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