This article will give you all the details you need to know about the SWYFTX exchange, its pros and cons, its exchange rate, and its features.
What is SWYFTX Exchange?
SWYFTX is a cryptocurrency exchange registered in 2017 and based in Brisbane, Queensland; Angus Goldman and Alex Harper initially launched it.
SWYFTX offers some of the lowest fees and best prices for crypto trading in Australia; It provides various tools to help you trade profitably.
It was created to meet the high demand for a liquid crypto exchange that adhered to the Australian crypto tax system and regulations.
SWYFTX is one of the best Australian crypto exchanges that allow users to sell and buy more than 300+ cryptocurrencies using AUD.
They are AUSTRAC-registered and comply with all the AML/KYC regulations. Since opening in 2017, they have speedily grown to become one of the most popular exchanges in Australia.
Is SWYFTX a Good Exchange?
SWYFTX is one of the best Crypto Exchanges on the market and has everything you need. You can trade over 300 assets on SWYFTX, including Ethereum, Bitcoin, Litecoin, Ripple, and DeFi coins such as UniCoin. SWYFTX platform has small spreads and low fees.
It allows you to chart all of your favorite cryptocurrencies across different currencies on the platform’s TradingView.
it has an incomparable demo mode for practice trading, real-time feeds, exceptional features, customer support, and two-factor authentication for added security.
Is it Safe to Store Crypto on SWYFTX?
SWYFTX uses different internal wallet systems to maintain and manage your Cryptocurrency securely and safely when you buy and sell, deposit, and withdraw.
You will always be able to check the balances of the Assets stored in your wallet. It protects your assets through a mixture of hot and cold wallet storage.
It uses advanced security, including JWT tokens, 2FA authentication, and session expiry. You can also store your assets in an external, offline wallet.
- Security and Reliability
- Low Spreads
- Automated Tax Reporting
- Demo Account
- Rapid Verification
- Multiple Deposit Methods
- Low Spreads
- Recurring orders
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The Pros of SWYFTX Exchange
It has an upgraded Trading View terminal with added features;
Hundreds of tokens and cryptos and the AUD are available for trading;
No additional fees and a transparent working conditions;
The terminal is super adaptive; the exchange site is so easy to work with on all devices, including smartphones;
The Cons of SWYFTX Exchange
Except for the Australian dollars, there are no other fiat currencies.
There are no referral programs, investment solutions, and other options for passive income because the exchange is so focused on active trading.
How to Create and Verify the SWYFTX Exchange Account
SWYFTX is an easy platform that makes it a lot easier for Australian traders to set up their accounts and start trading within a few minutes.
There are only a few steps involved in the creation of this account, and here are the main stages.
- Visit https://swyftx.com/
- Click on the “Sign Up” blue button on the top right section of the home screen.
- Fill in your name, email, phone number and set up a strong password
- Agree to the terms/conditions
- Then Click on “Create My Account.”
- Deposit the number of funds and start trading
SWYFTX ID Verification
The ID verification process on the platform is straightforward and should only take a few steps to complete.
- Go to the sidebar on the left and click the “Profile” button
- Go to the “Verification” section and click to verify your ID
- Fill up the form by adding an ID number, email address, and phone number ID number
- Click to verify and wait for a response through an email on your verification outcome
How to Deposit Into Your SWYFTX Account
To use this function, click on the Deposit, and as in the below box, the option will appear to Deposit Australian dollars, also known as AUD, Ethereum, or Bitcoin, as you can see below.
Select Deposit $ Australian Dollars(AUD), and you will be redirected to the Deposit AUD page.
How to Withdraw From the SWYFTX Account
Withdrawals from your SWYFTX account can be made by navigating to the sidebar and choosing Trade – Withdraw, and then searching for the asset you want to withdraw and click on it.
SWYFTX Exchange Rate
SWYFTX charges are as low as a 0.6% fee for trading across all trades, with the possibility of lower trading fees for high-volume traders.
How Long does it take to Withdraw From SWYFTX?
Though similarly to Bank Transfers, Pay ID deposits and Osko transfers can take up to 24 business hours for the first deposit to land in your account, depending on if the bank has halted the transaction for their fraud checking. Deposits of credit cards are credited for trading within 35-45 minutes.
Is SWYFTX Better than Coinbase?
SWYFTX is far better than Coinbase; not only are the 0.6% trading fees of SWYFTX much lower than Coinbase’s 4.49%, but it has a lot of fee-free deposit options.
To top it all, Coinbase does NOT allow the sale of crypto, so you cannot withdraw your fiat currency or sell your digital assets in Australia.
SWYFTX is a cryptocurrency exchange that offers a variety of tools to help you trade profitably. It was created to meet the high demand for a liquid crypto exchange that adhered to the Australian crypto tax system and regulations.
SWYFTX is one of the best Australian crypto exchanges that allow its users to sell and buy more than 300+ cryptocurrencies using AUD.
Watch the video below to know more about the SWYFTX exchange: