Down under with crypto exchange Swyftx

Down under with crypto exchange Swyftx

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Jonathan
Jonathan

An editor at Coincrop


26 May 2022 | 21 min read
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wyftx is revolutionizing the digital currency industry because there is no doubt that it is one of the largest and most popular, and reputable cryptocurrency exchanges. Swyftx is a cryptocurrency trading and investment platform based in Queensland. It was started in 2018 by two cryptocurrency fanatics, Alex Harper and Angus Goldman, to provide an all-in-one crypto selling and investment solution for all consumers.

In this guide:

What is Swyftx?

Created to meet the high demand for a liquid trade, swyftx, initially launched by Alex Harper and Angus Harper, was a response to Australian cryptocurrencies regulations and tax-paying procedures. Swyftx's trading services make it ideal for both newbie investors and specialists from Australia who desire to be using a cryptocurrency exchange that is precisely designed to meet their needs.

It gives stakeholders with tax advantages and the chance to leverage the bitcoin market on a broader scale through a cryptocurrency self-managed superannuation fund that it administers.

If you've looking for a simple and user-friendly cryptocurrency platform, Swyftx is a fantastic choice. Its 0.6 percent flat transaction fee, combined with some of the smallest margins of any Australian trading, makes it an intelligent place to start constructing a crypto strategy.

Other services include income, SMSF assistance, and sophisticated investment options such as stop-loss trades and regular buys. You should be able to seek support with any problems with live chat. If you want to trade derivatives like options trading on Swyftx, it's not the exchange for you.

The Swyftx website

What is the history of swyftx?

The two kids named Alex and Angus first formed bonds at a Summer Computer Science Camp. It was long before these boys realized their dorm room buddy would transform into a true friend for life and a passionate business partner.

Alex and Angus spent a year working away at respective computers after leaving their job, spending their cash, and pulling up their hands to construct the best exchange market. 

Swyftx is a decentralized cryptocurrency based in Australia and New Zealand and established in 2018.

The system was created to address the numerous challenges that affect conventional cryptocurrency exchange platforms. Swyftx saw itself as the solution to a lack of customer service, old-fashioned user interfaces, lousy education techniques, and inflated prices.

It was engineered to be the only bitcoin selling and investment platform you'll ever need. Swyftx has always pushed the envelope, putting its client's demands, trust, and safety at the front of all decisions.

What are the benefits of Swyftx?

    • Around 100 assets are for trade with the best stability. 

    • The 3 minutes average answer to living chat tries to provide outstanding customer service.

    • A threat demonstration mode for learning to market and gaining experience!

    • Mobile and desktop apps benefit from a robust and comprehensive user experience.

    • Swyftx marketplace transactions use an actual price source to update your assets regularly, ensuring that you'll get the best possible price.

How much can I earn on Swyftx?

Swyftx Earn is a service that allows you to earn interest on eligible cryptocurrencies held in your Swyftx trading wallet.

There are no fees involved with Swyftx Earn, and daily interest is immediately applied to your total cryptocurrency amount. You can claim your interest on a specific coin right away by transferring some or all of it from your 'Earn' wallet to your trading wallet.

    • Decide the cryptocurrency you wish to invest in.

 Choose a coin in your trading wallet that is qualified for earning interest.

    • Purchase suitable cryptocurrencies to earn money

 Purchase one of the acceptable cryptocurrencies for Swyftx Earn.

    • Get paid interest

 Swyftx Earn allows you to earn daily compounded interest on your cryptocurrency.

Swyftx offers a number of flexible saving products. The following table shows rates you can earn for your deposits:

Deposit assetsReward assetsAPY Rate

Deposit ZilliqaZilliqa (ZIL)

Earn ZilliqaZilliqa (ZIL)

13.9% - flexible

Deposit TezosTezos (XTZ)

Earn TezosTezos (XTZ)

3.97% - flexible

Deposit TetherTether (USDT)

Earn TetherTether (USDT)

6.71% - flexible

Deposit USD CoinUSD Coin (USDC)

Earn USD CoinUSD Coin (USDC)

6.71% - flexible

Deposit TronTron (TRX)

Earn TronTron (TRX)

5.97% - flexible

Deposit SolanaSolana (SOL)

Earn SolanaSolana (SOL)

6.18% - flexible

Deposit HarmonyHarmony (ONE)

Earn HarmonyHarmony (ONE)

8.32% - flexible

Deposit PolygonPolygon (MATIC)

Earn PolygonPolygon (MATIC)

12.7% - flexible

Deposit KusamaKusama (KSM)

Earn KusamaKusama (KSM)

19.7% - flexible

Deposit Kava.ioKava.io (KAVA)

Earn Kava.ioKava.io (KAVA)

25.9% - flexible

Deposit FlowFlow (FLOW)

Earn FlowFlow (FLOW)

6.18% - flexible

Deposit EthereumEthereum (ETH)

Earn EthereumEthereum (ETH)

5.12% - flexible

Deposit ElrondElrond (EGLD)

Earn ElrondElrond (EGLD)

12.7% - flexible

Deposit PolkadotPolkadot (DOT)

Earn PolkadotPolkadot (DOT)

12.7% - flexible

Deposit BitcoinBitcoin (BTC)

Earn BitcoinBitcoin (BTC)

5.12% - flexible

Deposit Axie InfinityAxie Infinity (AXS)

Earn Axie InfinityAxie Infinity (AXS)

101% - flexible

Deposit CosmosCosmos (ATOM)

Earn CosmosCosmos (ATOM)

11.4% - flexible

Deposit AlgorandAlgorand (ALGO)

Earn AlgorandAlgorand (ALGO)

8.32% - flexible

Deposit CardanoCardano (ADA)

Earn CardanoCardano (ADA)

4.60% - flexible

Are my assets safe with Swyftx?

Swyftx guards your funds by storing them in both cold and hot wallets. It implements additional security measures such as two-factor authentication or verification, JWT tokens, and session expiration. You can also keep your funds in another offline wallet.

Swyftx Pty Ltd is the company that operates and own Swyftx. It has a strict privacy policy. As an AUSTRAC-registered digital currency exchanging vendor or DCEP, it valid Know Your Customer (KYC) procedures and transaction tracking programs too. 

There are several methods of protecting your swyftx account:

    • Create a solid and unique password for your account: Although it may appear to be a no-brainer, most of the population fails to do so. It is critical to create a password that is entirely different from any other program you use. For example, your Swyftx login and email passwords should be separate. Swyftx has a password policy designed to guarantee that your password is sufficiently complicated, but you entirely must develop a safe password.

    • Set up biometric security: Biometric security has developed throughout time. People can be identified using genetic measurements or biological attributes. The most popular biometrics are face detection and fingerprint scanning. 

Swyftx's smartphone app, accessible for Android and iOS smartphones, uses biometrics safety features to ensure security and convenient account access. You can use fingerprint authentication or facial detection to keep your account private when on the go.

    • Two-factor authentication (2FA): Swyftx promotes and enables Google Authenticator, Windows Authenticator, and Authy, which create multiple-factor authentication codes. These programs produce a Time-based One-time Credential that expires and is replaced with a new password. This password will be necessary for registering an account or withdrawing funds.

The screenshot to the right shows the User Registration app in action. The one-time passcode will update when the timer on the right-hand side runs out.

The Swyftx website

Working with Swyftx

Swyftx's system is easy to use. It also has a smartphone website application with a more user-friendly layout than the computer version. From the admin panel, you may activate every essential function of Swyftx with a single click. This makes it simple for newcomers to start adding cryptocurrencies to existing accounts and for professional crypto traders to simplify their investing.

Swyftx's personalizing the user interface to your preferences is a beneficial device.

Four simple steps are involved in getting started with Swyftx:

Step 1. Create an account:

    • Type out your phone and email number.

    • Create a different and safe password.

    • Accept the terms and conditions of swyftx for creating a free crypto trading profile.

Step 2. Verify your identity: You can verify your email id, mobile number, and ID online without submitting any paperwork.

Step3. Send deposit: Once your profile has been authenticated, you can send money to Swyftx through Bank Transfer, POLi Pay, PayID, or OSKO.

Step4. Start trading: Anyone can now start selling, purchasing, and exchanging over 320 cryptocurrencies and assets on your Swyftx account once your payment has been confirmed.

    • Stake Crypto to Earn Rewards: The registration process is exceptionally online, and you may create an account in less than ten min. In the Registration Process part, we go through the entire procedure.

    • Establish Market Orders: Prevent and limit trade orders are supported by Swyftx, allowing you to trade or acquire crypto at a specific price or on a given date.

    • Demonstration Area: Swyftx includes a robust demo mode that allows you to experiment with various market orders and tactics before contributing real money.

    • Stake Crypto to Earn Rewards: The registration process is exceptionally online, and you may create an account in less than ten min. In the Registration Process part, we go through the entire procedure.

Swyftx fees

Regarding fiat currency fees, AUD payment methods are free, with a maximum average of up to 100,000 AUD and no transaction fees.

Transaction fees on crypto are 0.6 percent, with significant volume discounts, no trading limitations, and spreads commencing at 0.45 percent. There is a regular network mining fee for cryptocurrency deposits and withdrawals but no additional Swyftx fees.

Swyftx has a big availability pool, thanks to its partner organizations. Thus its spreads are reduced, averaging 1.7 percent for all cryptocurrencies and 0.45 percent for Bitcoin, compared to competitors' 4.0 percent standard margin.

Swyftx services

    • Swyftx Investing

By using Swyftx, users can purchase and trade cryptocurrency for fiat currency or change between accepted cryptocurrencies.

Advanced crypto traders can use industry limit and stop-loss trades and repeating instructions to protect themselves against market fluctuations.

    • Swyftx earnings

Swyftx users can earn incentives on selected cryptos kept in a suitable earn wallet. There are no lock-up requirements, and possible profits begin at 4% APY.

    • Bundles

Swyftx provides "bundles," allowing customers to buy several different crypto assets in one transaction. These are evaluated accordingly and classified into numerous categories such as top 5 by market valuation, meme coins, or DeFi. For example, the top 5 market valuation bundle has 5 coins, each accounting for 20% of the total.

    • SMSF assistance

Swyftx can assist you in expanding your self-managed super fund portfolio to incorporate cryptocurrency if you match specific qualifying conditions. It's important to remember that all SMSFs come with additional risk, so seek expert help immediately.

    • OTC (over-the-counter) trading

Swyftx provides an over-the-counter (OTC) table for deals of $100,000 and even more than this if you're an elevated broker.

    • Demonstration mode

Swyftx beginners can use the practice mode to practice trading without losing real money. This is a great way for crypto newbies to learn about the platform and how crypto investing operates.

    • Taxes are generated automatically

Swyftx has worked with Koinly and Crypto Tax, two third-party tax trackers, to produce tax returns immediately. Because the tax implications of cryptocurrency can be complex, an interface like this offers further assurance. Before you start, take som time to understand the Australian crypto tax laws.

The Swyftx website

Are there any referral or affiliate programs?

Swyftx rewards you for referring a friend to utilize our platform. This bonus is equal to 30% of the commission cost connected with all trades made by your referral throughout their account.

You can become an affiliate right after creating an account on the Swyftx trading platform. Simply go to your profile and select the "Refer a Friend" option. In the Referral URL field, you'll find the link.

Once your friends have signed up using this link, you can track the commissions you've earned from the recommendations you've made.

Affiliate commissions are paid in FIAT currency to your Swyftx account. The funds can then be sent to your bank account or used to buy more crypto, such as BTC, on the trading site.

Swyftx FAQs?

Yes, Swyftx is a secure and trustworthy cryptocurrency exchange that has never been hacked. Swyftx is a member of AUSTRAC, the Australian Transaction Reports, and Analysis Centre, and has a strict Know Your Customer (KYC) policy in place to prevent money laundering and other criminal activity.

Swyftx features a demo mode where you can practice trading, place stop and limit orders, make card deposits, manage your portfolio, and even try out two-factor authentication and biometric login. It means you may fully explore everything Swyftx has to offer without depositing any money or buying any cryptocurrencies.

Making a withdrawal at Swyftx is just as straightforward; here's how:

 

1. You'll find a withdrawal option on your main dashboard, where you can enter a new withdrawal address.

 

2. After you've added it, you'll get an Action Verification pop-up, and you'll receive an SMS with a 6-digit number to enter. 

 

3. Return to the withdrawal AUD tab, enter the withdrawal amount by clicking on the blue hand symbol on the right side, state your withdrawal reason, and then click withdraw.

Depending on the type of bitcoin transaction and your circumstances, you may be subject to both capital gains and income tax. It might be necessary to pay capital gains tax on profits made through bitcoin purchases and sales and income tax on interest received from cryptocurrency holdings.

Swyftx is currently accessible in Australia. Other countries will follow soon. India and Ireland will soon receive assistance.


Jonathan

Jonathan

An editor at Coincrop
View articles

Jonathan is a Crop Crop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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