IIAwards - Review of SWYFTX
swyftx.com.au
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2 November
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As part of the recently announced IIAwards, in which we celebrate innovations in the fintech and crypto industry, today we bring you SWYFTX.

General information

Launched in 2017, Swyftx is an Australian cryptocurrency exchange offering a one-place solution for those who want to earn from cryptocurrency. Regulated and registered by AUSTRAC, Swyftx is a reliable crypto trading platform in Australia. The exchange allows everyone in Australia to join and earn by trading cryptocurrency. Unfortunately, Swyftx is currently only available to provide crypto services to Australian citizens.

Commissions & fees - (3/5)

Compared to its competitor exchanges and trading platforms in the market, Swyftx is offering a comparatively low fee structure.The company charges 0.6% fees for every trade, and it is a flat rate for every kind of trade over the platform. The spreads are set as low as 0.2% as compared to 5.2% of the industry average. The deposits and withdrawals are available to users in both fiat currency as well as cryptocurrency.

For deposits and withdrawals in fiat, the platform charges AUD $2 if the amount is less than AUD $200. But with cryptocurrency, there are no fees at all. The total fees including spreads can reach up to 4% each time you buy, trade and sell crypto.

Markets & products - (2/5)

Swyftx works like a broker to find the best crypto prices in AUD and USD by searching the top cryptocurrency exchanges in the world. When an order is placed using Swyftx, the platform searches for an exchange that provides the most liquidity for that asset.

As a result of Swyftx's global liquidity providers such as Binance, the trading platform is able to obtain the best market rates and lowest spreads for all Australian crypto traders and investors. Swyftx includes innovative and leading edge features in addition to its low trading fees, deep liquidity and a modern web-based user interface such as:

  • Over 100 assets to trade with high liquidity against base pairs AUD, USD or BTC (these include ETH, XRP, LTC and others).
  • Instant verification (less than 2 minutes) without having to upload documentation.
  • Advanced charting system powered by TradingView to give greater control on your investment, exposure and risk.
  • Full demo mode to practice trading crypto and test the platform without having to deposit.
  • Dollar cost averaging tools to automatically build your crypto investment over time.
  • 2-Factor Authentication to protect account from hackers and theft.
  • Generate reports to assist with preparing your Australian crypto tax.
  • Affiliate program that rewards 30% of commissions for referred users.

Swyftx is only created to provide crypto services to people present in Australia; a noteworthy drawback. As things stand, traders from other countries and states are unable to access the platform.

Advanced trading platform - (3/5)

In order to pick profitable opportunities at the right time, Swyftx offers a wide range of tools and charts for users. Charts are powered by TradingView, which assists traders in making correct predictions about the price value of the digital assets. Charts and tools help traders in making successful trades, which results in high profit for traders. Swyftx is a single solution where everything related to crypto trading is available.

A range of tools and technical indicators are present in collaboration with TradingView. At the top of the platform it is possible to find the "Asset" option, which will take you to a list of all cryptocurrencies accepted by Swyftx for trading. You will find detailed information about the crypto project behind every coin besides current market data, including 24-hours change and rates of buying and selling.

Swyftx has presented a list of coins in alphabet order instead of presenting on a market cap basis. The assets include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Basic Attention Token (BAT), Litecoin (LTC), Tezos (XTZ), Cardano (ADA), Algorand (ALGO), NEO, EOS (EOS), Theta (THETA), Stellar Lumens (XLM) and others. Swyftx also automatically optimizes your crypto orders across multiple exchanges and order books to deliver the best prices and liquidity using a single platform.

This means the liquidity on Swyftx is significantly higher compared to other crypto exchanges in Australia such as Coinspot and CoinJar.

Innovative account opening - (3/5)

To create an account with Swyftx, click the "Sign Up" button below. This will take you directly to the Swyftx registration page where you will be required to fill in your e-mail, set a password, enter your name and phone number. Due to local regulations, new users that create an account with Swyftx are required to verify their identity. The verification process for Swyftx is incredibly simple and can be completed in 2 minutes. To start the verification process, navigate to the sidebar on the left and click "Profile" then under your name go to "Verification".

This will bring up an online form where you will only be required to provide their e-mail address, mobile phone number and an ID document number. Swyftx is providing an opportunity for Australian users to deposit funds in Australian Dollars (AUD). The maximum daily limit is fixed at AUD $20,000, which can be increased with further verification of identity. The payment methods for deposits and withdrawals include bank transfer, POLi, Osko and PayID. There is a minimum deposit amount of AUD $30 and deposits under AUD $200 will attract a fee of AUD $2.

Customer service - (2/5)

It is possible to contact the customer support via e-mail, phone and a live chat option. Customer support is the backbone of online trading sites because traders come across many issues and problems in using sites. So, it must be active and functional. Customer agents are obliged to reply to you in less than 3 minutes. You can ask anything from chat agents such as deposits, withdrawals or trading processes.

After business hours the response time tends to be delayed, with an average response taking approximately 40 minutes. Additionally, there are around 50 articles in the "Help" section, however, they have been arranged in a single list, posing difficulties for those visitors unsure of what they’re searching for.

Education - (4/5)

To let users know about news and important announcements in the crypto world, Swyftx has created a separate portion covering crypto news. Cryptocurrency news proves very crucial when we do fundamental analysis. It helps us find the development of a particular crypto project and its influence over price value.

The news covers all important topics related to cryptocurrency. For beginners who do not know enough about cryptocurrency, Swyftx has made an attempt to educate and inform. The beginners’ guide introduces cryptocurrency to people who have the first encounter with digital assets.

In addition, Swyftx offers a demo account, unlike other crypto exchanges in Australia. The demo account does not ask you to deposit funds for processing but it makes you familiar with the platform. Beginners can certainly learn a lot about the trading of digital assets with this demo.

Mobile trading / Apps - (2/5)

With a dedicated mobile app, one can trade a wide range of digital assets, irrespective of place. The mobile app is available for iOS, Android, Linux, Windows and OS X. All features and functions of a desktop are also available at mobile devices. Through the mobile application, people will also have access to resource material. The user interface of the mobile app is also friendly and integrated, providing a variety of trading facilities to customers.

UI / UX - (3/5)

Swyftx's user interface is simple, clean and easy to navigate. Across the top of the page, the Bitcoin live price is displayed in AUD, along with other cryptocurrency assets. The bar on the left allows users to bring up the trade window, change profile details and quick navigation to Swyftx deposit and withdraw functions.

To buy cryptocurrency such as Bitcoin, there is a simple order-entry form which gives an estimate of the 1 BTC to AUD price and the amount to pay for in exchange. A great feature is the different types of orders that are available (such as Market order, Limit order and Stop order). The advanced order execution types are perfect for traders looking for an exchange and trading interface into the one platform to allow easier risk management and faster order execution.

On the dashboard of the site, you can monitor all the activities of your account including account security, portfolio, recent activity, top movers, account referrals and much more. Beginner traders need not feel any hesitation as the user interface is very simple and easy to navigate. Similarly, the user interface of mobile app is also integrative and easy to use.

Digital security - (3/5)

Swyftx includes multiple security layers to ensure the safety of client funds. The platform has partnered with Auth0, which specializes in cloud platform security to maintain the highest level of password and account safety. Accounts are kept safe using Two Factor Authentication (2FA), which means you need something you know (password) and something you have (2FA device) to successfully log in. 2FA is required to confirm withdrawals, account detail changes and certain high volume trades. Additionally, as Swyftx is regulated by AUSTRAC, it is also subjected to Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. After reviewing users’ comments, it is found that no user has ever spoken against the crypto exchange.

Novelties

The team at Swytfx are currently working to bring additional order types like "One Cancels the Other" (OCO) combined with position management. This would be a great feature to add to the platform, as it is currently in line with popular cryptocurrency trading exchanges.

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