Summary: SwyftX is Australia's fastest growing exchange that offers a sleek and easy to use platform to instantly trade over 200 different cryptocurrencies. They are a cheaper option to CoinSpot with lower fees and they also offer a promotion where you get $10 FREE on signing up.
Founded by Angus Goldman and Alex Harper, SwyftX is one of the few exchanges in Australia that was built specifically for the needs of the Australian cryptocurrency market. These two entrepreneurs built Swyftx to solve the common onboarding challenges that keep most crypto-curious newbies out of the market.
Some of these key features include:
Easy to use instant swap feature with low fees at 0.6%
Over 250 different crypto assets for speculators
The SwyftX tax tool that help's Australian's with their tax obligations
Simple SMSF onboarding for Australian investors, and much more.
SwyftX Pros and Cons
A quick high-level overview of the best and worst features of the SwyftX exchange.
Trusted Australian exchange that is regulated under AUSTRAC
Credit Card deposit fees are 2%
Low instant trading fees that start at 0.6%
No order-book to trade on, only instant buying
Buy crypto with a Debit Card or Credit Card with SwyftX
No margin trading feature
Over 250 different cryptocurrencies
Easy SMSF onboarding
Instant verification to buy crypto
Judging by stellar reviews on Trustpilot, the duo has found the perfect blend of usability, security, features, fees and customer care that a crypto exchange should have. They have an excellent 88% rating, with most users citing Swyftx's frustration-free deposit, withdrawal, support, navigation and trading features as the platform's most outstanding features.
"User-friendly application, no fuss streamlined ATO Tax invoice/returns compliance and reporting made easy. Once you open the trading account, you can easily trade or invest Crypto coins/tokens like a pro." says user Tommy Kai.
AUSTRAC is an Australian government agency that monitors the financial sector, identifying illegal activities such as tax evasion, crime and terrorism financing, and money laundering. Swyftx is, therefore, a registered Australian DCEP or digital currency exchange provider.
For this reason, Swyftx has robust exchange monitoring programs, KYC policies and identity verification processes. That said, Swyftx's registration and KYC processes take minutes to conclude, and retail traders only need to provide your phone number, email address and identification documents. Family trust or corporate account registration processes could take longer to establish.
Is SwyftX Better than CoinSpot?
Based on our research of SwyftX vs CoinSpot, we believe that SwyftX is the superior exchange due to their low fees for instant trading and world class customer support. Their platform is a frictionless way for beginners and advanced users to trade digital assets 24/7 on Web and iOS/Android.
A Swyftx account has a 0.6% trading fee, which might seem a tad high since some exchanges like CoinSpot have fees as low as 0.1%. That said, Swyftx has extremely low fees on spreads, thanks to their innovative lowest spread seeking proprietary algorithm.
As you begin to trade, you will quickly realize that the Swyftx fee and spread structure is one of the lowest there is out there. Low spreads will protect your capital and increase liquidity on the platform. In addition, Swyftx does not have withdrawal or deposit costs unless these amounts fall under the $200 threshold. Low withdrawal and deposits attract a $2 flat fee.
Is My Crypto Safe on SwyftX?
All Swyftx accounts have a unique password login and 2-FA or two-factor authentication account protection. In addition, to ward off any hacking attacks on the exchange's hot wallets, Swyftx has a robust traffic and data analysis process that helps detect possible breaches.
This exchange has robust data encryption processes and works with Auth0 to further beef up user capital protection. Auth0's protocols create seamless single sign-on strategies that enhance security, privacy and customer experience.
The Swyftx login process is easy and fast. You will not need to provide a selfie or await account verification for hours on end. The platform's dashboard is customizable and easy to navigate. You will find your wallet, asset list, withdrawals and charts feature conveniently placed on a sidebar for quick access. Move these features around as you see fit. The interface has a useful toggle dark mode feature to lower eye strain during long hours of use.
You will find a variety of technical indicators and a TradingView charting interface for the avid trader's price action analysis on the dashboard. You can also set easy and useful complex trading strategies via the TradingView web-based trading interface.
As an illustration, you can add stop, market or limit orders to your trades for enhanced trading safety and focus. This feature also has in-depth technical analysis features, order book depth and bid and ask pricing functionality.
Swyftx automatically optimizes all orders using data from other exchange's order books to keep all user orders settled. This practice ensures liquidity and the best prices on all pairs. This makes it one of the best crypto exchanges in Australia to trade.
Cryptocurrency exchange mobile apps increase access and efficiency in trade. Swyftx has an iOS and Android compatible mobile app that is fully secure. It has in-app biometric security, and its user can choose between face scan or fingerprint ID recognition to secure their mobile wallet use.
SwyftX Tax Reporting Tool
The Australian Taxation Office has recently announced that they are placing cryptocurrency taxpayers under the microscope. They say that cryptocurrency gains receive the same treatment as traditional stock market shares. For this reason, ATO expects all Aussie crypto traders to report their capital gains when they sell, buy or swap their crypto for fiat.
The crypto tax reporting process, however, is complicated. Fortunately, Swyftx users do not have to worry about receiving auditing letters from ATO. Instead, this platform generates automatic tax reports on its user's behalf. You can download these reports and minimize your tax reporting challenges.
SwyftX Deposit Methods
You can make instant payments to your Swyftx account via POLi and PayID. OSKO deposits could take a business day to clear to your account. That said, the OSKO network facilitates bank transfers to Swyftx accounts. Bank transfer deposits have a two-to-six-hour processing time. Swyftx will launch its debit and credit card deposit feature in 2021.
Swyftx converts AUD deposits to USD before trade via the day's FX conversion rates to access liquidity. This feature also lowers trading fees and spreads charges. Accounts have a daily withdrawal and deposit limit of AUD 20,000. Should you need to process higher amounts, you will need to go through more verification processes.
The SwyftX crypto exchange supports over 200 crypto assets, including high cap cryptocurrencies such as Bitcoin and Ethereum.
In addition, you will find popular decentralized finance tokens such as AAVE, Yearn Finance, Rune (Thorchain), Cardano and other altcoins like Dogecoin and Shiba Inu.
Swyftx stores user private keys on their custodial wallet. The exchanges cold and hot wallets have robust security protocols as well. However, cryptocurrency users should invest in hardware wallets for long term crypto holding safety.
Swyftx Customer Support
It is unusual to find a crypto exchange with top-notch customer support, but Swyftx is not your ordinary exchange. They have a hardworking and friendly support team that has received rave views on TrustPilot. You can contact the Swyftx support team via email, live chat, phone and Telegram.
This exchange has a unique self-managed super funds feature, an excellent retirement savings vehicle. Working with New Brighton Capital, Swyftx provides an SMSF product that has tax benefits. To partake of the SMSF savings feature, you will need to provide a trust ABN, trust address and name, beneficiary details and trust deed copy.
Swyftx is a stand-up cryptocurrency exchange that new and experienced users will love to use. They have excellent customer service, features and charges, and a demo account for newbies learning how to trade. In addition, their diverse digital currency portfolio makes them the to-go-to Australian altcoin exchange.
Crypto Ranking Australia is built to deliver the best cryptocurrency comparisons and reviews for traders and investors in the country. All content on www.cryptoranking.com.au is provided solely for informational purposes only and should not be misinterpreted as an endorsement to buy, sell or trade and cryptocurrency or product we recommend.