The multi-currency update has created some important changes in how you can go about your trading.

What is the change?

Previously, any AUD deposits onto Swyftx was converted into USD to trade through our global liquidity partners. Now - any AUD deposits made are held as AUD on your Swyftx account which you can directly trade with.

What changes can I expect in my account?

1) Currency Drop Down Bar

Previously, this would allow you to view trading prices in both AUD and USD. As all trading was done in USD, the AUD was a calculation based conversion showing you the equivalent AUD price of the assets.

Now, the currency drop down bar is how you choose which currency to trade in. When set to AUD, you must have an AUD balance available to trade with and any sells placed in this setting will sell back into AUD.

Similarly for USD, if selected all trades can only take place if there is a USD balance, and again any sell orders placed will sell the crypto asset back into USD.

2) Balances

Since the change has taken place, any previous dollar balances will be shown as USD.

Any future deposits from your bank account will now be shown in AUD.

3) Converting between AUD and USD

To move between each currency, we've created a step by step list and a quick visual guide on how to complete each of these transactions.

Converting USD -> AUD

  1. If you have a USD balance, ensure your select AUD on the top right Currency Drop Down bar.

  2. Navigate to Trade -> Sell

  3. Then find USD

  4. Sell -> and enter the desired amount of USD you would like to sell into AUD.

Converting AUD->USD

  1. If you have an AUD balance, ensure your select USD on the top right Currency Drop Down bar.

  2. Navigate to Trade -> Sell

  3. Then find AUD

  4. Sell -> and enter the desired about of AUD you would like to sell into USD.

Why not just use AUD?

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.

This is where you may choose to stay in AUD, if you speculate USD to be the weaker value asset.

Do I need to be in AUD to Withdraw back to my Bank Account?

No you don't, withdrawals will be conducted as previously if you have it stored as USD back to AUD bank account.

Please reach out to our team with any questions!

Did this answer your question?