To withdraw any asset listed on Swyftx, you must first add and verify a withdrawal address. You must also confirm all new withdrawal addresses by email and/or SMS.
Before you send or receive crypto, it's crucial to understand how to select the correct network. Always double-check addresses and networks before transferring crypto.
You cannot cancel a crypto withdrawal. Once a transaction has been committed to the blockchain, it is irreversible. Any assets sent to an incorrect address are not recoverable.
We recommend you read our Learn article, which explains networks and how they operate, Withdrawing and Depositing Crypto on Blockchain Networks.
Additionally, you may be asked to provide Travel Rule information. To learn more, visit our support article, Understanding the Travel Rule and how it impacts Swyftx
How to withdraw crypto from Swyftx
If this is your first time withdrawing crypto from Swyftx, you must first add and verify a withdrawal address.
App
From the
Dashboard, select Withdraw.Select the asset you want to withdraw.
Select the withdrawal address from the list.
Enter the amount of the asset you want to withdraw.
Choose a reason for withdrawal.
Review the fees and withdrawal amount.
Select Send to this address. You will receive an SMS verification code.
Enter the verification code.
If this address was added before the Travel Rule came into effect, You may be prompted to provide travel rule information. Find out more at Understanding the Travel Rule and how it impacts Swyftx.
Web
Expand the side menu and select
Deposit & Withdraw.Select Withdraw, then select the asset you want to withdraw.
Select the withdrawal address from the list.
Enter the amount of the asset you want to withdraw.
Choose a reason for withdrawal.
Review the fees and withdrawal amount.
Select Continue. You will receive an SMS verification code.
Enter the verification code.
If this address was added before the Travel Rule came into effect, you may be prompted to provide travel rule information. Find out more at Understanding the Travel Rule and how it impacts Swyftx.
Some networks require a memo or destination tag to be provided along with the address for the transaction to be successful.
What does the “Address not verified” pop-up mean?
When you withdraw to a new crypto address, you may receive a pop-up that says "The address could not be verified".
There are several reasons why you may receive this pop-up:
The wallet address does not belong to the indicated exchange.
The system did not receive a response from the receiving exchange.
The wallet belongs to an exchange, but you have not selected one for the withdrawal address
If you receive this pop-up message:
Return to the receiving exchange and double-check that the address details match those you are trying to withdraw to.
Contact our live chat support to confirm the safety of this transfer before proceeding.
If you proceed with the transfer after receiving this warning and your funds are lost, they may be unrecoverable.
Withdrawal times
Crypto withdrawals are processed and withdrawn immediately but will sit in a pending state until 1 confirmation is recorded on the blockchain network.
The time it takes may vary depending on which asset and how busy the network is at the time of the transfer.
If your withdrawal to another wallet or platform has not arrived, we recommend first contacting the receiving platform so that they can identify the transaction for you and let you know if it has arrived safely in their ecosystem.
Limits
Minimum withdrawal amounts differ depending on the asset and the chosen network. To see minimum withdrawal amounts for all of the assets listed on Swyftx, visit our network withdrawal fees page.
$50,000 AUD equivalent per day maximum withdrawal.
Limits include both cash and crypto transactions.
To learn more about increasing your withdrawal limits, visit our support article, Account transfer limits.
Fees for crypto withdrawals
Withdrawals or transfers of crypto incur a 'network' or 'mining' fee. These fees are charged by wallet handlers who facilitate crypto transfers across the network.
Swyftx does not charge a fee in addition to the wallet handler’s fee but will deduct the fee from the asset you are sending to pay the wallet handler.
Read more: Network fees.
Verification
Cryptocurrency withdrawals are restricted until you have completed KYC 1 verification (Gold).
We may ask you to complete further verification before withdrawing.
Restrictions
As a cryptocurrency trading platform, we face unique compliance risks. To mitigate these, we must have stricter measures to ensure the integrity of our platform and protect against scams and money laundering.
Swyftx supports our customers using self-custody methods such as external wallets to store their crypto. However, we may request proof of wallet ownership as part of our Fraud Prevention and Anti-Money Laundering (AML) compliance measures.
We aren't permitted to allow our customers to send crypto to third parties or certain online marketplaces or platforms, including, but not limited to:
Online gambling platforms
Online pharmacies or medication stores
Dark web marketplaces
Potentially fraudulent or illegally operating platforms (for example, MTI.club, CashFX, Lionshare, YieldNodes).
These platforms may distribute products or employ practices that contravene Australian state and federal laws. For this reason, we cannot allow withdrawals to platforms that match a description of any of the above. Regulatory obligations like ours exist to protect all Australians.
Our automated risk management systems are in place to stop these transactions from happening. If flagged by our system, your account will be restricted, and you may lose all account functionalities.