Swyftx Review

Australian and New Zealand traders! In this Swyftx review, I will tell you about an exchange that combines simplicity, local focus, and a range of practical features, including seamless AUD/NZD integration, a beginner-friendly demo mode, and more.

However, spoiler alert: this exchange isn't suitable for users outside Australia or New Zealand. If you're a resident of any other country, you simply won't have an option to create an account, making the Swyftx platform truly tailored for local users.

But if Swyftx sounds like it’s built for you, stick around – I’ll walk you through the ins and outs of this platform, from Swyftx withdrawal fees to its security measures. Plus, I’ll show you how it compares to leading exchanges: Binance, Kraken, and Bybit.

Verdict at a Glance: Swyftx is a good option for Australian and New Zealand users who want a simple and locally focused platform. With strong security measures and user-friendly features like crypto bundles and demo trading, Swyftx is suitable for beginners and casual traders. But if you’re looking for advanced markets, or you live outside these regions, you need to explore other options.

Swyftx Review: Quick Overview

Before diving into the full Swyftx review, here's a quick overview of the platform, to help you understand its essential features and offerings at a glance. This table summarizes the most important aspect of the exchange. This includes the supported coins on Swyftx and who it's best suited for. If you're short on time or want to begin with the key information, this will be perfect for you.

Table: Overview of Swyftx features

The quick overview table highlights Swyftx as a well-rounded exchange for Australian and New Zealand users. It offers a local market focus and beginner-friendly tools like a demo mode. While it lacks advanced trading features like margin or futures, Swyftx excels in simplicity and accessibility for those just starting or looking for a straightforward platform. If these align with your needs, this exchange can be an ideal choice for you.

📚 Read More: Best Cryptocurrency Exchanges

Swyftx Alternatives

If, after reviewing the table above, you think Swyftx doesn’t meet your needs, consider several other exchanges.

• Binance. A global leader offering extensive crypto options and advanced trading tools.
• Kraken. Known for its user-friendly interface and wide range of deposit options using cryptocurrencies and local currencies.
• Bybit. Suitable for advanced traders who look for professional analysis tools, multiple order types and trading options, and decentralized finance (DeFi) integrations.

It's worth noting that these options offer wider availability, a better selection of trading tools, and more.

	KRAKEN	BINANCE	BYBIT
Overall Score	9.8	8.1	8.0
Best For	Beginners	Advanced Users & Beginners	More Advanced Users
Operating Countries	United States, Germany, United Kingdom, France, Canada, + 190 more	Turkey, Argentina, Vietnam, Ukraine, + 180 more	South Korea, United Kingdom, Ukraine, Turkey, +160 more
Latest Coupons	Visit Site All Kraken Coupons	See All Coupons of Best Exchanges	See All Coupons of Best Exchanges
Verdict	One of the best crypto exchanges, especially in the US.	One of the leading crypto exchange platforms in the industry.	A popular crypto derivatives exchange with some super-low trading fees.
	Visit site Read review	See TOP10 Brands Read review	See TOP10 Brands Read review

Table: Comparison of Binance, Kraken, and Bybit

That said, if you're not from Australia or New Zealand, the platforms mentioned above will be a great alternative. In addition, even if you are from the aforementioned countries, if you need more trading tools, Binance, Kraken, and Bybit are better picks.

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Who’s Swyftx For?

Developed in Australia, Swyftx has established a strong presence in the Australian and New Zealand markets. Users can use this exchange to safely purchase cryptocurrencies, particularly given its government registration and strong security features.

Swyftx seems to target beginners with features like bundles, auto-investing, and a demo interface for hands-on learning. Furthermore, their readily available live chat offers convenient support. I especially appreciate the integrated tax reports, simplifying tax preparations.

Based on these features and considerations, I think Swyftx is best for:

• Beginners. With an intuitive interface, educational resources, and demo mode, newcomers can start trading confidently.
• Traders who value convenience. Swyftx offers an integrated tax reporting tool, a user-friendly mobile app, and a range of crypto trading features that may be sufficient, particularly for those who prioritize ease of use and streamlined experience.
• Australian and New Zealand residents. Its localized features, including AUD and NZD deposits, make it a go-to for these regions.

While it may not be the ideal choice for traders with complex needs, Swyftx effectively caters to a broad range of users, from those new to crypto to more experienced traders who value convenience.

📚 Read More: Best Crypto Exchanges in Australia

Advantages

Swyftx stands out as a top choice for Australian and New Zealand crypto traders, offering features specifically tailored to the local market’s needs and perfect for those new to cryptocurrency. Below, I’ll briefly outline the key advantages and explore each of them in detail later in this Swyftx review!

• User-friendly interface;
• Demo mode;
• Multiple trading methods;
• Built-in tax tools;
• Government-certified.

Swyftx’s platform is designed with simplicity in mind, making it ideal for even someone new to crypto. It has an intuitive layout in both the desktop and mobile versions. For example, you can easily spot the order button and conveniently view your portfolio value displayed graphically right on the dashboard.

Besides, newcomers can make use of the demo mode that lets them practice trading with virtual funds. This way, they can familiarize themselves with volatile crypto market trends without risking real money.

After experimenting with the demo features, you can transition to live trading using Swyftx's simple buy-and-sell feature and crypto bundles. Notably, this platform offers over-the-counter (OTC) trading, allowing for larger transactions outside of the regular order book.

In addition, traders who require assistance with tax reporting can also use the built-in tax tool and download transaction reports directly from the app. The feature will provide you with a snapshot of your trading activity.

If you’re interested in its simplicity and tools but wonder, “Is Swyftx safe?”, rest assured that the exchange is government-certified and has implemented standardized security features. Importantly, the team maintains a reliable security record, claiming that it hasn’t been hacked since its inception in 2019.

Limitations

While Swyftx excels in many areas, there are certain aspects that may not fully meet the needs of all users. After trying the exchange and checking user Swyftx reviews, here are some key limitations to consider:

• Only available for Australian and New Zealand markets;
• Lacks advanced trading options;
• Limited payment currencies.

One of the main Swyftx problems is that it operates exclusively in Australia and New Zealand, which limits access for users in other countries. This focus on localized markets is like a double-edged sword – its services and features are tailored specifically to these regions, but global traders need to look elsewhere.

I believe Swyftx is designed with beginners in mind. So, for those wondering, "Can you short on Swyftx?", unfortunately, I found no advanced trading options like futures or margin trading. While it integrates with TradingView charts and provides various technical analysis tools and indicators, the lack of advanced trading options may make it less appealing to experienced users looking for complex strategies.

Besides the limited selection of features, you should be aware that purchases can only be made using Australian dollars (AUD), New Zealand dollars (NZD), US dollars (USD), or Bitcoin (BTC), which may limit flexibility for some users.

Fees and Limits

Like many other exchanges, Swyftx uses a tiered fee structure based on your 30-day trading volume. The fee schedule starts at 0.6% for regular users and gradually decreases as you climb through nine VIP tiers. Refer to this table for detailed information about the Swyftx withdrawal fees, transaction limits, and more.

Table: The fee structure on Swyftx

Here are a few notes regarding the Swyftx fees:

• OTC trading fees. OTC orders typically require a minimum value of $50,000 AUD. Lower values may be considered for less liquid or smaller market cap assets. These trades don't follow the standard trading fee tiers, but the system still takes your overall trading volume for 30-day fee calculations into account when charging the fees.
• The tiered system update. The team calculates the trading fee based on the previous 30-day trading volume on a rolling basis every hour. Whenever the 30-day trade volume reaches the next tier, your fees are updated at the next hourly calculation.
• Discounted fees. Occasionally, Swyftx runs a promotion that offers reduced fees. You'll be charged the lowest trading fee: it will be either based on your trading volume (tiered fee) or the special promotional fee, whichever is lower.

Although some user Swyftx reviews highlighted competitive fees, the exchange apparently doesn't have the lowest rates compared to industry giants like Binance and Bybit. These fees might reflect a trade-off for the platform's ease of use and additional features. 

Security and Privacy

Let's say you're okay with the fees and trading limits, but is Swyftx safe to use? Thankfully, the exchange has demonstrated its commitment to security and transparency through several practices and certifications.

First of all, it has acquired the ISO 27001 certification, an internationally recognized standard for privacy protection and the implementation of Information Security Management Systems (ISMS). This displays Swyftx's dedication to protecting users' data by performing audits of its security practices and processes.

In addition, the exchange uses specific technologies to safeguard user funds and private information, including data encryption, regular penetration testing, and detecting breached passwords to minimize access risks. Its dedicated Security Operations Centre actively monitors for threats and responds to potential attacks targeting the platform or its users.

Swyftx also offers multiple features to improve account security. Users can enable two-factor authentication (2FA) to add an extra layer of protection during login, as well as opt for biometric authentication, such as Face ID, when using the mobile app.

Moreover, Swyftx prioritizes transparency and compliance to reassure its users of the platform’s legitimacy. It operates within strict privacy guidelines outlined in its Privacy Policy and adheres to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations to combat fraud and illegal activities.

Users can also review key documents, such as the Terms of Use and Risk Disclosure Statement, directly on the platform. It’s also important to note that Swyftx is a registered company by the Australian Transaction Reports and Analysis Centre (AUSTRAC), with its official registration completed on December 21, 2017.

That said, while the exchange offers strong security features, potential problems, such as overly stringent KYC requirements and cumbersome withdrawal processes, may deter some traders. For example, some user Swyftx reviews highlight the difficulty of uploading multiple and additional documents just to withdraw their funds and deposit money.

Customer Support

Swyftx provides 24/7 customer support via live chat or email. Based on my experience, the service is efficient. The conversation begins with an AI-powered bot asking you about your issue. You also have the option to request a human agent further down the line.

Users can ask custom questions to receive personalized answers instantly, which is a unique selling point compared to most AI agents I’ve encountered, who often provide only generic explanations. The two-tiered approach ensures quick and effective support for users at all levels of technical understanding.

Besides the two-way communication, this exchange provides educational resources to ensure users have access to self-assistance and knowledge whenever needed.

For users who want to deepen their understanding of cryptocurrency, Swyftx Learn provides step-by-step tutorials and in-depth articles on crypto trends, blockchain technology, and financial literacy. Other than articles, you can also access its podcast channel “Tapping Into Crypto” on Apple Podcasts, where the team interviews leaders in the industry and traders.

Trading Tools

Can you short on Swyftx? Sadly, no. Due to regulatory issues, Swyftx only provides spot trading services against AUD since advanced markets like margin and futures are unregulated in Australia. However, Swyftx stands out by offering convenient and user-friendly trading tools that cater to several trading needs:

As I've mentioned before, you can't use the shorting strategy since there are no advanced tools that will let you do it. Due to regulatory issues, the exchange only provides spot trading services against AUD since advanced markets like margin and futures are unregulated in Australia. However, Swyftx stands out by offering convenient and user-friendly tools to cater to several needs.

• Instant orders;
• Trigger orders;
• Auto Invest (Recurring orders);
• Crypto bundles;
• Demo mode;
• OTC trading.

Instant or market orders, let you buy or sell cryptocurrency immediately. These provide a simple way to trade over 440 coins and tokens with its Quick Buy feature, including BTC, ETH, and XRP.

If you want more control over your trades, you can use Trigger orders, which include stop, limit, or take-profit orders. The tool executes the buy or sell action automatically when the price you set is reached. Still, you must ensure your account has enough funds when a trigger order activates because otherwise, it will fail.

Also, note that Swyftx treats Trigger orders as instant orders when they activate, meaning slippage can occur based on market conditions.

For those looking to automate their trades, the platform also provides the Auto Invest (Recurring orders) feature. This tool allows you to schedule regular deposits and cryptocurrency purchases, starting with a minimum of $30. It’s an easy way to build your portfolio over time while taking the hassle out of manual trading. Swyftx also lets you choose between purchasing a fixed amount of cryptocurrency or spending a specific amount of your base currency, giving you flexibility to tailor your trading strategy to your goals.

You can fund recurring orders in two ways:

• Using your current cash balance. This option is available for users in Australia and New Zealand.
• Setting up recurring bank transfers. Only Australian users can set up recurring bank transfers through their online banking.

Besides one-time or recurring orders, Swyftx provides “crypto bundles” that enable you to diversify your portfolio. With this feature, you don’t need to execute individual transactions for each cryptocurrency, as the platform offers a selection of curated assets in one transaction.

If you’re confused about how all the trading tools above work, try the demo mode that lets you practice risk-free Bitcoin and crypto trading. Swyftx credits your account with $10,000 in mock currency to trade and invest in over 320 crypto assets, so you can explore different strategies, test various order types, and get comfortable with the platform without risking real money.

Meanwhile, users who have a high net worth or identify as corporate clients can consider exploring OTC trading. It's specifically tailored for handling high-volume transactions, offering a seamless and secure way to trade significant amounts of cryptocurrency.

Moreover, OTC involves services that allow trading without posting or matching orders^[1] through the order book. On Swyftx, clients can provide instructions via phone or email, though verbal confirmation over the phone is necessary.

At launch, OTC orders typically start at $50,000 AUD for Bitcoin, Ethereum, or other altcoins, with potential exceptions for less liquid or smaller market cap assets at lower volumes (e.g., $25,000 AUD).

With OTC trading, you can eliminate slippage risks and uncertainties around market liquidity, ensuring that your large orders are executed efficiently and with greater price stability. This feature allows you to trade high volumes with confidence, helping you maximize profits.

Suggested Read: How to Buy Crypto in Australia

User Experience

Based on my experience and what I’ve seen in user Swyftx reviews, the interface is what makes the platform stand out. For example, the portfolio overview is well-designed, giving you a clear snapshot of your total holdings, asset allocation, and performance at a glance. I particularly like the pie chart visually representing the distribution of assets like Bitcoin, Ethereum, and Polygon.

The performance tracking tools are also a highlight, with a clean graph that shows your portfolio’s growth over different time periods. It’s great to see key stats like deposits, withdrawals, and trading history displayed transparently.

Moreover, the team has designed to make trading simple on the mobile version with its intuitive order placement system. I’ve noticed how convenient the quick access buttons for depositing, buying, and selling are – perfect for making fast decisions. It’s also nice to have a dark mode option for more comfortable viewing, especially during late-night market checks.

Localization and Regional Adaptability

Swyftx is a good example of an exchange that embraces localization and regional adaptability. The team designs the features to tailor to the region’s unique requirements, offering support for AUD and NZD fiat currencies and even restricting accounts to Australian and New Zealand users only. This may not be a go-to option for a global exchange, but it’s clearly made by Australians for Australians.

One standout feature is Swyftx’s support for cryptocurrency investments within a Self-Managed Super Fund (SMSF). For those unfamiliar, an SMSF is a private superannuation fund^[2] that you manage yourself. With Swyftx, you can roll over your balance from a pre-existing superfund into a cryptocurrency SMSF, allowing you to diversify your retirement savings into digital assets.

Creating such an account on Swyftx is straightforward. You only need to log in and complete at least Gold-level verification (KYC 1), which includes ID authentication, ensuring compliance with local regulations.

Swyftx also offers a tool for generating a tax report that includes data to help calculate capital gains and losses over time. While the report can’t be submitted directly to the Australian Taxation Office (ATO) due to individual variations in Capital Gains Tax (CGT) rates based on earnings, it still serves as a valuable resource for creating an eligible tax report.

To simplify the process, Swyftx partners with Koinly, an Australian company specializing in generating accurate tax reports based on your transactions.

Bonuses and Special Offers

Swyftx used to have a staking program, but it was discontinued in 2023 because of the constantly changing regulatory requirements in the crypto industry. Although the Swyftx staking program is no longer available, users with personal accounts can still earn some rewards through small amounts of cryptocurrency by:

• Completing courses and quizzes on the Swyftx Learn platform;
• Finishing in-platform tasks like enabling 2FA;
• Using a referral code for sign-up bonuses.

Once you’ve earned crypto rewards, you can trade them for fiat currency using the Swyftx exchange. The rewards you’re eligible for may vary depending on factors such as your account age, the use of referral links, and any new earning tasks introduced in the future. To ensure transparency, monitor your rewards by visiting the “Swyftx Rewards” section in your profile. Note that expired rewards can’t be claimed, so redeem them while you can.

If you’re interested in earning while learning, BitDegree offers Missions that cover all sorts of topics, from crypto basics to in-depth knowledge about specific exchanges. Moreover, the rewards are varied and attractive, including stablecoins, NFT certificates of completion, random airdrops, and more. Even better, BitDegree is available on Android and iOS, making it perfect for learning on the go and turning idle screen time into something productive!

How to Create a Swyftx Account

By now, in this Swyftx review, you've explored the advantages, limitations, and all the essential information about this platform. If you're ready to get started, simply follow these steps to create a Swyftx account:

Step 1: Visit the Swyftx homepage and click the [Sign Up] button at the top right corner.

Step 2: Fill in the following details: country of residence, first and last name, mobile number, and email address.

Step 3: Verify your mobile number and email address, then create a secure password.

Once your account is successfully created, proceed with the initial ID verification process. This will require you to provide a copy or a photo of your photo ID and a selfie so that you can deposit and withdraw Australian or New Zealand dollars on the platform.

Comparison to Other Popular Exchanges

To help you make an informed decision, let's compare Swyftx to other leading cryptocurrency exchanges on the market: Binance, Kraken, and Bybit. I'll discuss the key factors like fees, supported cryptocurrencies, trading features, and more!

Swyftx VS Binance

Binance is the largest cryptocurrency exchange by trading volume worldwide, offering unmatched liquidity and access to a wide range of markets, including spot, margin, and futures trading. In contrast, Swyftx focuses exclusively on spot trading against AUD, making it more suitable for Australian and New Zealand users who prefer a local platform with AUD integration.

Beyond its broader market offerings, Binance operates across more jurisdictions. It supports users in over 180 countries and enables trading with more than 10 fiat currencies. Binance also provides extensive earning opportunities through its Binance Earn program, offering flexible or locked staking options. Users can stake cryptocurrencies like USDC and SOL, with APYs reaching over 200% on specific assets.

In addition, Binance features an NFT Marketplace. Here, users can explore, buy, and sell NFTs from various creators and collections. This marketplace caters to the growing interest in digital collectibles, providing a seamless integration within the Binance ecosystem.

📚 Read More: Binance Review

Swyftx VS Kraken

Compared to Swyftx, which only covers the Australian and New Zealand markets, Kraken offers a significantly wider geographic reach, serving a global audience, including most states in the US, Canada, and many European countries. This broader accessibility makes Kraken a more attractive option for individuals and businesses seeking a crypto exchange with a more international presence.

In terms of platform design, both platforms boast intuitive and appealing user interfaces with a minimalist aesthetic. Swyftx and Kraken also provide 24/7 customer support, enhancing the overall user experience. However, the latter excels in user experience by offering a multilingual interface (13 languages, including English, Spanish, and Japanese), catering effectively to its global user base.

Besides broader jurisdictions, Kraken offers multiple staking options that exceed Swyftx's offerings. As of writing, users can stake 20+ cryptocurrencies on Kraken, with the option to take bonded or flexible periods.

📚 Read More: Kraken Review

Swyftx VS Bybit

Similar to the two exchanges mentioned earlier, Bybit also caters to a global audience, which is significantly broader compared to Swyftx. As of writing this, the platform accepts users from more than 180 countries and supports six fiat currencies.

While Swyftx is suitable for beginners or users prioritizing convenience, Bybit targets more professional traders with its advanced features. It offers leverage trading, allowing users to trade with up to 200x leverage on contracts. Bybit also provides access to perpetual contracts and inverse futures, suitable for traders looking for high-risk, high-reward opportunities.

Additionally, another feature that might make this exchange a more attractive option than Swyftx is the advanced charting tools, along with multiple order types, such as conditional and trailing stop orders, giving traders more control over their strategies.

For those interested in diversifying their crypto activities or exploring passive income opportunities, Bybit also supports decentralized finance integrations, offering staking, liquidity mining, and access to its Launchpad for early-stage token investments.

📚 Read More: Bybit Review

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions: Is Swyftx Right for You?

Swyftx is a good choice for Australian and New Zealand users seeking a beginner-friendly, regulated, and locally-focused cryptocurrency exchange. Its intuitive platform, seamless AUD/NZD integration, low fees, and unique features like Auto Invest and demo mode make it particularly appealing.

Apart from its capabilities, you also don’t need to question “Is Swyftx safe?” because it has acquired industry-leading ISO/IEC 27001 certification and is officially registered as an Australian company, adhering to strict local regulations.

However, if you're an advanced trader looking for features like leverage, futures trading, exposure to global markets, and more earning opportunities, platforms like Binance, Kraken, or Bybit might be better for your needs.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Benedetti H., Nikbakht E.: 'Returns and Network Growth of Digital Tokens After Cross-Listings';

2. Mudiyanselage, C.M., Perera, P., Grandhi S.: 'A Blockchain-Based Model for the Prevention of Superannuation Fraud: A Study of Australian Super Funds'.