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Swyftx Review

Swyftx Review

Trading cryptocurrencies can be a frustrating experience.

There are lots of exchanges to choose from and they all offer different features and pricing models. It’s difficult to know which exchange is the best for you, especially if you’re new to crypto trading.

Swyftx is one of the most popular cryptocurrency exchanges in Australia because they offer some of the lowest fees around and have a wide variety of tools that help traders make more informed decisions when choosing whether or not to buy or sell a particular coin at any given time. In this review, we will focus on three key areas – security, usability, and customer service – so that you can decide if Swyftx is right for your needs as well as learn how it compares with other leading Australian cryptocurrency exchanges like CoinSpot or Independent Reserve. Let’s get started!

What is Swyftx?

Swyftx was developed to fulfill the strong need for a liquid cryptocurrency exchange that followed Australian cryptocurrency rules and tax system, according to its creators Angus Goldman and Alex Harper.

Swyftx brokerage services make the platform ideal for both newcomers and professionals from Australia who want to use a crypto exchange that is especially suited to their region.

It offers a self-managed super fund that it runs itself, giving investors tax advantages and the ability to use cryptocurrencies on a larger scale.

Tradable assets

You can invest in or trade over 260 cryptocurrencies, and you can even try it out with a demo version. Some notable coins include ZRX, 1INCH, AAVE, ACM, ADX, ELF, AERGO, AE ,DLT,, AION,, AST ,AKRO,, ALGO TLM APHA AM

This is without a doubt one of the most well-known and regulated exchanges, providing traders with a wide range of assets to trade.

Swyftx Features

There is a lot of volatility in cryptocurrency, which offers opportunities but also exposes people to significant losses.

However, if you’re ready to buy or sell your own cryptocurrency, keep reading to learn more about the Swyftx app’s features. Swyftx is an Australian Cryptocurrency exchange. Users may trade and swap their crypto using this platform.

Buy & Sell

If Swyftx is your first experience with the Cryptocurrency market, it might appear to be frightening. If you aren’t at least somewhat knowledgeable about the top 5-10 cryptocurrencies based on market value, I recommend that you do some personal research before purchasing any cryptocurrency separately.

If you’re new to cryptocurrency, one of the first things you may notice is the plethora of coins available on Swyftx. There are hundreds of different cryptocurrencies to select from. This would be one of the features I’d want Swyftx to fix, their dashboard is cluttered with information.

Swyftx makes it simple to purchase your cryptocurrency. Simply pick the crypto you wish to buy or sell, and Swyftx will do the rest.

To buy or sell cryptocurrency, go to the Orders page. Select the quantity you wish to purchase or sell and hit instant buy/sell. Both sides of a Swyftx transaction incur a fee of 0.6 percent.

Crypto Bundles

Bundles are a fantastic feature that some Cryptocurrency exchange platforms, such as Swyftx, provide to their users. I see Bundles as the crypto equivalent of ETFs. You may think of Bundles as the Crypto version of ETFs. In one transaction, you may have exposure to many digital currencies.

Bundles are pre-defined groupings of cryptocurrencies with set ratios for each coin. 50% of the Swyftx Big Two Bundle of Bitcoin and Ethereum is allocated to Bitcoin. You have the option to alter your asset allocation to the assets included in the bundle. So if you want, you may make it 80% Ethereum and 20% Bitcoin.

Swyftx features seven pre-made bundle options for you to explore. I recommend that if you don’t recognize the names of some of the assets in the Bundles, you shouldn’t use them. It’s similar to investing in stocks if you don’t know or understand a company; avoid it like the plague.

One of the best features of the Swyftx app is that you may create a recurring order for your Bundle purchases. So, for example, you might make a weekly purchase of $100 or more with the Big Two bundle. This would let you to get exposure to both Bitcoin and Ethereum without having to worry about it. Bundles are a fantastic method to spread your investments across many Cryptocurrencies, making them easier than ever.

Swap Cryptocurrencies

Swyftx is a Cryptocurrency exchange, so it offers the ability to convert from one cryptocurrency to another. Not all Cryptocurrency exchange platforms provide this function, therefore Swyftx is a wonderful alternative if it is important to you.

The fee for trading between cryptocurrencies is 1.2 percent, which is the cost of 0.6% on the sell side and 0.6% on the buy side. These trades are completed instantly and are based on real market data, so you will get the rate at the moment of execution.

Another thing to keep in mind is the volume and volatility of the currencies you’ll be trading. Given this asset class’s volatile nature, this might change rapidly.

Send Crypto

While you may be satisfied with the security provided by the Swyftx app, you might want to move your assets to a cold wallet or a yield earning platform. With Swyftx, this is quite simple and safe.

Keep in mind that Cryptocurrency transactions are irreversible, so if you send items to the incorrect location, they will almost certainly be lost forever! So make careful when moving assets from one wallet address to another.

To begin, add the wallet you want to send money to in your Swyftx app for the first time. The majority of wallets include a QR code that you may scan to minimize typing mistakes.

Once you’ve done that, Swyftx has a nifty security feature that appears. A warning appears informing you that anything seeming too good to be true probably is a scam. Alternatively, ICOs are extremely hazardous and should be treated with caution. This entails reading and accepting the dangers of creating a new wallet.

You’ll be sent a secure PIN to your phone number, and you’ll get an email asking you to confirm the addition of this new wallet. That address is now available to send your assets to in the future after it has been added.

It’s worth noting that each wallet has a unique address for each cryptocurrency. So, if you want to send Bitcoin to your wallet, you’ll need to add another Ethereum wallet address afterward.

Charting

Swyftx charts are simple to use, but you can access major charts with a number of features that other exchanges might require third-party software for.

The Dashboard is a configurable dashboard that shows all of your favorite technical indicators, and it’s completely backed up and comparable to TradingView in terms of information displayed.

For greater experienced traders, Swyftx provides bespoke order choices that are more complex. You may also set up an automatic recurring deposit function that allows you to plot out regular investing.

Another feature to look for is an automatically produced tax report that can be downloaded for Australian investors.

Fees

In terms of fiat currency costs, AUD deposits and withdrawals have no fees and a daily limit of up to 100,000 AUD. Withdrawals are free.

There is a 0.6 percent trading fee on crypto, with volume discounts available for high-volume traders, no trading limitations, and spreads starting at 0.45 percent. Cryptocurrency deposits and withdrawals are subject to a standard network mining charge, however there are no Swyftx costs.

Given Swyftx’s global partners’ ample liquidity, it offers narrower spreads than its competitors, with spreads averaging 1.7% for all currencies and 0.45 percent for Bitcoin, as opposed to the 4.0 percent average spread offered by rivals.

Swyftx SMSF

Investors have become increasingly interested in cryptocurrency, especially those seeking to put some money into the new asset class. With considerable returns for the asset class and high yields possible. Australian investors have been asking for permission to invest in crypto in their retirement funds.

There have been no industry super funds that allow investment in cryptocurrencies thus far. Investors with self-managed superannuation funds (SMSF) are the only ones who can take advantage of this opportunity.

Swyftx, like most other cryptocurrency exchanges and investment platforms, does not enable individuals to set up an SMSF with them. This is due in large part to the regulatory restrictions and administrative difficulties involved.

Swfytx has partnered with a financial service company that specializes in SMSFs, like other Crypto platforms. Swyftx has teamed up with New Brighton Capital to assist customers in creating their own Crypto-compliant SMSF.

There are several advantages and disadvantages to Self Managed Super Funds, so do your homework before deciding whether or not to join one. Self-Managed Super Funds must adhere to a variety of regulatory standards and frequently have high fees. When considering using an SMSF to access cryptocurrency, remember that there are certain costs involved.

SwyftX App

Cryptocurrency trade apps for mobile devices increase access and efficiency in the marketplace. Swyftx’s iOS and Android-compatible mobile app is completely safe. In-app biometric security, as well as the option of face scan or fingerprint ID verification, is provided to protect its users’ mobile wallets.

SwyftX Tax Reporting Tool

The Australian Taxation Office has just announced that it is scrutinizing cryptocurrency taxpayers. According to the tax agency, cryptocurrency profits are taxed in the same way as stock market stocks. As a result, when Aussie crypto traders sell, buy, or exchange their cryptocurrencies for fiat money, the ATO expects them to disclose their capital gains.

The tax reporting procedure, on the other hand, is difficult. Swyftx users, on the other hand, do not have to worry about receiving ATO auditing letters. Instead of issuing audit notices, this platform produces automatic tax reports on behalf of its users. You may download and save these documents to reduce your tax paperwork burden.

SwyftX Deposit Methods

You can use POLi and PayID to make fast payments to your Swyftx account. It might take a day for OSKO deposits to settle with your account. Nonetheless, the OSKO network makes it easy for banks to send money to Swyftx accounts. Bank transfer deposits have a two-to-six-hour processing time.

Swyftx Wallet

User private keys are kept in Swyftx’s custodial wallet. Security measures are also in place for the cold and hot wallets on exchanges. Long-term cryptocurrency storage, however, demands hardware wallets.

Who is Swyftx aimed at?

Due to the platform’s focus on people in Australia, it follows their legislation and pays taxes. People from New Zealand, the United Kingdom, and Canada can also create an account; support for Ireland and India is expected soon.

Customer Support

The Swyftx support staff’s responsiveness and effectiveness are well worth a mention. Apart from email support tickets, customers may contact the team by phone or live chat seven days a week from 9 am to 9 pm AEST. The typical response time is 2-3 minutes. They also have a comprehensive Help section with various crypto-related articles available on their website.

Is Swyftx safe?

Swyftx safeguards your assets by storing them in a variety of cold and hot wallets. It adds extra security, including two-factor authentication and JWT tokens and session expiration. You may also keep your funds in an external, offline wallet.

Swyftx also has a comprehensive privacy policy, as an AUSTRAC registered digital currency exchange provider or DCEC, and they adhere to tight Know Your Customer (KYC) standards and monitoring procedures, which assist in the reduction of money laundering and counter any terrorism.

Best Swyftx Alternatives?

There are several alternatives to Swyftx that cater to Australian investors. Few of the best options are:

Conclusion

Swyftx has lots to offer. The high-level performance and sophisticated trading mechanisms of Swyftx should be highlighted again. This two-in-one broker/trading platform is ideal for both novice and expert crypto traders.

Swyftx offers a number of advantages that make it our top pick. For one, Swyftx’s access to worldwide liquidity providers allows it to optimize your order and discover the best price by comparing exchange order books. Then there’s the broad variety of altcoins available, as well as tight spreads and low limits if applicable.

Swyftx provides a demo mode account to inexperienced traders, allowing them to practice their trading strategies as long as they need. If you already have the know-how, you may use multiple order types and recurring deposits to save time. Swyftx also has spotless customer service, a crypto wallet, and a mobile app available.

Swyftx
Pros
Low instant trading fees
Over 280 different cryptocurrencies
Demo Account
Customisable Crypto Bundles
Recurring Buys
Cons
No margin trading feature
No Yield on Assets
5



Written by Finance Insider

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