Swyftx Review

Swyftx is an AUSTRAC registered crypto currency trading platform with tiny spreads, based in Queensland, Australia. Swyftx combines all your favourite crypto trading tools, exchanges, education and news into one simple place. Swyftx has formed some partnerships with various international financial institutions who support Blockchain technology in the hope to bring these partnerships onshore to Australia and making it easier for local business to adopt blockchain.

Swyftx has been designed to be the best of its competitors such as Coinspot and Binance by making it fairer and easier for users wanting to exchange AUD to BTC. The exchange is incredibly easy to use with instant verification, offers a fair Bitcoin price in Australian dollars with low fees to transact.

Swyftx is not a conventional exchange. It works like a broker to find the best BTC price in AUD and USD. It uses smart order routing to distribute buys and sells across a range of top 100 cryptocurrency exchanges, starting with the most liquid first. Swyftx’s combined order book liquidity has the potential to be more than 10 times that of Binance which currently trades at 70+ Billion a month. When an order is placed using Swyftx, the platform searches for an exchange that provides the most liquidity for that asset and then splits the order across those exchanges to ensure the best market rate, lowest spread and minimal slippage. By searching higher liquidity exchanges, Swyftx is able to provide its users with lower spreads between buyers & sellers and less slippage compared to other crypto exchanges in Australia.

Pros

  Instant verification in less than 2 minutes without taking selfies

  Hybrid Exchange

  Demo Mode

  AUSTRAC Registered

  Live Chat Support

  Mobile App

  Real-Time Price Feed

Cons

  Only Accepts AUD Fiat Deposits

  No margin trading available

Account Registration and Verification Process

Account registration and verification process steps as below

Step I - Visit Swyftx Website

Step II - Click on SIGNUP.

Step III - Fill your detalis in to create an account.

Step IV - Once you fill in your details and click on create an account, you will be presented with dashboard as below.

Step V - Click on Profile and then cick on verification.

Step VI - Firstly, verify your email address and mobile number. Once you verify your email address and mobile number, you can then verify your identity.

Step VII -Verify your identity.

Step VIII - 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. Once your account is verified you will see verification completion notice and all verified dashboard as shown below.

Step IX - You can now deposit AUD to buy and sell your favourite crypto.

The Wallet

Swyftx wallet is a simple, clean and easy to navigate. Along the top bar the Bitcoin live price in AUD and other cryptocurrency assets are displayed. The bar on the left allows users to bring up the trade window, change profile details and quick navigation to Swyftx deposit and withdraw functions.

If you are buying or selling against AUD, this can also be selected. As you choose the amount of the selected cryptocurrency you want to trade, the wallet will display the amount required in AUD for the purchase. Simply click buy and pay with the payment mode of your choice.

The Trade

You can trade all available 70+ assets on Swyftx platform.

Buy and Sell option on each asset class has three features.

*Market

*Limit

*Stop

-!!-   You can either buy/sell your assets on market price.

-!!-   You can either trigger limit to buy/sell your assets.

-!!-   You can either stop buy/sell your assets.

Note:    A sell stop limit order is placed below the current market price. When the stop price is triggered, the limit order is sent to the exchange and a sell limit order is now working at, or higher than, the price you entered. A buy stop limit order is placed above the current market price.

The Charts

Swyftx charting interface is smooth, intuitive and clean. Active traders will be able to use advanced trading tools provided by the TradingView charts to maximise profits and minise risk. The TradingView charts offer a wide range of time frames and are available against fiat pairs AUD, USD and BTC pairs.

The crypto price chart is more than adequate to draw trend lines, add indicators and draw chart patterns to perfectly time a BTC buy or sell entry using a market, limit or stop order.

Features

AUD Deposits & Withdrawals

Deposit and Withdraw AUD via BPAY and trade over 70+ assets against fiat pairs all in the one place. You can also deposit BTC.

Instant Verification

Verify your account in under 2 mins with no need for uploads or selfies. You'll need an email, mobile phone and ID document number.

Trading View Charts

Chart up your favourite assets, with awesome tools and technical indicators provided by TradingView.

Stop, Limit, Market Orders

Never miss a trade or get caught out by crypto market volatility. Set Buys & Sells to trigger at any price you want.

Combined Orderbooks

Swyftx automatically optimises your orders between exchanges and order books to help deliver the best prices & liquidity. Quickly trade with billions in liquidity all in one place.

Real-Time Price Feed

Prices for all your favourite assets will be updated in realtime right before your eyes. You'll always get the best price with Swyftx market orders as they are re-calculated based on your order size.

Payment Methods and Fees

Swyftx is increasing efficiencies, reducing fees, minifying spreads, and simplifying the deposit, withdrawal and trading processes of digital currencies. Thanks to Swyftx global liquidity providers and banking partners, they are delivering razor sharp spreads and reliable banking to crypto traders throughout Australia.

When it comes to the fees on fiat currencies, AUD deposits and withdrawals incur 0 fees with a daily limit of up to 100,000 AUD and free withdrawals.

On crypto, there is a 0.6% trading fee, with high volume discounts available, no trading limits, and spreads starting at 0.45%.

Cryptocurrency deposits and withdrawals incur a standard network mining fee, however, there are no additional Swyftx charges.

Compare The Market

Available CryptoCurrency to Buy and Sell

Is Swyftx Safe to Use ?

  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.

  Regulation - Swyftx is an AUSTRAC-registered digital currency exchange and a registered Australian company. It complies with AML/KYC obligations.

  Safety features - Swyftx utilises a 2-factor authentication (2FA) system requiring users to sign off on transactions through their smartphones. This provides an extra layer of security against computer viruses or attempts to hack your account.

Final Verdict

If you are in Australia and are wondering whether it may be beneficial for you to use this particular wallet for you cryptocurrency trading, the answer has to be a resounding yes.

The service offering is unique and separates itself from its competitors such as CoinSpot and Binance to provide a fairer and easier online exchange for users wanting to purchase crypto or even to sell BTC to AUD.

Swyftx has bridged the gap needed to introduce traditional investors and traders into the cryptocurrency market that currently use services such as Pepperstone, IG and CMC Markets with unfair spread and fees.

The platform has solved some of these problems such as long verification, inflated trading fees and spread, difficult to use, limited features and troublesome deposit and withdrawal process.

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We compare the most popular crypto currency exchanges in Australia. We are Bitcoin Users and Traders like you. We have traded personally on each and every exchange mentioned here. We don't sell bitcoin and are not an exchange. We just make it easy for you to find a bitcoin exchange and buy bitcoin and other altcoin in Australia.

The exchange selected show our opinion only and cryptoreview.com.au is not responsible for any losses that may happen by trading on these trading platforms.

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