Cryptocurrency is unquestionably a game-changing technology, and it will be a lot less frightening in 2023 than it was in 2012. Since it became legal money in El Salvador in 2021, some countries will seek to follow El Salvador’s action to foster innovation, while others may outright forbid it to protect their fiat currency.
Crypto has taken center stage in the global geopolitical landscape, and 2022 appears to be the year of widespread acceptance.
For that reason, people are investing in crypto in large amounts. This is done mostly on CoinSpot as it is one of the best options for Aussies. But there is also a new talk in town – about a new crypto exchange platform – Swyftx. You can check CoinSpot vs Swyftx exchange comparison here and decide for yourself.
However, here is the Swyftx Review for 2022.
What Is Swyftx?
Swyftx is a new crypto exchange platform that started back in 2018. With the increasing popularity of cryptocurrency especially during the pandemic, this platform also got famous and it is now one of the most popular exchange platforms only second to CoinSpot.
CoinSpot and Swyftx – both give their customers a very sleek, modern user interface, live chats, various features, and transaction options.
Here are the pros and cons of using Swyftx
Pros
Almost all cryptocurrencies including Bitcoin, Ethereum, Neo, Orchid, and many more are available and accessible for exchange on Swyftx. You can have a multicurrency wallet along with various transaction (deposit or withdrawal) options.
The sleek and modern user interface also allows you to navigate properly through the platform and it is also very easy to understand. Signing up for Swyftx is also quite easy along with an easy verification system. You will not be asked for ID papers, or pictures, or have to wait for hours when setting up your account.
Cons
Swyftx is primarily focused on active trading and transactions, this means you cannot use it as an investment solution or passive income solution. This is one of the big cons of Swyftx as most people are now looking towards crypto as a long-term investment.
There are no cost reductions for those who trade in larger sums per month. For example, whether a buyer buys $100 or $100,000 worth of Bitcoin, the trading charge remains the same.
Swyftx solely provides a spot market and does not provide margin, futures, options, or leveraged tokens.
Swyftx provides excellent value for newcomers, however, it is not the most affordable exchange in Australia for high-net-worth people and serious crypto traders.
When you discover an NFT that you like on CoinSpot, you can quickly purchase it with any cryptocurrency of your choice. This is an exceptionally simple and convenient method of purchasing NFTs in Australia. Swyftx lacks this functionality since there is no NFT option.
Final Thoughts
Swyftx is new and it is completely understandable why it has more cons and fewer pros. We can hope that with time the service becomes better and it might be at the top but right now in 2022 CoinSpot is a much better and safer choice for crypto investors.
Also, with the recent popularity of NFTs – CoinSpot is way ahead of Swyftx with their NFT marketplace.
