How can we help?

Withdraw crypto from Swyftx

To withdraw any asset listed on Swyftx, you must first add and verify a withdrawal address.

You must 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 sending 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.

Article Thumbnail Image
Withdrawing and Depositing Crypto
Beginner
8 minutes

How to withdraw crypto from Swyftx

  • App

    If this is your first time withdrawing crypto from Swyftx, you must first add and verify a withdrawal address.

    1. From the newdashboard.svg Dashboard, select Withdraw.
    2. Select the asset you want to withdraw.
    3. Select the withdrawal address from the list.
    4. Enter the amount of the asset you want to withdraw.
    5. Choose a reason for withdrawal.
    6. Review the fees and withdrawal amount.
    7. Select Send to this address. You will receive an SMS verification code.
    8. Enter the verification code to finalise the withdrawal.
    • Web

      If this is your first time withdrawing crypto from Swyftx, you must first add and verify a withdrawal address.

      1. Expand the side menu and select withdraw.svg Withdraw.
      2. Select the asset you want to withdraw.
      3. Select the withdrawal address from the list.
      4. Enter the amount of the asset you want to withdraw.
      5. Choose a reason for withdrawal.
      6. Review the fees and withdrawal amount.
      7. Select Continue. You will receive an SMS verification code.
      8. Enter the verification code to finalise the withdrawal.

Some networks require a memo or destination tag to be provided along with the address for the transaction to be successful.

Read more: Withdrawing and Depositing Crypto on Blockchain Networks.

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Crypto withdrawals are processed and withdrawn immediately but will sit in a pending state until 1 confirmation is recorded on the blockchain network.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.

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.

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 about Network fees.

Verification

We may ask you to complete further verification before withdrawing.

Restrictions

We aren't permitted to allow our customers to send crypto to 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.

Any account activity used for this purpose is against our Terms of Use. 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.

Third party withdrawals

We may request additional information from you or the third party you wish to send crypto to. This includes a partner, friend, family member, or paying someone for goods or services. We may also prevent or restrict transfers to third parties.

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.

Was this article helpful?