UPDATE 16 January 2024: Please be advised that you are only permitted to trade assets, and subsequently withdraw assets, from this platform if you are a resident of Australia or New Zealand (or have dual citizenship, one being from either Australia or New Zealand). Should this not be the case for you, we suggest choosing another platform for your trading.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
What is Swyftx?
Swyftx is one of the exchanges from "the land down under" (Australia) and it was launched in 2018. It is a centralized exchange with a large number of supported cryptos (280+).
According to information on Swyftx's website on the date of first writing this review, the platform already had more than 370,000 users that had signed up to the platform.
Many Supported Cryptos - A Good Thing?
Most crypto traders feel that desktops give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Swyftx’s trading platform is also available as an app for iPhone and Android users.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
Swyftx does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.
Swyftx Trading View
Every trading platform has a trading interface. This interface is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what is its current price. There are normally buy and sell boxes too, where you can place orders with respect to the relevant crypto. In most of the platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same window on your desktop. Of course, there are also variations to what we have just described.
This is the trading view at Swyftx when you swap cryptos:
It is up to you – and only you – to decide if the above trading view is suitable for you. Finally, there are usually many different ways in which you can change the settings to customize the trading interface based on your own preferences.
Swyftx Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
Swyftx charges what we call flat fees, meaning that both the takers and the makers pay the same fee when it comes to spot trading: 0.60%.
These spot trading taker fees are above the global industry averages for centralized exchanges. Sure, industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to Cryptowisser.com's latest empirical study, the industry average spot trading taker fees were 0.221% and the corresponding spot trading maker fees were 0.177%.
Swyftx Withdrawal fees
This exchange does not charge any withdrawal fees themselves. However, as always, there are network fees involved when making a transaction. This means that the only fee you need to be concerned with when withdrawing from this platform, is the network fees paid to the miners. This withdrawal fee, or rather lack of withdrawal fee, is below the industry average and competitive.
Swyftx lets you deposit assets to the exchange in many different ways, through wire transfer (if the fiat currency your transferring to the platform is AUD), debit card, and also by just depositing existing cryptocurrency assets. Seeing as fiat currency deposits are possible at this trading platform, Swyftx qualifies as an “entry-level exchange”, making an exchange where new crypto investors can start their journey into the exciting crypto world.