Note: This is not a paid review, but my opinion only. Please do your own research. I am also not providing any investing advice and I recommend you approach your financial advisor for expert advice.
While studying up on cryptocurrency exchanges & influence across the world, I thought more about who the major brokers in the Australian crypto market could be. There are some large brokers from international regions, like the USA, but setting up accounts, identity verification, transfer of funds etc, can be a slightly long process, especially if they don’t have a local office. Better if the exchange was Australian itself!
In this article, I wanted to introduce one such cryptocurrency exchange that I came across – Swyftx.
Based in Brisbane, Swyftx proclaims to be “Australia’s most progressive Cryptocurrency exchange”, allowing you to trade over 100 crypto assets and coins at the time this article was written. And they are planning to add more.
This is what I found great about them:
plenty of positive reviews
easy transfer of A$
Local Australian Support
This is so important! If you are new to cryptocurrency trading, you need a helping hand. I found the chat support team at Swyftx fantastic! They were responsive and operate on AEST time, leaving them available for all your queries if you’re living in Australia.
Not only does Swyftx respond to your questions within 2-5 minutes, but they were available till 10 PM once!! To compare, a US crypto exchange that I was in conversation with, took 24 hours to reply over 5 days 🙁
Having someone consistently available to respond to my questions about Swyftx’s crypto exchange is a great confidence booster for sure. The support team at Swyftx can not only help you with account setup queries but also with crypto knowledge. Swyftx’s support team will send you articles on crypto trading if you are a beginner. They are so PATIENT!
And I love those Intercom chat boxes!
Setting Up a Swyftx Account
I didn’t time it, but I reckon it took a minute to set a Swyftx account, about 5 mins to get the preliminary docs verified and about 5 seconds for funds transfer!
Your Swyftx account setup starts with the basic details – email, password, name, residential country.
Once that’s done, you have a basic KYC (Know Your Customer) validation conducted, which includes sending a selfie of yourself. This verification is quick and when completed, you can buy & sell cryptocurrencies in Australia.
But if you want more privileges, you can upgrade to their GOLD or DIAMOND accounts. This is how they have explained their levels:
Gold accounts have completed our selfie and photo ID check, allowing for better account recovery options, and more favourable treatment by our automated risk management systems, which means faster deposit/withdrawal processing times.
Diamond (max level) account, to increase your daily deposit/withdrawal limits and receive the highest level of trust. You’ll also get priority access to our account managers via phone support.
These verifications can take a few hours depending on their workload & backlogs. At the time of this writing, I saw a pop-up message on their site:
Once you are approved, the Swyftx dashboard is easy to use. If you get stuck, the chat box is nearby to shoot a quick question across to the support team.
What I liked in the dashboard was the INFO section where they have a writeup about every crypto asset they have on their exchange. This really saves time as you don’t have to Google to get more info.
Swyftx also offers a RECURRING DEPOSIT feature where you can set up monthly deposits from your bank to your Swyftx account, which will then be spread across the coins you spend on.
You can choose your mix of coins and their calculator will tell you what the monthly deposit should be. The fee for this service is only $0.55/month.
Here is their detailed write up you can read up on.
Transfer of funds
The benefit of dealing with an Australian exchange is the ability to deposit money from your local Australian bank quickly. Swyftx offers bank transfer, Poli & PayID.
I find PayID to be the fastest and is almost an instant deposit of A$ to your Swyftx account. But depending on your bank, it could take longer.
Once the money hits your account, you can buy the many crypto currencies they have on offer.
NOTE: Regular/Standard transfers (one-off or recurring) attract a $2 fee.
So important too!
Besides their local office, Swyftx is also registered with Austrac.
AUSTRAC is responsible for preventing, detecting and responding to criminal abuse of the financial system to protect the community from serious and organised crime.
This registration gives you the confidence that you are dealing with a company who cares about your investment and is here to stay.
So, there you go. That’s all I wanted to share with you for now – a small write up about my experience with the Australian-based cryptocurrency exchange known as Swyftx. I recommend you try it & see what else you find out. You never know if you don’t try!
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