Navigating crypto waters is such a huge learning curve, and like my sentiments from my previous post, the process makes me appreciate Hive even more.

On here we can send any amount to each other, any day, any time, without a fee. We vote, we stake, we deposit, we withdraw, we exchange ~ all without a fee.

I remember my shock when I was first charged Bitcoin and Ethereum gas fees. My jaw dropped and couldn't understand how a transaction could cost so much when we did it all for free on here.

But I accepted that as part of dealing with crypto, moved on and made sure to take note of transaction fees in the future.

Swyftx

There are two major crypto exchanges in Australia. The biggest is Coinspot and the other, it's competitor, Swyftx.

If you were to google which exchange was Australia's most trusted, you would find Swyftx on top of the list but after looking into my transactions and speaking to the people on Live Chat, I'm not quite sure.

0.6% Transaction Fee

Many people who have switched to Swyftx would say they're cheaper with their 0.6% trading fee and if you're a newbie and can only really make sense of the transaction fee part you would think the same. But after a few transactions, a closer look on a spreadsheet, the numbers become very clear. More times than not, depending on the coins you're buying, you could be charged way more than 0.6%.

See that "Spreads as low as 0.45%"? That's what's going to bite you. Notice how it says "as low as", in other words it could potentially be higher than 0.45% and from my calculations it's usually over that.

So what the hell is a spread? The spread in crypto talk is the price difference between the sell and buy price.

When I questioned Swyftx support about my figures not adding up, they informed me about the spread and that was what was the additional fee was for. Basically, they can offer better prices because we pay for it.

Read more here.

Gotta give it to them, they have mastered the art of making it sound like you're getting a good deal.

In the meantime, over at Coinspot? 1% flat fee, no surprises. Yes, their prices are usually higher but I'd happily pay that knowing all I owe them is 1%

Standard Network Mining Fees, No Additional Charges

When I first read "Standard Network Fee" I assumed they meant the usual gas fees and when you go to that link ☝️ it doesn't elaborate on what the Network Fee actually is. It's only after 4 hours in on Live Chat, that I get told they're passing on Binance's network fees.

But first they told me the mining fee isnt a flat fee. Which is a laugh because my records tell me otherwise. I'm a habitual screenshotter and it's finally paid off.

So, thinking of transferring your coins from Swyftx to your wallet or another exchange? Might want to look through Binance's Network Fees cos lord know if you don't take that screenshot you won't find that fee in your Tax Report.

Don't believe me? Give it a go.

They will convert your AUD to USD.

I hate this, I really do. Coinspot actually explains it here. 👇

Some platforms force users to convert their AUD into USD when users deposit AND when they withdraw. This can take 1-5% away from your initial deposit value and take a percentage of your withdrawal too.

Just say you put in $100AUD, that $100AUD price will constantly fluctuate because it's constantly calculating what that 100AUD is in USD. So when you're doing your calculations and setting your buy orders you won't know exactly where you're at because the AUD/USD price might have changed and now you're short.

It's messed up. It's confusing. And it's another thing to hate about Swyftx. Seriously though. We're Australians, why are we trading in USD?

I didn't have this problem with Coinspot. Everything was in AUD, I knew exactly how much I had left, and it clearly told me how much I had left when I was placing buy orders. It was just so much easier.

Bottomline..

Look, I didn't even get into how bloody rude Live Chat was. Honestly, the attitude was dripping and when it wasn't it was so clear they just wanted to cover their asses and tell me why I lost my funds.

As offensive as they were, I find the way they conduct business distasteful.

Are they trustworthy? Are they dishonest?

To me, they certainly cover bases vaguely enough to say "we told you..".. and I suppose VAGUELY is the key word for me there. Also the way they word the website gives one the impression that they're being forthright but they're actually not.

In any case, this is definitely a huge learning curve for me and once I calculate how much AUD was deposited and what the difference is, since it's been converted to USD. I'll pull all our funds out and move them back to Coinspot.

Yes, their spreads aren't the best, but they're simple, straightforward, they don't convert my money, and they actually have more coins on offer so I'll happily pay that 1%.