Trading crypto assets just got a whole lot easier with our new “Swap” feature!
With Swap, you can exchange any cryptocurrency you currently hold on Swyftx for any other cryptocurrency we actively list.
This enables you to easily buy into new assets, even when you don’t have fiat currency available in your account.
How it Works
Say you had some Bitcoin but you wanted to buy some Ethereum.
Using the Swap feature, you can automatically execute a sell order for Bitcoin and a buy order for Ethereum simultaneously, without having to convert your Bitcoin to fiat currency first.
Here’s how you do it:
- Select the asset.
- Click the Swap tab at the top of the page.
- Type the $ amount that you want to exchange.
- Select the asset you wish to swap it for from the dropdown; and
- Click Swap to confirm the order.
Keep in mind that standard trading fees will apply. You will be able to see the full fee breakdown before you confirm the swap order and these will also show in your order history.
Is Swap still a taxable event?
In short, yes! Swap is a feature that simplifies trading between assets but the process is effectively the same as standard buy and sell orders. As a result, any orders placed using Swap will still be considered taxable events by the Australian Taxation Office (ATO).
Unsure what your tax obligations might be? Check out our Australian Crypto Tax Guide.
For users trading outside of Australia, make sure to refer to your local government tax resources for more assistance.
Feature Not Showing?
If you can’t see the option to Swap in your account, you may need to update your app. You can do this by heading to:
Profile > About > Account Settings > Update Client