Swyftx is one of the best cryptocurrency exchanges in Australia, and is an especially good choice for beginners. It was founded in 2017 in Australia, and has grown quickly and expanded into New Zealand. Their platform is really easy to navigate, there are more than 320+ coins, and even a Demo mode to practise trading.
The thing that new users will discover very quickly about Swyftx is that it is intuitive and easy to use. There are no complicated menus to navigate through; it is really straightforward to start buying and selling crypto. If anyone has any problems with the exchange, they can always contact customer support via live chat, which is really helpful and the wait times are short.
Wide range of 320+ coins
Swyftx really spoils their users with their selection of coins. While some other crypto exchanges only offer 20 or 50 coins, Swyftx has over 320 cryptocurrencies, and they are continually adding new ones. This means that if you are looking for a small altcoin that has not yet caught the attention of the masses, Swyftx is a good place to search.
Swyftx added the ability to stake 21 coins in late 2021, which is a welcome addition to the exchange. They are planning to add more coins for staking in the near future. Staking allows crypto investors to use their coins to earn interest, which means your cryptocurrency holdings will continually grow over time, even if the value of each coin does not rise.
Swyftx's demo mode means that you can practise making trades with no risk to your real money. It is easy to switch between the demo mode and your real account, and there is no way for you to get mixed up between the two, because demo mode has a bright yellow banner across the top. When you activate the demo mode, you are automatically given $10,000 in play money that you can use on the platform. This is a really handy tool that no other crypto exchange in Australia offers.
Swyftx's mobile app can be easily downloaded from the Google Play store and iOS App store. It is easy to monitor how your crypto assets are tracking, and if you need to make an urgent buy or sell, you can always do so wherever you are. With the mobile app, you can still access all the functions of the desktop site, including the demo mode.
Live Chat support
Swyftx pays a lot of attention to their users, providing customer support via Live Chat and email. I have tried out their live chat and I can confirm it is a real person, and the wait times are short. They are able to resolve issues quickly and professionally.
Pros and Cons of Swyftx
- Easy to use - perfect for beginners
- Staking available on 21 coins to earn passive crypto income
- Over 320+ coins available
- Low trading fees of 0.6%
- Live Chat support
- Only available in Australia and New Zealand
- No advanced trading markets such as futures or margin trading
Swyftx Deposit Methods
You can deposit into Swyftx using a variety of methods: Bank transfer, POLi, Credit card, Debit card, OSKO, PayID and Cryptocurrency.
Depositing into Swyftx is free of charge, no matter what method you choose, and withdrawals of AUD to your bank account are also free.
Trading fees on Swyftx are 0.6% per transaction, regardless of whether you are instantly buying, or setting a limit order.
Swyftx is a trusted and secure crypto platform that hasn't had any cybersecurity breaches since its establishment back in 2017. They use multilayered security to ensure their users are safe, including 2FA logins, biometric authentication, KYC, JSON Web Tokens, and external penetration testing. You do not need to worry about your funds when you use Swyftx.
Swyftx is a great choice for Aussies looking to get started investing in the crypto market. You can easily trade crypto even with no prior experience, and there are over 320+ coins so you can find something you like. Live Chat support is always on hand to assist, and you can use the Demo mode to get used to how everything works. If you want to earn some extra crypto you can easily do that with staking supported on 21 different coins. To read about some other excellent exchanges in Australia, click here to read the in-depth article.