Swyftx is one of the leading crypto exchanges for Australian crypto investors. Founded in 2018, this exchange allows you to trade in 320 cryptocurrencies. You can find tons of reviews from customers who applaud the benefits of this crypto trading platform.
If you are looking for Swyftx Review – Trusted Cryptocurrency Exchange review, you are at the right place. Keep reading this blog to find out whether you should start using Swyftx or not – let’s dive in!
1. Fees
You will find many complaints about the higher fees of Swyftx. Compared to other crypto exchanges, you will have to pay higher deposit, transaction, and withdrawal fees.
One good thing about Swyftx is that you can use the deposit without paying any processing fees if you deposit in AUD, and there are no fees on withdrawal through AUD either.
2. Customer support
Customer support is one area where Swyftx doesn’t outperform its competitors. There’s no denying that you can Swyftx without running into any problems if you are a seasoned crypto trader.
However, if you face a problem using the platform, you will have to discuss your problem with a “bot” instead of a real person.
Other crypto exchanges allow their customers to discuss their problems with a customer support team. You might consider this a “downside” of Swyftx if you don’t want to communicate with a chatbot when trading crypto assets.
3. Credibility
It’s hard to doubt the credibility of the Swyftx platform. After getting registered in 2018, this platform has been able to receive positive reviews from its customers. Swyftx is also registered with AUSTRAC, which proves that this exchange provides reliable services.
However, if you dig deeper into the Swyftx reviews, you can easily find that people doubt its funding withdrawal system.
You have to undergo a troublesome process if you want to withdraw your funds from Swyftx. It seems like Swyftx wants to “force” their users to hold their money in the account. Technical problems in the withdrawal process certainly raise questions about the credibility and authority of the Swyftx trading platform.
4. Deposit methods
One of the biggest benefits of using Swyftx is that you don’t have to struggle when you deposit money. Starting from 2021, you can use your credit or debit card to deposit money in your Swyftx account. You can enjoy instant transfers if you deposit your money using POLi or PayID. However, you might have to wait for one business day if you deposit money through your bank account.
Another thing to know about Swyftx is that you have to follow the daily deposit and withdrawal limit of AUD 20,000 on this platform. You will have to go through a lengthy and cumbersome verification process if you want to deposit or withdraw more money than defined in the daily limit.
Conclusion
Swyftx is a good trading platform that comes with various benefits. You should use this platform if you want a smooth, intuitive, and reliable trading experience. But this platform might not be the best choice for you if you don’t want to pay higher fees or struggle with withdrawing your money.
