Swyftx Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Individuals have a straightforward and transparent option to purchase, trade,
and sell more than 290 different cryptocurrency projects through the use of
Swyftx, which is one of the leading cryptocurrency exchanges in Australia. In
the following analysis, we take a more in-depth look at Swyftx to establish
whether or not it truly is risk-free to use and ranks higher than its rivals.
The first step in our process is to register for an account, then to make a
deposit of Australian dollars (AUD), and finally to make a purchase of
cryptocurrency. Visit Swyftx Website.
Swyftx is one of the finest brokers in Australia, and it has become a trusted and renowned platform with over 500,000 members. Swyftx is among the best brokers in Australia. Using a secure and user-friendly platform, individuals have the ability to purchase, trade, and sell more than 290 different cryptocurrencies using AUD. Swyftx's user interface is both simple and sophisticated, making it an excellent choice for novice as well as more experienced traders and investors. The platform is loaded with cutting-edge features that make investing in the cryptocurrency market less complicated and more accessible to Australians of all financial backgrounds.
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Overall, Swyftx is a fantastic choice as a result of its support for local deposit alternatives, its reasonable trading fees of 0.6 percent each transaction, its first-rate mobile app, and its extremely responsive and available 24 hours a day, seven days a week customer service. Since its introduction to the business in 2019, Swyftx has rapidly risen to become one of the most prominent cryptocurrency exchanges in the world. It is most well-known for the feature-rich platform it provides, as well as the cheap fees it charges and the great customer care it offers.
In order to conduct an objective evaluation, it is necessary to give equal consideration to the positive and negative aspects of a cryptocurrency exchange. In continuation of our analysis of the platform, the benefits of Swyftx are primarily focused on its feature-rich user interface as well as its mobile application. Swyftx is an excellent platform since it allows users to stake the best coins in order to receive incentives, it offers speedy AUD deposit and withdrawal options, trading costs that are competitive with other platforms, and so on. The profusion of functionality, on the other hand, may be overwhelming for users who are just starting out.
Alex Harper and Angus Goldman are responsible for establishing Swyftx, which is now recognized as a significant cryptocurrency trading exchange situated in Brisbane, Australia. Individuals are provided with a straightforward and open method to purchase, trade, and sell over 290 different cryptocurrency projects through the use of the site. Since its launch in 2019, the site has seen an explosion in popularity, with over 500,000 people already having signed up for it. Swyftx has made it their mission to provide traders of all experience levels with a platform that is not only simple to use but also packed full of features.
Deception, manipulation, hyperinflation, and large spreads caused by greedy firms were just a few of the issues that prompted the founders of Swyfx to design the platform that would later become Swyfx. The company is headquartered in Australia. The final product is an end-to-end crypto trading platform that is aesthetically pleasing and offers a broad selection of deposit options, low fees, visible portfolio management capabilities, exceptional customer care, and free withdrawals of AUD to bank accounts.
Signing up for an account with Swyftx, proving your identity, depositing cash, and getting started trading are all quick and easy processes. Users don't have to provide ID papers, take a photo, or wait hours for their accounts to be authorized as they do on other exchanges in Australia in order to be able to buy bitcoin on this particular platform. Users are able to instantly begin using cryptocurrencies thanks to Swyftx's speedy verification procedure, which just requires a name, email address, and information from a government-issued identification document to complete. This process may be finished in just a few minutes.
Desktop and mobile applications have been developed specifically for novice and intermediate investors looking to get their feet wet in the world of digital currencies. Using the side bar, you can quickly move between the asset list, wallet, charts, withdrawals, and other functions. This is a really convenient tool. The entirety of the trading experience is contemporary, up-to-date, and totally customizable, so it can be adapted to meet the needs of each individual investor in order for them to monitor their portfolio and place traders. In addition, there is a sample account that allows users to practice trading without any financial risk, as well as the capability to toggle dark mode on both the desktop and the mobile app.
The ability to buy Bitcoin in Australian dollars or any cryptocurrency asset instantly using AUD or USD is one of the primary advantages of utilizing Swyftx. Swyftx allows users to transfer money into an account using a broad number of different payment options. Customers have the ability to make a speedy deposit of up to 50,000 Australian Dollars by utilizing a bank transfer, OSKO, POLi payment, or PayID while connected to an Australian bank account. When you deposit or take Australian dollars from your bank account, there are no fees charged. Swyftx has only just added support for more payment options, including debit cards, credit cards, and prepaid cards.
Did you also know that cryptocurrency exchanges may levy concealed costs if you want to trade with a spread? The spread expenses associated with certain exchanges might reach a maximum of 2.6 percent for each buy and sell position. Swyftx is one of the few platforms that provides complete transparency on the costs associated with their spreads, which are as low as 0.45 percent for Bitcoin. In the asset list, you will be able to see the exact spread charge that applies to each cryptocurrency pair.
When compared to the fees and spread costs of other Australian exchanges that employ their own order books, such as BTC Markets, Independent Reserve, and CoinJar, the fees and spread costs for AUD pairings at this exchange are quite competitive. Despite this, Digital Surge often offers spreads that are lower than other platforms.
One of the few cryptocurrency platforms in Australia that allows individual users to stake their cryptocurrency holdings is Swyftx. Staking incentives will be automatically distributed to investors who make purchases of cryptocurrencies using Swyftx or who transfer monies to the Swyftx wallet. Proof-of-Stake (PoS) coins are eligible to reap these benefits. Swyftx is, in a nutshell, one of the top crypto staking platforms Australia has to offer, allowing users to earn rewards on ADA, SOL, ATOM, DOT, MATIC, KAVA, KSM, ALGO, XTZ, FLOW, TRX, and ONE.
When users stake crypto assets on the Swyftx platform in order to receive staking rewards, they are not required to pay any fees or charges. Each day, the user's rewards are deposited into their Swyftx wallet. The fact that there are no lock-up periods is one of the advantages of staking on Swyftx. Because of this, investors have the ability to stake and unstake cryptocurrency at any moment. However, one of the drawbacks is that the staking pools fill up very fast. This is because there is a soft limit to the amount of money that Swyftx may stake, and the system operates on a first come, first served basis.
Swyftx charges a flat trading price of 0.6 percent, which is quite competitive in the Australian industry, where trading fees typically vary from 0.1 percent to 1 percent each transaction. However, there are no price reductions available for customers that trade bigger sums over the course of a month. That is to say, the trading charge is the same regardless of whether an individual purchases $100 worth of Bitcoin or $100,000 worth of Bitcoin.
The website does imply that reductions are available; however, they are not upfront on the specific prices that need to be paid. In comparison, the default price for Digital Surge is 0.5 percent, although this drops to 0.4 percent if the monthly volume is more than AUD $100,000. In a nutshell, Swyftx is not the most cost-effective cryptocurrency exchange in Australia for high-net-worth individuals and professional crypto traders, but it does provide excellent value for novice users.
Swyftx operates much like a brokerage service, and it gets its price information from worldwide cryptocurrency exchanges like Binance that have a high volume of trading activity. It is unable to provide bitcoin leverage trading since it does not have its own order books. At the time of this writing, Swyftx is only capable of operating as a spot market and does not provide its users with margin trading, derivatives, options, or leveraged tokens. Traders with more experience will be required to open an account on an extra trading platform such as FTX or Bybit, both of which are respectable margin trading platforms.
Swyftx is a safe and secure exchange that features numerous levels of protection to ensure that customer monies are kept safe at all times. Cold wallet storage and two-factor authentication, often known as 2FA, are utilized to ensure the security of customer accounts and wallets. This implies that in order for users to successfully log in, they need both something they know (a password) and something they have (a second factor authentication device). Two-factor authentication must also be used to validate withdrawals, changes to account details, and certain high-volume trades.
Auth0, a company that specializes in the security of cloud platforms, has been included into the website so that the greatest possible degree of password and account safety may be maintained. According to the findings of our investigation, Swyftx has never been hacked or otherwise compromised as a result of the stringent security protocols and technical safeguards it has in place.
Swyftx is an Australian private company that has been registered and operates under the corporate trading name SWYFX Pty Ltd. AUSTRAC, the governing organization that enforces financial laws in order to limit the danger of criminals and money laundering, is the entity in charge of regulating the digital currency exchange that is located in Brisbane. In addition, Swyftx satisfies the stringent requirements for AML and KYC that have been imposed by the Australian government.
Swyftx is able to provide improved liquidity on trading pairs (for example, cryptocurrencies) that make use of their own order book by automatically optimizing each cryptocurrency order across the order books of various exchanges. As a consequence of this, the overall trading volume and market depth across all of the supported trading pairs are much larger when compared to those of other cryptocurrency exchanges. As a result of the improved liquidity, the spreads (i.e. the gap between the bid price and the ask price) that are offered to users are reduced.
As an illustration, a conventional cryptocurrency exchange located in Australia will make use of its own own order books for each trading pair. The possibility exists that the spread charge will go up for a given currency if there is insufficient trading activity for that coin. This is because there will be less liquidity available. This issue is resolved by Swyftx, which draws on the billions of dollars worth of liquidity that may be found in a single location at a larger cryptocurrency exchange in Australia, such as Binance Australia.
Click the "Sign Up" button that is located below in order to set up an account with Swyftx. This will take you straight to the Swyftx registration page, where you will need to provide your email address, choose a password, provide your name, and input your phone number. After reading the terms and conditions, you will need to confirm that you agree to them by clicking the "Agree" button. The creation of a Swyftx account or wallet, as well as its ongoing maintenance, does not incur any costs.
When a new user registers for an account with Swyftx, the company requires the user to provide identity documentation so that they may comply with local legislation. The verification procedure for Swyftx is straightforward and can be finished in about two minutes. To begin the verification process, go to the sidebar on the left of the screen and select "Profile." Then, in the section that appears under your name, click the "Verification" link. This will bring up an online form, and all that is required from you is to complete the following information:
Mobile phone number (short form)
ID document number
Swyftx allows its users to send Australian Dollars (AUD) to an account by utilizing a variety of payment methods, including PayID, POLi, bank transfers, debit cards, and credit cards. Using PayID or the POLi payment method with an Australian bank to send money to Swyftx is the technique that is both the most secure and the most convenient. The funds are going to be delivered almost quickly, and you may use them to buy cryptocurrency. With complete verification, the maximum limit per account is set at $100,000, and the minimum amount required to make a deposit is $30. There is not a way to buy cryptocurrency with a cash deposit or by using PayPal at this time.
Current customers of Swyftx have the ability to transfer cryptocurrencies and change them back into AUD. You may use a QR code or the address of your Bitcoin wallet to deposit funds into a Swyftx account, in addition to purchasing one of the supported 290 currencies. The number of confirmations that a transaction receives and the amount of traffic on the network at the time of the transaction will determine how quickly Bitcoin or any other digital asset may be sent. For instance, the delivery time for Bitcoin deposits might range anywhere from 11 minutes to 1 hour.
On the Swyftx platform, users are able to buy and sell more than 290 different cryptocurrencies, as well as assets, tokens, and digital currencies. Some of these cryptocurrencies include Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Cardano, EOS, Stellar Lumens, Tezos, and NEO. Additionally, well-known DEFi tokens like as Compound, Sushi, and Yearn Finance may be traded on this market. On the platform, a comprehensive list of the assets that are supported may be examined, including with information about the spread, market size, 24-hour volume, and change %.
Swyftx provides traders of all skill levels with a platform that is uncluttered, user-friendly, and straightforward in its design. The live price of Bitcoin expressed in AUD is displayed in the top bar of the dashboard, along with the prices of other cryptocurrencies. The bar on the left is the major navigational menu that may be used to bring up the trade window, update the information of your profile, and provide easy navigation to the Swyftx deposit and withdraw capabilities.
If you want to acquire cryptocurrencies with Swyftx, there is a straightforward order input form that provides an estimate of the price of one bitcoin in Australian dollars as well as the amount that must be paid to make the exchange. The user will be provided with full transparency by the fact that the exchange will disclose the quantity of cryptocurrency that will be received after the 0.6 percent transaction charge has been deducted. This is a nice feature. Customers have the ability to execute a transaction via a variety of orders, including the following:
Traders who are searching for a platform that combines an exchange and a trading interface are the ideal candidates for the enhanced order execution types since it makes risk management simpler and it speeds up order execution. A full-screen charting mode that includes sophisticated trading and charting tools may be brought up by traders at any time. The premium charting package TradingView, which is well-known for its real-time charts, has been included into the platform so that it may be used.
The charts include a diverse selection of time frames in addition to several price chart pairings against AUD, USD, and Bitcoin. In order to perfect an entry by employing a market, limit, or stop order, there are a number of trading elements that may be superimposed. Some examples of these features are trend lines, indicators, and draw chart patterns. You have the opportunity to establish price alerts that will activate on both the desktop and mobile apps to notify you when the price of crypto hits a certain threshold that you choose. In addition, there is a fully functional demo mode trading account available for newbies to use so that they may get experience with the platform and learn how to trade cryptocurrencies without risking their own money.
Swyftx has a wonderful feature known as recurring orders, which may be used to automate the process of investing in digital currencies. Individuals have the ability to set up automated deposits of Australian Dollars for a certain amount and to send funds to the exchange using either PayID, POLi, or their bank. The funds are capable of simultaneously purchasing a number of different cryptocurrencies. In extremely volatile markets, it might be helpful to employ recurring orders, often known as dollar cost averaging (DCA).
Users who are unsure which cryptocurrencies to invest in may diversify their portfolios by purchasing Swyftx Bundles. These bundles contain a variety of cryptocurrencies. In their most basic form, the bundles are collections or groupings of crypto assets that may be acquired in a single transaction. Customers will benefit from bundles since they will lower the overall fees that are charged when buying crypto assets. This is an advantage of bundles. It is also possible to establish recurrent orders for bundles in order to achieve a dollar cost average in the market.
For instance, the Swyftx Top 5 By Market Cap bundle provides a proportional 20 percent allocation to acquire the five most popular cryptocurrencies, including as Bitcoin, Ethereum, Binance Coin, Cardano, and Shiba Inu. Dogecoin is also included in this bundle.
For both buy and sell orders, Swyftx charges a flat fee of 0.6 percent of the total transaction amount. Users benefit from tight spreads starting at 0.45 percent and decreased slippage because to the strong liquidity that is accessible. Other exchanges may charge a fee of up to one percent for immediate purchases and may have spreads of about 2.6 percent. In general, the trading costs on Swyftx are comparable to those of other exchanges on the market and provide a satisfactory return on investment.
The way of depositing fiat cash from a local bank account is the one that is most frequently used by newcomers. When making a deposit with Australian Dollars (AUD), you won't be charged any fees. Swyftx does not impose any fees for customers who wish to withdraw funds from their account. Customers are not subject to any fees when they transfer any amount of AUD to their bank account. All things considered, the absence of any fees associated with utilizing Swyftx to either deposit or withdraw money makes it a fantastic cryptocurrency exchange for any anyone living in Australia.
Swyftx has 29 employees on its customer support staff that are available to assist customers through phone, email, live chat assistance, or Telegram around the clock. The company also has a service desk that is open around the clock. Beginners who require assistance with opening an account, completing ID verification, depositing cash, or utilizing the exchange to purchase and sell coins may find the live chat help tool to be very beneficial. In our experience, the response time on support inquiries was exceptionally quick even during business hours. In addition, the website features a thorough part that contains over one hundred articles on how-to instructions, tutorials, and other articles that address commonly asked questions.
According to the ratings on Trust Pilot, the exchange has been given a rating of 4.7 out of 5 stars. This rating is based on the comments and reviews of 2,300 customers. The majority of the responses, perhaps about 88 percent, were ranked as outstanding. This is a positive reflection of the customer service that is provided to both new and current consumers of the product. When compared to the customer care offered by other cryptocurrency exchanges in Australia, Swyftx's stands out as among the very finest.
In general, Swyftx is a reliable cryptocurrency platform in Australia that offers a wealth of features and is simple to use for both novice investors and those with more expertise. When compared to the costs charged by other exchanges in the business, our low spreads and competitive trading fees of 0.6 percent each trade make us stand out in a clear and obvious way. Swyftx is one of the finest sites in Australia to buy, trade, and sell cryptocurrency since the user experience is simplified, there are no costs associated with depositing AUD, and exceptional customer support is provided.
Users of Swyftx, one of the most reputable cryptocurrency exchanges in
Australia, have the ability to purchase and sell more than 320 different
cryptocurrencies using Australian dollars (AUD) on the platform. They abide by
all of the Know Your Customer and Anti-Money Laundering rules and are
AUSTRAC-registered. Since its establishment in 2018, they have had phenomenal
expansion, which has led to them becoming one of the most well-known exchanges
in Australia. Swyftx gives its customers access to a trading platform that is
simple to use, both on their desktop computers and on mobile devices. They have
a reputation for having minimal trading costs and spreads, the ability to earn
cryptocurrency interest on 21 different coins, and a demo mode in which users
may practice trading with pretend money.
Swyftx is one of the top suggestions that I have for Australians who are interested in beginning to buy or trade cryptocurrency. This is due to three primary factors, which are as follows:
1) They have developed a user-friendly platform that makes it possible for first-time customers to effortlessly invest in bitcoin and also wager on 21 different coins. Their app and desktop site are both designed to be user-friendly, and if you run into any problems, you can get in touch with their customer care team quickly and simply using live chat.
2) They have been able to maintain a modest price structure while having made significant investments in their user interface (0.6 percent per trade). Although you might be able to find an exchange with a little lower charge elsewhere, the results of our comparison indicate that this particular exchange offers the greatest value overall, taking into account all fees and spreads. It is important to note that in addition to accepting deposits via credit and debit cards, they do not charge any fees for making deposits or withdrawals.
3) Access to all of the most widely used cryptocurrencies (over 320 different ones are mentioned).
Swyftx came out on top when I conducted a comparison test using my own accounts on it and three of the other finest Australian cryptocurrency exchanges (Digital Surge, CoinSpot, and Independent Reserve).
One of the few limitations of Swyftx is that the platform does not include any complex capabilities, such as trading derivatives or trading on margin. However, this is intentional on Swyftx's part because the site's primary focus is on simplifying cryptocurrency investment for novices.
The following is a summary of some of Swyftx's most notable characteristics, which have contributed to the company's meteoric rise to prominence as one of Australia's most prominent cryptocurrency exchanges:
Easy sign-up and verification process; there is no need to provide any papers or photos of yourself.
FREE Signup Bonus of $20 worth of Bitcoin (BTC)
Instant purchases may be made using AUD, and there are no transaction fees associated with either deposits or withdrawals.
Over 320 different cryptocurrencies available for purchase, sale, or trade.
Staking is currently accessible for a total of 21 different cryptocurrencies.
Fees as low as 0.6 percent, and spreads as low as 0.1 percent or less
There are applications available for both Android and iOS, allowing you to trade anytime, anywhere.
Live Chat assistance accessible for all queries
Registered with AUSTRAC and conforms with stringent Know Your Customer and Anti-Money Laundering requirements
To guarantee that clients may engage in secure transactions, security is a major focus.
Swyftx has the following drawbacks and disadvantages:
Before you decide whether or not you want to join up for Swyftx, there are a few things to keep in mind, despite the fact that this platform is considered by many users to be a good exchange:
There are no more developed marketplaces available for seasoned traders.
Exclusive to the countries of Australia and New Zealand
If you've been doing research on cryptocurrencies in Australia, you've certainly come across a large number of various exchanges, all of which have their own unique sets of benefits and drawbacks. I will demonstrate why Swyftx is considered to be one of the finest cryptocurrency exchanges in Australia by providing a summary of the greatest services that it has to offer.
Buy cryptocurrency immediately with AUD Swyftx's primary selling point is that it enables users to purchase cryptocurrency in an instant, using Australian Dollars. Because of this, there is no need to convert your Australian dollars into United States dollars, which means you will not lose money due to the difference in exchange rates between the two currencies. Both depositing and withdrawing Australian Dollars from your Swyftx account are free of charge.
The user interface of Swyftx may be easily customized, and it features a straightforward design that makes it simple to use even for novices. The website as well as the mobile application have a clean and contemporary appearance, and it is simple to navigate via each of them. There is even a Demo option, which allows you to practice using the website without running the risk of losing any real money.
Swyftx is not just ideal for crypto traders who are just starting out; it is also an extremely well-liked platform for crypto investors who have intermediate to advanced levels of expertise. You have the ability to personalize your Dashboard by displaying the information that you consider to be most helpful, and even the sequence in which it is displayed, so that it is organized in a manner that is most suitable for you.
Recurring Orders and Bundles are two of the most popular trading methods among Swyftx's more advanced traders. Via the use of Recurring Orders, you will be able to set up regular schedules through which funds will be put into Swyftx and automatically be used to purchase your preferred coins at any time. They are wonderful because they allow you to spread out the risk of the investment that you make in cryptocurrency. There is a wise proverb that goes, "it's time in the market, rather than timing the market," and I believe that this holds extremely true in the cryptocurrency market. You may gradually increase your participation in the cryptocurrency market without having to risk significant losses if you acquire little quantities of bitcoin over a period of time. This is because cryptocurrency is volatile.
Another method of investing in the market that diversifies your assets is to purchase bundled products. Swyftx provides seven distinct Bundles, each of which is a collection of coins that are acquired simultaneously in order to facilitate simultaneous investment in all of the coins in the collection. The "Swyftx Top 10 by Market Cap," which is exactly what it sounds like, is by far and away my personal favorite. Your capital is evenly distributed across the top 10 cryptocurrencies by market cap, providing a fantastic possibility to achieve growth over the long term.
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Swyftx is one of the leading cryptocurrency exchanges in Australia, and it provides customers with access to more than 320 different coins. Swyftx provides access to all of the most popular coins, much like the majority of other cryptocurrency exchanges, but the selection of alternative cryptocurrencies offered by the platform is quite remarkable. If you are just starting out as an investor, you might not give much thought to the lesser-known coins; instead, you could be more interested in the more well-known coins. However, as you gain more expertise, you might find that your priorities shift. It is a good idea to start learning on an exchange that has a large selection of cryptocurrencies, so that if you decide you want to invest in upcoming coins, you won't have to look for a new platform. If you start your education on an exchange that doesn't have a large selection of cryptocurrencies, you won't be able to learn as much.
Staking is currently an option for the following 21 cryptocurrencies: Swyftx is one of the few exchanges that allows beginners to participate in staking. Many other exchanges do not. Cardano (ADA), Solana (SOL), Polkadot (DOT), Cosmos (ATOM), KAVA (KAVA), Kusama (KSM), Algorand (ALGO), and Tezos (XTZ) are some of the cryptocurrencies that you may stake at this time, along with a few more that you can view here. Staking is a means to earn rewards on your cryptocurrency, paid in the same coin that you have staked, and is available on both their mobile app and desktop platforms. Staking is a way to earn rewards on your cryptocurrency. It works in a similar way to when you deposit your fiat currency in a bank and receive interest on it. A cool option to generate some passive income is to stake some of your cryptocurrency holdings. This allows you to raise the value of your investment while you continue to retain it.
Assistance for customers via live chat: One of the few cryptocurrency exchanges that provides customers with live chat support is Swyftx. It is a function that is sometimes disregarded, but I have just lately been aware of how helpful it can be. If you want questions addressed, you don't want to have to wait hours or even days for a reply by email, and this is especially true for newbies who are just getting started in the crypto market.
I tried out the Live Chat function, and I have to say that the service was quite good. You are automatically connected to a Bot, which will provide you with some answers to common questions you have (this saves time for the Live Chat consultants to deal with more complex issues and reduces the amount of time you have to wait), and if you still need to speak to a person, you will be connected within a minute or two after you have spoken to the Bot. The person of the Support team with whom I spoke was quite knowledgable and was able to provide a solution to my query in a matter of minutes.
Apps for Android and iOS: Swyftx provides users of both platforms with a downloadable application (app). Those who wish to maintain their competitive advantage in the market need to have this instrument at their disposal. Because the app enables you to trade at any time and from any location, you are able to keep a close check on your investments at all times.
The utmost importance is placed on safety: When deciding which platform to utilize, one of the most crucial things to consider is whether or not you can trust the cryptocurrency exchange you want to use. Swyftx implements a wide variety of security procedures, including the ones listed below, to ensure the protection of your money.
Utilizing JSON Web Tokens (JWTs), in conjunction with session timeouts
Authentication based on biometric features
Providing and promoting the use of two-factor authentication for account security
Detection of a compromised password
Having consultations with independent security auditors from outside parties
Carrying out inspections of the perimeter from the outside
Model of internal security based on the least amount of privileges
Swyftx is currently running a fantastic promotion for new customers. If you create an account and validate it, we will credit your wallet with $20 worth of Bitcoin for free. Signing up and proving your identity simply takes a few minutes, and once you do, you will immediately be awarded with some free bitcoin. To take advantage of this deal right away, just click here.
In spite of all of the benefits, there are a few downsides to utilizing Swyftx as your cryptocurrency exchange, and I will go over all of them in this section.
Swyftx is focused on offering a user-friendly experience for newbies to cryptocurrency trading, and they have succeeded in doing so. However, there are no sophisticated markets available for experienced traders. The disadvantage of using Swyftx is that seasoned traders who are interested in margin trading, futures trading, and CFD trading will not find those options there. A cryptocurrency exchange such as Binance or KuCoin is what you should use if you are interested in making use of such capabilities.
Swyftx is a fantastic platform, but at this time it is only accessible to those living in Australia and New Zealand. Residents of those two countries are the only ones who can use it. Swyftx is not available to users located in the United States of America at this time.
Swyftx takes great pleasure in its competitively low fees and spreads, which translates to more money and cryptocurrency for customers.
Swyftx used to assess a fee of $2 for each deposit that was less than $200; however, they have now done away with this policy, which is excellent news for users. It is possible that some other websites' out-of-date content still states that they require a deposit fee, however this is not the case.
There are no additional costs charged by Swyftx, although the typical network mining fees are deducted from cryptocurrency withdrawals.
Fees for trades are assessed at a rate of 0.6 percent by Swyftx. We provide discounts based on high volume purchases.
You might be familiar with the word spread, but you might not fully understand what it refers to. The difference between the price at which a cryptocurrency may be bought and sold is known as the spread. If you fail to take into account the spreads, you run the risk of losing significant portions of your profit or incurring additional losses due to hidden costs. Swyftx is the Australian platform that, on average, offers the lowest spreads in the industry. For instance, their spreads for Bitcoin are as low as 0.45% of the whole transaction amount.
Their average spread is 1.7 percent, which is significantly lower than the average spreads of their competitors, which may be as high as 4.0 percent.
Swyftx's Strong Points and Weaknesses:
Credit and debit card deposits accepted
Interface that is easy to use and not complicated
Registering an account and getting started trading just takes a few minutes.
Over 320+ cryptocurrencies available
Bet 21 coins and receive interest on your investment.
Real-time chat Assistance provided by a real live person
There are no sophisticated trading markets
Exclusive to the countries of Australia and New Zealand
The table that follows provides a comparison of Swyftx to six other prominent cryptocurrency exchanges in Australia. You are able to discover at a glance which capabilities pique your attention and which platforms provide such capabilities.
Swyftx is a leading cryptocurrency exchange that serves customers in Australia. It accepts deposits from a broad variety of methods without charging any fees, it features a user-friendly interface with the option of a Demo Account, it offers over 320 cryptocurrencies, staking on 21 coins, accepts deposits from a wide variety of methods, and it provides live chat support.
On top of that, it boasts cheap costs on transactions, which are 0.6 percent, the lowest spreads of any Australian exchange, and top-notch security, which allows you to buy and sell without worrying about losing money.
Sites like Swyftx in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.