UPDATE 15 July 2021: When trying to access the website of Swiftex today, we were unsuccessful. We received an Error 522. There has been no preceding messages on system maintenance or new websites or anything similar.
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
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A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Swiftex consists of four parts: general info, fees, deposit methods and security.
Swiftex is an exchange from the United Kingdom that launched in 2018. United Kingdom is the European country with the highest number of registered crypto exchanges. No other European country even comes close. This might change in the future though, seeing as Estonia, Malta and Switzerland have established regulatory frameworks for crypto exchanges. Maybe, more exchanges will register there in the future in order to have clarity on their legal situation.
Swiftex promotes four things as the main advantages with its platform. The first thing is that it has strong security. This is of course extremely important. The second thing is that there is a professional team behind the exchange. Third thing is that the platform gives an appropriate and well-considered user experience. Fourth and finally, the platform promotes that their users can be anonymous. Apparently, the platform does not require any KYC whatsoever as long as you do not withdraw more than 2.5 BTC per day.
This trading platform does not explicitly state that US-investors are prohibited from trading. Accordingly, we do believe that US-investors can trade here.
Swiftex Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at Swiftex:
Swiftex Trading fees
This UK trading platform doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. And what a flat fee they have… Swiftex charges only 0.0015% for most trades. There a few zero-fee exchanges out there, but apart from them, this is one of the lowest trading fees ever. The global industry average trading fee is arguably 0.25%. Swiftex’s fee is as little as 0.6% of the industry average…
Swiftex Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Swiftex charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is in almost 40% lower than the global industry average of 0.000812 BTC.
All in all, the fees at Swiftex are extremely competitive.
This trading platform does not accept any other deposit method than cryptos, so new crypto investors can’t trade here. If you don’t have any cryptos but want to start trading here, you will first have to purchase cryptos from another exchange and then, as a second step, deposit them here. Don’t worry though, we will help you find an exchange where you can purchase your first cryptos by the help of our Exchange Finder. Do the test there now and you will see what alternatives you have.