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Monday, February 6, 2023

Swft Cryptocurrency Exchange Review: Swft Is Legit

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About Swft Exchange

Founded in 2017, Swft Blockchain is a next-generation, worldwide cross-chain swap protocol and payment network. SWFT Blockchain’s technology combines blockchain, machine learning and big data to enable direct swaps between over 300 cryptocurrencies and counting. Offering a fast, affordable, and secure experience, SWFT Blockchain’s protocol allows users to swap cryptocurrencies at the best rates, in record speeds and with low fees. SWFT Blockchain is currently the go-to protocol for cross-chain swaps between DeFi and CeFi currencies, stablecoins, and more.

Key Information

ExchangeDetails
Exchange NameSwft Exchange
Exchange TypeCryptocurrency
Withdraw FeeFree
Support24/7
LangugaeEnglish
Minimum Deposit$30
Transaction Fee0.60%
Website Homepage

How To Sign Up & Start Swft Exchange Trading

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You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

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You Then Receive An E-mail In Your Gopax To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

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Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

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Simple

Swyftx Fees

Swyftx offers free registration to users who wish to create an account on the platform, and also there are no fees charged for the maintenance of accounts on the exchange. Unlike other crypto exchanges that use complex maker-taker fee models, Swyftx charges low fees of 0.6% for all trades with minimal spreads, which is as low as 0.45%. The Swftx fees structure is one of the lowest in Australia because all trade executions at Swyftx happen at market value, and the cryptocurrency exchange offers high liquidity.

The platform does not charge any fee for deposits or withdrawals for fiat currencies or cryptocurrencies except for fiat currency transfers under $200 which is $2 (network fees) for every fiat transfer under $200.

The forex fee is charged between 0.4% and 0.6% on cryptocurrency deposits and withdrawals displayed in the dashboard. Moreover, the minimal spreads offered by SwyftX, when compared to other leading Australian trading platforms, seem to be highly competitive. Australian exchange generally spreads average around 5.2%. SwyftX boasts an average spread of 0.41% due to a proprietary algorithm enabled on Swyftx to identify the lowest possible spreads for every trade executed on the platform.

Accepted Payment Methods by Swyftx

SwyftX offers the following payment methods for deposit and withdrawal purposes:-

  • PayID deposits
  • POLi deposits
  • OSKO deposits

Both PayID and POLi deposits are processed instantly, whereas, for OSKO deposits, it might take a maximum of 24 hours. The platform does not currently accept credit card or debit card payments but has announced plans to make card purchases (both debit card and credit card) functional anytime soon in 2022.

Investors should note that deposits made in AUD are converted to USD based on the daily forex conversion rates; using USD trading pairs allows SwyftX to access deep liquidity, thereby delivering low spreads and thus allowing the platform to provide lowest trading fees to users.

Swyftx Supported Assets

SwysftX supports a comprehensive list of cryptocurrencies (over 220), crypto assets, and tokens than any other Australian exchange. Apart from listing the high market cap cryptocurrencies like Bitcoin and Ethereum, Litecoin XRP, Cardano, Bitcoin Cash, Tezor, Stellar Lumens, NEO, and Algorand, SwyftX also lists a wide variety of decentralized finance coins like Curve, Sushi, Compound, and Yearn Finance.

Other altcoins listed on the platform include CertiK, Filecoin, Binance Coin, and 0x. The entire list of the supported cryptocurrency assets can be viewed on the Swyftx platform, which shows the market cap, spread, 24-hour volume, and the change percentage.

Features of Swyftx

Swyftx offers the following core features to its registered clients:-

User-friendly

Both the desktop version and the mobile application of Swyftx have been designed to meet the needs of both beginners and intermediate investors to get started with cryptocurrencies.

The platform is straightforward to navigate between the Swyftx wallet, asset list, charts, withdrawals, and lots of other valuable features using the sidebar. The dashboard on the website is fully customizable that can be tailored to suit the needs of each investor. Users can also toggle between the dark mode and the demo account to experience risk-free trading before proceeding to live crypto trading.

Rapid Verification

The entire sign-up and verification process is very simple and swift. Unlike other exchanges in Australia that ask users to upload ID documentation or selfies, the verification process at Swyftx is rapid which gets completed within a few minutes. The verification process only requires customers to fill out a registration form with mandatory fields like name, email address, and ID (government-issued) document information.

The verified Swyftx accounts holders can then readily start trading crypto on Swyftx.

Multiple Deposit Methods

Swyftx supports multiple methods to transfer money to a user’s account with AUD. Users can rapidly deposit funds worth up to 50,000 Australian dollars using any of the following deposit methods:  OSKO, bank transfer, POLi payment, and PayID via an Australian bank account. Swyftx also recently implemented credit card acceptance to fund an account on the platform.

Automated Tax Reporting

Swyftx offers an automated tax reporting tool that automatically generates downloadable tax reports to streamline the tax reporting process, thereby easing out the EOFY complications for crypto tax.

Security and Reliability

While doing this Swyftx review, they found that Swyftx is a fully regulated and licensed platform registered with the AUSTRAC. The platform maintains extremely stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) policies.

The customer’s security is also backed up by 2FA (two-factor authentication) and constant traffic monitoring policies to protect users’ funds. The platform also integrates with Auth0, a leading cloud security platform that adds an extra layer of security to users’ wallets and accounts. Moreover, the exchange stores its clients’ funds in hot and cold wallets to ensure added security.

Swyftx Customer Support

According to Swyftx review, we found that SwyftX offers the best customer support services in the Australian cryptocurrency market, with support services available via email, live chat, and phone. Customers can get in touch with the team anytime between 9 AM and 9 PM AEST. Live chat and phone requests get solved within 2 to 3 minutes. Whereas, Email support requests take a maximum of one business day.

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Disclaimer

Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

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