Crypto traders surge, Swyftx expands into mainstream assets

Nearly 2.4 million Australian now hold cryptocurrency, according to new research, as local exchange Swyftx announced it is the first domestic crypto platform to offer both traditional asset classes alongside digital assets.

Investment Trends' inaugural Australian Cryptocurrency Trader Report found an estimated 2.37 million Australians, or 11% of adults, now own cryptocurrency, while 575,000 traded digital assets at least once over the past year.

The report found the market remains relatively young, with more than half active traders having less than three years' experience and more than one in five entering investing through cryptocurrency before purchasing any other asset.

Investment Trends senior analyst Yiğit Günhan said crypto had become a mainstream investment.

"Crypto has crossed from the fringe into the mainstream - one in nine Australian adults now holds it," said Günhan.

"This is a young market, with most traders only a few years in. For a sizeable minority crypto was the first investment they ever made rather than a diversification play."

The report also highlighted growing security concerns, with 62% of active traders reporting they had encountered a scam or fraud attempt, most commonly phishing attacks. One in four targeted investors suffered financial losses.

"Being targeted is now the norm rather than the exception," said Günhan.

Artificial intelligence is also becoming embedded in trading behaviour, with 46% of traders using AI tools moderately or extensively for research, price prediction and portfolio analysis.

As the markets matures, Swyftx has expanded beyond digital assets, launching licensed leveraged trading in commodities, US equities and major share market indices alongside crypto derivatives.

Swyftx acting co-chief executive Andrea Yuen said multi-asset trading platforms were becoming the industry's next frontier.

"We expect to see a proliferation in multi-asset trading venues over the next few years that offer crypto alongside more traditional markets. It's already happening in markets like the US and the momentum is growing," Yuen said.

The Brisbane-based exchange said eligible retail investors will be able to trade around 100 cryptocurrency CFDs alongside gold, silver, crude oil, the Nasdaq 100, S&P 500 and individual stocks, including Nvidia, Telsa and SpaceX within ASIC's retail leverage limits.

"By launching one of the widest ranges of crypto CFDs in the country and pairing it with traditional commodities and equities, we are giving our users more ways to manage their market exposure," Yuen said.