Swyftx offers 440+ cryptocurrencies with a trading fee ranging from 0.1% to 0.6%. The company has partnered with Fireblocks and Chainalysis for additional security.
The minimum deposit and minimum trade size are AUD 30 and AUD 1, respectively.
Swyftx; An Introduction to the AUSTRAC-Registered Crypto Exchange
Swyftx Pty Ltd. is an Australian-owned and operated cryptocurrency exchange founded by Alex Harper and Angus Goldman in 2018.
The company is affiliated and partnered with Blockchain Australia, Tech Council of Australia, and FinTech Australia. Key features of Swyftx:
- Registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC)
- Crypto purchase with AUD and NZD deposits
- Cryptocurrency in Self-Managed Super Funds (SMSFs)
- OTC trading
Swyftx Exchange Specifications
The company is the official sponsor of the Brisbane Lions Australian rules football club. Let’s see what features Swyftx has to offer and if it can fit among Crypto exchanges.
Exchange | Swyftx |
Launch Date | 2019 |
Levels | 10 levels from Regular to VIP 9 |
Trading Fees | 0.1% – 0.6% |
Restricted Countries | Only available in Australia and New Zealand |
Supported Coins | 440+ |
Futures Trading | No |
Minimum Deposit | AUD 30 |
Deposit Methods | Crypto, Bank Transfer, Credit / Debit Cards, PayID |
Withdrawal Methods | Crypto, Bank Transfer |
Maximum Leverage | 1:1 |
Minimum Trade Size | AUD 1 |
Security Factors | Cold Storage, Holding clients’ funds on a 1:1 basis, Data encryption, Two-Factor Authentication (2FA), Biometric Authentication, Compliance with ISO 27001 |
Services | Spot Trading, Auto Invest, Crypto Bundles, Tax Reports, OTC Market, Crypto Rewards, Crypto-based SMSFs |
Customer Support Ways | Live chat, Chatbot, Email, Call |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market |
Native Token | No |
Swyftx User Levels
The platform has implemented a 10-tier user level system to offer fee reductions based on 30 days trading volume, which is recalculated every hour.
Tier | 30D Trade Volume (AUD) |
Regular | < 100K |
VIP 1 | >= 100K |
VIP 2 | >= 300K |
VIP 3 | >= 400K |
VIP 4 | >= 500K |
VIP 5 | >= 1M |
VIP 6 | >= 3M |
VIP 7 | >= 4M |
VIP 8 | >= 5M |
VIP 9 | >= 6M |
Swyftx Fees & Commissions
The company’s trading fees start from 0.6% and are reduced based on the user’s trade volume.
While AUD withdrawals are charge-free, NZD payouts incur a $10 fee. Swyftx trading costs:
User Level | Trading Fee |
Regular | 0.60% |
VIP 1 | 0.55% |
VIP 2 | 0.50% |
VIP 3 | 0.45% |
VIP 4 | 0.40% |
VIP 5 | 0.35% |
VIP 6 | 0.30% |
VIP 7 | 0.25% |
VIP 8 | 0.20% |
VIP 9 | 0.10% |
Swyftx Exchange Digital Assets
In this Swyftx review, we must mention that the exchange offers an extensive selection of over 440 cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- USD Tether (USDT)
- XRP
- Binance Coin (BNB)
- Solana (SOL)
- Dogecoin (DOGE)
- Cardano (ADA)
- Chainlink (LINK)
Futures and Margin Trading
It's important to note that Swyftx does not offer futures or margin trading options. This aligns with their focus on providing a secure and straightforward trading experience, especially for beginners.
Sign Up and Verification on Swyftx
Registering an account with the exchange requires phone number/email verification and completing the KYC procedure. Verification has 3 levels, including KYC 0, KYC 1 (Gold), and KYC 2 (Diamond).
- Visit the Swyftx official website;
- Click “Get Started”;
- Fill out the sign up form;
- Verify your email address and phone number;
- Set up a password;
- Complete the KYC 0 by answering to an agent’s call;
- Provide a photo of your ID card and a selfie for KYC 1;
- Declare the purpose of your account and source of income (bank statement, Payslips, or ATO Notice of Assessment) for KYC 2.
Note that all withdrawals are suspended till the completion of KYC Diamond.
Swyftx Exchange Security
The company holds an ISMS certification meeting standards of ISO 27001. It also has partnered with Fireblocks and Chainalysis to add to its safety. Swyftx security measures:
- Cold Storage
- Holding clients’ funds on a 1:1 basis
- Data encryption
- Two-Factor Authentication (2FA)
- Biometric Authentication
- Compliance with ISO 27001
The website also has a page called the “Latest Scams” featuring the most recent scam attempts reported by customers.
Swyftx Deposit & Withdrawal [AUD Bank Transfer, Crypto]
The company supports Crypto, AUD, and NZD payments. Fiat deposits can be made via various methods, including:
Deposit Method | Currency | Min Deposit | Deposit Fee |
Bank Transfer | AUD | 30 | 0 |
Credit / Debit Cards | AUD, NZD | AUD 91, NZD 95 | 1.99% |
PayID | AUD | 30 | 0 |
Note that withdrawal of the Australian Dollar and New Zealand Dollar can be done only through bank transfers. The minimum withdrawal limit is AUD 4 and NZD 30.
Client Ratings
There are 4,937 Swyftx reviews on Trustpilot and the majority of them are positive. The company has an excellent score of 4.5 out of 5 with 94% of comments being positive (4-star and 5-star).
Less than 5% of reviews on the Swyftx Trustpilot profile are negative (1-star and 2-star), and the company hasn’t replied to any of them.
Swyftx Exchange Growth Plans
In addition to Spot and OTC markets, the platform provides various investment and growth plans, from Crypto Bundles to Rewards.
- Crypto Bundles: Curated selection of various digital assets
- Auto Invest: Automatic purchase of selected assets in pre-defined intervals as low as AUD 1
- Crypto Rewards: $5 worth of BTC as a prize for completing the “Learn & Earn” course and enabling 2FA and many more rewards
- Affiliate: 30% of the referred clients’ trading costs as referral commission
While there are multiple growth plans on Swyftx, the exchange doesn’t offer copy trading or social trading features.
Writer's opinion and conclusion
Swyftx provides Crypto Spot and OTC trading against AUD and NZD fiat currencies. It supports PayID/Credit card deposits and Bank Transfer withdrawals (minimum amount: AUD 4 or NZD 30).
The exchange has a score of 4.5 on Trustpilot and only accepts clients from Australia and New Zealand.
