Swyftx is an Australian crypto currency exchange launched in 2018. It is registered with AUSTRAC and offers approximately 320 cryptocurrensets to its users. Although Swyftx has lower fees compared to other trades, you should be aware of some red flags about this platform. There are many negative reviews about the Swyftx buggy system, and users have reported being locked out of their accounts while trying to withdraw their funds.
Read the full Swyftx review by Coin Culture here.
Instant payments on your Swyftx account are available through POLi and PayID, although OSKO deposits and bank transfers may take one business day to process. Swyftx has begun accepting debit and credit cards to be issued in 2021.
The daily withdrawal limit and deposit account for Swyftx accounts is AUD $20,000. If you need to process large amounts, you will need to go through several verification steps.
You can add AUD to your account at any Australian bank, including Commonwealth Bank, Suncorp, and ANZ Bank.
There are no AUD deposit fees. Swyftx previously charged a $2 deposit of less than $200, but this fee has now been deducted.
There are no AUD withdrawal fees, while crypto withdrawals are less than the average cost of network mining.
Swyftx charges 0.6% commission on trades. When you start trading, you will notice that Swyftx currency and distribution structure are more expensive compared to other Australian trading. When you trade in and out of a variety of commodities, their wide distribution combined with their trading value of 0.6% results in poor performance. When you compare their payments with the 0.1% payout offered on CoinSpot – which is one of the best crypto exchanges in Australia – Swyftx is very high. While exchanges between currencies will require 2 trades, including 1.2%. In contrast to the CoinSpot exchange feature, this allows customers to switch between currencies in one simple trade for a minimum payment of 1%.
Features of Newbie Investors
Cryptocurrency can be a difficult field to enter, and it can be overwhelming to know where to start. Swyftx offers a wide range of services to both newcomers and experienced professionals.
Swyftx currently offers approximately 320 cryptocurrensets on its platforms. However, this exchange shows nothing when it comes to the price list. Customers have reported that they see different prices for a particular coin, or when the crypto market goes down and they want to buy dips, the system at Swyftx will continue to show flaws.
Swyftx is easy to use for new investors, and they also offer free Demo Mode once you have created an account. You can get used to trading cryptocurrency using their harmless simulations, which offer you $10,000 of play money. You can get useful information without risking your money. Additionally, Demo Mode mimics real-world events, such as how the market will react and the impact of investment on your liquid assets.