We’re very excited to announce the release of Multi Currencies!
Thanks to new partnerships, we can continue offering our low spreads and fees, with the benefit of also being able to trade using AUD or USD – with more currencies to come soon.
Up until now, when you would deposit AUD to Swyftx, we would convert your deposit to USD automatically (for free) and hold those fiat balances in your account as USD (with the option to view AUD values). This process has allowed us to offer you lower spreads and better fees than our Australian competitors.
- All AUD Deposits (except credit card) will no longer be automatically converted to USD.
- You can choose to trade crypto at any time using AUD or USD.
- You can hold both AUD and USD balances.
- You can trade between AUD and USD at any time, fee free (for a limited time).
Should I trade in AUD or USD?
The majority of global crypto liquidity pairings exist in USD and as a result, the spreads on USD pairings are typically tighter. You have the option of choosing between AUD or USD depending on your preference and trading style.
How will I convert holdings fee free?*
Any existing cash/fiat balances in your Swyftx account are currently held in USD. However, you have the choice to hold balances as USD and AUD, with the option to convert between them. We are offering fee free trading between AUD/USD for the next 2 months (between the 15th of July to the 15th of September, 2021).
To convert your fiat balance, you will need to select AUD as your base currency and navigate to the USD asset page – treat it like any other trade.
Example 1: Keep trading as is.
Sally likes to view her trades in AUD and has approximately a $200 AUD balance on Swyftx. She signs into her account to find that her ‘AUD’ balance is now shown in USD, but chooses not to utilise our fee-free conversion period to convert her USD into AUD. She tries to place a trade in AUD, but the order fails because her balance exists in USD. In order to make the trade, Sally will need to switch to USD trading and place a new order for it to successfully execute.
Example 2: Take advantage of our FEE FREE conversion.
Billy likes to view his trades in AUD and has approximately a $200 AUD balance. He signs into his account, wanting to buy Bitcoin with AUD, only to find that his ‘AUD’ balance is now shown in USD. He chooses to utilise our fee-free conversion period and converts his USD into AUD. Billy can now successfully buy Bitcoin with AUD.
Will this change impact my tax obligations?
This change will not alter the way you generate a tax report internally with the Swyftx platform. In fact, this new feature can make your tax reporting easier because you will not have to consider any FX conversions on deposits and withdrawals. For more information about reporting your crypto CGT in Australia, you can read our Crypto Tax Help Guide.
Will I be able to create a Recurring Order in USD?
No. All recurring orders and recurring bundles will be placed in AUD only.
Need further assistance?
For further information about this change and how it can benefit you, visit our help resources below, or touch base with one of our friendly support team members via live chat.