Earlier in 2020, The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced that there were over 300 digital currency exchange providers (312 in February 2020) enrolled with the AUSTRAC. It is fair to say, cryptocurrencies were becoming a popular asset in Australia and amidst such fierce competition, the Swyftx exchange was making a lot of waves.
Established in late 2019, Swyftx was founded by Alex Harper and Angus Goldman with the sole idea of facilitating a convenient crypto trading platform in Australia. Goldman came across crypto in 2014 and realized that most of the exchanges had concerning differences with regards to pricing, features, and a complicated withdrawal and deposit system. Keeping those points in mind, Harper and Goldman came up with Swyftx to provide attractive pricing, efficiency, and simplicity in trading on its crypto platform.
Getting started with Swyftx
On Swyftx, users can create an account within a minute by filling out their name, email id, and their login password. After the email, phone number, and personal identification are verified, users can start trading without uploading any additional documentation.
After completing the verification process, the user may make a deposit by sending AUD funds to the Swyftx account via Bank Transfer, PAYID, Osko, or POLi.
The highest number of crypto assets available on Swyftx
With easy accessibility, the exchange also provides the most number of crypto assets on its platform with 178 digital assets being currently present. Alonside a wide range of option, Swyftx also have their dedicated mobile app so that users can trader whenever they want. The application is supported on Android, iOS, Windows, Linux, platforms and loads pretty much on any system.
Swyftx Trading Fees
One of the most attractive feature of Swyftx is its competitive pricing with respect to other platforms. The exchange has extremely low spread between buying and selling prices which is about 0.2-0.6%. Other competitor spreads are usually as high as 5.2%. The exchange also has 0$ fiat deposit and withdrawal fee but a minor fee of 2$ is charged on transfers which are valued at less than $200.
The daily limit in terms of withdrawal and deposit in 100,000 AUD. The exchange also facilitates high volume discount and users do not have any trading limit on the exchange. The website mentioned that the exchange’s low spread is possible due to the organizations’ global liquidity and banking providers, allowing them to deliver accurate spreads and value for price to their crypto traders.
Swyftx provides TradingView Charts and a Demo mode for Beginners
Besides providing digital assets to their customer base, accredited and experienced also have access to trading view charts on the platform where they can set up their own charts and strategize their entry and exit points in the market. The ask & bid pricing is accurately displayed for the trader’s convenience.
Traders can also set up buy and sell orders on the platform so that they do not miss out on a buying or selling opportunity when they are not paying attention to the market.
For beginners, a demo mode is available where novice traders can trade without the risk of losing money and gain experience from a real-life simulation of the trading market with real liquidity and market depth.
Security and 24×7 Customer Service
The exchange is an AUSTRAC-registered digital currency exchange hence the chances of funds getting seized are very minimal. The exchange also complies with AML/KYC obligations.
From a security standpoint, the exchange facilitates 2-factor authentication to avoid account intrusion. It was also mentioned on the website that the public data is actively scanned and vetted in case any customer’s funds are compromised in some other services, triggering automatic security on their accounts.
The exchanges customer services and support is also available 24×7 on the platform and the median connecting time to a customer agent is an impressive 90 seconds.
Swyftx voted best cryptocurrency exchange for beginners on finder.com
According to finder.com, Swyftx was voted as the best exchange for a beginner in crypto trading as it allows the individual to properly understand the industry. While major drawbacks or shortcomings were not proliferated by the platform, a minor con is its support for only Australian Dollar or AUD. Users can deposit on in AUD to access crypto which limits the user base to only possibly only Australia at the moment.
The main objective of Swyftx has always been to focus on providing easier crypto access to its userbase without a lot of complications. Goldman had stated,
“Swyftx has a fundamental focus on both people and platform features. We pride ourselves on treating our customers as the most valued part of our platform. We are innovating and re-defining what it means to be a broker/exchange through our smart order routing and trading features. With our development team growing exponentially, we are positioned to offer the best product in the market.”
In less than 2-years, Swyftx currently exhibits $120 million in monthly volumes as the exchange is rapidly growing in the market. With their current plan to expand globally in 2021, the platform will soon be able to provide its services to a customer base spread across the world.
For more information, please visit their official website.
Disclaimer: This is a paid post and should not be taken as news/advice.