Everyone eventually came to see, that since the advent of Bitcoin, the financial and technological world was bound to change. By bringing in decentralization and empowerment, Bitcoin promised a new way of life that brought hope to a lot of people around the world.
Cryptocurrency exchanges have been the premier mode of liquidity provision in the market. They help the regular public get their fair share of cryptocurrency exposure by offering infrastructure for buying, selling, and trading. With the industry still being premature, many exchanges have dealt with issues revolving around hacks, scams, closures, and bankruptcies. On the flip side, some exchanges have studied these complications to create a competitive edge in this rapidly growing market.
That is why we divert the attention of our readers, especially those down under, to the SWYFTX Exchange.
The SWYFTX Exchange positions itself as a major competitor to Centralized exchanges out there, by merging the best features that the market has to offer.
What Is SWYFTX?
SWYFTX is a cryptocurrency exchange, based in Australia, that delivers the best value to its customers by heavily relying on user-based improvement strategies that deem it to reach great heights in the upcoming bull market. Hailing from down under, a land of unparalleled innovation and growth, SWYFTX has shown great market potential and a culture for innovation. They have been known to constantly embrace the changes and demands of the market, in addition to allowing its customers to explore interesting and innovative features.
Let us take some time to learn a little more about what SWYFTX offers.
Is SWYFTX Safe?
Learning from past mistakes, allowing the market to dictate the present, and generating a long vision for growth, SWYFTX has portrayed itself as a future-ready exchange. The team has never been discouraged by outside hindrances and pressures. SWYFTX boasts security features that parallel some of the industry’s best platforms. They have a dedicated cold storage and reserve mechanism, paper wallets and periodic reserve maintenance.
Seamless On-boarding For New Users
Many cryptocurrency exchanges around the globe have made the sign up process a glorified nightmare, which results in users seeking better opportunities. SWYFTX focused on user experience, and has created a seamless experience for new users. As we can see from the figure below, the signup process can be broken down in 4 simple steps. Unlike other exchanges that can take days for approval, SWYFTX gets new users through verification instantly as long as the proper procedures are followed.
Is SWYFTX a wallet?
No, SWYFTX is not a wallet, but rather a custodian exchange that takes up the responsibility of holding the funds of its users in exchange for a trading fee. SWYFTX employs all the industry-standard security features such as reverse maintenance, cold storage, cryptocurrency vaults, and many more, thereby increasing the customer’s trust.
How Do I Withdraw From SWYFTX?
The withdrawal mechanism of SWYFTX is as simple as it can be. The users have the option to either withdraw the cryptocurrencies that they have held, or convert them to the Australian Dollar. If a user converts their holdings to the Australian Dollar, they can send the proceeds to their bank account.
Let us now look into some of the major attracting points of the exchange
Huge Range of Coin and Pairs
SWYFTX boasts a whopping 100+ token listings, facilitating near-instant token swaps depending upon the nature of the exchange. Keeping in mind that it is a centralized exchange, the stats shown are by any standard extraordinary and immensely astonishing, to say the least. Not just that – one can also reply to the wide range of trading pairs on the exchange, such as BTC, ETH, AUD and many more.
Industry Standard Trading Tools
A Traders paradise is an exchange that allows maximum flexibility, leverage, and trading tools with the least amount of lag and overload. The trader must be able to formulate strategies and execute them without hassles and overhead costs. SWYFTX promises all of this and much more. With an active order book and immensely handy trading tools, a well-seasoned trader will find it refreshing to work on the exchange. Traders are also exposed to charts and strategies by TradingView, pushing the experience further.
Mobile and Desktop Application
Keeping in line with the industry standard, SWYFTX has designed a highly intuitive desktop UI with dozens of features and trading strategies. The desktop interface offers a day and night theme, the ability to customize the user experience, and seamless platform interaction.
On the other hand, the platform also offers a mobile application, for both Android and IOS platforms. The app is a jam-packed, feature rich portal, that helps the “on-the-go investor” make the most out of the digital assets they have on the exchange.
Native Currency Deposit and Withdrawal
Since it was initially advertised as an Australian exchange, the people of Australia are allowed to exchange their cryptocurrency for their native fiat currency – the Australian Dollar. Australians can deposit or withdraw AUD by PayID, bank transfer, OSKA, and other options.
Major Institutional Partnership
SWYFTX also enjoys a wide variety of partnerships and investments, with more than a dozen financial institutions partnering or investing in the project. This includes major partnerships with CryptoAustralia, Power Ledger, Blockchain Australia, and many more.
For all the reasons above, SWYFTX continues to be one of Australia’s most trust cryptocurrency exchanges. By capitalizing on inefficiencies from traditional crypto exchanges, SWYFTX will continue to be a go-to exchange in Australia. With the continent taking a global lead in crypto adoption and regulation, SWYFTX should continue to experience significant growth.