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How can you use the Swyftx crypto exchange?
Swyftx is an Australian cryptocurrency exchange launched in 2019 with a vision to give users a single integrated platform for exchanges, charts, portfolio monitoring, leverage, funding, fiat and risk management. Swyftx enables users to buy, sell and trade a large number of coins, assets, tokens, and digital currencies.
In September 2021, Swyftx had about 350,000 users in Australia and expanded operations into New Zealand. Swyftx currently supports two fiat currencies - AUD and NZD, and over 300 digital assets.
How to use Swyftx
To get started, create a free account on the Swyftx signup page. You can activate your account by verifying your email, phone number, and ID, and you don’t need to upload any documents. Once you deposit money into your Swyftx exchange account, you can begin trading.
Familiarise yourself with the platform or hone your trading skills without risk by using the Swyftx demo mode. The Swyftx App is available for Android and iOS, so download it to manage your investments conveniently from your mobile phone.
What does it cost to trade on Swyftx?
It's important to know what an exchange charges so that hidden costs don't eat into your profits, but keep in mind that the published fees only tell part of the story. You also need to take a look at the spread, that is, the difference between the buy and sell prices of assets. For example, when you convert Australian dollars to foreign currency, banks will buy from you at a lower price and sell to you at a higher one. The difference is spread.
The Swyftx website says that they charge lower spreads than other exchanges, thanks to their global liquidity providers, banking partners, and optimised trading algorithms. They also claim that the average spread charged by competing exchanges is four per cent, while theirs is as low as 1.7 per cent. For trading in Bitcoin, the spread on Swyftx is only 0.45 per cent.
When you trade on Swyftx, you pay an 0.6 per cent fee. For crypto deposits and withdrawals, you pay the network mining fee and no additional Swyftx fees. Swyftx doesn't charge any fees for deposit or withdrawal of fiat currencies such as Australian dollars.
What features does Swyftx offer you?
If you’re new to trading, you can get started with the help of the Swyftx demo and use the basic features of the platform. For users proficient with trading, there are more advanced capabilities as well. Some of the features you get when you use the Swyftx app, or web platform, include:
- Portfolio tracking: Track the profits and losses of all your asset holdings.
- Price alerts: Receive notifications when an asset price hits a certain level.
- Integration with Trading View charts: You can use the tools and indicators provided by Trading View for your technical analysis, as Swyftx offers integration with Trading View.
- Stop, Limit and Market orders: Set buy and sell instructions triggered by specific price levels.
- Real-time price updates: Get updated pricing information. The price of assets is recalculated instantly based on your order size.
- Recurring orders: You can automate your crypto investments by setting up a recurring deposit into your Swyftx account, which is automatically invested into your chosen assets.
- Swyftx staking: This allows the crypto in your Swyftx wallet to earn rewards.
- Security measures: You can secure your account with multi-factor authentication and biometric login.
- Convenient tax reporting: You can easily generate and download your tax report for any period.
Disclaimer
This article is over two years old, last updated on April 6, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent cryptocurrency articles.
Compare cryptocurrency exchanges
Swyftx
Cryptocurrencies available: 245
Fiat Currencies Accepted: AUD, NZD
Trading Fee: 0.6%-0% based on a rolling 30 day's trading volume
Withdrawal Fee: $0 for AUD/ Deposit's withdrawals. Network transaction fees apply while transferring coins to an external wallet
Deposit Fees: No POLi fees. No fees on cryptocurrency and PayID deposits. Credit/Debit card deposits supported (5% fee)
An Australian owned and operated digital currency exchange that allows users to sell, trade and buy Bitcoin, and over 245+ other digital assets, with low trading fees and one of the smallest spreads available.
CoinJar
Cryptocurrencies available: 57
Fiat Currencies Accepted: AUD, GBP
Trading Fee: 0%-1%
Withdrawal Fee: No fee for AUD or GBP withdrawals. Cryptocurrency withdrawal fees are based on blockchain network fees
Deposit Fees: No fees with PayID; 2% fee with credit / debit card, Apple Pay, and Google Pay
Australia's longest-running cryptocurrency exchange with over 500,000 Australian customers and a simple to use app for both iOS and Android.
Digital Surge
Cryptocurrencies available: 245
Fiat Currencies Accepted: AUD
Trading Fee: 0.1%-0.5% based on a rolling 30 day trading volume.
Withdrawal Fee: None for Australian bank accounts - Instant withdrawals through Osko/PayID.
Deposit Fees: No fees for Osko/PayID, Direct Deposit, Bank Transfers or cryptocurrency. POLi fees range from $2-$3.30.
Because simplicity makes life better. The easiest way for Australians to buy, sell & store over 245+ cryptocurrencies. Low fees, tight spreads, Aussie-based customer support & an interface that makes crypto enjoyable & easy-to-understand. Simple. Safe. Stress-free.
CoinSpot
Cryptocurrencies available: 263
Fiat Currencies Accepted: AUD
Trading Fee: 0.1% to 1% based on order type
Withdrawal Fee: None for Australian Bank Accounts
Deposit Fees: No fees for POLi, PayID, Direct Deposit and Bank Transfers. 0.9% BPAY fee, 2.5% cash fee
Australia’s most trusted exchange since 2013.
Cointree
Cryptocurrencies available: 280+
Fiat Currencies Accepted: AUD
Trading Fee: 0.05%-0.9%
Withdrawal Fee: No fee with fiat withdrawals. Cryptocurrency withdrawal fees vary.
Deposit Fees: No fee
Buy, sell, trade and pay with crypto. Simple, low fees, easy to use and trusted by 100,000+ members. Enjoy $10 BTC credit after verification with promo code: RATE10
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Product database updated 23 Nov, 2024
