Compare the best ways to invest in Bitcoin and crypto online

Sign up with a secure and trusted digital asset exchange in your country.

HomeAustralia > SwyftX Fees

Why is SwyftX so Expensive to use?  A Complete Review (2021)

Learn why SwyftX can be an expensive cryptocurrency exchange to use when compared to other large trading platforms in Australia.

David Cohen

Editor at Buy Bitcoin Finder

SwyftX Exchange Overview

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.

Why is SwyftX so Expensive?

Recently, many traders in Australia have been complaining about the high fees and wide spreads when using the SwyftX exchange.

The high fees comes from the fact that SwyftX does not offer native Australian Dollar (AUD) trading, only through US Dollars.

This means that you have to deposit AUD then convert it to USD - which already hits you with a cost of 0.5%

From that point, all trades on the SwyftX platform charge a 0.6% fee, this means you are paying 1.1% in fees in total.

What is a Cheaper Option?

CoinSpot is Australia's largest and most trusted exchange with fees that range from 0.1% to 1%.

They also support native Australian Dollar trading. This means that you will not get hit with the extra 0.6% fee to do an FX conversion like on SwyftX.

Visit CoinSpot

SwyftX Fees Summary

Below is a summary of the range of fees on the SwyftX crypto trading platform.

Type

Fees

Trading Fees
0.6%
Spreads
1%
FX Transfer
0.5%
Total Fees
2.1%
Visit SwyftX