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Fiat currencies

320

Cryptocurrencies

Details

Product Name Swyftx Cryptocurrency Exchange
Fiat Currencies AUD, NZD
Cryptocurrencies BTC, BTG, BCH, ADA, ETH, ETC, FIL, LTC, NEO, LUNC & 311 more
Deposit Methods Credit card
Cryptocurrency
Trading Fee 0.6%
Deposit Fees Up to 4% (Banxa processing fee)
Withdrawal Fees NZD withdrawals: $10 NZD
Cryptocurrency: None
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Overview of Swyftx

Swyftx is an Australian cryptocurrency exchange founded in 2017 by Alex Harper and Angus Goldman. The platform is headquartered in Milton, Brisbane and has expanded operations into New Zealand, with support for Canada and the UK coming soon.

Swyftx has a wide range of cryptocurrencies on offer which users can buy, sell and swap between. The exchange has a mobile app and desktop platform, each emphasising a user-friendly design.

Newcomers can make use of the demo trading and portfolio management account to get started on their trading journey before risking any real assets. Swyftx also has a reputation for responsive customer service and offers live chat.

  • If this is your first exchange. Swyftx’s intuitive layout, free demo trading account and live support gives new users a solid springboard for building their crypto portfolio.
  • If you’re switching exchanges. Swyftx has some of the lowest fees and tightest spreads of any Australian or NZ exchange. Paired with a comprehensive list of supported cryptos, Swyftx may offer you better range and value than some other local product offerings.

Pros and cons of Swyftx

Pros

  • A wide range of available cryptos
  • Slick user interface and experience
  • Some of the tightest spreads among NZ exchanges
  • Free demo account
  • Fast support through live chat

Cons

  • NZ users can only deposit with credit or debit card
  • Minimum deposit of NZ$80
  • No insurance fund
  • Lack of advanced derivatives trading

Verdict: Is Swyftx any good?

Swyftx is a good option if you’re looking for an intuitive and beginner-friendly crypto platform. Its flat trading fee of 0.6% alongside some of the tightest spreads of any Kiwi exchange make it good value for building a crypto portfolio.

There is a wide selection of assets available and breadth in other features like earning and advanced trading options like stop-loss orders and recurring buys.

Live chat support means you should easily find help with any issues you might run into.

However, if you’re interested in advanced derivatives features like options, futures or perpetual trading, Swyftx isn’t the exchange for you.

Finder ratings

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Overall score4.5

Supported cryptocurrencies

Swyftx adds new coins and tokens all the time, so check its site for the most up-to-date list.

  • Supported fiat currencies: AUD, NZD
  • Supported cryptocurrencies: Approximately 320 cryptocurrencies

Transferring fiat and cryptocurrency

Depositing fiat currency to your Swyftx account with a credit/debit card typically takes up to 45 minutes.

Fiat withdrawals must be made via bank transfer and can take up to 48 hours.

Transfer times for cryptocurrency deposits and withdrawals from the Swyftx wallet will vary according to network congestion. Most crypto transfers will take less than an hour.

Fees and costs

New Zealand dollar (NZD) deposits with a credit or debit card may occur a fee of up to 4% through its third-party processing service. Cryptocurrency transfers to and from the Swyftx wallet are also free of charge, although standard network fees will apply.

The Swyftx platform charges a flat 0.6% trading fee on all transactions.

Swyftx also emphasises having tight spreads, coming in at a low of 0.4% for a small selection of cryptocurrencies. The platform’s average spread rate of 1.7% is very competitive for the NZ market.

Overall, Swyftx’s fees are some of the lowest of any NZ exchange. Some global exchanges do offer more competitive rates, but may not provide the convenience of NZD deposits and withdrawals, so weigh up what matters most to you.

Fiat withdrawal and deposit fees
DepositWithdrawal
Up to 4%$10 for NZD, free for AUD
Crypto withdrawal and deposit fees
DepositWithdrawal
Network fees onlyNetwork fees only

What is it like to use Swyftx?

Swyftx’s platform is intuitive and simple. It offers a mobile application that has an even cleaner interface than the desktop version. Every major feature of Swyftx can be accessed with just a click from the user dashboard. This makes it easy for beginners to begin adding digital currencies to their portfolio, or for experienced crypto investors to de-clutter their trading experience.

A particularly handy feature of Swyftx is the ability to customise the user dashboard to your needs.

Go to Swyftx's website

Getting started
Create an account with Swyftx by clicking the sign-up button.

Swyftx Get Started

Trading terminal

Buy, sell, swap, view charts and make orders from your account dashboard. You can also browse the wide range of cryptocurrencies, and customise what you want to see.

Swyftx Trading Terminal

Does Swyftx have good customer support?

Swyftx offers live chat support, articles and tutorials in its help centre.

Support offeredWait times
Live chatUsually within 10 minutes during operating hours
Help centreN/A

List of services on Swyftx

Trading on Swyftx

Swyftx supports buying and selling crypto for fiat currency, as well as swapping between supported digital currencies.

Experienced crypto traders can access advanced trading options like market-limit and stop-loss, as well as place recurring orders to mitigate against market volatility.

Earning on Swyftx

Swyftx allows account holders to earn rewards on select cryptos held in a compatible earn wallet. There are no lock-up periods, and potential earnings start from ~4% APY.

There are unique risks to crypto earning accounts, so make sure you fully understand these before getting started.

Bundles

Swyftx offers “bundles” which allow you to purchase a collection of crypto assets in a single transaction. These are sorted into various categories like top 5 by market cap, meme coins or DeFi, and weighted proportionally. For example, the top 5 market cap bundle comes with 5 coins, each making up 20% of the bundle.

OTC trading

If you’re a high-volume trader, Swyftx offers an over-the-counter (OTC) desk for trades of $100,000 or more.

Demo mode

Newcomers to Swyftx can take advantage of demo mode to trial trades without risking real assets. This provides a useful opportunity for crypto beginners to familiarise themselves with the platform as well as how crypto trading works.

Automatic tax generation

Swyftx has partnered with third-party tax trackers Koinly and CryptoTax to automatically generate tax reports. Tax requirements for crypto can be confusing, so an integration like this provides added peace of mind. Make sure you’re across NZ crypto tax requirements before you get started.

Promotions on Swyftx

Swyftx runs an affiliate program offering 30% commission on every trade made by participants’ referrals. Affiliates must have an active ABN to participate in this program.

Trust rating

Swyftx is registered on New Zealand’s Financial Service Providers (FSP) Register and abides by relevant money-laundering, counter-terrorism and KYC protocols.

Signing up on Swyftx

Step 1

To get started buying and selling crypto on Swyftx, you’ll need to create an account. Head over to the official Swyftx website and click on the “Sign Up” button in the top-right corner of the screen.

Go to Swyftx's website

Swyftx Step 1

Step 2

Enter your name, email, password, phone number and country of residence.

Swyftx Step 2

Step 3

A verification link will be sent to your email and an SMS to your phone. After verifying your email and phone you have successfully created a Swyftx account and will need to undergo “know your customer” (KYC) verification.

Step 4

Submitting KYC information is mandatory to start trading on Swyftx. To complete KYC with Swyftx you’ll need to provide an Australian or New Zealand driver’s licence, passport, Medicare card or visa grant. Once verified you can begin trading on the platform.

Swyftx Step 4

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Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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