Should you trust your money with Swyftx?
If you’re thinking of depositing money or doing some research on Swyftx, this review should help answer some commonly asked questions. 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…
Editors Swyftx review
My name is Warren, and I have been using Swyftx for 7 months now. After several issues with crypto exchanges that have insufficient liquidity, high fees, poor customer service, and terrible interfaces, I decided to give this platform a chance.
I have to admit that I was pleasantly surprised by how easy it was to use and the safety protocols. Here’s a simple review based on my experience…
The signup process was fairly easy, and all I had to do was click on the Signup button located on the website’s upper right corner.
This opened up the registration page where I had to input details such as name, phone number, email address, country of residence, and finally, my password.
The final step was agreeing to the terms & conditions and clicking on the create my account button.
Since Swyftx is bound by the KYC regulations, I had to verify my identity before I could make any deposits.
One thing that stood out is the fact that this process took me less than 3 minutes to complete because I didn’t have to scan and upload documents.
Verification process: navigate to the left side sidebar > Profile> Verification link.
After clicking on the verification link, I had to fill out an online form with my email address, phone number, and ID number.
The verification could either be done via phone or email, but I chose the SMS option because it was more convenient. Instead of scanning your documents, you simply put your ID document details exactly as the information appears.
First Impression: The Interface
I found the platform simple and easy to navigate, even though they don’t show the buy and sell options on the same monitor.
The fact that they have a mobile app compatible with android and iOS was also a huge plus because it meant that I could trade on the go.
The app has a biometric security feature that ensures your account is safe even on a mobile
The Transaction Process
Even though Swytfx charges a standard commission of 0.6%, they compensate for this by having lower spreads. They have an average spread of 1.7%, while other crypto trading sites average at 2.6%.
They also have a fair AUD to USD rate and a recurring deposit feature that allows you to automate your trades.
What Could They Improve on?
Other than the commission, Swyftx mobile app could use a few upgrades, including the chart view and near-constant glitches. They also offer custodial services only and could use a dark theme on their interface.
They are currently only available to Australians or foreigners who reside in the country.
All in all, I would recommend this platform to both beginners & expert traders because Swyftx is a trusted service and signing up is very easy.
Sign up process: Create Account > Verify ID > Instant Verification > Make Deposit > Start Trading
User interface screenshots
Here are some screenshots of what the user interface of Swyftx looks like:
Get $10 AUD Worth Of BTC When You Sign Up Free…
What are the Top Features of Swyftx?
Swyftx is one of the top Australian crypto trading sites, and some of the features that make it stand out are;
- A superior TradeView interface.
- A customizable dashboard that shows the most preferred and frequently used technical indicators.
- Pain-free accounting due to downloadable tax reports.
- Demo mode that simulates real-life market depth that allows you to practice crypto trading without risks.
- A wide selection of cryptocurrencies to trade with.
- Advanced password security and 2-factor authentication login.
Swyftx allows you to compare their current spreads with those of other Australian cryptocurrency exchanges so that you can know how much you’ll be saving by trading with them. They also have an interactive dashboard that gives you insights into your trades.
Most of their deposits are instant, except for non OSKO deposits that take a maximum of 6 hours and cryptocurrency deposits that can take some time depending on the coin.
Most Fiat withdrawals happen on the same day except those initiated late. Swyftx also has a crypto news section that allows traders to keep up with the latest industry trends.
This feature is especially useful to new traders that are looking for enough information about digital assets before they can start trading. It’s also important to note the Swyftx is a hybrid exchange site that brings you the best of the trading and brokerage worlds.
Is Swyftx Safe?
Yes, it is. Swyftx is licensed and regulated under AUSTRAC, the main Australian body that’s responsible for financial intelligence. This government agency monitors all financial transactions to identify and prevent tax evasion, money laundering, terrorism financing, welfare fraud, and organized crime.
Since Swyftx is a registered DCEP, it has to maintain strict transaction monitoring programs and Know Your Customer policies. What this means is that they have to verify every user, and they have a regulator who ensures that they do.
These strict protocols, however, don’t interfere with the swiftness of the signup process because Swyftx only deals with Australian
citizens & residents. In addition to the normal password, this platform has a two-factor-authentication protocol to
keep your digital assets secure.
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.
The ultimate security feature, though, is that Swyftx has partnered with a third party, Auth0, to safely store all user login details on the cloud.
Is Leverage Trading Available on Swyftx?
Swyftx currently doesn’t have this option, but their development team is looking for ways of implementing it in the future. Leverage trading is only available on sites that accept cryptocurrency deposits, but this platform only accepts AUD deposits.
This is, however, more convenient to most traders, especially beginners. If you’d like to trade with leverage, you can buy bitcoin on your account and then transfer it to another reputable site that allows it.
Swyftx will even help you look for a reliable site.
A Review of the Swyftx Cryptocurrency Wallet
When you start trading with Swyftx, you get a custodial wallet that allows you to store all the supported coins.
The cryptocurrency wallet is secured with high-level security protocols, and you can store your coins in a cold or hot wallet. It’s, however, important to note that online wallets are most susceptible to hacks which is why Swyftx recommends that traders use a hardware wallet instead.
The Swyftx Self Managed Super Fund
Traders can create a self-managed super fund that is equivalent to retirement benefit funds. This service is a result of a partnership between Swyftx and New Brighton Capital, where users also get tax benefits.
To sign up for this fund, further verification is required, including a trust ABN, details of the trust beneficiary, and a registered trust name and address.
Beneficiaries with more than a quarter of your stake are required to have verified Swyftx accounts. The Australia Tax Office recognizes Swyftx SMSF as a retirement savings fund which is why all trustees should be in compliance with ATO regulations.
A 15% tax is imposed on all benefits.
5 Quick Reasons Why We Recommend Swyftx?
- Best value for your money: Swyftx offers discounts to high-volume traders and doesn’t have trading volume limits. Despite its relatively high commissions, you can easily make profits from the low spreads.
- Referral bonuses: if you have a friend who’s interested in joining the platform, you can send them your referral link, which awards you a 30% bonus on trading fees. This bonus is applicable for life and is a great way of earning passive income.
- Advanced trading platform: a powerful trading platform is one of the necessary considerations when you start looking for a cryptocurrency exchange site. Swyftx has a TradeView interface that gives users access to a huge variety of trading indicators.
- High Liquidity: compared to its competitors, Swyftx is one of the most liquid. They optimize your trades automatically across various exchanges so that you can get the best prices. Their price charts are also detailed enough for traders to conduct technical analysis.
- Seamless User Experience: the mobile app interface is similar to that of the web app, and both platforms have the same features. This ensures that your experience across both platforms is seamless. You, however, have to log in using Face ID recognition or fingerprint authentication on the app.
Best Swyftx Alternatives:
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;
- Security features.
- Easy verification.
- Variety of trading tools.
- Great customer support.
- Low spreads
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 alternatives on our best cryptocurrency exchanges page…