There’s a 0.6% trading fee but no fees on AUD deposits and withdrawals which are limited to $100,000 per day. There are no Swyftx fees for crypto deposits and withdrawals.
$0 on fiat deposits, standard cryptocurrency network fees
$0 on fiat withdrawals, standard cryptocurrency network fees
How fast will my funds be available?
Bank Transfer (Osko deposits) & POLi can be completed in under a minute, while Non Osko transfers takes 2-6 business hours.
PayID deposits are also typically instant.
Cryptocurrency deposits are available for 100+ cryptocurrencies including BTC and ETH. This can take a few minutes depending on the coin.
Same or next day
Fiat withdrawals can be completed on the same day if done early or the next day if initiated after 3pm AEST. Most withdrawals are processed within a few minutes via Osko.
Cryptocurrency withdrawals take a few minutes depending on the coin.
Is Swyftx safe to use?
Regulation. Swyftx is an AUSTRAC-registered digital currency exchange and a registered Australian company. It complies with AML/KYC obligations.
Verification process. Swyftx uses an “instant verification” procedure that does not require document uploads. It says 70% of users who complete verification do so within 2 minutes of signup.
Security features. Swyftx allows 2-factor authentication, and proactively scans public data breaches in case any of its users are compromised by other services. If so, it automatically secures their accounts.
How do I create an account at Swyftx?
Click “signup” on the top of the page, and then enter your email, name, phone number and choose a password.
Once you’ve created an account, you will need to verify your email address to activate it. Go to your email account and look for the email from Swyftx. It will prompt you on how to activate your account.
Based on your name and government ID, most users can get verified within minutes.
Make a deposit by sending funds to your Swyftx account with Bank Transfer, PAYID, Osko or POLi.
Start trading across Swyftx’s many cryptocurrencies as soon as your deposit arrives.
Swyftx is an Australian company, based in Queensland. It was founded by two cryptocurrency enthusiasts and programmers, Alex Harper and Angus Goldman, who looked at Australia’s cryptocurrency exchanges and felt like they could create a much better one.
To this end, the exchange has some unique elements. It converts user deposits to USD to offer tight spreads and then operates as a kind of hybrid with the best parts of a brokerage and the best parts of a peer-to-peer exchange.
Although users purchase cryptocurrency through Swyftx rather than from each other, the low fees and aggregated liquidity allow for peer-to-peer exchange-style features throughout, such as limit orders, stop losses and TradingView integration.
In a nutshell
Overall value for money. Swyftx aims to be the best value exchange in Australia through its small spreads.
Hybrid exchange. Swyftx aims to offer the best of both worlds, with trading features on one hand and the ease of a brokerage on the other.
Wide selection. You’ll find hundreds of cryptocurrencies on Swyftx.
Customer service. Swyftx says its customer service has a median response time of 1 minute and 30 seconds.
Fiat conversion costs. The overall value for money could be offset by the AUD/USD conversion costs after the fee-free period.
AUD-only. Swyftx mostly only accepts AUD fiat deposits, although other currencies are available for large transfers.
Yes. You can download the Swyftx app for Android or iOS to access a wider range of features on mobile.
Swyftx uses instant verification based on your email, phone number, name and government ID.
You can find Swyftx customer service by going through the live chat button on the website or visiting the help section.
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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