SwyftX Fees Review
SwyftX are a new cryptocurrency exchange based in Australia that was founded in 2017 in Brisbane, QLD. Their fast growth was driven by the Crypto Australia Facebook group, which was a trading group made by the eventual founder of SwyftX that consisted of over 40,000 Australians.
SwyftX Deposit FX Fees
The first fee you encounter on the SwyftX platform are the AUD deposit fees, which cost 0.5% per deposit. SwyftX have an AUD deposit fee because they have to exchange your AUD to USD to be able to trade on their platform.
The evidence of this is highlighted in the image below.
SwyftX Trading Fees
The SwyftX trading fees are a flat 0.6% fee per transaction (buy or sell).
This means that from first deposit to first trade, users are paying 1.1% in fees to Swyftx. You can learn more about SwyftX's fees and charges in our Australian partner's SwyftX Review.
What is a cheaper alternative to SwyftX?
The cheapest instant buy exchange in Australia that offers over 250 different cryptocurrencies is Digital Surge. They do not have any FX swap fees because they do not use US Dollars and only charge 0.5% per transaction.
If you use an exchange like Digital Surge, you only pay 0.5% per trade as opposed to 1.1% per trade on SwyftX