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Swyftx Review

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In this Swyftx Crypto App Review I will cover all things relating to the Swyftx cryptocurrency exchange. If you are new to Crypto or looking for alternative platforms to buy & sell Crypto, then this will cover whether Swyftx app is a legitimate option. I will do a deep dive into what the Swyftx app offers and some of its cool features too. I hope you enjoy this Swyftx app review.

What is Swyftx?

Swyftx is a Brisbane based, Australian cryptocurrency exchange, that enables safe and secure trading of cryptocurrencies. It is a legitimate Crypto exchange and a registered company that offers users the option to buy and sell over 280 different Cryptocurrencies.

Swyftx was founded by two mates Alex and Angus that met at a Summer computer science camp hosted by the University of Sydney. The two mates launched the Swfytx Crypto exchange app in 2019 and have since gained over 370,000 users of the platform.

Swyftx is regulated as a registered digital currency exchange and as such is compelled to abide by Australian Law. It must comply with AUSTRAC reporting guidelines which include reporting any Anti Money Laundering (AML) and Counter-Terrorism Financing (CTF) suspicions.

Swyftx App

Swyftx App

What Can I Invest In?

There are over 280 different Cryptocurrency assets, tokens and coins that you can trade through the Swyftx app.

This includes the largest by market cap including Bitcoin, Ethereum, Cardano, Dogecoin, Ripple and Solana to name a few.

While these are some of the largest by market cap and popularity, there are many others to choose from. Generally speaking the lesser known digital assets are likely to have significantly more volatility. 

For example, you are also able to purchase the Shiba Inu coin via Swyftx. This went up 400% in a day after Elon Musk posted a photo of his new dog Floki. So definitely make sure you do your own research before you start investing in some of the other assets available on the platform. 

Exchange

Swyftx Exchange

Swyftx Features

There is a lot of volatility in Crypto and while this presents a lot of opportunity it also presents a lot of potential for people to suffer big losses. If you want to start by dipping your toe into Crypto you should check out Bamboo

However, if you are ready to buy/sell Crypto yourself then read on to learn more about the Swyftx app features. Swyftx is a Cryptocurrency exchange for Australians. It provides users with many options including trading and swapping their Cryptocurrency.

 

Buy & Sell

If Swyftx is your first foray into the Cryptocurrency market then it can seem quite intimidating. I would suggest that if you aren’t at least aware of the top 5-10 coins based on market cap, then you should at least consider doing a bit more of your own due diligence before buying any crypto individually.

I also highly recommend you avoid anyone claiming they can help you make it rich quickly. This is definitely a scam!

One of the first things you may notice if you are new to Crypto is the sheer amount of coins available on Swyftx. There are hundreds of different cryptocurrencies to choose from. This would be one of the things I would love to see Swyftx clean up, their dashboard is very cluttered.

If you are ready to buy your Cryptocurrency, then Swyftx makes it extremely simple to do so. Just select which Crypto you want and whether you want to buy or sell it. 

Select the amount you want to buy or sell and hit instant buy/sell. When you buy or sell Crypto on Swyftx you will incur a fee of 0.6% on both sides of the transaction. 

Bundles

Crypto Bundles

Bundles

Bundles are a really cool feature that some Cryptocurrency exchange platforms like Swyftx and Coinspot offer their users. I like to view Bundles as the Crypto version of ETFs. In one purchase you are gaining exposure to multiple Cryptocurrencies.

Bundles are a predetermined group of Cryptocurrencies, with preset allocations to each coin. Take the Swyftx Big Two Bundle of Bitcoin and Ethereum, it has a breakdown of 50% each.

What I really like though, is that you have the ability to change your asset allocation to the assets within the bundle. So you could make yours 80% Ethereum and 20% Bitcoin if you wanted.

Swyftx has 7 pre-made bundles for you to choose from. I would suggest that if you don’t know the names of some of the assets in the Bundles then don’t use that Bundle. It is the same as investing in Stocks, if you don’t know or understand the business then best to avoid it.

One of the great things with the Swyftx app is that you can set a recurring order for your Bundle purchases. So you could make a weekly order of $60 minimum for the Big Two bundle.

This would enable you to build your exposure to both Bitcoin and Ethereum without having to think about it. Bundles are a great way to diversify across multiple Cryptocurrencies and take the thought out of investing.

I strongly believe Bundles are a great idea, so if this interests you, make sure you are happy with all the assets that are included.

 

Swap Cryptocurrencies

Swyftx is a Cryptocurrency exchange, so one of the features it has provides is the ability to swap from one Cryptocurrency to another. Not all Crypto exchange platforms provide this feature, so if this is important to you Swyftx is a great option.

The fee for swapping between Cryptocurrencies is 1.2%. This is a fee of 0.6% on the sell side and then 0.6% on the buy side. These swaps happen instantly and are based on live rates, so you will get the rate at the time of execution.

One thing to consider with this is the volume and volatility between the two currencies you are swapping. As this could change rather quickly given the volatile nature of this asset class. 

Send Crypto

Swap Crypto

Send Crypto:

While you may be happy with the security that the Swyftx app provides, you still may wish to send your assets to a cold wallet or a yield earning platform. This is extremely simple and secure with Swyftx.

Remember that the irreversible nature of Cryptocurrency means that if you send assets to the wrong address they will likely be gone forever! So make sure you are extremely accurate when transferring assets to another wallet address.

The first part of this process is to add the wallet you wish to send to for the first time in your Swyftx app. Most wallets have a QR code you can scan, to help reduce errors in typing the wallet address.

Once you do this, Swyftx has a cool security feature that pops up. A message pops up reminding you that if things seem too good to be true they likely are a scam. Or that ICO’s are extremely risky and should be approached with caution. This requires you to read and accept the risk of adding a new wallet.

You are sent a secure pin to your mobile number and will receive a follow up email to approve the addition of this new wallet. Once this has been completed, that address is available to send your assets to in the future.

Bear in mind that wallets have unique addresses for different digital assets. So if you wish to send Bitcoin to your wallet you will need to add another wallet address if you then wish to send your Etehreum.

Swyftx Fees

Swyftx Fees

Swyftx Fees

Assessing the fees involved with any investing app, whether it is crypto or equity, is very important. High fees can really eat away at your long term returns. This is why they shouldn’t be overlooked when choosing an investment platform.

Swyftx fees are very clear and simple for their users to understand. I really like it when investing platforms have transparency around their fees. There is nothing worse than receiving hidden fees. 

So review the Swyftx fees below and see if they will fit in your investing strategy and if Swyftx is the app for you.

Swyftx enables free fiat currency deposits and withdrawals to and from your Swyftx exchange wallet. You should note there is a $20k deposit and withdrawal limit, which you can have increased with extra verification if required.

When buying and selling Cryptocurrency on Swyftx you will be charged a 0.6% fee. This fee also applies to their bundles and recurring orders.

If you are sending your crypto to another wallet, there will be the standard network and mining fees. This is unavoidable for the platform and most Crypto apps have the same fee attached here.

It is worth seeing what the fee would be to send your crypto to another wallet and ensure it is a viable move. If the fee is the equivalent of $30 and you are sending $100 of Bitcoin, it really doesn’t make sense.

Swyftx boasts average spreads of 1.7% which is lower than the average spreads of 2.6% for other exchanges. The slightly higher transaction fees are redeemed through their better spreads. 

Swfytx definitely targets Crypto traders more than long term investors, so these better spreads are great for people heavily trading.

Swyftx

Swyftx

Is Swyftx Safe?

Cryptocurrency has previously been the centre of many attempts at hacks and theft of assets. While this is still the case, there have been significant increases in security features of platforms that allow access to Crypto.

Swyftx follows industry best practices for the security of their platform and assets. This includes the use of external security penetration testing, breached password detection software and consulting 3rd party security experts. Swyftx constantly reviews their security protocols to ensure the platform remains safe and secure for users.

Swyftx utilises two-factor authentication security settings to protect the login of your account. Using two-factor authentication is strongly encouraged by the platform. While it can be annoying to access your account this way, it definitely adds a greater layer of security.

Swyftx also enables biometric security login. This has become quite common practice for mobile apps and can make logging in very simple. I have utilised biometric security with two-factor authority. This has made logging in the safest and simplest for me to use.

I really liked the extra security feature Swyftx has when you are looking to transfer Crypto to an external wallet. A screen pops up explaining fraudulent activity and ICO’s that seem too good to be true. While most people may ignore this, I think it is a great extra level that shows they truly care about the customer.

They also have a two-step verification process for when you want to send crypto from Swyftx to another digital wallet, like Celsius. I will touch on this process later on in this Swyftx Crypto review.

Swyftx

Swyftx

Swyftx Sign Up Process

As I mentioned earlier in this Swyftx review, because Swyftx is a regulated exchange it must meet certain regulations and compliance aspects. This includes the often cumbersome Know Your Customer (KYC) requirements.

This means the signup process is extremely thorough, as Swyftx must ensure this is the case or face serious repercussions. I had to provide ID and a few verification checks in order to sign up.

However, even with the KYC requirements I found the signup process to be simple. I was pleased with the overall level of professionalism around their client security and compliance requirements. 

As with all other platforms, you can look to take advantage of sign up links to get bonuses. 

Like using this one and scoring $10 worth of Bitcoin for free….

Swyftx SMSF

Cryptocurrency has gained significant interest from investors, especially those looking to allocate some funds towards the alternative asset class. 

With some significant gains for the asset class and the ability to generate some impressive yields. There has been a lot of interest for Australian investors to have access to Crypto in their Superannuation Funds.

To date there haven’t been any industry Super funds that have allowed exposure to Crypto. So only investors with Self Managed Super Funds (SMSF) can access this investment option.

Like most other Cryptocurrency exchanges and investing platforms, Swyftx doesn’t enable users the option to create an SMSF with them. This is largely in part to do with the regulatory hurdles and administration involved. 

Like other Crypto platforms, Swfytx have teamed up with a financial service business that specialises in SMSFs. Swyftx have teamed up with New Brighton Capital to help users set up their own SMSF that is Crypto compliant.

I have been unable to find the ability to use the platform with my existing SMSF. So it would appear that the SMSF functionality is only feasible through their partner.

Self Managed Super Funds have some pros and cons, so make sure you do your own research before considering one. I would highly recommend you consult a financial adviser or accountant before setting one up.

There are many regulatory requirements and often high costs involved in Self Managed Super Funds. So definitely take that into consideration when thinking about using an SMSF to access Cryptocurrency.

Swyftx

Swyftx

Swyftx Tax Reporting

While it would be great to invest using Cryptocurrency and not have to pay tax, that is not how the world works. Cryptocurrency is treated like any other investment asset and as such any capital gains you make will need to be reported to the ATO.

Capital gain events are triggered anytime you “dispose” of an asset. This means anytime you swap or sell a digital asset a capital gain event occurs. Likewise anytime you receive digital assets as yield you need to report this as accessible income on your tax return.

With many of these events occurring if you are doing lots of trading it can take hours to figure out your tax position. Or cost thousands for an accountant to sift through everything for you. 

Unfortunately the Australian Tax Office has taken a keen interest in Cryptocurrency and is targeting Australians with Crypto holdings. This means it is extremely important to have your Crypto affairs in order come tax time. The last thing you want is the taxman chasing you!

You can generate a CSV tax report file from Swyftx directly, however most Crypto users have multiple exchanges and wallets. This means it is a nightmare to manage all your tax liabilities.

Fortunately there is an amazing tool called Koinly that collates all your Cryptocurrency transactions and files a tax report for you. It works with over 350 Crypto exchanges and over 50 Crypto wallets.

It syncs up using an API key that Swyftx generates for you and does all the work in the background to provide a Tax report for you. 

For a small fee you can save hours and potentially thousands in accounting fees for managing your Crypto tax affairs. I can’t recommend Koinly enough for anyone wanting to keep their Crypto portfolios tax compliant.

You can sign up here for Koinly to track your Crypto portfolio and make it easier come tax time!

Koinly

Koinly

Swyftx Education

As I mention in all my other reviews, I really appreciate a platform that invests in their educational content. I feel this shows they really care that their user understands the platform they are using. 

To this end, I am very pleased with the educational content that Swfytx provides their users. They have a Swyftx learn page that provides lots of great educational content. It covers the basics of Cryptocurrency and then also goes into detail around trading Crypto.

Swyftx create a few posts a week that cover topics from the Bitcoin halving to understanding Cryptocurrency fundamental analysis. I like the range of the educational content they produce around Crypto.

It is also very easy to understand and well written. I would love to see more integration within the app of the educational content. Similar to how Spaceship and their app includes the posts on the home page.

I would prefer this content to be more accessible and not hidden behind lots of menus. That said though upon review, I can’t fault Swyftx on their strong and valuable educational Cryptocurrency content.

Swyftx Learn

Swyftx Learn

Swyftx Community

As I mentioned earlier in this Swyftx Crypto review, three are about 370,000 users of the platform. This is a huge community of people either trading Crypto or using it to invest long-term.

I follow Swyftx on Linkedin and can see they are a very progressive company that has a strong focus on their people. This reflects in how they also treat their users, and I have had no issues when dealing with their customer support.

Swyftx is building a great community of like minded Crypto investors. I had the honour of attending the Swyftx Crypto World Summit in Perth earlier in 2021. With border restrictions in place a lot of speakers attended virtually, including Swyftx.

This summit was an educational one with guest speakers from many Cryptocurrency businesses including the CEO of Bamboo and a Crypto focussed accountant dropping some knowledge.

So I think it is great to see Sywftx going above and beyond to build a supportive and educational community for its users.

Swyftx Demo Mode

Swyftx Demo Mode

Swyftx Cool Features

One of the cool features that Swyftx offers that no other Crypto platform does is their demo account. This demo account allows users to invest using fake money, but with real time asset prices.

As I mentioned earlier in this Swyftx app review, their target customer is likely to be actively trading Cryptocurrency. There are many different strategies and theories that traders can implement. So having the functionality to test them with the same platform you plan to trade on is very cool. 

Rather than testing them live and potentially losing money the demo account allows for testing with no risk of loss. I would say this feature is beneficial for people that want to actively trade Crypto.

If you want to invest long-term with a buy and hold strategy, then this feature is worthless to you. If anything it would just delay your time in the market as you spend time in the demo mode.

Pros & Cons

Pros:

  • Demo Account
  • SMSF Functionality
  • Educational Content
  • Customisable Bundles
  • Low Buy/Sell Spreads
  • Recurring Buys

Cons:

  • User Interface is Cluttered
  • No Yield on Assets

Who Is Swyftx For?

Upon review Swyftx is specifically designed for anyone that wants to actively trade Cryptocurrency. While this is the target user, their functionality is also great for anyone that wants to invest long-term too.

The platform can be a bit daunting, so the majority of the platform is suited for more experienced investors or traders. 

However, with their bundles and recurring buy feature Swyftx is also great for beginner investors. They have the option to set this recurring bundle buy and not have to think about it again.

This is a great way to gain exposure to Cryptocurrency without having to know complex trading strategies or be glued to your screen all day. I highly recommend Swyftx for anyone looking at investing in Crypto.

An alternative option for those looking to dip their toe into Crypto and find Swyftx too daunting is to use Bamboo. This is a micro investing app that rounds up your spare change and automatically invests in Bitcoin & Ethereum for you.

Sign Up Bonus

I hope you have enjoyed this Swyftx review and found it helpful in better understanding the Swyftx app. Swyftx has a lot of features and is a great option for anyone wanting to start investing with Cryptocurrency.

If you have enjoyed this Swyftx review you can sign up here and get $10 worth of Bitcoin for Free!

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