How To Transfer Crypto from Swyftx to BTCC

BTCC was established in June 2011 and has operated since Bitcoin was launched. With its global presence, the licenced exchange is an attractive option for traders, especially those who want to trade popular crypto pairs with leverage.

Why You Should Transfer Crypto From Swyftx To BTCC

Although Swyftx is one of the best crypto exchanges in Australia, it doesn’t have the features and trading markets available on BTCC. This is partly due to regulatory limitations in Australia and the different audiences the two platforms are targeting. 

One key reason traders want to move their crypto assets from Swyftx to BTCC is to trade futures. 

BTCC offers higher leverage limits compared to most other exchanges available in Australia. The leverage can go up to 500x for popular assets, while for smaller cryptos, it can go up to 50x. In contrast, Independent Reserve offers up to 2x leverage, and Bybit offers up to 100x leverage based on our most recent reviews.

However, the advantages also include:

• Excellent copy trading features.
• Tokenized futures (commodities like gold, silver and US stocks)
• Up to 10,055 USDT can be earned for new customers. 
• Exciting VIP benefits and campaigns.
• A demo trading account with $100,000 of virtual funds.

For more information about its features, read our in-depth BTCC review.

How To Send Crypto to BTCC From Swyftx

1. Create an account and verify ID 

Creating an account with BTCC requires a valid email address and a strong password. 

Following that, new users must verify their ID through the Know-Your-Customer (KYC) process, which must be completed before any fiat or digital currencies can be deposited. Government-issued documents like a passport or driver's licence can be photographed using a mobile device or photos uploaded. 

Facial recognition is only required if the user intends to deposit more than $2,000 of fiat currency, but the amount of crypto transferred is not limited.

2. Copy the BTCC wallet address

Click on “Deposit” and choose crypto as the asset to deposit into the BTCC wallet. 

Next, selecting the crypto asset to transfer and the desired blockchain network to send it will produce a unique alphanumeric code. This wallet address needs to be copied into Swyftx's withdrawal function.

Note that the wallet address is uniquely generated depending on the crypto and blockchain network selected. So, selecting a network incompatible with Swyftx (or incorrectly copying the wallet address itself) will result in the crypto being lost. In this instance, recovery of lost assets is highly unlikely.

3. Prepare the withdrawal in Swyftx

Log into the Swyftx account and navigate to the withdrawal feature. Here, users will be asked to select whether to withdraw fiat or digital currencies from the wallet. 

Once the crypto has been selected from the drop-down menu, users must add the BTCC account if it is a first-time deposit. Simply give the wallet a name (e.g., BTCC wallet) and paste the address copied in step 2. Next, select the network, ensuring it is the same network selected in BTCC.

Swyftx will request a verification code from the linked mobile device and confirm that the new wallet address in the user's email is correct. 

After using the slide bar to select the amount of crypto to withdraw to BTCC, Swyftx will transparently display the fees for doing so. These are not Swyftx-incurred withdrawal fees but standard blockchain fees to facilitate the transfer.

4. Confirm the withdrawal

After clicking “Continue”, Swyftx will again ask the user to produce the six-digit verification code sent to their mobile device. Once entered, click “Withdraw”, and the crypto will be shown as a new deposit in BTCC.

The Fees To Send Crypto From Swyftx To BTCC

Investors transferring their digital assets from Swyftx to BTCC won't be charged exchange fees. Nevertheless, a network fee is required to withdraw funds from Swyftx. The specific fee amount depends on the cryptocurrency and the current blockchain activity.

The network fees cover mining costs and compensate miners and validators for validating the transaction. However, the fee may increase based on network congestion.