Swyftx Review Australia 2024

Swyftx, widely regarded as Australia’s most reliable cryptocurrency exchange, may be all you need if you’re looking to buy, sell, or trade cryptocurrencies.

Let’s look at the features, pricing, and other benefits that have attracted over 600,000 traders to Swyftx to evaluate their Australian service.

Benefits of Swyftx


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  • More than 320 different cryptocurrency assets are readily available
  • Instantaneous, real-time, and free Australian Dollar withdrawals and deposits 
  • Small spreads and trading costs

Cons of Swyftx


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  • The absence of a domestic market for NFTs
  • Inability to issue a unique digital currency

Explaining Swyftx


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Swyftx, created in 2019 by Alex Harper and Angus Goldman, is a major cryptocurrency trading platform headquartered in Queensland, Australia. The platform aims to provide a simple and transparent marketplace for trading and investing in more than 226 cryptocurrency projects. 

Hyperinflation, manipulation, fraud, and excessive spread charges by firms were all problems that Swyftx’s creators set out to solve.

The platform has over 250,000 active users (experienced, intermediate, and crypto investors). 

It expects that number to grow thanks to its user-friendliness, low trading fees, variety of deposit approaches, visual portfolio monitoring and administration features, outstanding customer service, and lack of withdrawal fees (AUD from your personal bank account) soon. 

Any evaluation of Swyftx will tell you that it is a top-tier cryptocurrency trading platform in Australia.

Simply put, Swyftx facilitates the buying, selling, and trading of a wide variety of cryptocurrencies with cheap fees, a top-notch support and customer care team, and many additional benefits created to add excitement to cryptocurrency trading, making it simple and stress-free. 

The cryptocurrency in your trade wallet can earn you up to 10% APY with Swyftx, making it one of the finest staking apps in Australia. 

What’s the Deal With Swyftx?


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Most praise the ease with which one can begin trading on Swyftx. There are only a few basic requirements:

  • Sign up for Swyftx by entering your username, email address, country, email and cellphone number on the signup page.
  • Download the Swyftx mobile app; you can trade with Swyftx from your desktop, but the mobile app is more convenient.
  • Access the “Profile” section of your account to verify phone number, your email address, and username without having to provide any supporting documentation;
  • Fund your account using any of several accepted deposit ways that you can add either fiat currency or cryptocurrency to your balance;
  • You may fund your account using another cryptocurrency wallet or a bank account.
  • Get the trade game started with Swyftx, a cryptocurrency exchange with minimal spreads and trading fees and access to more than 300 crypto assets. Even if it’s remarkable, exchanges like CoinSpot and Binance provide even more assets for trading. 

Please be aware that Swyftx users must be at least 17 years old and of legal contracting age to sign up.

Can I Trust Swyftx?


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Most Swyftx reviews also praise the platform’s top-notch security, which includes protections for its users’ data and funds, such as:

  • Biometric logins that are quick and secure,
  • KYC (Know Your Customer) checks,
  • Identifying compromised login credentials,
  • Maintaining assets in both temperature extremes,
  • Applying the principle of least privilege in the workplace.
  • In addition, Swyftx is AUSTRAC-registered and in full compliance with all legislation necessary to operate as a cryptocurrency exchange in Australia. 

Since its inception in 2017, there have been no security incidents on the platform. This is understandable, given that it routinely employs the services of external safety auditors and web penetration testers to assess and strengthen its security. 

Among U.S.-based cryptocurrency exchanges, Swyftx and CoinJar are two of the most reputable options for buying and selling digital currency safely and securely. 

What Types of Services Are Available on the Swyftx Platform?


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The best way to start buying cryptocurrency is to create an account at a crypto exchange. 

A Bitcoin ATM is a handy way to purchase a small amount of Bitcoin, but an exchange is the better option if you want to make a larger investment or acquire multiple cryptocurrencies.

Purchasing cryptocurrencies through a crypto exchange is the most secure and legitimate option. However, these are not the only scenarios in which an exchange might be the best option:

  • Accessing the cryptocurrency markets is convenient thanks to crypto exchanges, which enable users to sell and buy cryptocurrency online or via a mobile app.
  • Most cryptocurrency markets have diverse digital currencies and tokens, giving traders plenty of opportunities to diversify their holdings. 
  • Most of the time, the best cryptocurrency exchanges will store their customers’ cash in offline or “cold” wallets. 
  • Most cryptocurrency trading platforms worldwide adhere to financial and KYC/AML requirements. Users can rest easy knowing they aren’t dealing with a shady business or dishonest traders. 

Advantages of Swyftx 


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1. Trial Version

Users can test the features and functionality of the cryptocurrency trading platform (paper trade) with demo funds provided by Swyftx, making it the first Australian exchange to offer such a service.

Using the platform’s free demo mode, investors may practice trading without risking real money as they figure out what works best for them. Swyftx allows users to purchase, sell, and exchange currencies. It supports dummy currency. 

Traders can practice using trigger orders to plan trades in the demo mode. As the market discloses the most recent results of high-volume deals, you can compare these in real-time.

If you’re new to trading on complex markets and still need to learn the depth of the market, the demo mode is for you.

2. Swyftx Learn

You may learn all you have to understand about cryptocurrency and blockchain before you start using Swyftx, from how to mine coins to how to trade them profitably.

Start with the platform’s written introductory courses like Introduction to Bitcoin, then go on to more advanced topics such as Bitcoin Taproot.

Next, you can evaluate your progress by taking a few minutes to complete some quizzes on the course. 

3. Monitoring Investments

You may monitor your investments, including any changes in profit or loss, in real-time using the portfolio tracking feature. Swyftx’s primary interface window has a menu bar down the left side where you can access this revolutionary function.

You can see the percentage and dollar amounts of your balance fluctuate.

4. Repeated Purchases

This time-saving function streamlines the depositing and buying of various cryptocurrencies at once. 

Initiate a regular wire transfer to your Swyftx balance from your bank by going to the appropriate menu, selecting your preferred digital assets, and logging into your bank account.

5. Declaring Taxes

Swyftx enables you to create a personalised transaction statement for extended periods, which you can download and save for various legitimate tax purposes.

6. Instantaneous Pricing

Swyftx provides actual-time pricing across all exchanges, so you can rest assured that the asset price you see is the price you pay after considering the size of your order.

7. OTC Trading

Large investors (individuals who place trades above $100,000) have access to Swyftx’s OTC trading desks for trade execution and follow-up support.

8. Costs 

Deposit Costs

Swyftx does not impose any fees. You can add money to your account using one of the supported deposit ways. You should inquire with your financial institution about any potential fees. Credit card deposits may incur a 3.6% fee and a 4% spread. 

Transaction Charges When Making a Withdrawal

Withdrawing AUD from a Swyftx wallet to a designated Australian bank account incurs no fees. However, the withdrawal of cryptocurrencies is subject to the usual network mining fees. 

Withdrawing cash from the exchange would cost you nothing more than the network fees paid to the miners. This withdrawal cost (or lack thereof) is modest and competitive compared to similar services.

Transaction Fees

Each order you place on a cryptocurrency exchange includes a trading fee. A percentage of the total amount of the trading order is typically the fee. 

In many deals, there is always a maker and a taker. Order book “takers” are those who accept an already-existing order. Makers, meanwhile, are the platform participants whose order submissions contribute to the platform’s liquidity.

On the other hand, Swyftx uses “flat fees” so that in the case of spot trading, both makers and takers pay the same rate of 0.60%. Swyftx’s spread culture and fee are more expensive than other Australian exchanges once you begin trading. 

Trade between different assets could be more efficient due to their broad spreads and 0.6% trade charge. 

Compared to CoinSpot, one of the finest cryptocurrency exchanges in Australia, Swyftx’s fees are significantly higher. CoinSpot’s fees are just 0.1%. To make a direct exchange of one cryptocurrency for another will cost you 1.2% plus two trades. 

However, customers of CoinSpot can use the switch feature to exchange multiple currencies with only one deal and a charge of just 1%.

9. Staking


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SwyftX was the first cryptocurrency exchange to provide its users with a digital asset-staking solution. SwyftX’s staking feature makes it possible to earn up to 75% returns on 16 different cryptocurrencies, such as Solana, Cardano, Terra, Tezos, Kava, and many more.

SwyftX Earn is an Australian cryptocurrency staking platform that offers returns like:

Coins with the highest return on investment (RPY) include:

  • Cardano (ADA) at 4.5 per cent, 
  • Solana (SOL) at 6.5 per cent,
  • Kusama (KSM) at 18 per cent,
  • Tezos (XTZ) at 3.9 per cent,
  • Flow (FLOW) at 6 per cent, 
  • Polygon (MATIC) at 12 per cent, 
  • Elrond eGold (EGLD) at 12 per cent, 
  • Axie Infinity (AXS) at 75 per cent, 
  • Polkadot (DOT) at 12 per cent
  • Kava (KAVA) at 23 per cent
  • Cosmos (ATOM) at 10.8 per cent
  • Algornad (ALGO) at 4.6 per cent
  • Tron (TRX) at 5.8 per cent
  • Harmony (ONE) at 8.7 per cent
  • Terra (LUNA) at 8 per cent
  • Zilliqa (ZIL) at 13 per cent

Swyftx may alter the list of staking-eligible cryptocurrencies and the corresponding RPY at any time.

10. Mobile App

SwyftX mobile application is fully functional and has the same user interface as the website version. It has received 5.4k ratings and reviews on Apple Store, earning 4.6 stars and placing it at #100 in the top paid apps in the Finance category. 

It has received 3,050 ratings and averages 4.8 stars on Google Play Store. The majority of comments on either system praise the software’s intuitive interface. 

11. Electronic filing of tax returns

To simplify the end-of-the-year tax filing procedure and reduce the complexities associated with crypto tax consequences, Swyftx has developed a digital tax reporting function that delivers downloadable tax reports.

12. Customer Service

Our evaluation of the Swyftx cryptocurrency exchange shows that their email, live chat, and phone support services are the finest in the cryptocurrency market in Australia. The office is open for customer service inquiries from 9 a.m. to 9 p.m. AEST. 

We resolve your questions and concerns in less than three minutes via live chat or phone. In contrast, responding to an email requesting support may take up to one business day.

13. Exchange Coins 

Using Swyftx’s Coin Swap function, you can exchange any coin you own for any other cryptocurrency on their supported exchange. 

This can facilitate a more streamlined and rapid approach to portfolio diversification. Swyftx, on the other hand, tacks on a hefty 1.2% fee to all swap deals.

14. User Interface 

Both mobile and desktop versions of Swyftx aim to let beginners and more experienced cryptocurrency investors get their feet wet. This fantastic addition will make trading a breeze for registered customers.

Using the sidebar, you may quickly access the platform’s many useful features, including the Swyftx wallet, a list of digital assets, charts, and the ability to withdraw cryptocurrency.

Each existing or prospective investor can have a unique dashboard experience on the website. Users can use the completely anonymous “dark mode” and a practice account to trade virtual currency without risking their cash.

15 Learning and Teaching

Swyftx has an education hub on its website where traders of all experience levels can learn the ropes. Gain a deeper understanding of the financial markets by reading up on anything from DeFi- decentralised finance and blockchain technology. 

Choose from various topics, then test your knowledge with specialised courses and tests.

Remember that the material presented in Swyftx Learn serves informational purposes only and is not intended as financial guidance. 

If you need help investing in the current market, you can consult any reputable Investment Advisor.

16. Quick Authentication.

Signing up and confirming your account is quick and easy. Swyftx’s verification process is quick and takes only a few minutes, unlike other Australian exchanges that require users to upload ID paperwork or photographs. 

Customer verification with Swyftx is as simple as filling out a short registration form that requests basic information like personal email address, name, and government-issued ID information.

Users with confirmed accounts on Swyftx will get immediate access to the platform’s cryptocurrency trading features.

17. Safety and Trustworthiness

Swyftx is an AUSTRAC-registered, licensed, and regulated cryptocurrency exchange. There are strict Know Your Customer and Anti-Money Laundering regulations on the platform.

Two-factor authentication (2FA) and traffic monitoring procedures are in place to keep consumers’ money safe. 

The platform also incorporates Auth0, a prominent cloud security platform, to further fortify the safety of users’ accounts and wallets. The exchange also uses cold and hot wallet storage for customer cash.

18. Low Spreads

Customers must refrain from refuting that most cryptocurrency exchanges levy concealed trading fees under the guise of spreads. They must pay the spreads (often called “hidden costs”) before they can begin trading. 

Each trade for a buying or selling position on some exchanges may cost as much as 2.6% due to spreads. 

Swyftx is a transparent platform that does not hide any costs from inexperienced or seasoned cryptocurrency traders. 

Swyftx’s spread fees never exceed 0.45% regarding Bitcoin and other top cryptocurrencies. In the platform’s list of cryptocurrency assets, users can see the exact spread fee for every coin.

For AUD currency pairs, the aggregate transaction and spread fees are substantially lower than those charged by other Australian exchanges which employ their order books.

19. Repeated Purchases

Repeated purchases are a great function available on the Swyftx platform. By setting up recurring orders, customers may automatically invest in popular cryptocurrencies and protect themselves from price fluctuations. 

Users can deposit Australian dollars (AUD) into their exchange accounts by bank transfer, PayID, or the automated AUD deposit alert feature. Then, all at once, you can use these funds to invest in cryptocurrency. 

Highly volatile markets benefit from recurring purchases, or Dollar Value Averaging (DCA).

Alternatives to Swyftx 

1. Binance Australia


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If you’re a dedicated cryptocurrency trader looking to speculate on alternative currencies, Binance is a great place. 

Binance is a cryptocurrency exchange with a cutting-edge UI, offering trading in more than 395 different digital currencies, catering to retail and institutional investors. The user interface is what sets Binance apart from Swyftx. 

Binance is not for beginners; you need extensive market and trading knowledge to succeed there. Binance supports Australian dollars for cryptocurrency purchases using PayID, although the exchange’s design and navigation need to be clarified for new users.

With Binance Australia’s cheaper trading fees, Australian cryptocurrency traders get a significant competitive advantage. Binance’s costs are based on a maker-and-taker system, with buy-and-sell trades starting at 0.1%, while Swyftx charges a fixed price of 0.6% per transaction. 

Therefore, compared to Swyftx, Binance has lower per-trade fees by 0.5%. Swyftx gets its liquidity from Binance. 

Thus, traders don’t have to worry about paying spread or experiencing slippage. If you’re looking for an affordable alternative to Swyftx for trading cryptocurrencies, look no further than Binance.

Binance is a better exchange than Swyftx for experienced traders because it provides access to additional marketplaces. 

For instance, Binance’s global website gives customers access to a Peer-to-Peer exchange, Futures, and leveraged tokens, giving them more options for managing and trading their cryptocurrency holdings. 

Binance also provides more opportunities for staking, lending, and borrowing by getting loans secured by cryptocurrencies and getting interested in deposits. Unlike Swyftx, Binance provides more advanced traders and investors with robust tools and services.

2. ByBit

If you’ve already invested in digital currencies and hope to expand your holdings through leveraged speculation or spot market trading, ByBit is a solid choice. 

ByBit, a trading platform with over 10 million members and a novel trading experience that includes numerous products for leverage trading, is a serious business. 

Since Swyftx does not provide its users access to margin trading or futures contracts, ByBit is a realistic option as the world’s second-largest derivatives exchange.

ByBit Australia’s Derivatives Market

Those in Australia interested in trading derivatives have a few options:

  • Futures agreements. Futures contracts that last forever can be leveraged up to 100 times over. There are more than a hundred different currency pairs to choose from.
  • Collateralised tokens. We offer 3x leverage on LONG and SHORT trades on more than 30 different tokens.
  • Inverse contracts. The coin itself serves as security for perpetual and future transactions. Bitcoin and Ethereum are two of the few accepted cryptocurrencies. The quarterly settlement cycle for futures contracts.
  • Option contracts. Options contracts settled in USDC are offered weekly, monthly, daily, and quarterly.

ByBit also has several services that Swyftx doesn’t, such as a P2P platform, ICO/IDO launchpad, liquidity mining, Earn program and crypto trading bots. 

ByBit has a state-of-the-art trading engine and user interface, making it one of the best trading platforms in the world. For experienced traders, a wealth of cutting-edge features and tools are available.

Regarding fees and trading on the spot market, ByBit is more cost-effective than Swyftx. ByBit’s fees begin at 0.1% but decrease with more trade volume. 

ByBit has a larger variety of products on the site and lower trading fees. The main drawback is that it cannot accept deposits or withdrawals in Australian Dollars.

3. CoinSpot


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Investors looking for an alternative to Swyftx might want to look into CoinSpot, which is widely considered one of Australia’s greatest exchanges. 

CoinSpot, which has been around since 2013, is a Blockchain Australia member and an AUSTRAC-licensed exchange where users can instantly buy, sell, and trade over 380 different cryptocurrencies. 

CoinSpot is excellent for newcomers because of its user-friendly interface and secure environment. Like Swyftx, CoinSpot allows the direct purchase of numerous listed cryptocurrencies using Australian Dollars. 

One unique feature of Swyftx is the option to buy cryptocurrency with cash vouchers. Flexpin coupons allow users to purchase cryptocurrency from Australian news agencies. However, the fees are greater than those of a standard bank transfer.

CoinSpot’s only drawback is that its users will almost certainly incur higher fees than those using Swyftx, which charges a flat 0.6%. 

The instant buy/sell feature’s 1% trading fee in the volatile cryptocurrency market comprises stop loss orders, take profit and recurring buys. 

CoinSpot’s exchange offers cryptocurrency trading at a lower 0.1% charge. However, it is difficult to use and has low trading volume and liquidity.

Overall, CoinSpot is a credible alternative to Swyftx for Australian investors. However, its costs are greater than those of Swyftx.


Next up on the list of Swyftx substitutes is One of the most downloaded cryptocurrency apps in the world, Coinbase now accepts Australian Dollar deposits, making it simple for Aussies to buy cryptocurrency. 

When compared to Swyftx, is preferable because of its user-friendliness. An easy-to-use, cutting-edge, intuitive app for Android and iOS allows users to purchase and sell cryptocurrency at market price.

There are currently over 250 coins available, a bit less than Swyftx, but it still covers all the major digital currencies. 

A VISA card, including cashback benefits and earning items, are just some of the many additional features available inside the ecosystem. Exchange is an excellent replacement for Swyftx among experienced cryptocurrency dealers. 

The platform is ideal for swing and day traders because it includes Tradingview charting and has adequate liquidity. accepts the fee-free deposit methods of PayID and BPAY. 

Compared to Swyftx, the fees associated with using a debit or credit card to purchase cryptocurrency are significantly greater. Exchange has a lower transaction fee (0.4%) than Swyftx (0.6%) when making trades.

5. Coinbase Australia

As one of the largest cryptocurrency exchanges in the world, with a sizable clientele both internationally and in Australia, Coinbase hardly needs an introduction. As an alternative to Swyftx, the platform satisfies Australia’s regulatory body AUSTRAC. 

It has a solid reputation for being a user-friendly and safe platform for newcomers to the trading world.

Coinbase is more user-friendly and will likely attract first-time crypto investors, even though Swyftx provides a simple and simplified user experience. There are clear options, features, and extraneous noises. 

In minutes and with minimal preparation, a new user can open an account, verify their identity, make a deposit, and conduct a transaction. Australians can open an account by adding AUD to a debit card, albeit the 3.99% fee is expensive.

Users in Australia can also refrain from withdrawing their funds from Coinbase to a local bank. They’ll have to move their cryptocurrency holdings to a different exchange that supports AUD withdrawals. 

In addition, unlike shady marketplaces like FTX and Digital Surge, Coinbase is a publicly traded company in the United States that won’t go bankrupt soon.

6. CoinJar

Established in Australia in 2013, CoinJar is now available in the United Kingdom and, recently, in the US. The market is a recognised banking service provider with more than 600,000 active accounts and registration with AUSTRAC and  ASIC. 

Recently, CoinJar underwent a rebranding with an emphasis on making its platform more user-friendly. 

While this means that advanced users can’t take advantage of as many customisation options as they would on an exchange like Swyftx, it makes the platform more user-friendly for those just starting on cryptocurrency.

CoinJar accepts Australian Dollars (AUD) deposits via several methods, including wire transfer and PayID, to buy with PayID or a credit or debit card. 

CoinJar is one of the few Australian exchanges that support Blueshyft (unlike Swyftx), which means you can use that service to make purchases. 

Blueshyft is another company that facilitates the purchase of cryptocurrency using fiat currency at a local newsstand for a premium of 1.5%.

Although CoinJar’s coin selection is smaller than Swyftx’s (50 vs. 310), the user interface is more streamlined, making it easier to pick up and start using. 

The best places to store Australian dollars, acquire additional cryptocurrencies, and inspect holdings are all marked for beginners. CoinJar’s weak spot is in the area of user account management. 

Account options (such as two-factor authentication, resetting passwords, and viewing transaction history) could be more challenging to view and modify.

When comparing CoinJar and Swyftx, it’s important to note that CoinJar’s trading fees are 0.4% higher on average. CoinJar Exchange, on the other hand, charges costs as little as 0.1% but needs more volume to be viable for wealthy crypto traders.

7.  eToro Australia

For professional traders and investors, eToro is a robust financial platform that provides access to cryptocurrency, equities, and indices. Etoro, launched in 2007, is a widely used online trading platform praised for its user-friendliness, simplicity, and ease of use. 

Investors experienced with trading will appreciate eToro’s user interface for its ease of use, current design, and appealing aesthetic.

Because of its user-friendliness and active user base, eToro has become increasingly popular. Contracts for difference (CFDs) are available for purchase by anyone but not the underlying cryptocurrency. That’s why we cash out in dollars or euros, not Bitcoin or ether. 

The ability to mimic the trades of successful traders is its strongest feature. eToro Australia has some restrictions that you should think about. Contracts for difference (CFDs) are the only offering on the site. 

Compared to Swyftx, the number of available cryptocurrency pairs is extremely low. However, eToro trading is a terrific choice for Australian dollar-based traders who wish to exploit the turbulent cryptocurrency market. 

Users of Swyftx who also have an account on eToro can increase their returns on investment by “following” the platform’s most successful traders.


Should Australians use Swyftx, a cryptocurrency exchange?

It is now one of the top online venues for buying, selling, and exchanging crypto assets. In addition, there are no costs associated with making AUD transfers, and you have access to a cutting-edge mobile app that facilitates these transactions from anywhere!


1. Is Swyftx an authentic service?

Swyftx is a reputable Australian cryptocurrency exchange compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

2. Does Swyftx have any security measures in place?

Absolutely! The security of the Swyftx platform is of the utmost importance to the company, which is why it employs many safeguards such as two-factor authentication, biometric logins, third-party audits, etc.

3. Is Swyftx a decent choice for seasoned investors?

Swyftx is a one-stop shop for all cryptocurrency trading needs, including features for novice and seasoned investors.

4. Is Swyftx a type of wallet? 


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As we discussed in our analysis of Swyftx for Australian users, this service provides a cryptocurrency exchange with a built-in wallet for storing your crypto assets.

Disclaimer: The information on this website is for information and advice purposes only. It is not intended as investment or financial advice and should not be relied on as such. Before making any financial investment you should seek professional advice from a qualified financial adviser.