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SwyftX Review: Cryptocurrency Exchange Reviewed
SwyftX is a leading Australian cryptocurrency exchange that offers a variety of features designed specifically for Australian cryptocurrency investors. Here’s what you need to know about SwyftX in 2021.
Our SwyftX review looks at the most popular cryptocurrency exchanges in Australia.
Cryptocurrency traders in Australia are able to access a small range of Australia-based exchanges that offer services and features specifically designed for the Australian market. Queensland-based Swyftx, launched in 2019, is currently the most popular and widely-used Australian crypto exchange and delivers a variety of features that can’t be found elsewhere.
Swyftx’s Australia-focused approach to crypto trading provides functionality such as crypto self-managed super funds and the ability to create family trust and corporate accounts for Australian entities, making it one of the best options available to Australian traders online today.
What is SwyftX?
SwyftX, designed and launched by Alex Harper and Angus Goldman, was created in response to poor liquidity in international cryptocurrency trading markets and a lack of services that integrate with the intricate Australian cryptocurrency regulation and tax system.
In addition to providing users with a streamlined, sophisticated cryptocurrency trading platform, Swyftx delivers robust brokerage services that make the platform ideal for new traders, professional traders, and corporate structures alike.
One of the most unique offerings of the Swyftx platform is a dedicated cryptocurrency self-managed super fund that currently has no equivalent in the Australian cryptocurrency exchange market, allowing investors to quickly and easily create compliant super funds that leverage the crypto market.
SwyftX Trading Features & Functionality
Our Swyftx review found that Swyftx delivers the functionality expected of a major cryptocurrency exchange alongside a range of features that often require third-party software to access. The Swyftx customizable dashboard offers a variety of options that allow users to view their preferred technical indicators, backed up by a charting interface powered by TradingView.
Importantly, Swyftx delivers a slew of advanced order types suitable for more complex trading strategies as well as automated recurring deposit features that allow users to schedule automated crypto investing.
One of the most interesting features on Swyftx is tax reporting — Swyftx automatically generates downloadable tax reports that streamline the tax reporting process, minimizing EOFY headaches for crypto tax.
New traders benefit from demo accounts that provide users with the opportunity to paper trade. Swyftx is currently the only Australian exchange that offers demo accounts, which provide users with demo funds that can be used to test out the features and functionality of the exchange without trading real capital.
While Swyftx doesn’t offer leverage trading, the ability to create family trust and corporate accounts is a major advantage, allowing corporate entities to streamline tax and reporting.
Security & Reliability
Our Swyftx review found that SwyftX is fully regulated and licensed, and is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The highly regulated nature of SwyftX means that it’s a registered digital currency exchange provider, and therefore maintains extremely stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
While SwyftX is extremely secure, the KYC and identity verification process is extremely fast — account verification typically takes just a few minutes. Creating corporate or family trust accounts, however, is slightly more complicated and is typically completed within a few business days.
User security is backed up by two-factor authentication as well as constant traffic monitoring to protect user capital. SwyftX also integrates with Auth0, a leading cloud security platform that adds another layer of security to user accounts and wallets.
SwyftX Supported Cryptocurrencies
SwyftX offers one of the widest range of listed cryptocurrencies of any Australian exchange, and currently supports over 220 different cryptocurrencies.
In addition to listing major high market cap cryptocurrencies such as Bitcoin and Ethereum, SwyftX lists a variety of decentralized finance coins such as Curve and Yearn.Finance. Other altcoins listed on SwyftX include Filecoin, CertiK, Binance Coin, and 0x.
Many cryptocurrency exchanges use complex maker/taker fee structures in order to manage liquidity. Rather than offer a complex fee structure, SwyftX’s high liquidity allows the exchange to offer a flat fee for all trades at 0.6 percent with minimal spreads.
The low spreads offered by SwyftX, when compared to other Australian platforms, are highly competitive. Australian exchange spreads typically average around 5.2 percent, while SwyftX spreads average at 0.41 percent due to a proprietary algorithm that identifies the lowest possible spread for every trade made on the platform.
Combined with the flat trade fee of 0.6 percent, SwyftX’s low spreads typically set trading fees as low as 1.01 percent, allowing SwyftX to deliver one of the most attractive cost structures in the Australian market.
Importantly, SwyftX doesn’t charge deposit or withdrawal fees for AUD transactions over $200. Deposits or withdrawals under $200 are subject to a fee of $2.
SwyftX also offers some of the highest withdrawal and deposit limits in the Australian market. Daily deposits and limits for verified accounts are set at $20,000. Limits can be increased to as much as $100,000 with additional documentation.
SwyftX Deposit and Withdrawal Methods
- SwyftX provides deposit and withdrawal methods specific to the Australian market, which include:
- PayID deposits
- POLi deposits
- OSKO deposits
Both PayID and POLi deposits are completed instantly, while OSKO deposits are completed in the same business day. SwyftX doesn’t currently accept credit or debit card payments, but has announced that credit and debit card purchase functionality will be released within the 2021 roadmap period.
It’s important to note that deposits in AUD are converted to USD based on daily forex conversion rates — using USD pairs in trades allows SwyftX to access deeper liquidity, which delivers lower spreads and allows SwyftX to provide lower trading fees.
The Swyftx App
Swyftx provides a dedicated cryptocurrency exchange app for both Android and iOS devices, which are available through the Play Store and Apple App Store respectively. The Swyftx app delivers the full functionality of the Swyftx desktop exchange while leveraging the biometric security features of smartphone such as fingerprint or Face ID.
Advanced Trading on Swyftx
Our Swyftx review found that while Swyftx provides simplified trading and cryptocurrency purchase functionality for retail investors, the Swyftx advanced trading platform is impressively robust. Swyftx’s advanced trading platform delivers a massive array of charting and trading indicators and tools, all of which operate on the TradingView interface.
Using Swyftx’s advanced trading platform, it’s possible to easily create complex order types across every trading pair listed on the exchange. Detailed pricing charts allow for complex technical analysis, with a highly detailed order book providing professional traders with a level of insight not available via other Australian exchanges.
Our Swyftx review found that SwyftX offers the best customer support in the Australian market, with support available via live chat, email, and phone. Customer support is available between 9AM and 9PM AEST, with the average response time across live chat and phone support listed at 2-3 minutes. Email support requests are typically provided with a response within 1 business day.
SwyftX Self-Managed Super Funds
One of the most unique features of the SwyftX platform is the availability of crypto self managed super funds (SMSFs). Creating a cryptocurrency self managed super fund can be a complicated process — for a breakdown of the process involved in manually creating a crypto SMSF, see the Fullstack guide to Crypto SMSF: How Does It Work?
- Creating a crypto SMSF on SwyftX, however, is extremely straightforward. In order to establish a crypto SMSF on SwyftX, you’ll need the following details:
- Registered trust name
- Trust address
- Trust ABN
- Trust deed copy
- Trust beneficiary details
All major beneficiaries of the trust that hold over 25 percent should all possess verified Swyftx accounts. While setting up a SMSF on Swyftx requires extensive paperwork, the benefits of crypto SMSFs through Swyftx include a low taxable rate on benefits of just 15 percent and mitigated risk against future volatility.
Our Swyftx review was a number of key takeaways. SwyftX brings international cryptocurrency trading and exchange functionality to the Australian market, paired with a range of tools designed specifically for Australian regulatory requirements.
The high level of service and detail available to traders through SwyftX makes it one of the best options available to retail and professional traders alike, while the ability to create family trust and corporate accounts makes the platform ideal for more complex cryptocurrency investments.
Overall, Swyftx’s low trading fees, highly engaged customer service, and Australian licensing make it ideal for Australian crypto traders and investors of all levels and preferences.
If you’re currently investing in cryptocurrency it’s important to carefully consider your tax strategy. For information on crypto tax in Australia, see the Fullstack Guide to Australian Crypto Tax 2021: What You need to Know or reach out to Fullstack today.
(Fullstack may be financially commissioned on affiliate links.)
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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, crypto and entrepreneurs.