Crypto traders living in Australia have an exchange option that the rest of us don’t have. That’s Swyftx, a Queensland-based exchange that was conceived in 2017 by Alex Harper and Angus Goldman. Later in 2019 the platform launched, delivering better functionality, zero inflation, real spreads and simple low fees for all Australians to enjoy.
The two founders, who are currently the CEO and CTO respectively of Swyftx, were simply two crypto enthusiasts and software developers who felt there was a need for a crypto exchange that could solve some of the common problems of the existing exchanges.
They continue working to grow the exchange, and with a history of nearly four years in an increasingly competitive industry they must be doing something right. In fact, we’ll find out during this review whether this is true or not.
Why Swyftx?
In fact, traders don’t just get a sophisticated trading platform at Swyftx, they also have access to complete brokerage services. This is like the best of both worlds, and makes Swyftx a suitable exchange for both new and experienced traders. Swyftx is really providing Australian crypto traders with an amazing experience that includes some of the best spreads available, and an SMSF savings account that’s ground-breaking for a crypto exchange.
Taken all together it isn’t too surprising to learn that Swyftx has been able to attract over 30,000 Australian cryptocurrency traders to the exchange.
Trading Features
Look at these unique features that Australian crypto traders can take advantage of when they join Swyftx:
- Customizable Dashboard to show the most frequently and preferred technical indicators.
- Powerful TradingView charting interface.
- Advanced order types.
- Recurring deposits that automates your cryptocurrency investments.
- Downloadable tax reports for stress-free accounting.
- Demo trading to fine-tune any trading strategies.
- Referral and affiliate programs.
- Access to Self-managed Super Fund for savings.
Is Swyftx Safe to Use?
We believe it is based first and foremost on the fact that this crypto exchange is licensed and regulated. Swyftx is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), an Australian government financial intelligence agency set up to monitor financial transactions to identify money laundering, organized crime, tax evasion, welfare fraud and terrorism financing.
As a registered digital currency exchange provider or DCEP they maintain strict KYC policies and transaction monitoring programs to assist in reducing money laundering and counter terrorism. Basically that means they take the time to verify the identity of every customer, and that there is a third-party regulator watching to make sure they do so.
The good news for you is that the KYC process at Swyftx is quite swift. In most cases you can be registered with the exchange/broker in just a couple minutes by entering your email address, phone number, and ID document number. Because Swyftx is focused on Australian clients they are able to provide this speedy KYC service.
For added security Swyftx offers two-factor authentication (2-FA) in addition to the usual password login. This helps to secure your account and avoid hacks and thefts. On the backend of the service you’ll find that the exchange is constantly monitoring its data and traffic to detect any potential breaches.
Supported Cryptocurrencies
Trading at Swyftx will give you access to over 220 different cryptocurrencies, and the list is growing all the time. In addition to the most popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), it’s also possible to trade on more obscure coins like Civic (CVC), Filecoin (FIL), or Mithril (MITH). There are also the extremely popular DeFi coins like Curve (CRV) and yearn.finance (YFI).
All of these assets can be traded using the TradingView platform interface, and against AUD, BTC, or USD. Swyftx promises the best cryptocurrency liquidity of any Australian crypto exchange. It does this by scanning a number of other exchanges to find the best spreads, liquidity and pricing for the target crypto / currency pairing.
Does Swyftx offer Leverage Trading?
Currently Swyftx does not offer leveraged trading, however they do say that their development team is investigating ways to implement it in the future. Note that most cryptocurrency exchanges that offer leverage will only accept deposits in cryptocurrencies. Because there is no leverage on trading offered at Swyftx they are able to offer deposits in AUD. This is far easier for most traders, particularly those who are fairly new to cryptocurrencies.
Those who insist on trading with leverage can always purchase Bitcoin at Swyftx using AUD, and then transfer that Bitcoin to a reputable exchange that does offer leveraged trading. Swyftx even offers their assistance in selecting a reputable and trustworthy exchange for trading with leverage.
Swyftx Trading Fees
The flat fee for trades at Swyftx is 0.6%, which seems high at first when you look at many other exchanges who offer fees of 0.2% or less. However there are more important things than the fees charged by your exchange, and those things are the spreads on your trades. At Swyftx those spreads are kept as low as possible. In fact they advertise spreads as low as 0.41%.
They can offer such low spreads because of the proprietary algorithm that finds the lowest possible spread every time for every trade. And when you put together the fee and spread, which can be as low as 1.01% at Swyftx, you soon see that they have the best cost structure out there.
In fact, when you add up the fees and spreads at other cryptocurrency exchanges you soon see that you might be paying double, triple, or even more. Some exchanges charge more than 5% when you add up the fees and spreads.
Deposit Methods
For deposits in AUD Swyftx offers several options:
- PayID (instant deposit method)
- POLi (instant deposit method)
- OSKO (deposit within same business day)
As of early January 2021 Swyftx has announced they will soon add credit/debit card payments, becoming the first Australian platform to offer this service. Also, those who wish to use a bank account to make a deposit can do so using the OSKO network.
Standard transfers using the OSKO network typically take 2-6 hours to process, although it isn’t uncommon for the bank to hold up a large first deposit for up to 24 hours. Swyftx checks for transfers at approximately 9:00am, 12:00pm, 3:00pm, 6:00pm, 8:00pm, and 10:00 pm AEDT on every business day.
Advanced Trading Platform
Having a useful and hopefully powerful trading platform is one of the very important considerations when choosing a cryptocurrency exchange or broker, and Swyftx doesn’t disappoint on this point. Users will have access to a huge array of trading indicators and tools through the TradingView interface.
If you’re familiar with this web-based charting and trading platform you likely already know how powerful it is. With its array of trading tools it makes it easier to analyze price action and make successful trades.
TradingView also allows for the easy use of stop, limit, or market orders, making your trading more laser-focused. You’ll have easy access to all of the cryptocurrency assets offered by Swyftx, including detailed price charts where it’s possible to perform detailed technical analysis. You’ll also see separate bid and ask pricing and order book depth for the most detailed trading experience.
Swyftx Mobile App
Naturally Swyftx does have a mobile app available for both Android devices and iOS devices. These give you the convenience of trading on the go, while still remaining completely secure thanks to the biometric security included in the apps. Choose between fingerprint of face scan ID recognition to secure the app on your mobile device.
When using the mobile app you have access to all the same features as the online app, including charting and analysis, buy/sell orders, monitor open positions, and make deposits/withdrawals.
Swyftx Cryptocurrency Wallet
You will get a custodial wallet when trading at Swyftx and they will support all the coins that are being traded on the platform. Coins can be stored in either a hot or cold wallet and are secured with state-of-the-art security protocols. Swyftx does acknowledge that online wallets aren’t a good choice for long-term storage since they are attractive targets for hackers. Swyftx recommends to their clients that they purchase and use a hardware wallet such as a Ledger or Trezor device.
Self Managed Super Fund
One feature that should be mentioned before we end this review is the ability to create a Self Managed Super Fund (SMSF), a type of retirement savings vehicle that also provides tax benefits. Swyftx is able to offer this service through a partnership with New Brighton Capital.
In order to set up the SMSF on Swyftx you’ll need the following information: registered trust name and address, trust ABN, copy of the trust deed, and trust beneficiary details. Your major beneficiaries, i.e. those holding stakes over 25%, should all have verified Swyftx accounts.
According to the Australia Tax Office (ATO), SMSFs are a type of retirement savings fund. Compared to other types of funds, SMSF members also serve as its trustees. As such, SMSF trust members maintain compliance with all ATO regulations like tax regulations and super laws. SMSF tax benefits make the investment vehicle a popular choice for cryptocurrency holders. Under current SMSF regulation, benefits are taxable at a rate of only 15%.
Bottom Line
As we already mentioned above, Swyftx really is a standout among Australian and even international cryptocurrency exchanges and brokers. They deliver at a very high level in almost every area of service that might be important to a trader. And the way the platform is set up makes them ideal for both beginning and experienced cryptocurrency traders.
In fact, we could make Swyftx our top pick for Australian traders based solely on their low fees and the excellent liquidity found on the platform. It also helps that they are offering over 220 altcoins at the time of writing, and have made both banking and KYC compliance so simple.
