However, Coinspot has a relatively higher maximum fee of 1%, where Swyftx will only charge you a maximum of 0.6% per transaction. The six-digit code can be obtained from your mobile device. Overall, the customer support on Swyftx is one of the best compared to other crypto exchanges in Australia. Consider our Terms of Use and Risk Disclosure Statement for more details. Our Swyftx Subreddit is a place for discussion and not an official support channel. When depositing into this particular Swyftx wallet from another wallet or exchange, the user must select one of these networks. Keep us updated. So you know you can trust Swyftx, but how secure is the platform? Take these steps to deposit BCH to your NiceHash wallet: STEP 1: Log in to your NiceHash account. In a recent tweet by Swyftx, they announce they are breaking into the international market, a move that seemed inevitable when watching their growth rate. What are network withdrawal. This is called a ', You'll then see this window popup to confirm your sale. From Quick actions in the toolbar, go to Send crypto. In this table, we can see how Swyftx's transaction fees stack up to other crypto exchanges. The wallet address for each digital currency will be unique so be sure to select the correct crypto from the drop down menu. The Swyftx verification process is simple and can be completed in 2 minutes. The exchange also supports popular DeFi tokens like Compound, Sushi, and Yearn Finance. As such, Swyftx has partnered with super fund specialist New Brighton Capital to ensure that compliance is achieved. Take advantage of our low fees, low spreads, low prices, and feature-packed app to unlock your trading & investing potential today. FTM is the token that powers the Fantom network. Keep your assets safe in our secure crypto wallet and access anytime with our user-friendly mobile app. thinking of switching to binance from swyftx too. The funds can be used to purchase multiple cryptocurrencies at once. Yes, Swyftx is an ASIC-registered business in Australia and must report its profits and losses in its quarterly business activity statements for tax purposes. The money will arrive near-instantly to use to purchase crypto. ETH is the native token for the Ethereum network. In this example, well use the Ledger Live app to demonstrate. Once you've completed confirmation, your wallet app will generate your receiving address, 7. You can really tell the Swyftx development team has put a lot of hard work into making the app perfect for customers. Consult your tax advisor if youre unsure of what to do. Customers are encouraged to do their own independent research and seek professional advice. The platform is strategically designed to ensure that the customer has the best experience possible while trading crypto. In this tutorial, you can find a detailed description of each of the steps you need to complete. I have coins on exchanges including Swyftx, Binance, Independent Reserve, Gemini, Kucoins, and FTX. Luckily for you, this process has been made extremely easy by the team at Swyftx. However, if youre looking to go the peer-to-peer route, then security is a huge aspect to look out for in case the other party is not trustworthy. A third way which is similar to the peer-to-peer method is the use of bitcoin ATMs. For more information on the best alternatives to Swyftx, read this article or check out these comparison articles: Swyftx uses automaticallyoptimizes each crypto order across multiple exchanges' order books to provide higher liquidity on trading pairs (e.g. There is also a Swyftx referral code to claim $20 worth of free Bitcoin. There are zero fees to deposit and withdraw AUD to a bank account. Once you've copied the depositing address generate by Swyftx, you'll need to head to where your crypto is currently being stored and send your desired amount to this address. Those who insist on trading with leverage can always purchase Bitcoin at Swyftx using AUD, and then transfer that Bitcoin to a reputable exchange that does offer leveraged trading. They provide multiple withdrawal methods, with most of them being instant. Your wallet will prompt you to confirm this externally via email, phone, or by using the device itself, 6. This method will not work when sending to an exchange. You can trade over 320 assets on Swyftx including Bitcoin, Ethereum, Ripple and Litecoin as well as DeFi coins such as UniCoin. The most you'll be pay per transaction is, While Swyftx offers low transaction fees, they also have some of the lowest, So, if you're from New Zealand and are thinking about getting into crypto, I would highly recommend trying, Once you've thoroughly researched the market and have decided which cryptocurrencies you'd like to invest in, you can then head to your Swyftx dashboard and start trading. The Binance Smart Chain (BSC) uses BEP-20 tokens that are built on the Binance blockchain. Click 'Add' and wait for the confirmation. The fee could vary from $5 or $25+ depending on the exchange. The most common method for beginners is to deposit fiat currency from a local bank account. $20 Bitcoin for creating a verified account, Bitcoin, Ethereum, XRP, Cardano and 300+ others, Bank transfers, POLI, PayID, credit card & debit card. Load your wallet app on your computer or phone, 3. Fantom (FTM) is a layer-1 blockchain that is fully compatible with Ethereum. Withdrawing from other exchanges can take up to a few days due to them based internationally. The best way to think about sending cryptocurrency is like having a house address. Swyftx is giving fellow Australians a leg up when it comes to crypto by providing excellent customer service, instant deposits/withdrawals, and supporting over 240 cryptocurrencies to trade while charging some of the lowest fees in the market of only. For example, Ethereum transfers typically take up to 15 minutes to process and Bitcoin may be as long as one hour if network congestion is high. It is a trusted and reputable platform with over 630,000 users. However, Coinspot has a relatively higher maximum fee of, Swyftx vs Coinspot: Supported Cryptocurrencies, Both exchanges offer a massive range of supported cryptocurrencies, which is great for altcoin traders. After you've decided which cryptocurrency and the amount you'd like to sell, you can proceed to the dashboard. Ensure that the blockchain network selected is Bitcoin. The deep liquidity available gives users tight spreads from 0.45% and reduced slippage. Then after you sell your bitcoin into fiat, the exchange can pay the money out into your bank account. I think Binance is the best as a user experience and their fees are something like 6x cheaper than Swyftx. It employs strong security measures to protect users' information and funds such as AES-256 encryption, 2-Factor Authentication, and cold asset storage. If you're looking for an easy-to-navigate exchange that provides all the basics with outstanding customer service and arent too fussed on technical trading options, then Swyftx would be perfect for you. Alternatively, sending a small amount of crypto is a feasible idea to test if the transaction will succeed. Coupled with rapid AUD deposit and withdrawal methods, 0.6% trading fees, and the ability to stake the best coins to earn rewards, Swyftx is great for beginners and intermediate investors alike. Polygon (MATIC) is compatible with Ethereum Virtual Machine (EVM) and uses the same address format. Keep your assets safe in our secure crypto wallet and access anytime with our user-friendly mobile app. Selling crypto on Swyftx is almost identical to buying crypto and is just as easy. Manually entering it will invite the potential for human error and your crypto will be lost if the address is incorrect. For more information about the tax implications associated with cryptocurrencies, read our cryptocurrency taxation guide for Australians. 5. The Brisbane-based digital currency exchange was registered on the 21st of December 2017 and isregulated by the governing body AUSTRAC. Select 'Trade' from your dropdown menu. The best approach is to withdraw funds from a Swyftx wallet to a hardware wallet. You have many different payment options to choose from, including: 1. One of the most common mistakes beginners make is selecting the wrong network to send their crypto across. Swyftx is undoubtedly one of the best crypto trading platforms for Australians due to its feature-rich user interface and mobile app. After conducting this comparison, it's hard not to notice how similar these two exchanges are. In Australia, a capital gains event may be triggered when crypto such as Bitcoin is sold for financial gain, traded, or converted back to cash. Step 2: Create an account. The wallet comprises ofhot and cold storageto safely and securely store customer funds. It can be easy to choose the wrong network because addresses can be compatible with multiple networks. There are no fees to withdraw digital currencies from CoinSpot, and no fees to receive them into your Swyftx wallet. Overall, the zero fees to deposit or withdraw funds using Swyftx make it a great . Before making any financial commitment you should seek professional advice from a qualified investment or financial adviser. The only cryptocurrency exchange you need. The competitive trading fees of 0.6% per trade with low spreads are a clear stand out compared to other exchanges in the industry. Invest Australian Super in Bitcoin With Swyftx, To give you a comparison, Binance, the world's largest cryptocurrency exchange, only managed to scrape together a measly, Swyftx must comply with AUSTRAC's rigorous security measures in order to maintain its, You may be surprised to hear that Swyftx offers some of the best fees on the market. When sending crypto from an exchange to another address users are given the choice of multiple different blockchain networks. The gas is essentially there to compensate miners and the computational power required to validate the transaction on the blockchain. Verdict: I would happily use either exchange, and I do. In this case, we know that Swyftx supports the ERC20 network (as well as CoinSpot), so we selected the default ERC20 network. you can buy Axie Infinity with any Bitcoin you own! Purchase with AUD immediately; no deposit as well as withdrawal costs; There are over 270 cryptocurrencies to purchase, sell, or trade. Enter the withdrawal amount in either crypto or AUD, 9. Finally, click 'Withdraw' to complete the withdrawal process. There is no option to purchase crypto using a cash deposit or PayPal.