesn’t offer margin trading leverage, however, they have indicated that this may be implemented in the future. If you want to trade crypto with leverage, then you will need to seek a top rated margin exchange that is available to Australians.
Does Swyftx offer crypto staking?
In mid-2022, Swyftx replaced its Proof-of-Staking (PoS) feature with Swyftx Earn. Like staking, you can receive passive crypto rewards over time except the mechanism in which payments are generated differ. Swyftx Earn is an interest-earning wallet that works as a crypto lending program. In return for lending Swyftx your crypto, you are rewarded with consistent interest payments.
The Swyftx Earn feature currently supports 20 digital currencies such as Bitcoin and Ethereum where interest rates range between 3% Annual Percentage Yield (APY) and 80% APY.
Does Swyftx have an affiliate program?
Once you successfully verify your account, you can share your unique Swyftx referral code with friends and family. Swyftx will pay you 30% of the fees collected on all trades made for the lifetime of the accounts you’ve referred which will generate you a passive income.
Is there a demo mode on Swyftx?
Swyftx offers a free demo mode that can be toggled on or off. The demo account comes funded $10,000 that can be used to purchase, swap, trade, and sell 320 digital currencies at real market prices. Real-time liquidity and market depth are also simulated. Since funds are virtual and you don’t need deposit your money, you can practice trading with zero risk.
Does Swyftx offer trading bots?
No, Swyftx does not currently offer trading bots to automate your crypto buying process or implement trading strategies. The only way of automating crypto purchases is by setting up recurring orders.
For more information about the best Australian trading bots to trade crypto, you can read our detailed review.
The process of choosing a safe and reliable cryptocurrency site is often tedious and involves reading a lot of reviews. You are, after all, entrusting the platforms with distal assets trading.
Based on my experience, I would recommend Swyftx because of its;
There’s always room for improvement, but this platform has most of the major aspects covered. It would be nice, though, if they could offer leverage trading and work on the mobile app.
If after this review you’re still not convinced that Swyftx is the best fit for you, check out our Swyftx alternatives below:
Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.