Swyftx - Quick Overview
Swyftx is one of the top Australian crypto exchanges around today, and it has grown quickly since its inception in 2017. Today their platform is widely used in Australia and New Zealand, and if you have signed up to their exchange, you will understand why. It has a very user-friendly interface that makes it so easy for complete beginners to get started in crypto. For those that have been around for a while, Swyftx still has attractive features to draw you in. Low spreads and low fees (0.6%), 320+ cryptocurrencies, and staking of popular coins such as ADA make Swyftx an attractive platform to continue to use well after you become comfortable with crypto.
Swyftx Pros & Cons
Ease of Use
This is the first thing to say about Swyftx - it is incredibly easy to use. I have introduced several friends to Swyftx that have absolutely never been involved in crypto, and they can easily understand what is happening. One friend remarked how the demo account was so useful because she could practise without worrying about losing her money. That brings me to the second feature - the demo account.
Stay up to date with vital crypto news
Get the latest news straight to your inbox
Swyftx has a Demo mode which you can easily switch back and forth between with the click of a button. When you activate the Demo mode, there is a bright yellow and black "warning tape" along the top of the screen, so you can always easily check whether you are trading with real money or play money. In the demo mode, you are given $10,000 to play with, which you can trade to your heart's content, with no consequences. It is a great tool for those that are new to cryptocurrency and want to understand how all the order types work. It is also useful for experienced traders, because they can test out strategies with play money and see how it would have turned out before they commit their hard-earned cash for real.
Swyftx has a huge range of coins on offer, with over 320+ different cryptocurrencies. You will find all the most popular coins on the platform, as you would expect, but there are dozens of small coins that you have probably never heard of. Scouring through the list of supported coins can be a good way to find a hidden gem that you can invest in before it is available on other global exchanges.
Staking on 20 coins
You can use Swyftx to earn passive crypto income, through staking. Staking is a way of using your coins to help verify blockchain transactions, and you receive rewards in the form of your staked cryptocurrency. One of the most popular coins to stake is ADA (Cardano), which returns about 5% annualised interest. Swyftx is the first of the big Australian crypto exchanges to support staking, and it is a great drawcard. Who wouldn't want to earn more crypto while they HODL?
Swyftx has a mobile app which is super convenient because most users these days access the internet from their phones. It means you can buy crypto whenever you like, whether you are at home, in a car, at work or even in the toilet! The app is fully functional so you don't need to worry about not having access to features that are found on the desktop. You can even access the Demo mode on the mobile app.
Live Chat support
The inclusion of live chat customer support is excellent, particularly for newcomers to crypto. It is easy to get confused with crypto when you have no experience, and no one to ask, so the customer support team is helpful in getting you back on the right track. They are very responsive, and helpful, which I can attest to, as I personally tried it out.
Swyftx Fees & Deposit Methods
Swyftx has low trading fees of only 0.6% per transaction. Their spreads are tight as well, so you know they aren't taking a chunk of your fees in a sneaky way. Depositing and withdrawing AUD is completely free, making Swyftx a really good choice for those that want to get started in crypto without investing too much.
You can deposit AUD into Swyftx using Bank transfer, POLi, Credit card, Debit card, OSKO and PayID.
Swyftx is a safe cryptocurrency exchange that has never been compromised since it was established in 2017. They utilise a wide range of security measures comprising the following:
- Using JSON Web Tokens (JWTs) and session expiry
- KYC verification
- Biometric authentication
- 2FA (two-factor authentication) logins
- Breached password detection
- Consulting with external security auditors
- External penetration testing
- Internal least-privilege security model
Swyftx is one of the best choices you can make if you are looking for a cryptocurrency exchange in Australia. Whether you are a new user or have some experience with crypto trading, you will find Swyftx a great place to call your crypto home. If you are still undecided, you can have a look at our list of the best crypto exchanges for Aussies, which many readers find useful.