I have been reading a forum on Reddit which says people are having trouble getting their money out of Swyftx. They said they needed to jump through hoops and provide so much personal information. In your experience, which is the better platform, Binance or Swyftx? Here is a link to the Reddit forum.
https://www.reddit.com/r/Swyftx/comments/li884k/swyftx_will_…
That post was a year ago
It still has recent comments.
Yes
I know members in more crypto centric communities, that have withdrawn 6 figures and up through Swyftx. You just have to get through the kyc correctly. Government doesn't want to make it easy for the money launderers, hence the tough kyc criteria
Is Binance the same?
I imagine any exchange that deals with Australian customers, will have to deal with the same hurdles
Yes, KYC requirements are same on Binance and Swyftx. Both exchanges are legit but Binance is much bigger than Swyftx. I prefer Binance as it has lower fees and better UI. Still, do your own research and don't take this as financial advice.
EDIT** in the end it took almost 2 weeks to get my money out.
the bottom line.
you will deposit money then not be able to withdraw it until you do the following:
*supply photo of your drivers license or passport.
*supply a photo of yourself holding up 4 fingers.
*supply copies of bills with your personal info
*supply copies of your bank account statements (showing transactions, acc no's etc)
*supply copies of payslips
All of this sounds reasonable for a 100 point KYC.
Btw People that don't want to do KYC can always use Bisq.
wow, forgot blood samples :)
What if you have all of the above but don't pay any bills?
I know lots of people didn't receive their $10 sign up credit and/or ongoing referral fees.
I believe it's a small company based in QLD. Likely to be higher risk than the Binance/Coinspot/Coinbase.
I received a $20 bonus. Just deciding whether I should use the service or not now.
No it is not dodgy. I've had absolutely no problems withdrawing from them and did not go through the above steps providing so much info.
I was recommended Swyftx when I first started trading due to the clean UI. The UI is indeed nice and easy but I wouldn't recommend Swyftx, even for a beginner. I would spend 15 mins learning how to use FTX or Binance and save a hell of a lot of money on fees.
Looks like a Pyramid to me… but could just be KYC.