Despite this year’s lackluster crypto market performance, Australian cryptocurrency exchange Swyftx is experiencing phenomenal growth. Micky sat down with CEO and co-founder Alex Harper to find out why.
Aussie crypto traders have been flocking to the Brisbane-based exchange in droves ever since its official launch in January of this year.
The exchange supports BTC, ETC, XRP, BCH, EOS, XVG, LTC, ETH, USDT, XLM, and more than 60 other cryptocurrencies.
In the past month alone, Swyftx has onboarded more than 1,000 new customers and is showing no signs of slowing down.
“The exchange has seen consistent growth of 30-70% month on month since its launch in January, even through repeated months of a bearish market,” said Harper.
Swyftx recently passed its 5,000 customer milestone and, while most of its users have men between the ages of 25 and 45, Harper noted that the platform has seen an increase in the number of middle to late aged customers – mostly male – who are investing larger amounts for their SMSF (a type of retirement fund).
Why crypto traders are choosing Swyftx
So why are Australian crypto traders choosing Swyftx over other options?
According to Harper, Swyftx “is the most feature-rich crypto trading platform in Australia and continues to outpace its competitors, constantly growing and evolving to be better for its customers.”
The platform boasts several features designed to make crypto trading easier, more convenient, and more profitable for its users:
Fastest KYC process
Swyftx is an AUSTRAC-registered crypto exchange that uses transaction monitoring programs to reduce the amount of upfront KYC that is required.
Most users are able to complete verification within two minutes of signing up and without having to upload any documentation.
Completing the KYC process unlocks daily limits of up to AU$20,000 for a first deposit.
Low fees and lower spreads
When it comes to the Australian crypto market, Swyftx has some of the lowest fees and spreads around.
Trading fees are a nominal 0.6% and Swyftx does not charge any fees for crypto deposits and withdrawals with the exception of standard network mining costs.
There are also no fees for fiat deposits and withdrawals of $200 or more. For deposits and withdrawals under $200, the fee is just $2.00.
Swyftx also boasts spreads as low as 0.2% with an average of 0.8%. By comparison, other exchanges have average spreads as high as 5.2%.
Eliminates crypto banking issues
Swyftx now issues a unique bank account to every single one of its customers.
When a user signs up and completes verification, they are given a BSB and account number that is OSKO-enabled for instant deposits, held in their name at Swyftx.
Personal live chat support experience
Swyftx offers live support chat seven days a week from 9 am to 9 pm AEST. With a typical response time of just two minutes, customers will be able to get their questions answered quickly.
In addition to live support chat, Swyftx also allocates a dedicated account manager and provides phone support when needed.
Combined orderbooks and global liquidity
Ever heard of Best Execution trading? Swyftx employs this well-adopted model from traditional financial markets and brings it to crypto, enabling the highest liquidity on orders with reduced slippage and best possible prices.
Swyftx automatically optimizes your orders between exchanges and order books to help customers execute trades quickly with billions in liquidity all in one place.
New developments on the horizon
The cryptocurrency market has endured several bearish cycles this year. After a 7-day loss of more than 5 percent, Bitcoin is currently trading between $6,800 and $6,900 – a low it has not seen since May. Similarly, most of the top cryptocurrencies are posting 7-day losses as well.
Despite this, Harper is optimistic that the market will recover.
“I’m a firm believer in market Cycles. Crypto is just like any other asset class, it’s driven by human emotion and economics which ultimately nets bubbles, then crashes, and more bubbles and more crashes,” he said.
While he believes that the crypto industry is still “very young, small, immature and has a long journey ahead of it,” Harper is nevertheless bullish on the industry as a whole and is working relentlessly to position Swyftx at the forefront.
Here is what Harper had to say about future plans for the exchange:
“We plan to expand our offering outside of Australia and look forward to delivering 24/7 support alongside that.
“Our vision is to always be lifting the bar, innovating and setting new standards in the Crypto industry, especially here in Australia.”
Harper revealed to Micky that Swyftx will soon be releasing a mobile app for Android and iOS devices that “will make us the first fully featured, trading focused, Australian crypto exchange to have a mobile app.”
In addition to the mobile app, the Swyftx team is hard at work developing new features in its continuing goal to provide a “refreshing and simple approach to trading, all the while reducing fees, minimising spreads and putting those savings back in its customers pocket.”
“Our development pipeline is packed with heaps of awesome new features and we’re looking forward to climbing the ranks throughout 2020 to become Australia’s largest and favourite Crypto Exchange.”