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Why is Swyftx so Expensive? (2021)

Do you wonder what makes Swyftx more expensive than other exchanges? 

Don’t worry, we’ll get to that. In this article, you’ll discover the reason why SwyftX costs more than other cryptocurrency exchange platforms in Australia. In the end, you can also find alternative platforms that have better fees.

Swyftx Fees Review

Founded in 2017 in Brisbane, Queensland, Swyftx is an established cryptocurrency exchange based in Australia. It soared into popularity after they’ve made the rounds in a Facebook group called “Crypto Australia”, a 40,000-member strong Australian group founded by the admin of the group himself.

 

Swyftx Table

 

Fees of Trading 0.6% per trade
Deposit Fees 0.5% per deposit with AUD
Founded During 2017
Headquarters Brisbane, Australia
Deposit Options Bank Transfer, Cash, Debit Card or Credit Card, PayID/Osko, and more
Cryptocurrencies Over 250 cryptos
Built-In Wallet Yes
Device Platforms iOS, Android, and Web
AUSTRAC Registered? Yes

Swyftx Deposit FX Fees

When you enter the Swyftx platform, your first encounter of the fees is the AUD deposit fee at 0.5% per deposit. The reason for this fee is because Swyftx exchanges AUD to USD on their end in order to trade on the platform.

SwyftX Trading Fees

For transacting, SwyftX fees fall at a flat rate of 0.6% fee per transaction.

If you want to deposit AUD for your first crypto purchase, you’re expected to pay around 1.1% in deposit and transfer fees in total.

 

What is a cheaper alternative to SwyftX?

If you’re looking for a cheaper alternative to Swyftx, you’re in luck. Another cheap instant buy exchange based in Australia is Digital Surge. This exchange platform offers over 250 different cryptocurrencies in their listings. They don’t use US dollars, meaning there’s no deposit fee. They also charge only 0.5% per transaction.

Using an exchange like Digital Surge will mean your trade fee cut will round out to about 0.5%. This is a bit smaller than SwyftX which goes for 1.1% per trade.

SwyftX Digital Surge
Total Fees 0.6% – 1.1% 0.5%
Available Cryptos 250 + 250 +
Founding Year 2017 2017
Location of HQ Brisbane, Australia Sydney Australia
Deposit Modes Bank Transfer, Debit Card, Credit Card or PayID Bank Transfer, PayID or Osko and POLi
Beginner Friendly Yes Yes
iOS and Android App Yes Yes
Additional Foreign Exchange Fees Yes No
Website Visit SwyftX Visit Digital Surge

 

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