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Swyftx stands out as one of the top Australian crypto exchanges, receiving high praise not only from us but also from thousands of satisfied customers on Trustpilot.
Swyftx exchange is lauded for its user-friendly interface, support for over 350 cryptocurrencies, and adherence to stringent AUSTRAC registration and KYC/AML regulations, all while offering low fees and competitive spreads.
Since its inception in 2018, Swyftx has quickly become a favourite among Australian cryptocurrency investors, boasting an impressive 4.6-star rating from over 4,600 reviews on Trustpilot.
Users appreciate the seamless experience provided by both the mobile app and desktop site, which make buying, selling, and trading crypto straightforward and accessible to the everyday Australian.
Additionally, Swyftx excels with its 24/7 live chat support, low trading fees, and tight spreads, as well as unique features like a demo account, the Learn and Earn program, and free $20 BTC offer for new users who register with this link.
Key points about Swyftx:
- More than 350+ cryptocurrencies available (including BTC, ETH, BNB, FLOKI, XRP, ADA, SHIB, PEPE)
- Trading fees: 0.6% (decreases for high-volume traders)
- Deposit fees: FREE by Bank Transfer
- AUD withdrawal fees: FREE
- Registered with AUSTRAC, compliant with KYC/AML regulations
- Secure crypto exchange, with majority of crypto assets stored offline
- Top-quality 24/7 Live Chat support
- Learn and Earn: earn free crypto after completing short courses online
- Demo trading so you can practise with no risk
- Mobile app available for iOS and Android for convenient access to crypto
- FREE $20 BTC just for signing up with this link
What does Swyftx Offer?
User-friendly website that makes it simple for anyone to use
Swyftx's website is designed with user-friendliness in mind, making it an ideal platform for both beginners and more experienced crypto traders.
The intuitive interface simplifies the process of buying, selling, and trading cryptocurrencies, ensuring that even those new to the crypto world can navigate with ease.
For seasoned traders, Swyftx offers features and tools that support in-depth market analysis and efficient trading strategies, making it a versatile exchange for all levels of experience.
One of the key advantages of Swyftx is the ability to buy crypto instantly using AUD.
This sets Swyftx apart from many global crypto exchanges based in Asia or the US, as it eliminates the need to pay conversion fees. We found this extremely convenient and were able to set up an account and buy Bitcoin with AUD within only a few minutes.
Over 350+ cryptocurrencies to buy, sell and trade
Swyftx is one of the largest exchanges in Australia, boasting an impressive range of over 350+ cryptocurrencies. While it supports all the most popular coins, its extensive selection of altcoins is what makes it unique.
As a new investor, you might initially focus on well-known cryptocurrencies, but as you become more knowledgeable, you may want to diversify your portfolio with lesser-known, emerging coins.
We have made the mistake in the past of becoming accustomed to a crypto exchange that has only a handful of cryptocurrencies, and then needing to register at a different exchange to buy a new altcoin.
At Swyftx you shouldn't face this problem, as it already has such a wide collection of coins and is regularly adding to the list.
Learn and earn
Swyftx is committed to educating its users about cryptocurrencies, offering a unique "learn and earn" program. Through short, easy-to-understand courses, users can deepen their knowledge of crypto while earning rewards.
By completing these courses and scoring at least 80% on the multiple-choice quizzes, participants receive free crypto. If you score below 80%, you can simply retake the quiz after 24 hours.
This innovative feature, exclusive to Swyftx, ensures that users are well-informed and incentivised to learn. We completed the first course in under 15 minutes and immediately received $5 Bitcoin as a reward.
Demo trading mode
Swyftx offers a demo trading mode, allowing users to practise trading without risking real money. This feature is perfect for beginners who want to learn the ropes of cryptocurrency trading in a risk-free environment.
By simulating real market conditions, Demo Trading Mode helps users understand trading strategies, market analysis, and the functionalities of the Swyftx platform. Experienced traders like us can also benefit from this mode by testing new strategies before applying them in the live market.
This hands-on learning tool ensures that all users can build confidence and improve their trading skills, making Swyftx a versatile and educational platform for crypto enthusiasts.
Swyftx bundles
Swyftx offers a unique feature known as "Swyftx Bundles," which allows users to diversify their cryptocurrency investments effortlessly. These bundles are curated collections of multiple cryptocurrencies grouped together, enabling investors to purchase a variety of coins in a single transaction.
This feature is particularly beneficial for those looking to spread their investment risk across different assets without the hassle of buying each cryptocurrency individually.
Swyftx Bundles are designed to suit various investment strategies, from beginner to advanced, making it easy for users to achieve a balanced and diversified crypto portfolio with minimal effort.
24/7 live chat customer support
Swyftx is one of the few crypto exchanges that offers 24/7 live chat support, a useful feature that is often overlooked. This around-the-clock service is particularly beneficial for new users who have lots of questions and prefer immediate responses rather than waiting hours or days for an email reply.
When we tested the live chat feature, we were initially connected to a bot that provided answers to common questions, freeing up live agents for more complex issues.
Since the bot couldn't answer our specific query, we requested to be connected to a real person and experienced a wait time of just a few minutes. The support representative was very knowledgeable and resolved our questions in just a few minutes.
Based on our real-world test, Swyftx scored an impressive 9.5/10 for customer support, highlighting its commitment to providing excellent service to its users.
Automated orders
Experienced traders on Swyftx often use features like Automated Orders to enhance their trading strategies. Auto Invest allows users to set up schedules for depositing funds into their Swyftx account, which then automatically purchase selected cryptocurrencies.
This feature is particularly useful for implementing a dollar-cost averaging (DCA) strategy, where regular investments are made over time regardless of market conditions.
This approach aligns with the adage "it's time in the market, rather than timing the market," emphasising the importance of consistent investment over trying to predict market movements.
We use this feature to regularly buy a small amount of Bitcoin, gradually building our portfolio and mitigating the risks associated with market volatility.
Negatives of Swyftx
While Swyftx excels in creating a user-friendly experience for new and intermediate crypto investors, it falls short when it comes to advanced trading features for experienced traders.
Additionally, Swyftx currently lacks staking or earn options, which are attractive features for users looking to earn interest on their crypto holdings.
Although Swyftx previously offered an 'earn' feature for staking, this service has been temporarily suspended as the platform seeks clarity on regulations regarding this financial product in Australia.
Investors who prioritise staking opportunities may need to explore other crypto exchanges that offer this.
Swyftx Fees
Swyftx deposit fee: FREE
Swyftx trading fee: 0.6% (decreases with increased trading volume)
Swyftx AUD withdrawal fee: FREE
Swyftx Crypto withdrawal fee: Network fee only
Security - How safe is Swyftx?
Trusting a crypto exchange is paramount when selecting a platform for your investments, and Swyftx takes security very seriously.
To safeguard your assets, Swyftx implements a comprehensive array of security measures, including JSON Web Tokens (JWTs) for secure session management, KYC verification, and biometric authentication.
The platform also offers two-factor authentication (2FA) for enhanced account protection and uses breached password detection to prevent unauthorised access.
Additionally, Swyftx collaborates with third-party security auditors and conducts external penetration testing to identify and address potential vulnerabilities. The exchange operates under an internal least-privilege security model and holds ISO 27001 certification, the international standard for information security.
In light of the collapse of FTX, concerns about the trustworthiness of crypto exchanges have heightened. However, Swyftx reassures users by holding all customer funds 1:1 and maintaining a 100% full reserve of assets.
For those seeking even greater control, Swyftx supports self-custody through personal crypto wallets, ensuring users can maintain total control over their investments at all times.
The verdict
In conclusion, Swyftx is a top choice for Australians seeking a reliable and user-friendly crypto exchange. Its extensive range of 350+ cryptocurrencies, easy-to-use platform, and robust security measures make it ideal for both beginners and experienced traders.
The inclusion of features like automated orders, 'demo trading mode', and the 'learn and earn' program further enhances its appeal, providing users with the tools to grow their knowledge and investment portfolio.
While it lacks some advanced options and staking features, Swyftx compensates with its commitment to security, customer support, and transparent handling of funds.
For Australians looking to venture into the world of cryptocurrency, Swyftx offers a comprehensive, secure, and accessible platform.
This information is of a general nature only and should not be regarded as specific to any particular situation. This should not be taken as financial advice to buy, trade, or sell cryptocurrency or use any specific exchange. This is not intended for use as investment, financial or legal advice as each individual's need will vary.