Swyftx Review: Features, Trading Fees & More

Swyftx Review: Features, Trading Fees & More

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We found Swyftx to be one of the most straightforward cryptocurrency exchanges to use. It has a uniquely designed interface and intelligent features that some other exchanges would envy. But the platform doesn’t have everything, as we reveal in this review.

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Quick Verdict

Swyftx continues to be a standout as one of the top-rated crypto exchanges in Australia. Its ease of use, trading fees, and features make cryptocurrencies accessible to a broad spectrum of investors and traders. It hasn’t lost connection with its customer base either, with features and markets evolving to help ensure its appeal as a reliable and trusted crypto exchange.

The delivery of its features is excellent. Items like its virtual demo mode, crypto bundles, and deposit mechanisms are all straightforward on its visually intuitive platform.

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Pros

• Zero fee bank transfers and PayID deposits.
• 375 coins and tokens to trade.
• Excellent customer service and support.
• Great demo mode.
• TradingView charting is available.

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Cons

• Crypto-to-crypto transactions aren’t possible.
• Lack of advanced markets (e.g. margin) due to the regulatory environment.

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Create a Swyftx account and get a $20 Bitcoin bonus.

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The Swyftx Features We Liked

$20 Bitcoin signup bonus

In partnership with Swyftx, prospective customers can receive $20 in free Bitcoin (BTC) after opening and validating a new account. This can only be accomplished by utilizing our Swyftx referral link. 

When new users create and validate an account, Bitcoin will be deposited into their account wallet. The promotional deal is only available once per new account and is valid until further notice.

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375 crypto to buy and trade

Swyftx is one of the best options for investors and traders who want access to a wide variety of digital assets, with AUD as the fiat currency to be exchanged. The reliable platform steadily increases its offering, now at 375 cryptocurrencies, including Bitcoin, popular altcoins like Ethereum and Cardano, stablecoins, and a swathe of lesser-known and new coins and tokens. 

While the list is not as exhaustive as some of the largest crypto exchanges like Binance (416) and Bybit (646), it’s impressive for an Australian exchange. Read our reviews for more details.

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Demo mode

One feature that distinguishes Swyftx from other crypto platforms is its demo mode. It’s free and easy to toggle on via the main interface. Simply put, it’s one of the best-rated crypto demo accounts available to traders.

The free demo mode includes $10,000 in virtual cash to help customers explore and familiarise the site and practice trading strategies. Certain functions and features, such as withdrawing funds, cannot be used. Because funds are virtual, you can trade and execute market orders without the risk of losing real funds.

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Automated crypto investments

Recurring orders are a popular strategy for investors looking to develop their cryptocurrency portfolios gradually during periods of market volatility. 

Like many crypto exchanges, Swyftx users have this option available. Users can set up automatic crypto purchases (single assets or multiple) at regular intervals with the funds deducted from the linked bank account. 

In addition, users can control the proportion of funds allocated to which asset if several crypto are desired. For example, a user can spend $100 monthly, with 80% ($80) allocated to buying BTC and the remaining $20 to ETH.

Purchased crypto will be instantly transferred to the user's wallet, which can be tracked and monitored over time. Users cannot use a credit card for recurring purchases.

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Buy crypto in bundles

Swyftx provides nine cryptocurrency bundles for purchase with AUD. For example, the "Big Two Bundle" allows customers to obtain Bitcoin and Ethereum in the same transaction. This allows for faster portfolio diversification with fewer trading fees incurred compared to buying crypto assets separately. 

One pro of this feature is that recurring orders also apply here. This means that users can set aside money to automatically purchase a bundle (or two) at regular periods. 

Swyftx has also provided the option to customize a cryptocurrency bundle. For example, if a user wants to make regular Bitcoin and Ethereum via the “Big Two” bundle but also wants Solana, they can add it. Similarly, cryptocurrencies can be removed from any bundle if the investor chooses.

While most Australian platforms provide cryptocurrency bundles, Swyftx is easily one of the most flexible services, allowing users to customize their orders to their liking.

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Crypto tax reporting tools

Swyftx has collaborated with Koinly and CryptoTax Calculator to help Australians understand their cryptocurrency tax requirements. Users can create a duplicate of their cryptocurrency transactions by going to "Transaction Reports" on their profile. Transaction records can be saved as CSV files or PDFs. The output can then be entered into the Koinly or CryptoTax Calculator tax calculator.

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Deposit Methods

Swyftx customers can deposit Australian dollars into their Swyftx trading wallet using bank transfers, PayID, or purchasing crypto directly with a credit or debit card. 

These deposit options are free, except credit cards, which incur a 1.99% fee from Swyftx’s third-party payment provider and spread up to 3.5%. 

The $30 minimum limit for bank transfers and PayID shouldn’t pose a barrier to most people, as it allows users to invest in smaller amounts. 

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Swyftx Fees and Charges

Deposit fees

Swyftx charges no fees when you fund your account using any allowed deposit method. However, you should check with your bank or financial institution to see whether any fees would be incurred. The exception is credit cards, which may incur a 3.6% fee plus a 4% spread.

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Trading fees

Swyftx charges a fee of 0.6% for all cryptocurrency buying, trading, and selling transactions. Trading fees follow a tiered structure, with discounts depending on the user’s 30-day trading volume.

Swyftx's 0.6% trading fee is comparable to other major crypto exchanges, from Binance (0.1%) to CoinSpot (1% using the instant buy/sell feature). 

At 0.6%, Swyftx is not the cheapest option but it is relatively cost-effective. Swyftx has access to high liquidity through its partners, which results in spreads as low as 0.45% for major digital assets such as Bitcoin. 

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Related: Swyftx vs. CoinSpot: Which is better?

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Withdrawal fees

There are no fees for withdrawing AUD from your Swyftx wallet to a nominated Australian bank account. However, a regular blockchain fee will be applied when transferring cryptocurrency from Swyftx to another external wallet. 

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The Swyftx Experience

Although the Swyftx UI is unique (and better designed) than many other platforms aimed at the general public, the crypto purchasing procedure remains straightforward and user-friendly. Once the account is funded, users simply find the crypto asset they want and enter the amount to spend. The currencies will then be sent almost instantaneously to their wallet.

On the main trading interface, trigger and recurring orders can be applied to crypto purchases. 

• Trigger orders: The user sets the desired price and if the real market price hits that price, then the selected crypto assets will automatically be purchased. 
• Recurring orders: Allows users to automatically purchase one or more cryptocurrencies regularly using funds from their linked bank account.

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The main trading interface comes equipped with the powerful TradingView charting package and all the advanced analytical drawing tools and indicators that come with it. Although order books are not presented due to Swyftx being a brokerage, users can aptly analyze the price action of crypto. 

The trading experience on Swyftx is delightful, thanks mainly to the well-designed UI. Swyftx offers a streamlined trading experience specifically designed for new and inexperienced users.

In addition to the lack of order books and order types, Swyftx doesn’t allow for any crypto-to-crypto transactions.

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Final Verdict

Swyftx has all of the characteristics of a dependable and trustworthy cryptocurrency exchange. It offers good value for money, is rich in features tailored to the Australian market, and is linked by a well-designed and highly functional interface. 

Swyftx stays in contact with the crypto community and continues to produce excellent products and services, like its huge assortment of 375 digital currencies, unique crypto buying possibilities, and straightforward platform.

However, some traders may feel that there needs to be an adequate range of advanced tools and markets. 

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We aim to publish factual and accurate information as of the publication date. For specific information about a cryptocurrency exchange or trading platform please visit that provider's website. This information is general in nature and is for educational purposes only. We do not provide financial advice, nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

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