SwyftX Review

Summary: SwyftX is an Australian cryptocurrency exchange that serves over 660,000 users across Australia and New Zealand. It provides access to over 310 digital assets to trade and maintains regulatory compliance in the APAC region. SwyftX caters to a wide audience with features like an OTC desk for institutional investors, a mobile app, a demo account, and SMSF investment options.

Registered with the AUSTRAC, SwyftX adheres to Australian and New Zealand’s financial regulations and is ISO27001 certified and recognised.

What is SwyftX?

SwyftX is a leading Australian cryptocurrency exchange that offers over 310 digital assets. Established by tech enthusiasts Alex Harper and Angus Goldman, it is headquartered in Brisbane, Australia, and has rapidly grown to serve over 660,000 users across Australia and New Zealand. The platform stands out for its user-friendly interface, robust security measures, including ISO 27001 certification for information security, and commitment to regulatory compliance.

Focused on making cryptocurrency trading accessible and secure, SwyftX integrates advanced features like 2FA, biometric login, and real-time price feeds. The platform emphasises personal security measures, holding customer balances on a 1:1 basis without engaging in trading with customer assets or lending them out. It supports a variety of deposit and withdrawal methods including AUD transactions, providing users with a seamless experience. 

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SwyftX Features

‍SwyftX is recognised as one of Australia's leading cryptocurrency exchanges, with a host of features designed to cater to traders in Australia and New Zealand. Here's what sets SwyftX apart:

1. Extensive Cryptocurrency Options: Supports over 320 cryptocurrencies, including major tokens like Bitcoin and Ethereum, alongside smaller, emerging coins, providing ample opportunities for portfolio diversification.
2. Integrated Wallet Services: SwyftX provides an integrated wallet for all its users, facilitating easy management, storage, and transfer of tokens. This feature ensures that users can easily store their assets and execute transactions within the platform.
3. OTC Trading Desk: Aimed at high-volume traders, the OTC desk offers direct access to dedicated account managers and locked-in pricing, helping to prevent slippage in larger transactions.
4. Investment Bundles: Access curated investment bundles to invest across multiple cryptocurrencies, structured according to different risk levels and market strategies, simplifying the investment process.
5. 24/7 Customer Service: SwyftX takes pride in its customer service, offering live customer support. Users can get assistance anytime, making resolving issues and navigating the platform effectively easier.
6. Advanced Security: The platform is ISO 27001 certified, ensuring robust information security, and offers enhanced security features like 2FA and biometric login.
7. SMSF Support: This service supports investment in over 300 cryptocurrencies through Self-Managed Super Funds (SMSFs). It includes advanced features like portfolio tracking and tax reports, offering a compliant and flexible way for SMSF trustees to include digital assets in their investment strategies.

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Is SwyftX Regulated?

Yes, Swyftx is a regulated digital currency exchange in Australia, adhering to the guidelines set by the Australian Transaction Reports and Analysis Centre (AUSTRAC). This registration mandates Swyftx to follow strict Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws, ensuring rigorous customer identification (Know Your Customer or KYC) processes, meticulous record-keeping, and reporting of any suspicious financial activities. These measures are in place to prevent illicit use of financial services and safeguard the integrity of the financial system.

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Is SwyftX Safe?

The exchange’s commitment to security is reinforced by its ISO 27001 certification, an international standard for information security management systems. This certification confirms that Swyftx maintains a robust approach to managing sensitive company and customer information. The platform employs other measures, including 2FA, data encryption, penetration testing, and biometric authentication to ensure a secure trading environment. 

Swyftx’s proactive approach also includes a security operations centre that continuously monitors and reacts to potential cyber threats. Through a multi-tiered defence strategy and ongoing education on phishing scams and the latest in crypto security, Swyftx provides a safe space for cryptocurrency trading.

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Fees Schedule

SwyftX has a competitive and transparent fee structure with some of the lowest trading costs in the industry. Below is a comprehensive breakdown of the fees applicable on the platform:

• Trading Costs: The platform charges tiered trading fees, ranging from 0.1% to 0.6%, based on the user's 30-day trading volume. This structure benefits high-volume traders with lower fees.
• AUD Deposit and Withdrawals: Allows free deposits and withdrawals of Australian dollars (AUD) through bank transfers, but credit cards cost 3%.
• Crypto Withdrawal Fees: While there are no charges for depositing cryptocurrencies, network fees apply for withdrawals. These fees are determined by the respective blockchain network.
• Spread: Users should also consider the 'spread', the difference between the buying and selling prices of assets. SwyftX strives to minimise this spread for more efficient trading, maintaining around 2%.

Swyftx's fee policy is designed for transparency and affordability, ensuring users clearly understand costs related to their trading activities. The low trading fees and absence of additional charges for AUD transactions make it a favourable choice for traders.

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Does SwyftX Offer Staking?

No, SwyftX discontinued its Earn program on January 10, 2023, due to the dynamic regulatory environment in the crypto industry. This program previously enabled users to earn interest on their assets. In response to these regulatory changes, SwyftX ensured a smooth transition for its users, all assets and accrued interest from the Earn wallet were automatically moved to the users' trade wallets.

For users who wish to review their history with the Earn program, SwyftX offers a feature that allows them to access detailed payout information. This can be done by downloading a transaction report either through the SwyftX app or the web platform. The report comprehensively details each asset's interest payouts, including amounts, dates, and times.

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Bottom Line

In conclusion, SwyftX is a leading Australian cryptocurrency exchange that expertly balances advanced trading features with uncompromised security and regulatory compliance. It serves a broad user base of 660,000 in Australia and New Zealand. It supports over 320 digital assets available for trading, integrated wallet services, an OTC desk for high-volume trades, and SMSF investments. 

Its strong commitment to safety is underscored by ISO 27001 certification and adherence to AUSTRAC regulations, ensuring a secure trading environment. SwyftX’s transparent fee structure complements its comprehensive service offering, making it an attractive platform for anyone looking to engage with the cryptocurrency market.