WazirX Review 2022: Pros and Cons Revealed.

WazirX Review 2022 Can It Be A Scam Save Your Money

Table of Contents

Everyone is talking about wazirx, but do they know what it is? So we decided to write a wazirx review of the cryptocurrency exchange to help you out.

With over 6 million registered customers and a monthly trading volume of over $5 billion, WazirX is India’s biggest centralized crypto exchange

WazirX offers 225+ coins and an outstanding auto-matching P2P engine that facilitates crypto-to-fiat conversion. Despite its Indian origins, the business currently provides services to people worldwide, with fiat deposits (P2P) possible in seven different nations.

A team comprising Nischal Schetty, Sameer Mhatre, and Siddharth Menon founded this startup in March 2018. The firm offers a feature that lets users purchase and sells cryptocurrencies such as bitcoin, bitcoin cash, litecoin, dash, Wink, and many more, in addition to digital trading assets.

WazirX was bought by Binance, the world’s biggest cryptocurrency exchange, in late 2019. Binance is a well-known and reputable cryptocurrency exchange. In complement to exchanging digital products, the company provides a structure that lets investors trade cryptocurrencies like bitcoin, bitcoin cash, litecoin, dash, etc.

The trading website states that the facility is suitable for both skilled traders and first users because wire transfers are accepted. Credit card transactions, however, are not permitted on the site.

WazirX additionally provides a mobile app for trading cryptocurrencies and a client’s version that can be installed for various systems, including Mac and Windows.

Wazirx Is Safe Or Not?

Wazirx has evolved into a reliable and safe trading system for Indian and international users to purchase, buy, and sell approximately 255+ digital assets. WazirX was bought by Binance, the world’s largest cryptocurrency exchange, in late 2019. Binance is a well-known and reputable cryptocurrency exchange.

Whenever it comes to safety, the safeguarding of your cash should always take first. Establish a good password for your account and enable advanced login security mechanisms like Google authenticator and Text validation.

Users may be confident in the network’s safety by using these approaches. Wazirx stores 95% of funds in an offline cold wallet solution, which encrypts data and stores it on offline modern digital storage systems. This is a way toward ensuring WazirX customers that the trading is secure and safe.

We all know how significant it is to trade at a trustworthy and secured platform; if you are on a hunt for a reputed and government-certified trading platform, InvestBy can be an excellent choice for you.

WazirX Review: Pros & Cons 

Pros 

  • Auto-matching Peer – to – peer marketplace with highly liquid.
  • The existence of a Smart Token Funds (STF) market assists new traders in remaining lucrative.
  • Transaction speed is best-in-class, and 95 percent of the money is kept in cold storage.

Cons 

  • Limits on fiat deposits and peer-to-peer (P2P) trades.
  • Customers in only seven countries can make a fiat transaction.
  • Futures trading is not available on the platform.

Available Cryptocurrencies?

WazirX has a vast selection of cryptocurrencies (over 225+). It includes midcaps and microcaps, and cryptocurrency from every specialty in the crypto market. The following are some of the coins it provides:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Polygon (MATIC)
  • Solana (SOL)\sFantom (FTM)
  • Shiba Inu
  • Dogecoin
  • Many more

How To Open Account?

Sign up for an account on WazirX.

              Visit the website and register.

Fill in the required information to begin the account creation process.

             To begin building your WazirX account, you must first submit your email address and set a secure password.

Account Safety and Email Authentication

         WazirX sends you an email to verify your account using the email address you entered. To proceed with account opening, click on the confirmation email you got.

The next step is to secure your account. WazirX provides two security mechanisms for your profile.

  • Cellular Text service
  • Google Authenticator

You have the option of selecting one of the two alternatives. However, the authenticator app is more secure than cellular Text, which might be delayed and subject to SIM card hack.

Select country and identity.

Select country and a type of account.

It would help if you chose your nation in the end stages. You may choose whether to establish an account with or without Verification. You can only invest and start trading on your WazirX account without KYC.

We recommend that you complete KYC because the document evaluation and permit process may take time. After only finishing KYC, you withdraw cash.

You must input the following information to complete KYC.

  • Name as it appears on the KYC paperwork
  • Year of birth
  • Location per the KYC paperwork

After that, you must provide a softcopy of your KYC paperwork and a picture. After that, WazirX verifies the identity within 24-48 hours.

WazirX Review: Fees

Currently, it supports two types of fees

  • Trading Fees
  • Withdrawal Fees
  • Transaction Fees

Different marketplaces, such as Peer to Peer, STF, and others, can be used to trade. You must exchange a set amount of any virtual currency coin for engaging in any form of trade.

The processing cost for spot trading activity is 0.2 percent for both market participants. Only eight cryptocurrencies are presently coupled with USDT on the Peer – to – peer market. It is legal to deal in INR/USDT in India, and there is no trading charge for both market participants. The least purchasing or selling transaction should be 14.5 USDT, and the highest order should be 2000 USDT. WazirX charges 25% of the profits generated for STF trade.

Wazirx Review: Fees For Withdrawals? 

WazirX imposes withdrawal fees when individuals move their cryptocurrency money, which varies according to the currencies exchanged and are subject to min and max quantities.

WazirX And Binance

Binance is a worldwide bitcoin exchange that handles over 1,400,000 operations per second and has a trading activity of over two billion dollars.

WazirX, as previously stated, is a Mumbai-based Indian crypto trading platform. WazirX was bought by Binance in 2019. Use the Binance site to trade cryptocurrency and create your crypto-asset using Indian rupees.

You may fund your WazirX account and acquire USDT, which you can then use to trade for international cryptocurrencies in the Binance wallets.

WazirX Review: Conclusion

WazirX is an international trading and exchanging company with a decent trade volume of operations, low trading costs, and an increasing cryptocurrency trade volume. WazirX is the world’s best and most significant cryptocurrency exchange, with over 2 million clients in just three years.

Its goal is to create a conversation that will make it simple and safe for the general public to participate in the virtual currency transformation.

investBy also offers a simple interface and end-to-end secure trading platform, with proven track records and excellent reviews from its clients.

 One can consider InvestBy for trading in digital currencies, as InvestBy is safe and legit.

The WazirX peer-to-peer market is the world’s first innovative system, and it’s a big hit with traders. WazirX has achieved remarkable progress in this industry for an institution just a few years old, particularly with the intelligent token portfolio, which is a straightforward method to increase your cryptocurrency portfolio.

FAQ

Is WazirX a safe platform?

WazirX is the most reputable cryptocurrency exchange in India, having launched in 2018. It is a subsidiary of the Binance Group, the world’s biggest cryptocurrency exchange with customers in 180 nations.

Is it possible to withdraw funds from WazirX?

Yes. WazirX currently includes Ether (ETH) withdrawals to Smart Contract Addresses.

What is the transaction fee charged by WazirX?

WazirX currently uses a maker-taker transaction fee scheme on an exchange, with order makers paying 0.1 percent and order takers paying 0.25 percent.

What are the deposit and withdrawal fees on WazirX?

WazirX takes a 0.2 percent charge on every activity and costs anything from Rs 5 to Rs 10 for withdrawal, based on the mode.

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