Swyftx Review (2024): Comprehensive Exchange Check

The crypto experts at Libertas Bella continue to analyze the best and worst options for cryptocurrency trading and investing in the crypto market to determine what will best suit our global community.

We have been thoroughly testing the Swyftx Australian cryptocurrency exchange that is exclusive to residents of Australia and New Zealand.  

This Web, Android and iOS centralized exchange offers a nice range of digital assets, features, and top-level customer support.

After a complete review, our verdict is Yes, Swyftx is a solid option for most traders who are based in Australia and New Zealand.

Let’s explore the benefits of utilizing the Swyftx exchange, as well as note some important limitations that might not make this the best choice for all crypto traders.

Swyftx Overview 

	Rating
Security And Safety	9
Necessary Requirements	10
Pricing And Fees	7
Deposit and Withdrawal Methods	6
Customer Support	10

Who Swyftx Is Best For?

Swyftx is most suitable for Australian and New Zealand crypto traders seeking a user-friendly interface with reasonable fees and one of the best learning libraries and tutorial selections we have seen anywhere.

Swyftx is fully regulated for those who prefer an additional layer of security and governmental oversight.

Novice users are catered to the most on the Swyftx exchange. Beginners will immediately be comforted as they are greeted at Swyftx.com with a heavy focus on crypto education.

A clean interface on both Web desktop and the mobile app is uncluttered with just a few tabs leading to all of the information one needs to get started quickly.

The home page also puts education front and center with its “Learn” tab in the second position.  In this dedicated area, 5 tabs lead to a wide variety of tutorials, articles, videos, full courses and analysis about the entire cryptocurrency landscape.

Under “Categories”, users will find deeper dives into the following areas that are categorized as Beginner, Intermediate and Advanced for easy searchability.

• Altcoins – meme coins, governance tokens, stablecoins and detailed guides to some of the best crypto altcoins.
• Metaverse and Gaming – play-to-earn (P2E) games, how to buy land in the metaverse, top tokens and projects.
• DeFi – the world of decentralized finance, staking, decentralized exchanges (DEX), liquidity pools, automated market makers, and decentralized applications (dApps).
• NFT – how to buy NFTs and a guide to the most popular.
• Bitcoin – history of Bitcoin, the impact of the halving, mining.
• Cryptocurrency – crypto wallets, volatility, airdrops, top crypto mistakes, central bank digital currency (CBDC), exchanges vs. brokers, filing crypto taxes.
• Ethereum – gas fees, smart contracts, Ethereum (ETH) vs. Ethereum Classic (ETC), ERC-20 tokens, Consensus Layer (ETH 2.0), and the Shanghai staking upgrade.
• Trading and Analysis – crypto cycles, bear market mistakes, golden cross and death cross.
• Security – identifying investment scams, phishing, money mules, wallet security, crypto self-custody, rug pulls and Ponzi schemes.

The best part of the comprehensive approach that Swyftx takes to enhance the knowledge of its users is the new “Learn and Earn” program.

Not only can users profit from the education itself, Swyftx actually rewards users for acquiring knowledge and completing quizzes. A score of 80% or higher on these quizzes will earn a variety of token rewards.

Current active courses include a $5 ASTR reward for learning about the Astar Network. Another offers a reward of $2 BTC for learning about the Bitcoin halving.

This is a fantastic and unique way to incentivize users to properly learn and research prior to trading so that novices can literally graduate toward an intermediate and advanced user pool via the dedicated tutorials and courses.

Once novices feel comfortable with the history and landscape of cryptocurrency trading, they can begin testing the free demo trading area. This is always an appreciated feature for any crypto exchange. It is essential that crypto users begin exploring exchanges for free before putting their real digital assets at risk. 

After crediting the demo account with $10,000 of simulated money, traders can test any of the 320+ cryptocurrencies with the tools that they would encounter for real. Swyftx takes an extra step to provide true liquidity and market depth so that every aspect of the experience is accurate.

Intermediate users can take advantage of the specific tutorials and courses designed for them focusing on DeFi, Blockchain, tokenized assets, DAO, Web 3.0, deep-dives into specific tokens, and trading terminology and systems like the MACD and Bollinger Bands.

Other system elements that cater to intermediate crypto investors include:

Portfolio tracking

Tracking multiple assets is made easy with a very well-organized interface, including key news items and announcements.

• Real-time profit and loss
• Measure % and dollar values
• Growth tracking
• Historical account value

Recurring Orders

A simple automation tool that will increase efficiency by enabling recurring deposits as well as pre-designed asset splits. Perfect for HODLers.

Auto Invest

This new tool was added just a couple of months ago and adds more sophistication to recurring orders. Traders can now:

• Trigger recurring trades from both incoming deposits as well as account holdings
• Up to 20 assets at a time can be triggered with specific date ranges and frequencies.
• Edit, pause and resume functionality is also available.

Bundles

We love bundles for all beginners and intermediate traders, but the intermediate level usually possesses the requisite familiarity with a range of tokens.

Swyft offers much more flexibility than most bundle systems that we have evaluated. Normally, these are pre-selected into a few or up to 10 tokens that cannot be customized.

The Swyft interface allows you to access “quick actions” and form your own bundles. These can be executed via single order or recurring. Assets can also be added or removed individually without needing to sell and re-create the entire bundle.

Advanced users will find a few dedicated tutorials and courses for them as well. Areas like Yield Farming, Bitcoin Taproot, 51% attacks, and automated market makers are solid. However, to really woo advanced traders, more depth and trading tools need to be offered.

Institutional investors will find a much more supportive system than the typical individual advanced trader.

Swyftx has a top-notch dedicated over-the-counter OTC program for Australia.

The OTC desk is designed for high-net-worth individuals, self-managed superfund (SMSF) managers, and institutions.

Large orders constitute those that exceed $50,000 AUD and will receive dedicated execution, settlement and support for trades.

The OTC desk is available through consultation and offers additional features:

• Fixed and all-in price trade execution
• Dedicated onboarding specialists
• Deep liquidity and asset range

Who Swyftx Is Not For?

Swyftx is prohibited in all areas outside Australia and New Zealand.

Swyftx is not a suitable exchange for those who value privacy and anonymity above all else. Sign-up requires both email and phone verification even to access the demo trading area.

Day traders will not find a low fee environment for the most frequent trades.

Other advanced traders will also be disappointed that Swyftx does not offer derivatives trading or some of the other complex trading methods available elsewhere.

Swyftx Features Explained

Security and Safety

Swyftx is registered with AUSTRAC, Australia’s financial intelligence agency, offering legitimacy for traders seeking a safe crypto exchange that complies with all AML/KYC security measures and the prevention of other financial crimes.

The exchange is also registered as a financial service provider in New Zealand, ensuring that traders can safely use the service there without fear of shutdown or other regulatory intrusion.

Swyftx takes a multi-layered approach to security, which begins by encouraging all users to employ two-factor authentication (2FA) to secure their accounts. A biometric login is also offered for an additional layer of account security.

Swyftx is internationally recognized for privacy protection and information security by obtaining ISO27001 certification after a thorough audit.

A dedicated Security Operations Centre continuously monitors attacks and data breaches, as well as conducting ongoing penetration testing and data encryption.

We are also pleased to see a dedicated page to Crypto Scams and Security Alerts. Everything from phishing, vishing, impersonating Swyft staff, fake Swyft websites, fake job ads, and mobile attacks are covered.

However, we would like to note a couple of small deficiencies.

First, Swyftx offers transparent 1:1 on-chain proof of reserves as a participating member of Blockchain Australia, and customer assets are not lent out by Swyftx to third parties, but we would also like to see this information made readily available within the site, similar to what we covered in our OKX review.

Second, we would like to see this exchange offer bug bounties; this is something that many top exchanges do in order to achieve the highest level of security accreditation by third-party monitoring services like CER.

Opening An Account With Swyftx

Opening a Swyftx account is free, but comes with an extensive KYC verification process. An email and phone number are required with a follow-up 6-digit verification code, even for demo trading.

KYC is also multi-tiered based on an increasing number of requirements denoted by levels 0, 1 and 2.

• Level 0 can expect a security call from customer service.
• Level 1 requires photo ID verification and a selfie.
• Level 2 is considered “Diamond” and will normally be required to explain the purpose of the account and how a user has sourced their funds being used in the account.
  
  This category can request some extremely personal documents, even including inheritance documentation. A range of other supporting documents might also be requested.

All KYC approval times range from a few minutes up to 5 days for more invasive questioning.

Once verified, all users can apply for an affiliate referral link that will earn solid rewards. Affiliates can receive up to 30% of trade fees on all new customers for the lifetime of the account, offering a great source of passive income.

Pricing & Fees

Swyftx forgoes the typical maker and taker fees by offering a flat-fee structure. Pricing is tiered for standard trades that automatically adjusts lower progressively based on higher volume. Amounts are in Australian Dollars (AUD).

Regular	0.6% <$100,000
VIP 1	0.55%  ≥ $100,000
VIP 2	0.5% ≥ $300,000
VIP 3	0.45%  ≥ $400,000
VIP 4	0.4% ≥ $500,000
VIP 5	0.35%  ≥ $1,000,000
VIP 6	0.3% ≥ $3,000,000
VIP 7	0.25%  ≥ $4,000,000
VIP 8	0.2% ≥ $5,000,000
VIP 9	0.1% ≥ $6,000,000

These calculations are made every hour and are based on the previous 30-day trading volume.

It is important to note that if you are deploying trigger orders, Swyftx will make the adjustment based on when the order is executed, not when the order was placed.

Swap orders also incur a 1.2% fee.

High-volume traders and institutions can obtain access to lower fees through the over-the-counter (OTC) verification process.

It’s always wise to consult the fees page prior to trading to discover any changes prior to trading.

Also keep in mind that network fees, third-party fees, and external banking fees may apply, especially with the deposit and withdrawal methods detailed below.

Deposit Methods

Funding your account can be done easily with all of the more than 300 supported cryptocurrencies and tokens. There is a $50,000 AUD limit and no deposit fees.

Fiat currency deposits can be done with one of the following methods:

• Deposit Australian Dollars (AUD) – $30 AUD minimum, $50,000 AUD daily maximum.
• Deposit New Zealand Dollars (NZD) – $95 NZD minimum, $24,300 per transaction maximum, $60,000 NZD per month maximum.
• PayID deposits – $30 AUD minimum, $50,000 AUD daily maximum
• Bank transfer deposits – $30 AUD minimum, $50,000 AUD daily maximum
• Card deposits through Banxa – $91 AUD minimum, $95 NZD minimum

Withdrawal Methods

All cryptos can be withdrawn to supported addresses on-chain or to other exchanges and wallets. Options are also included for various networks that can help save time and withdrawal fees.

Australian Dollar withdrawals carry a $4 AUD minimum, and $50,000 AUD daily maximum. 

Switching Between Currencies and Blockchains

Moving between assets is easy and quick under most conditions and with the most active cryptocurrencies. Swapping between crypto assets can be done with a single click of the “Swap” function in app or browser. Trading can be done with base fiat currencies in USD, AUD or NZD.

We really like the addition of low-liquidity notices right in the trading panel that issue an alert when it is likely that higher spreads and longer confirmation times are likely.

These conditions also can create slippage, resulting in a differential between an order and execution price.

Another warning is issued in the trading panel for limited functionality. This is another very welcome addition to save time for traders who can then explore other options.

With around $50 million AUD in daily trading volume and $27 billion since its inception, Swyftx is large with decent liquidity, but it is nowhere near an exchange like Binance.

That said, our trading experience was fast and accurate across most of the top 20 by-volume assets.

History Of Downtime

The Swyftx exchange has never been hacked in its six-year existence.

There is a dedicated status page, which is something we always like to see for full transparency.

As we can see below, 90-day uptime is near 100%. Swyftx also goes a step further than most by segmenting its uptime reports into the various key functions of the exchange.

Notes are also provided about upcoming scheduled maintenance, and past incidents are clearly shown with indicators for resolutions or ongoing monitoring.

Disclaimer: It is important to remember that Swyftx is a centralized store of funds, which can create moments of personal account downtime that is not reflected above. Limitations and restrictions imposed by Swyftx, or due to changing regulations, should be accounted for.

We advise you to always keep your trading funds on the exchange, but move anything not required into a self-custody cold storage wallet.

Customer Support

Swyftx offers robust customer service across its trading platform.

Users can search for hundreds of article topics throughout the site, access FAQ, and download all transaction reports prior to speaking with customer support.

24/7 live chat is available and touts a less than 10-minute response time, which is clearly the best method of contact. Email is also available for ticket assistance from the customer support team.

Alternatives

Swyftx vs. Alternatives

	SWYFTX	COINJAR	COINSPOT
Founded	2018	2013	2013
Users	660,000	600,000	2.5 million
Cryptos	320+	60+	440+
Spot Fees	0.1% – 0.6%	0.00% – 1%	0.1%
KYC	yes	yes	yes
Mobile App	yes	yes	yes
Card	no	yes	yes
Countries	all but AU, NZ	All but AU, UK	all but Australia
Security Rating (CER)	AAA	DDD	AA
Best For	beginners	UK, AU, beginners	advanced traders, NFTs
Overall Rating	⭐⭐⭐⭐⭐	⭐⭐⭐ (see our full review)	⭐⭐⭐⭐
Signup	Swyftx	CoinJar	CoinSpot

Conclusion

The Swyftx platform for Web browser and mobile app is both extremely well designed and easily navigated, making Swyftx among the best in the region for beginning and intermediate cryptocurrency holders and traders.

The Learn page alone is an invaluable resource for nearly all levels. The addition of its “Learn and Earn” program to incentivize education is a brilliant way to build a knowledgeable crypto trading community.

Swyftx security is multifaceted with redundant systems to make this exchange one of the most reliable centralized exchanges in Australia and New Zealand.

Customer service is top-notch with an incredible live chat response time of less than 10 minutes. An extremely high Trustpilot review of 4.6 magnifies the reliability of Swyftx and the strength of its community.

Easy transaction downloads make tax reporting easier, and Swyftx also offers an easy way to merge on-site reporting with third-party tax software.

An OTC trading desk offers a range of additional benefits for high-value customers.

While Swyftx is an extremely pleasant experience across the board with generally low fees, the lack of advanced trading systems, as well as its geographic exclusivity, keep this platform from being an outstanding solution for all traders.

However, a solid track record and a large and experienced team with amazing customer service should result in many new offerings on the horizon from this top Australian cryptocurrency exchange.

We will update this article to keep our community informed about the latest developments.

Frequently Asked Questions