Review: Swyftx cryptocurrency exchange

Swyftx says it offers the best prices in Australia. See how it works, and put the claim to the test.

  • Great for small spreads
  • Not so great for fiat currencies other than AUD

2

Fiat currencies

312

Cryptocurrencies

Details

Product Name Swyftx Cryptocurrency Exchange
Fiat Currencies AUD, NZD
Cryptocurrencies BTC, BTG, BCH, ADA, ETH, ETC, FIL, LTC, NEO, XRP & 300+ more
Deposit Methods Bank transfer
Credit card
Cryptocurrency
Debit card
POLi
Osko
PayID
Trading Fee 0.6%
Deposit Fees Free
Withdrawal Fees NZD Withdrawals: $10NZD
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.

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: AUD, NZD
  • Supported cryptocurrencies: Approximately 312 cryptocurrencies

Which payment methods are accepted?

  • Bank transfer
  • Credit card
  • Cryptocurrency
  • Debit card
  • POLi
  • Osko
  • PayID
Go to Swyftx's website

What’s it like to use Swyftx?

Fees and limits

The fees below are accurate as of 5 August 2021.

Platform trading fees

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.

TypeFee
Trading fee0.6%
Deposit fees$0 on fiat deposits, standard cryptocurrency network fees
Withdrawal fees$0 on fiat withdrawals, standard cryptocurrency network fees

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Instant

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.

Withdrawals

Clock icon for transfer speed

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?

Go to Swyftx's website
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What else do I need to know about Swyftx?

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

Pros

  • 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.

Cons

  • 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.
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Compare Swyftx against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, POLi, Osko, PayID
AUD, NZD

312
cryptocurrencies

Finder Exclusive: Receive $10 BTC on Sign up and Verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Easy Crypto Cryptocurrency Exchange
Bank transfer, POLi
NZD

151
cryptocurrencies

Based in New Zealand, Easy Crypto enables users to simply pay in NZD through POLi or bank transfer to access a range of cryptocurrencies.
Independent Reserve Exchange
Cryptocurrency, SWIFT, Osko, PayID, EFT
AUD, NZD, USD

27
cryptocurrencies

Deposit NZD and buy or sell BTC, ETH and 20+ other cryptos with trading fees of up to 0.5%.
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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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