The Most Comprehensive Swyftx Review

Swyftx.com is a virtual cryptocurrency exchange that boasts of being the first and only 'All in One Cryptocurrency Exchange'. The platform was launched on 21 June 2017 with an aim to 'reinvigorate and revolutionize the Virtual Currency Market.'

Supposedly, registered users will be able to trade their crypto coins within 3 clicks from any device they want to use. They can also opt for direct buy/sell feature via Zelle or other instant payment methods provided by Swyftx.

Our review team set out to find out if these claims are true and could Swyftx really revolutionize the trading experience users have so far had with other cryptocurrency platforms. Here's what we found…

Swyftx.com Security

When we signed up for a Swyftx account, we were prompted to create a new password and also confirm it since they did not allow creating a password using spaces or special characters. While this is good security practice, we are forced to use a complicated password even if we want to create one that's easy to remember. If you forget your password, there is an option of clicking the 'Forgot Password' button below the login form. But then you will be required to submit your username which could tell potential hackers much more about you than just your email address.

After clicking 'Start trading', we were directed to another page where all the information needed was provided e.g. how to use the platform, user guides, registration information and also a disclaimer which says 'Swyftx is not liable for any kind of loss or damage as a result of using Swyftx.' Now that's reassuring!

We noticed two security features while exploring the website. The first one was a message at the top left corner which said 'This site uses SSL protection' so our login screens were totally safe against any unauthorized access from hackers. Another feature we found on their homepage was a QR Code scanner where they required us to scan in order to activate the account on our Android phone. For this, they provided us with an activation ID which we had to enter along with our username and password during login. This way, their website also seems to be on the safer side.

Swyftx.com Platform & Fees Structure

There are three tabs on Swyftx homepage and we clicked the 'Exchange' option to explore more about their platform, features, fees structure etc. They provide us with a quick link for 'Buy/Sell' via USD or BTC but upon clicking it, few things became clear…they do not accept deposits in USD or BTC and have no plans of providing these options any time soon. All they allow users to trade crypto coins for other cryptos or deposit using Paypal which turns out as an e-wallet service that's similar to PayPal . So essentially you are trading your crypto funds for fiat cash which means that your crypto coins are not as secure as you might have thought them to be. You can deposit funds using your credit/debit card but this option brings with it a 3% transaction fee which is slightly higher than that charged by other leading platforms.

The platform itself is designed very neatly and they provide two main tabs where users could perform their trading activities- Cryptocurrencies & Tokens and E-Wallets (Paypal). We found the first tab quite lengthy offering us close to 360 cryptocurrencies including Bitcoin, Ethereum, Litecoin etc. The second one lists four e-wallet transfer options (Dwolla, Payeer, PayPal and Perfect Money) along with an option for 'Deposit'.

In Crypto Tab: There are ‘Buy/Sell’ options for both of the currencies, meaning you can trade crypto coins for other cryptos. You will have to create a buy order by entering your amount in USDT or BTC and then selecting your trading pair. And while selling, you will only be allowed to enter an Amount field since there is no option to sell it directly against dollars. Be aware that they accept deposits only through Paypal, so if you want to use any other payment method like bank transfers etc., this might not be the platform for you as of now.

In E-Wallets tab: Trading your funds with Paypal e-wallet might not seem safe but Swyftx makes sure that this transaction goes off without a hitch. The exchange rates are quite fair and they have provided the average value of each currency on their platform which makes it easier for you to choose the right deal when selling / buying.

And while the user interface is designed in such a way that everything looks quite neat & tidy, we really wished there were some better ways to filter out certain details that would make our lives much easy.

Swyftx User Interface: Pros & Cons

We found cryptocurrencies tab quite lengthy and as we mentioned earlier, there was no option to check whether they accept USD or BTC based deposits but then again, we could use Paypal to buy Bitcoin from other users who might be willing to sell them at higher prices than the platform offers. Another drawback was that we could not sell our coins and get paid directly in USD but again, since they offer Paypal payments, this might not be a major issue for US users who can instantly convert these to their fiat currency of choice.

The E-Wallet tab is very simple and they support only 4 e-wallets including Perfect Money , Payeer, Dwolla and PayPal . There are no payment options for bank deposits or any other deposit methods which might be an issue for some investors who do not use any of the above mentioned payment options.

Customer Support: Swyftx vs Other Exchanges

Swyftx has an excellent customer support department that has already been rated as one of the best customer support departments in the exchange industry by different crypto websites. The response time of this department is almost 1 minute and they made sure we have all our queries solved before disconnecting the call. They are available 24/7 which means that you could get instant help at any hour of the day or night.

Swyftx Referral Code and Signup Bonus

1. Go to Swyftx's registration page.

2. Register an account (Enter the referral code: shounakgupte2).

3. Verify your account.

4. Make your first purchase and receive your bonus.

https://trade.swyftx.com.au/register/?ref=shounakgupte2

Swyftx Alternatives

Swyftx is one of the best crypto exchanges in Australia. If you are still looking for alternatives, here are few:

• Coinspot

• Binance

Our Verdict

Is Swyftx Any Good? We would give this exchange a 4.5 out of 5 stars mainly because it offers some good features including quick & responsive customer service but without allowing banks transfers, this might not be the platform for everyone.