Swyftx Review

If you’re looking for the best exchange in Australia, then you probably already heard of Swyftx.

Review of SwyftxMaybe it’s because of the thousands of ★★★★★ reviews on TrustPilot. 

But is Swyftx right for you?

Truth is, crypto exchanges are quite different – apart from just buying Crypto some have excellent trading tools while others allow you to do things like yield farming.

In the next 5 minutes you can decide as we look at real reviews including the negative ones.

Here is the good, the bad and some ugly on one of best exchanges in Australia.


What is Swyftx (really)?

What Can You Trade on Swyftx?

How to Signup on Swyftx

How it Works

Pros and Cons of Swyftx

How Safe is My Money on Swyftx?

Swyftx (real) Reviews including negative ones 

Cool Stuff

Swyftx Fees

Bottom Line

What is Swyftx (really)?

Alex Harper and Angus Goldman launched Swyftx in Brisbane, Queensland (2018). Around 200 employees work for the exchange today.

Since Bitcoin spiked in late 2017, Australia became one of the most involved countries in this space. Yet, crypto sounded like a distant concept for many, given how quickly things changed. And thus Swyftx decided to create the most user-friendly exchange in Australia.

So far, thousands of users seem to agree. Swyftx trades at least $120M per month since 2019 in Australia alone. Now that it has become international in 2021, you can imagine the growth.

What Can You Trade on Swyftx?

It offers over 260 coins, including the Top 50 most traded, some ERC-20 (Ethereum) coins, DeFi projects, and even fan tokens. So while it’s below Binance’s 300, you have (1) more project variety and (2) USDT pairs for all coins. Swyftx keeps adding new tokens every few months.

The platform makes investing easy, including buy/sell, swap, and advanced options (e.g., bundling, stop-limits, recurring orders). To see how they work, let’s review the features:

How to Signup on Swyftx 

When you go to Swyftx.com, you can trade cryptos as soon as you sign up.

What you can do in the exchange depends on your account level:

  • Starter: Verify email.
  • Bronze: Verify phone number.
  • Silver: Verify ID documents. Unlocks crypto-fiat trading and recurrent orders.
  • Gold: Complete KYC-0 (Security phone call). Unlocks fiat withdrawals.
  • Diamond: Complete KYC-1 (photo of the ID + selfie). It’s requested for deposits/withdrawals only when your account is flagged or suspended. Diamond accounts have minimal chance of being flagged unfairly.
  • Platinum: Complete KYC-2 (questions about the account purpose and source of deposits). Only requested for fiat withdrawals on flagged accounts.

If you just want to swap cryptos and then send them to another wallet, Bronze is good to go. If you want to swap crypto-fiat and withdraw to your bank, Gold Level is enough to unlock all features

HOWEVER if you don’t want to worry about Swyftx suspending your account without warning, at least Diamond is recommended.

How it Works 

Trading in Swyftx looks different from what you’d find on CoinBase or Binance (review). You first find the coin you want, and then you choose what to do from the top menu. This way, there’s less information on-screen (more user-friendly).

As for trading features:

  • Buy and Sell is crypto-fiat only, being fiat your default currency (top left corner). You can only trade what’s on your balance (found in the sidebar).

Both Buy and Sell have Limit and Stop orders. Stop executes the trade at your specified price while Limit only fills it. Limit executes the trade at market price (under the price limit as Limit Buy, above the limit as Limit Sell).

The Recurring order only appears for purchases if you already passed ID verification (Silver Account). You can choose the amount to buy, when, and for how long (or until you can’t buy anymore). To cancel, you go to the Orders tab.

  • Swap will automatically sell to your default currency and buy the swapped token. Conversion fees up to 1.25%.

Other features include charting (with technical-analysis tools), price alerts, and token information (including the spread %). If you find a coin on Swyftx and want to add it to your Web3 wallet, you click on Explorer, and it will show the contract address on EtherScan.

  • To Deposit/Withdraw you select the network (typically BTC / ERC20 / BEP20) and copy the deposit address. When you send it, it will appear on the history as Pending. How long it takes depends on the token.

For convenience, there’s Quick Deposit/Withdraw for Bitcoin, Ethereum, and XRP.

What about payment methods?

For fiat withdrawals, you need to verify your identity (Silver Level). But Swyftx only allows this in Australia and New Zealand. 

Verified users can withdraw to:

  1. Bank account in 2–6 business hours (instant transfer for OSKO accounts)
  2. POLi (instant)
  3. PayID (instant)

Otherwise, it’s better to withdraw crypto to an exchange that does have the method you want.

Fees and Limits

The exchange charges 0.6% in fees for every transaction (1.2% for swaps). High trading-volume discounts apply. And while it’s not as low as 0.1%, Swyftx is transparent on the hidden fees (which all platforms have).

Suppose you buy 1 BTC for $50,000 in an exchange with 0% fees. On the order preview, however, they might cost $52,000 for the same Bitcoin. That difference is the spread, and the average exchange has a 4% markup (not including fees).

Swyftx offers a 0.45% spread for Bitcoin and up to 1.7% for every other coin. 0% for Tether.

Token prices update every few seconds based on market standards.

As for deposits and withdrawals, there are no exchange fees. It depends on the payment method you choose and the mining fees of the coin’s network.

What about limits?

  • Swyftx users can trade with no amount limit. Crypto withdrawals are also unlimited and free.
  • The most AUD you can withdraw is $50k per day. 100k if ID-verified (unlimited deposit amount)
  • You can only withdraw a minimum of $50 USD, whether it’s fiat or cryptocurrency

Pros and Cons of Swyftx


– Over 260 cryptocurrencies.

– Excellent customer service

– Easy to deposit funds (PayID, OSKI, POLi or bank transfers)

– Licensed and regulated in Australia by AUSTRAC (Australian Transaction Reports and Analysis Centre)

– Demo mode means you can get comfortable with purchasing and trading before you put your money on the line


– Does not have some features like Yield Farming which you might like e.g., liquidity pools, NFT marketplace, P2P trading…

– There are lower fee ways to buy and sell crypto like Binance (review)

How Safe is My Money on Swyftx?

Swyftx is an Australian company licensed and regulated by the AUSTRAC. It also follows the KYC regulations, and (unlike others) the exchange has never been compromised since the launch. While it’s not infallible, users get a sense of security when trading on Swyftx.

The exchange uses both cold and hot wallets to store cryptocurrency. And while 100% offline would be ideal, the hot wallets provide some exchange liquidity. Swyftx does recommend hardware wallets (Ledger Nano), and you can find them in the Shop (sidebar).

But how secure are online wallets? If you’re new to the platform, you’ll find that withdrawals are not easy. Not because of KYC, but because the button won’t appear until you manually set the addresses.

Let’s say you want to withdraw Ripple:

  • Go to withdrawals and find XRP on the list.
  • Click the plus sign (in Withdrawal Addresses).
  • Enter your other wallet address.
  • Select the mining network. BSC (way cheaper) may be unavailable, but ETH always does.
  • Add a label and click Add
  • A pop-up window will request a PIN sent to your phone
  • When confirmed, it will appear in the list with the status “Confirm Email”
  • When you confirm, log into Swyftx again
  • Find again XRP in the withdrawal list, and now there’s the withdrawal option
  • When you click and enter withdrawal details, you’ll need to approve the transaction. Depending on your settings, it’s a 2FA App code + SMS + email.

And that’s just for XRP. You have to do this with every coin unless you convert everything to one. If a hacker stole your account, they’d need all these steps, or else withdraw to your wallet.

If you ever have any issues, the support team will take care of it. They reply within a few business hours on live chat (or you request a free call back). And unlike bigger exchanges, you get quality support from Australian based customer support who probably work in the same building as the management. Here’s the full team.

Swyftx (real) Reviews including negative ones

Every Australian has read reviews on Product Review – it has a habit of attracting negative reviews.

What we found is quite extraordinary.

On Product Review, Swyftx scores 4.6/5 on over 2100 reviews. This is considered excellent compared to their peers with Swyftx the highest ranked site of all the exchanges listed.

Does this mean they are perfect?

No exchange is.

We trawled through a whole bunch of negative reviews and many seem to be related to their relatively complex signup process which we outline above which are designed to meet AUSTRAC requirements and compliance measures.

Phil wrote, “I bought Algo and Eth and then my assets were frozen. Stuck. I was forced to sell to get out of my frozen Swyftx or to be put in a disadvantaged position.”

However this is a fix.

Our advice is to get fully verified to at least Gold and ideally Diamond. This will reduce the potential for being able to buy Crypto but then being unable to do anything with it. See “How to Signup on Swyftx” above.

Cool Stuff

The following features are not necessary for trading (but still help to improve the experience):

Swyftx Demo Mode

What makes Swyftx beginner-friendly is the interface and demo mode. It’s a simulated trading account to test how different investments will perform. You can find it at the top bar on the right:

Demo Mode, only on Swyftx

The demo account is separated from your real account. It starts with $10,000 (only USD accepted), which you can convert to any coin. 

Disabled functions include deposits, withdrawals, recurrent orders, and bundles. They re-enable when you switch back to the real account.

Swyftx Tax Planning

While Swyftx doesn’t share your data with anyone, it must provide it to regulators (e.g., ATO) if requested. Since taxes already apply to crypto in Australia, we think it is better if the exchanges give you the tools to do so. 

The exchange partners with Koinly & CryptoTaxCalculator, so tax planning is easy.

In our Yield Farming in Australia guide, you can learn more about taxation.

Swyftx Bundles

Diversification helps to minimize volatility risk in crypto. Here, Swyftx bundles the most relevant coins by category and trading volume.

You’ll find this option at the bottom of the sidebar:

Swyftx Bundles

It doesn’t replace independent research, but it helps when you don’t know where to start.

Note that bundling doesn’t change the fees (1.2%). It’s still 0.6% to convert fiat to crypto and 0.6% to swap to all other coins. You can test it in demo mode.

While it seems unessential, bundling does help Dollar-Cost Average investors. If you buy a fixed amount of crypto every week/month, this is for you.

Swyftx Affiliate Program

The affiliate program becomes available after you validate your account. When a new trader signs up on Swyftx with your link, they can start right away (without KYC). And for all order fees they pay, you get 30% in commissions.

As long as they keep using Swyftx (known as the best platform for Australia), you keep receiving affiliate payouts every month. While writing this guide, there are about 9,000 affiliates and not more than 500,000 users worldwide. So if you like Swyfxt, this affiliate program is more likely to work than if you promoted already-known exchanges (like Binance).

Swyftx: The Bottom Line

As proven over and over, Swyftx is one of the most recommended exchanges overall. At least if you’re starting on crypto and need a reliable withdrawal method.

Maybe this exchange doesn’t have as many features (e.g., liquidity pools, NFT marketplace, P2P trading…), but it makes sure to over deliver on the essential.

Now established in Australia, it’s yet to see what Swyftx can offer as a worldwide crypto exchange.

Binance Review – Australia

Binance, one of the leading cryptocurrency exchanges, recently expanded its reach to Australia with Binance Australia. 

Binance review in AustraliaWhile there are other options for Australians looking to trade cryptocurrency, Binance’s low trading fees, high liquidity and huge number of coins mean it could make it a fit for many people wanting to buy and sell digital currency here in Australia. 

Here is the deal:

Binance are not the best when is comes to customer service and they have had some regulatory issues recently in some countries…

But even though they are not perfect, they still might be a good choice for you.

Here’s our Binance review in Australia, complete with pros and cons and concerns with regulators so you can decide if it’s the right exchange for you.


What is Binance (really)?

What Can You Trade on Binance?

Pros and Cons of Binance

How Safe is My Money on Binance?

Binance Reviews

Binance Fees

Bottom Line

What is Binance (really)?

Binance is the largest cryptocurrency exchange in the world in terms of volume.

Most people use it to buy their cryptocurrency, but Binance also has its own coin (BNB) and other unique opportunities.

It’s probably one of my favourite exchanges due to it flexibility. For example, it it one of the few exchanges that enabled me to buy and sell some smaller altcoins.

More experienced traders will also enjoy Binance’s array of tools suited to various needs and abilities.

What Can You Trade on Binance?

Binance allows you to buy an insane number of different coins with different pairs – literally 100s.

For about 20 cryptos there is no need to buy Ethereum, Bitcoin or BNB (the Binance coin) and converting that into many of the smaller coins.

Zero-Fee Deposit via PayID / Osko

With Binance you can fund your accounts via bank transfer using PayID or Osko (pretty much every Australian bank). Apart from being really fast, you will not be charged a fee for deposits.

But there are fees, more about those in a second.

Spoiler alert: they are low, although there are some things you need to know.

Here is the deal:

Some of the less well known cryptos can make you the make (or loose) the most money. Don’t be like me and miss out on big gains just because the coin you want is not supported by the exchange you use!

You might also like: Guide to Yield Farming in Australia

Pros and Cons of Binance

There are always two sides to every coin (pardon the pun), and Binance is no exception. Like any other exchange, Binance has its own strengths and weaknesses, so let’s take a look at both. 


– Hundreds of cryptocurrencies and cryptocurrency pairs.

– It has some of the lowest trading fees out there. 0.1% for spot trading and 0.75% if you hold BNB)

– Charting and trading features suitable for advanced crypto traders.

– Trading with their native token (BNB) reduces trading fees.

– Solid customer support 

– Fast transaction times


– Customer service according to reviews is lacking

– Trading with their native token (BNB) means you end up holding another coin. (This could also be seen as a Pro assuming BNB keeps rising in value)

– Binance can be a bit of a learning curve for beginners (since there is so much going on)

– Binance Australia only offers spot conversion of fiat to digital currency and vice versa.

– 3.5% or $10 USD, whichever is higher for debit or credit card transfers


Possibly because Binance is so large it has become the target for regulators.  The Cayman Islands, Japan, Malaysia, Malta, the Netherlands, Thailand, and the United Kingdom (UK), have taken action to stop Binance’s practice of allowing trading by residents where it is not licensed to operate.

However Binance Australia is operated by InvestbyBit Pty Ltd (Binance Australia), a digital currency exchange registered with AUSTRAC.

So in August 2021, Binance announced “users from Australia will be restricted from opening new accounts for options, margin products, and leveraged tokens …”

This we think is a good thing as they are proactively restricting access to help with compliance.

How Safe is My Money on Binance?

As with any exchange, it’s difficult to judge fully how secure you are in using Binance.

As they say, “use ones that are regulatory compliant with KYC and AML checks. Peer-to-peer trading and decentralized exchanges with audits have the best chance of security.”

As a centralized exchange, Binance can (and does) freeze accounts and funds if it sees fraudulent activity, but that comes with some risk: if you’re using a credit card or other payment method that requires you to enter personal information like an ID number, then that info might be stolen too.

The best option as always is to store your crypto in a cold storage solution like ledger.

Binance Reviews

On Trustpilot, Binance scores 2/5 on over 2700 reviews. This is considered pretty ordinary compared with some of their peers in Australia. 

Binance Fees

The only fee that Binance charges is a 0.1% trading fee. However you can get a 25% discount on fee simply by holding their native token BNB.

Binance does not charge deposit fees unless you use a credit card.

For withdrawal of crypto, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of your account.

It is free to withdrawal Aussie dollars.

Bottom Line

Binance has got a clean design, user-friendly features, and plenty of coins to trade. The only downside is their customer service isn’t what you would hope—but when you consider everything else they offer, perhaps paying very low fees is worth it.

If you live in Australia, definitely worth checking them out!

Using a calculator with macbook air

P2P Lenders in Australia Compared

The Financial Technology (FinTech) sector in Australia is booming with new companies entering the market on a regular basis. Peer-to-peer lenders, which work in direct competition with the country’s banks, are also becoming increasingly active. A number of new P2P lenders have recently established operations with several more planning to launch themselves in the coming months.

These firms have given individual borrowers and small businesses the opportunity to obtain loans in a manner that is efficient and painless. Due to this, P2P lenders are enjoying growing popularity in the personal loan business and in the area of providing funds to entrepreneurs and small companies.

An extremely limited number of P2P lenders (but more are on the way) offer small investors the opportunity to lend money through their platforms at rates that are much greater than those offered by banks on term deposits. Lending opportunities are also available to ‘wholesale investors’ but the minimum amount required to be deployed is beyond the means of most individuals.

Each P2P lender offers borrowers and lenders different terms. While some of them reveal a great deal of information on their websites others are more circumspect and divulge only a limited amount of information.

The following tables summarise details of several prominent P2P lenders for those who want to lend through them and for those looking to approach them to borrow funds:


P2P LenderWho can investAmount that can be invested. Return p.a.Remarks
SocietyOneWholesale investors approved under the Australian Securities & Investment Commission rulesA minimum of $25,000, no maximumVariable. 10% historically.In business since August 2012
RatesetterIndividuals can investMinimum $10Variable. 3.8% to 9.1%For periods ranging from 1 month to 5 years
ThinCats AustraliaWholesale investorsMinimum $1,000Decided between lender and borrower by online auctionLenders get access to detailed credit analysis of borrowers
MarketlendPrimarily for wholesale investors$10010% to 15%Has funded over $3 million
Harmoney“Sophisticated investors”$2000,000An average of 11%Started in New Zealand in 2014 and has now come to Australia
KikkaFinances loans by obtaining funds from institutional investors. Shortly launching a tie-up with Kabbage
CapifyRaises funds from institutional investors
ProspaRaises funds from institutional investors. Has funded over $99 million


P2P LenderWho can borrowAmount that can be borrowedInterest CostLoan term
SocietyOneIndividuals$5,000 to $35,0007.75% to 9.10% + feesLoan term of 2,3 or 5 years
RatesetterIndividuals for personal loans and small business needs$2,000 to $35,000Varies. For example, a 3-year loan of $10,000 is approximately 10.2%.Loan terms between 6 months and 5 years
ThinCats AustraliaThinCats AustraliaThinCats AustraliaDecided between lender and borrower by online auctionLoan terms between 6 months and 5 years or more
OnDeck AustraliaSmall businesses$10,000 to $150,000Not disclosed. In the U.S., they charge 9% to 98% according to a report in nerdwallet.comLoan term of 6 to 24 months
MarketlendSmall businesses$2,000 to $1 millionRates start at 11%Loan terms of 3 to 5 years
HarmoneyIndividuals$5,000 to $35,000Rates start at 8.99%Loan term of 3 or 5 years
KikkaSmall businesses$1,000 to $100,000Fees of 2% to 9.75% for the first 2 months and 1% for each of the remaining monthsLoan term of 6 months
CapifySmall businesses$5,000 to $400,000Business loans and merchant cash advance is on offer. The company quotes a payback amount and not an interest rate3 to 15 months
ProspaSmall businesses$5,000 to $250,000Varies. No range providedUsually less than l2 months


P2P Lenders are Untested

Most of the companies listed in these charts have established operations recently. While some have strong parentage, others have yet to prove themselves in any market. As long as the credit appraisal models deployed by these P2P lenders hold up and regulators strike the right balance, they will continue to be popular with investors.

Currently, very few companies are accepting funds from individuals. Very soon more P2P lenders will start allowing small investors to lend using their platforms. If the collection ratios of any of these firms deteriorate and individual investors lose money, there will inevitably be a backlash that may tar the whole industry especially as investments do not carry a government guarantee.

Potential for Growth

At an international level, the FinTech sector is booming. According to a recent report in Forbes.com, the lead is being taken by the UK followed by California and New York. The report refers to a survey by the consultancy group, EY, which says that, “The UK has the strongest FinTech policy environment, with the most supportive regulatory regime; policy initiatives in Singapore and Australia are increasingly progressive.”

In fact, the Australian Government has recently reaffirmed its support for FinTech by announcing a number of steps to promote the sector and promises to work with the FinTech industry to implement further reforms.

As more P2P lenders start operations in the country, the biggest beneficiary will be individual borrowers and lenders. Those seeking funds would have an even greater range of options to choose from as the number of lending platforms in the country increase.

Additionally, P2P lenders would give individual investors the opportunity to bypass the country’s banking system and loan funds directlyto end-users, earning higher returns in the process.