Aussie Crypto Exchange Swyftx Releases New Crypto Swap Feature

One of Australia’s largest exchanges, Swyftx, now allows investors to swap one cryptocurrency for another without having to convert it to fiat first.

Swyftx announced the new ‘Swap’ feature on June 17, reminding its users that while the ability to directly swap cryptos would make their lives easier, fees would still apply and each swap would count as a taxable event.

The Swap feature works with any cryptos actively listed on the platform, enabling users to buy into new assets even when they don’t have fiat currency available in their account.

Swyftx has grown rapidly since its launch in 2017 – it now has over 300,000 users, hosts more than 260 assets, and has a monthly trading volume of A$2 billion.

How Does It Work?

Using the hypothetical scenario of wanting to exchange Bitcoin for some Ethereum, using Swyftx’s new Swap feature a trader can automatically execute a sell order for Bitcoin and a buy order for Ethereum simultaneously. 

Within the app, a trader follows these steps:

1. Select the asset
2. Click the Swap tab at the top of the page
3. Type the $ amount that you want to exchange
4. Select the asset you wish to swap it for from the dropdown; and
5. Click Swap to confirm the order.

Focus on Customers Drives Innovation

Swyft’s founder, Alex Harper, has previously described the importance of customer support and product innovation to the popularity of the exchange.

Notable features brought to market in 2021 include a portfolio tracking feature that lets traders see their profit/loss status in real-time, and the ability to pay using credit/debit cards – becoming the first Australian exchange to do so.