Swyftx launched its dedicated New Zealand platform in August 2021, focusing on lower costs, smaller spreads, and wider currency options.
Swyftx is based in Australia and was launched in 2018 to focus on the Australian market, just as Easy Crypto originally did in New Zealand. Swyftx registered as a NZ financial services provider (under SWYFTX PTY LTD – FSP1000861) in July 2021 allowing New Zealand customers to buy or sell a variety of cryptocurrencies, including Bitcoin.
The steps from registration to trading are simple: first, users create an account (by entering their name and details). Then, Swyftx verifies your ID (with photo ID, phone number and email address) and, once completed, requests a deposit (EFT). Once the deposit has been cleared, users can start trading.
The forum provides app, demo accounts, charts, tax reports and a wide selection of coins (near Binance).
Swyftx offers duplicate orders for automatic investment in crypto, allowing you to purchase multiple cryptocurrencies at once. Repeated orders contribute to the estimated cost of popular dollars in highly volatile crypto markets.
Swyftx is a reliable and low-cost crypto platform for both beginner and experienced New Zealand-based investors. We see a 0.60% trading rate and low spread as outstanding features.
Payment methods: Bank transfers (POLI and credit cards will be added later)
Coinprices: Buy and sell rates are live and quoted in NZD
OTC: Swyftx offers a low-cost, over-the-counter cashback service, where it acts as a broker between buyer and seller. This service is intended for high value customers and facilities in New Zealand. The first step for potential clients to book an appointment with the Swyftx expert team.
Continuous account fees: None
Minimum order size: Approximately NZ $1.04
Payment: For Swyftx integrated wallets or using an outdoor private wallet
Coins available: 280+ different currencies, including Bitcoin. Almost all coins can be found on the Swyftx order page. You can use CryptoSpot to compare live streaming.
Buy and sell Crypto on Swyftx
Swyftx-supported payment methods are as follows:
Swyftx has mentioned that the credit card and POLI / instant payments will be introduced later.
Fees: Swyftx fees and low / high prices are easy to understand. These are:
Fiat Deposit & Withdrawal Fees
$ 0/0% fees for installing NZD in Swyftx account
The daily deposit limit can reach NZ $50,000
Minimum issue NZ $30
Withdrawal fee of NZ $10
Duration: Local Bank Deposit and Withdrawal takes 1-3 business days to clear
0.6% court costs in the amount of work. Swyftx claims to offer high volume discounts.
There are no trading limits.
The spread starts from 0.41%. As a domain, spread is the difference in the purchase price compared to the sale. Swyftx claims to have trading algorithms “designed to increase revenue through trade value and reduce the spread that leads to the lowest market spread for New Zealand traders.’ It also says its Bitcoin spread is as low as 0.41% and its average spread is around 1.70% (compared to 4.0% charged by its competitors). We cannot verify these numbers but it is worth remembering.