To be clear, this is a Swyftx Review.
Swyftx is an Australian-based online trading broker that focuses on cryptocurrencies and it’s only available for Australian residents. Signing up for Swyftx is very easy and the whole process is similar to all other brokers. However, even if at a first glance this broker might seem professional and trustworthy, there are some things that made us NOT RECOMMEND it, especially if you want to trade using the most popular cryptocurrencies today. Swyftx is one of those services that could work well for altcoins rather than for Bitcoin, Ethereum, etc. Here are more details about it!
More on Swyftx
The first thing that we need to talk about is the deposit and withdrawal procedures on Swyftx. For starters, you can only make deposits using AUD, BTC, ETH, and XRP. No USD or EUR are available because this is a strictly Australian broker. However, when you make an AUD deposit, the broker automatically converts it into USD.
A while ago, there was a 0.6% forex fee on this. However, Swyftx does not charge that anymore. While this is a good thing, the problem is that they don’t say this anywhere and people are led to believe that the fee is still applicable. This doesn’t work in their favor because it can drive many possible future clients away.
Another unusual thing that could be a red flag is whether or not Swyftx converts your AUD into USD at a fair rate. Knowing the extremely bad conversion rates in most Australian banks, this could be a huge concern.
Trading on Swyftx
The interface of their trading platform is nice and simple to use. However, it is not very intuitive and smart, in the sense that they could have made some minor changes to help users even more. For example, the buy and sell prices cannot be seen on the same screen. You have to always go back and forth between screens to see them and this can lead to mistakes. Is it intentional? We hope not.
Their standard commission is 0.6% which doesn’t sit very well considering how advantageous other brokers’ offers are. Some even have 0% trading fees if used right. It’s interesting that the broker is fully aware of this and tries to shove lower spreads into your face to compensate. This is hard to believe and the only thing you can do is to do your homework yourself and check the numbers on your own. But is worth wasting precious time on this when you could be making money elsewhere? We think not.
Also, it’s worth noting that the Swyftx buy and sell prices on the fees page of their website don’t match the prices you see once you’re logged in and ready to trade. Again, is this really a mistake or a clever way of tricking clients?
The Swyftx customer support system
The Swyftx customer support system is not the worst but also not the best. The biggest problem doesn’t seem to be the amount of time it takes for them to answer but the fact that those people don’t help you at all. There are multiple online testimonies from former clients claiming that the staff offered them false or old info. Also, if you happen to need help during weekends, prepare to wait for entire hours or even days for an answer. This is not really nice!
About the mobile trading app
The Swyftx mobile trading app is definitely not the best out there right now. It could certainly do well with some urgent upgrades because it simply lacks substance and important features. It doesn’t have a chart view option and it is always glitching. They also only offer custodial services and don’t provide any way for the user to personalize their app.
Swyftx Review Summary
All in all, after our Swyftx review we can say that is one of those brokers that want to seem like more than they actually are. In reality, a little bit of digging reveals a plethora of issues, uncertainties, and a lack of interest. Those are all hidden under the excuse of some “minor” mistakes. We don’t buy that and neither should you. While we are yet to discover if they also have withdrawal issues, what we have already reveal should be enough for you to NOT CHOOSE Swyftx as your broker.