Why Is Swyftx So Expensive?

Why Is Swyftx So Expensive?

Written by Deepak Bhagat, In Crypto, Published On
September 21, 2022
, 1 Views

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 been able to win 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 for using Swyftx platform. The main reason behind the higher fees is the presence of a conversion system.

When you deposit your money into Swyftx, the system at the backend converts the AUD into USD. You might already know that conversion of fiat currencies comes with a higher fee, which is the reason why you have to pay 0.5% per deposit.

Swyftx has no plans to lower the conversion fees as of now. Therefore, if you want to keep using Swyftx, you will have to bear the higher fees.

Higher fees

Swyftx also commands a higher fee from the users. For example, you have to pay a 0.6% fee per transaction. You can read the Swyftx fees review by Coin Culture to have a better idea of their fee schedule.

You might be wondering about the reason behind the higher fees of the Swyftx platform. The main reason, already mentioned above, is that the Swyftx platform has to pay the conversion and operational fees. 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, in case you want to deposit money through OSKO or your bank, you might have to wait for a business day to make the deposit.

Starting from 2021, you can also easily deposit your money to 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 why people rely on Swyftx is the presence of 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 their apps running, which is why they charge higher fees from its customers.

Conclusion

Swyftx charges higher fees from its customers compared to 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.

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