If you want to truly understand why Swyftx is saving you time and money, you MUST take time to read and understand this article.
Swyftx has taken a unique approach to handling Fiat currencies deposited on the platform, with the intention for this approach to minimise costs and trade fees for it's users. This is done by operating all trades on the back-end using USD.
All AUD deposits made to your Swyftx account will be converted to a USD equivalent balance using the AUD/USD indicative rate show on the AUD deposit screen. The same, inverse, applies for withdrawals.
I can hear what you're thinking, "Ahh but exchanges like BTC Markets don't require me to convert to USD, I can deposit AUD and trade in AUD" - This may be the case, however we can now, due to this conversion offer the lower prices we provide on our crypto assets!
When considering the actual Buy/Sell rate that Swyftx offers, as well as its lower fees, smaller spreads and billions in daily trade volume, it actually still ends up better in every way to trade with us!
Our platform allows toggling of the base trading asset between USD and BTC with more fiat and crypto bases to be added soon (including ETH). This gives you the added flexibility to trade your account balance on the most liquid pairs in BTC (a common practice) or USD (global market prices) regardless. Read more about these options here.
Remember global market prices of just about anything are dictated by the largest volumes and biggest economies - in the case of Digital Currencies this is USD.
If you have any further questions relating to your deposits and withdrawals, please don't hesitate to contact our friendly team via live-chat.