Why Is Swyftx So Expensive?
If you have been trading cryptocurrencies in Australia for a long time, you might already know about Swyftx. It is a crypto exchange that allows you to trade around 320 currencies.
Swyftx was founded in 2018 and has earned the trust of its customers over the years. This trade is also registered with AUSTRAC, proving it’s a secure platform.
Most Swyftx users complain that it’s expensive. You can find tons of reviews from people who complain about its rates. In this blog, we will try to show you why the Swyftx platform is more expensive compared to other platforms.
Why Is Swyftx So Expensive?
The conversion system
Many people wonder why they have to pay higher fees to use the Swyftx platform. The main reason is the presence of a conversion system.
When you deposit your money into Swyftx, the system at the back end converts the AUD into USD. You might already know that converting fiat currencies comes with a higher fee, which is why you have to pay 0.5% per deposit.
Swyftx does not plan to lower the conversion fees at this time. Therefore, if you want to keep using Swyftx, you will have to pay higher fees.
Higher fees
Swyftx also commands a higher fee from users. For example, you have to pay a 0.6% fee per transaction. To get a better idea of their fee schedule, read Coin Culture’s review of Swyftx.
You might wonder why the Swyftx platform charges higher fees. The main reason, as already mentioned above, is that the platform has to pay conversion and operational costs. Plus, the additional services offered by this platform also come with a price.
Multiple payment methods
The good thing about Swyftx is that you can instantly deposit your money. If you use POLi or PayID, you can deposit money instantly to your Swyftx account. However, if you want to deposit cash through OSKO or your bank, you might have to wait for a business day to make the deposit.
Starting in 2021, you can also easily deposit your money into your Swyftx account using your credit or debit card.
Keep in mind that Swyftx has to pay processing fees to all the third parties that allow you to deposit your money to your Swyftx account. The presence of processing fees is one of the reasons why Swyftx is more expensive than other crypto exchanges.
Convenient mobile app
One of the biggest reasons people rely on Swyftx is its mobile app. You can easily access your Swyftx account from anywhere using your Android or iOS device. Keep in mind that Swyftx has to spend money to keep its apps running, which is why it charges higher fees from its customers.
Conclusion
Swyftx charges higher fees from its customers than other crypto exchanges. If you don’t want to pay higher costs, you should create your account on any other exchange that commands lower fees.
