If you’re new to cryptocurrency trading, there’s a good chance you’re wanting to get trading as early as possible.
The future of Bitcoin, Ethereum and Ripple are all looking incredibly bright and many businesses in Australia are even looking at formally introducing these coins as digital currency or payment methods.
That said, if you’re an Australian looking for the best cryptocurrency exchange in Australia to by Bitcoin or altcoins, we have a review that you’ll love below. There are a few exchanges on the web today, though, the waters can get a little murky when you don’t know where to look for a safe Bitcoin exchange.
That said, we’re happy to say that Swyftx is arguably the best cryptocurrency exchange in Australia and a trading platform that is perfect for you to start buying cryptocurrency.
What Is Swyftx?
If you ask any seasoned cryptocurrency trader what their ideal trading platform is, there’s a good chance they’ll tell you Swyftx, hands down.
The Swyftx trading platform is a user-friendly exchange that works to help you invest in cryptocurrencies from across the globe, and more than just Bitcoin too. It’s the service that accepts all major payment methods, in AUD or Australian Dollars, like Osko, PayID, Bank Transfers and more.
The service is also AUSTRAC registered, which means it’s an Australian cryptocurrency exchange that follows a transparency guarantee and the regulations that keep you safe as a local cryptocurrency trader in Australia.
With all of that in mind, it’s also good to know that Swyftx has been explicitly designed for excellent ease of use and to eliminate any hassle when trading. And as a newbie — this is exactly what you’re looking for. There’s even customer support that extends beyond troubleshooting and features staff who will actively help you understand how trading crypto assets works.
As expected, because of all the great stuff we’ve mentioned above, Swyftx has grown exponentially over the past year and is fast becoming one of the world’s favourite trading platforms when it comes to digital currency exchange.
A Few of Swyftx’s Best Features
Adding to the unique and simple user interface, there a tonne of features and perks that come with being a Swyftx user. A few of these that make it the best cryptocurrency exchange in Australia include:
Access to over one hundred cryptocurrencies including ETH, XRP, BTC, KYC and LTC.
High liquidity to ensure a low risk when it’s time to cash out or deal with high trading volume
State of the art real-time charts, graphics and trade views to give users plenty of data.
An integrated demonstration mode when practicing to trade cryptocurrencies.
An affiliate program that awards up to 30 per cent commission.
Two-factor authentication for added privacy and theft prevention.
Automatic report generating for taxation purposes in line crypto laws.
The immediate verification process that prepares your account for use within 2 minutes.
All of these features out of the way, it’s no shock that Swyftx is on the way to becoming one of the largest cryptocurrency exchanges in the world. Whether you’re in Sydney, Melbourne or even New Zealand you’re able to use Swyftx and make use of its great trading features.
The Swyftx Competition
After taking a look at some competing trading platforms, it’s easy to see that Swyftx offers a tonne more with regard to trading tools and overall experience.
The use of the platform is a lot more straightforward than the competition, and it’s a whole lot cheaper to boot. When we looked at spreads, Swyftx had a massively lower spread percentage than other popular exchanges.
Coinspot, for example, shaved off 5.2 per cent in trading fees with Swyftx taking just 0.8 per cent, for what is arguably a far better experience.
Here’s a closer look at some competing cryptocurrency exchanges:
Swyftx – AUD – Bitcoin, Ethereum and more – 0.6% Fee
Independent Reserve – AUD, NZD and USD – Bitcoin, Ethereum, Ripple and more – 0.5% Fee
CoinSpot – AUD – Bitcoin, Ethereum and more – 1% Fee
Binance – AUD and USD – Bitcoin, Ethereum, Ripple and more – 0.1% Fee
CoinJar – AUD – Bitcoin, Ethereum, Ripple and more – 0.1% – 1% Fee
With those fees out of the way, it’s easy to see that Swyftx offers a great experience in hand with a relatively low fee. This is excellent news for investors looking to get the most bang for their buck when trading with a reliable brokerage.
In some cases, with other trading platforms, spreads and fees can hit upwards of 8 per cent when all things are considered, far more than even the highest fees from Swyftx.
How Swyftx Works
Much like a traditional stock trading platform or broker, Swyftx works by comparing the major cryptocurrencies and giving you the best prices in your chosen fiat currency. Whether this is USD, AUD or NZD you can rest assured the process is quite seamless.
As a ‘broker’ in a sense, you can place an order for a currency or altcoin on Swyftx and rely on the platform to scour for an exchange that offers the most liquidity for that specific crypto asset.
Tying in with providers is what helps the platform operate so smoothly for users, and also ensures exceptionally high liquidity. For reference, Swyftx works with Binance to make sure that when you place an order for a coin like XRP or Ripple, for example, you’re able to rest assured you’re getting your hands on the best market rate at that period of time.
In all, when it comes to investing on the blockchain and getting your hands on digital assets, Swyftx is your perfect partner for a smooth experience when you buy cryptocurrency.
Is the Swyftx Platform Safe
One of the biggest aspects that should be on your radar when it comes to trading cryptocurrency should be security. You’ll want to be sure that you’re not running the risk of having your data stolen, your currencies diverted from your digital wallet or any other cyber-related issues affecting your bank account.
We’re happy to say that as, arguably the best cryptocurrency trading platform in Australia, that Swyftx is outstanding in their commitment to privacy and security.
You’ll find multiple layers of security-focused technology here, including Two Factor Authentication (2FA) which has been curated by the security firm Auth0. That means all of your log-ins with Swyftx are double-checked with another one of your devices to ensure it’s only you who is accessing your account.
Again, this 2FA comes in to play when it’s time for account changes, detail updates, trading and withdrawals. Fantastic news for anyone who is concerned about someone infiltrating your account and having open-access to do anything they would like.
In all, there are more than enough protocols in place to stop hacking and crypto-asset theft on the Swyftx platform to keep all traders happy.
Setting Up Your Swyftx Account
Like we mentioned, using Swyftx is completely effortless and simple to use for all traders from beginner to advanced, and so setting up an account shouldn’t be too difficult. Have a look below at the steps to launching your Swyftx account.
Setting up the Account
The good news with Swyftx is that everything during setup is ultra-streamlined and fast, even the verification process. There’s little wait time here, low fees and heaps of security aspects that you’ll notice when it comes time to set up your account with Swyftx.
To get started, head over to the SignUp button on https://swyftx.com.au.
Follow the steps here and once you’ve set up your account, you’ll be on to the next step which we suggest as being setting up MFA. This is the service’s 2FA or two-factor authentication we spoke of above.
Head over to the Security tab on the Profile Page and follow the steps.
Getting Correctly Verified
Once you’ve got your account set up and enabled two-factor authentication, you can then move on to the verification stage.
With most cryptocurrency exchanges, this process can be long, confusing and tedious, though not with Swyftx. The process is simple, laid out in a way that’s easy to understand and is fast-tracked down to just a few minutes.
To verify your account, head over to the Navigation bar and select your Profile tab again. A Verification button should be easy to spot, and all you’ll need to do is hit that. Make sure you have your identification documents handy, your mobile number and email address as you’ll have to supply these for full verification.
Once you have these documents, you’ll need to fill them out and upload them to Swyftx’s platform and you’re done.
Don’t be too concerned about sensitive document sharing, as the platform is safe and encrypted — a similar process to verifying your account with ANZ’s ShareInvesting platform, for example.
Verification should take just a couple of minutes after uploading your documents.
Adding Your AUD Deposits
Once verification is complete, you can then start adding funds to your account. Of course, AUD is simplest so just head over to your bank for a transfer, or make use of Swyftx’s integration with PayID or BPAY and you’re all good to go.
Depending on your bank, your funds should be available immediately or within a day or two.
If you’re an investor with a Bitcoin wallet, you can start using Bitcoin to invest right away, just deposit these coins and start trading immediately.
And there you have it. Setup on Swyftx is ultra-simple and doesn’t take too long at all, just be sure to follow all the steps, verify your account and have your funds ready to go and you could be trading within a day. It’s a good idea to have a hardware wallet too if you’re looking to hold your investments.
The Simple Swyftx User Interface
As we mentioned, the user interface on the Swyftx platform is incredibly simple and straightforward to use.
At the top of the page, you’ll be able to see AUD pricing of Bitcoin and other major cryptocurrencies so you’re always in the know about exactly what the market’s doing at any given moment.
Toward the left side, there’s the trading window launcher, which shows your options for buying, selling and swapping coins.
Keeping to the left, the navigation pane also gives you access to everything you’ll need to withdraw and navigate the service, as well as update or check up on any of your information.
When it comes time to trade a cryptocurrency or to buy Bitcoin, Ether or anything else, all you’ll need to do is fill out the order-entry sheet. All the information you need to make a purchase is right there, along with the pricing of the 1 BTC cost to AUD so you’re able to check your funds.
One area where Swyftx stands out is in its order types. You can make a few different orders such as a:
This is much like traditional stock market exchange applications and services.
These are all ideal features for both beginner and advanced traders looking to get a little more out of their trading interfaces and to have a bit more control over how their trading activities should go.
One last thing to note is that Swyftx has made it known that they’re developing some all-new types of trade orders, to enhance the experience further. One of these includes OCO trading, or One Cancel the Other type of trades that help give you a little more investment and purchasing management without having to do too much work.
An all-encompassing exchange, Swyftx makes sure to offer a range of cryptocurrencies with more than 100 available as of writing. All of which can be paired with AUD, BTC and USD for simple trading. These include:
Stellar Lumens (XLM)
Basic Attention Token (BAT)
Bitcoin Cash (BCH)
It’s good to keep in mind that having liquidity partners and being a large Aussie-based crypto trading platform means that Swyftx is very liquid. You’re not going to be concerned about withdrawal problems and order issues when it comes time to make a high volume trade, for example.
Before we wrap up our look into the best cryptocurrency exchange in Australia, we’ll go over the ease of fund transfer and payment methods.
With many platforms only offering minor payment methods like a bank transfer, Swyftx offers a whole range of them for you to choose from.
You’ll be able to use the following payment providers on Swyftx to make your experience on the platform as easy as possible:
OSKO (same day)
Currently, Swyftx doesn’t offer PayPal, credit card or debit card support or cash deposits though this may change in the future. However, the services that do offer these charge rather high surcharges.
With all of the above said, it isn’t hard to see why the Swyftx exchange is fast becoming the favourite for Australians and people from all across the world. It’s designed with simplicity in mind and makes it easy for beginners and advanced traders to get buying instantly.
It’s filled with plenty of essential value-adding trading tools that get you on the right track from the get-go. There is also customer support staff available to help you with more than just software bugs, but information-rich support for when it comes time to actually trade.