What is Swyftx in New Zealand
Swyftx is a cryptocurrency exchange that is available in both Australia and New Zealand.
In NZ, Swyftx is a popular platform for buying and selling cryptocurrencies. It offers a range of features and tools that make it a popular choice among cryptocurrency traders, including a wide range of cryptocurrencies, competitive fees, and advanced trading tools.
Swyftx also offers a user-friendly interface and reliable customer support to help users navigate the platform and troubleshoot any issues that may arise.
History of Swyftx
Swyftx is a relatively new cryptocurrency exchange that was founded in Australia in 2017.
Its co-founders, Alex Harper and Angus Goldman, saw a gap in the Australian and New Zealand market for a user-friendly platform that made it easy for people to buy and sell.
Initially, Swyftx offered a limited number of cryptocurrencies, including Bitcoin, Ethereum and Litecoin . However, the platform quickly expanded its offerings.
Interesting Fact: In 2019, Swyftx partnered with Poli Payments, an Australian payment provider, to allow users to make deposits directly from their bank accounts.
In 2020, Swyftx experienced significant growth, as interest in cryptocurrencies surged during the COVID-19 pandemic. It also launched a mobile app for iOS and Android devices, making it even easier for users to access the platform and trade on-the-go.
Today, Swyftx is one of the largest cryptocurrency exchanges in Australia and New Zealand, with over 250,000 registered and active users.
Pros and Cons of Swyftx
|✔️ Wide range: Swyftx offers a large selection of cryptocurrencies for trading.||❌ Limited payment options: Swyftx currently only supports bank transfers and POLi payments, which may be inconvenient for some users.|
|✔️ Low fees: Swyftx has some of the lowest fees in the market, making it an attractive option for cost-conscious traders.||❌ Limited trading pairs: Swyftx does not offer as many trading pairs as some other exchanges, which may limit the trading options for advanced users.|
|✔️ Easy to use: Swyftx’s user-friendly interface and straightforward trading process make it an accessible platform for beginners.||❌ Limited features: Swyftx’s feature set is somewhat basic compared to other exchanges, which may not meet the needs of advanced traders.|
|✔️ Quick verification: Swyftx’s verification process is quick and streamlined, allowing users to start trading soon after registration.||❌ Jammy KYC/excessive compliance: Verification on Swyftx can be glitchy and unreliable|
|✔️ Demo mode: Swyftx offers a demo mode that allows users to practice trading with virtual funds, without risking any real money.|
✔️ Wide range: Swyftx offers a large selection of cryptocurrencies for trading.
✔️ Low fees: Swyftx has some of the lowest fees in the market, making it an attractive option for cost-conscious user.
✔️ Easy to use: Swyftx’s user-friendly interface and straightforward trading process make it an accessible platform for beginners.
✔️ Quick verification: Swyftx’s verification process is quick and streamlined, allowing users to start trading soon after registration.
✔️ Demo mode: Swyftx offers a demo mode that allows kiwis to practice with virtual funds, without risking anything.
❌ Limited payment options: Swyftx currently only supports bank transfers and POLi payments, which may be inconvenient for some users.
❌ Limited trading pairs: Swyftx does not offer as many trading pairs as some other exchanges, which may limit the trading options for advanced users.
❌ Limited features: Swyftx’s feature set is somewhat basic compared to other exchanges, which may not meet the needs of advanced traders.
❌ Jammy KYC/excessive compliance: Verification on Swyftx can be glitchy and unreliable.
Swyftx Exchange Fees
Fiat Deposits and Withdrawal Fees:
- $0/0% fees to deposit NZD into Swyftx account
- Daily deposit limit up to 50k NZD
- Minimum withdrawal of $30 NZD
- $10 NZD withdrawal fee
Trading Fees of Swyftx Exchange:
- %0.6 Trading fee (Swyftx offers high volume discounts)
- There are no trading limits
- Swyftx spreads start from 0.41%
Security on Swyftx
Swyftx takes security very seriously and has implemented several measures to protect New Zealanders funds and personal information. Here are some of the security features:
Two-Factor Authentication (2FA): Swyftx requires users to set up 2FA to log in to their accounts. This adds an extra layer of security by requiring users to enter a unique code from their mobile device or authenticator app.
SSL Encryption: Swyftx uses SSL encryption to protect all user data and transactions. This ensures that all information exchanged between the user’s browser and the Swyftx website is encrypted and cannot be intercepted by third parties.
Cold Storage: Swyftx stores the majority of its users’ funds in cold storage, which means they are kept offline in a secure location. This helps protect against hacking.
Regular Security Audits: Swyftx undergoes regular security audits to ensure that its systems and processes are up to date and secure.
Account Verification: Swyftx requires users to verify their accounts before they can make deposits or withdrawals. This helps prevent fraud and protects users’ funds.
Opening a Swyftx Account in NZ
To open a Swyftx account in New Zealand, follow these steps below:
Go to the Swyftx website (www.swyftx.com/nz) and click on the ‘Sign Up’ button.
Enter your email address and create a strong password. Make sure to use a secure password that includes a mix of upper and lowercase letters, numbers, and symbols.
Check your email inbox for a verification email from Swyftx. Click on the verification link in the email to verify your account.
Once your account is verified, log in to your Swyftx account and complete the KYC (Know Your Customer) verification process. This involves providing your personal information, such as your full name, date of birth, and address.
After completing the KYC verification process, you can add funds to your Swyftx account using one of the available payment methods.
Once you have added funds to your account, you can start buying and selling cryptocurrencies on the Swyftx platform.
Swyftx Best Platform Features
Swyftx has a mobile app for both iOS and Android devices, which allows users to access the platform and trade cryptocurrencies on-the-go. The mobile app is designed to be user-friendly and intuitive, with a clean and simple interface that is easy to navigate.
Minimum Order Size
Swyftx allows New Zealanders to buy and sell cryptocurrencies with a minimum order size of just $1 NZD, making it easy for kiwis to start trading with a small amount of capital.
This order size is particularly beneficial for new traders who are just getting started in the world of cryptocurrency trading. It allows them to test the waters and get a feel for the market without having to risk a large amount of money.
Swyftx also has a demo mode for kiwis who want to practice trading without risking real money. The demo mode is a simulated version of the trading platform that allows kiwis to test out different trading strategies and get a feel for how the market works.
Real-time Price Action
Swyftx offers real-time price charts for all supported cryptocurrencies, which allow New Zealanders to track price movements and analyze market trends.
These charts also can be customized to show different timeframes, ranging from minutes to months, and can be used to identify support and resistance levels.
Swyftx has a customer support team that is available 24/7 to assist users with any issues or questions they may have. Kiwis can contact Swyftx’s support team through several channels, including email, phone, live chat, and a support ticket system.
Swyftx has received positive reviews on Trustpilot, with an average rating of 4.7 out of 5 stars across more than 3,558 reviews. Many users have praised the platform, however there have been some criticisms of Swyftx. Some users have reported limited payment options, slow response times from customer support, and the absence of margin trading.
Cryptocurrency NZ Final Verdict
Cryptocurrency NZ believes Swyftx is a reputable and feature-rich Australian based cryptocurrency platform that offers services in New Zealand, suitable for both novice and advanced investors. They are however Australian and we always recommend supporting your local, such as Easy Crypto New Zealand.
With competitive trading fees of 0.6% per trade and low spreads, Swyftx stands out among other exchanges in the industry.
Swyftx provides a satisfactory user experience, zero NZD deposit fees, and good customer service, making it one of the top choices for buying, trading, and selling crypto in NZ.