Swyftx Review: Features, Security & Fees

What is Swyftx?

Swyftx is an Aussie crypto exchange that’s gained over 700,000 users across Australia and New Zealand. Founded by Alex Harper and Angus Goldman, the platform gives you access to more than 400 digital currencies and accepts deposits in both NZD and AUD. The platform has advanced safety measures, including ISO 27001 certification for information security.

Focused on making crypto trading accessible and secure, Swyftx integrates advanced features like 2FA, biometric login, and real-time price feeds. The platform holds customer balances on a 1:1 basis without engaging in trading with customer assets or lending them out, giving users peace of mind that their assets are always withdrawable.

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Swyftx Features

‍Swyftx provides a wide range of features, offering flexibility in investment strategies. Here's a breakdown of some of the main offerings:

1. Extensive Crypto Selection: Supports over 400 cryptocurrencies, including major tokens like Bitcoin and Ethereum, alongside smaller 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.
3. OTC Trading Desk: Aimed at high-volume traders, the OTC desk offers direct access to dedicated account managers and locked-in pricing.
4. Investment Bundles: Access curated investment bundles to invest across multiple cryptocurrencies, structured according to different risk levels and market strategies.
5. SMSF Support: This service supports investment in cryptocurrencies through Self-Managed Super Funds (SMSFs). It includes advanced features like portfolio tracking and tax reports.
6. Auto-Invest: Users can set up recurring orders to automate their investments in various digital assets, providing a hands-off way to grow their portfolio.‍
7. Demo Mode: New traders can take advantage of Swyftx’s demo mode, which allows users to practice their trading strategies in real time without risking actual funds.

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Is Swyftx Safe?

Yes, Swyftx is safe and registered with AUSTRAC to ensure compliance with anti-money laundering and counter-terrorism financing regulations. It holds the ISO 27001 certification, an internationally recognised standard for information security management. This mandates Swyftx to follow strict Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws.

The platform uses advanced security measures, including data encryption, two-factor authentication (2FA), biometric login, and constant system monitoring to safeguard customer funds. Additionally, Swyftx’s team conducts regular penetration testing to identify vulnerabilities, ensuring a secure environment for trading and storing cryptocurrencies.

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Fees Schedule

‍Swyftx provides a transparent and tiered fee structure that adjusts based on your trading volume over a 30-day period. Here's a summary of the key fees you’ll encounter when using the platform:

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Trading Costs

The trading fees start at 0.6% and reduce as your 30-day trade volume increases, following a tiered structure. For example, traders with a 30-day volume of $100,000 AUD or more qualify for a reduced fee of 0.55%. This continues to decrease in increments, with the lowest tier at 0.1% for users trading over $6,000,000 AUD.

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Deposit Fees

It doesn’t charge any fees for deposits made via PayID or bank transfers. However, for credit card deposits processed through Banxa, a third-party payment provider, a fee of 1.99% applies. There is an additional spread of up to 3.5% spread for Australian customers and up to 4% for New Zealand customers.

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Withdrawal Charges

For fiat withdrawals, Swyftx offers free AUD and NZD withdrawals to Australian bank accounts. Crypto withdrawals are subject to network fees, which are determined by the blockchain and are passed directly to miners or validators.

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Spreads

In addition to the trading fee, Swyftx applies a spread to each trade, which varies by asset and market conditions. For example, Bitcoin typically incurs a spread of around 0.88%, while other assets like Dogecoin or Ethereum may have slightly higher spreads of 4.2%.

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Does Swyftx Offer Staking?

No, Swyftx discontinued its Earn program on January 10, 2023. This program previously enabled users to earn interest on their assets. In response to these regulatory changes, Swyftx provided 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 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

To wrap it up, Swyftx is a secure platform offering access to over 400 cryptocurrencies with features that suit both Aussie and Kiwi investors. With regulatory backing from AUSTRAC and ISO 27001 certification, they keep user’s assets safe. Add in their low fees, auto-invest options, and crypto bundles, and it's clear why Swyftx has become a top choice.