At Swyftx we hold your account's cash balances (fiat) as US Dollars or Australian Dollars or New Zealand Dollars (For NZ account holders). Each is treated as it's own asset and incurs an exchange rate and subsequent fee when exchanging between the two.
Within our exchange you have the ability to buy an asset via AUD, USD, NZD or BTC. It is important to note that funds deposited into your account will be credited in AUD.
What does changing my base asset do?
In changing your base asset you change the underlying asset that you are performing trades in.
Due to this, if you are viewing your base asset as AUD and only have a USD cash balance, any trades you attempt to perform will fail as you are trying to trade with the wrong asset and you do not hold an AUD balance to trade with.
To remedy this, you will have to convert your USD to AUD or change your base asset above to USD.
This is also true if you choose to view your balance in BTC - you can buy other cryptocurrencies with any BTC you own without converting it to fiat!
Note: This also applies with NZD and USD.
How do I exchange between AUD, USD or NZD?
Quite simple, if you are exchanging your AUD for USD, set your base asset to AUD.
Navigate to the asset page of USD.
Once you have ensured that your base currency is set in AUD or NZD, find the USD asset and selected Buy, you can determine the amount of the asset you'd like to buy either in AUD or NZD (manually or using the percentage based trade bar), or in USD, in the appropriate field.
From here you have now exchanged your AUD or NZD for USD. If you'd like to do the reverse, it's as simple as selling the USD into AUD or NZD via the Sell function in the above screenshot on the USD asset page. For more information on this process, click here.
How do I view my AUD/USD/NZD balance?
Now USD, AUD and NZD are three separate fiat balances, and are treated as separate assets, just like any of our other cryptocurrencies, you can view them in the sidebar along with all other balances such as BTC or ETH. AUD, USD and NZD balances will also only be presented on the balances of your account if you currently hold both. See the screenshot below for more context on this one.
Why not just use AUD (or NZD)?
As cryptocurrency is more often traded against (pegged) to the US Dollar, when trading with USD you are exposed to much better spreads. However at the expense of being exposed to currency exchange rate fluctuation.
Why trade in BTC?
When buying other crypto assets, if you would like to move your BTC holdings to another crypto asset, it is simpler and incurs less fees to exchange the BTC for the asset. This cuts out the exchange rate, fees and spreads of moving to fiat and then back to the intended asset.
If you have any further questions about our Base-currency feature, or would like a hand navigating the process of making a trade, please don't hesitate to get in touch with our team via the live chat.