Everyone is talking about WazirX, but do they know what it is? So we decided to write a detailed WazirX review to help you out what it exactly is and whether it can be your ideal trading companion.
With over 6 million registered users and a monthly trading volume of over $5 billion, WazirX is India’s biggest centralized crypto exchange. The platform offers 225+ Crypto 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 possible in seven different nations.
A team comprising Nischal Schetty, Sameer Mhatre, and Siddharth Menon founded the WazirX Crypto exchange 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.
However, the WazirX platform was bought by Binance, the world’s biggest cryptocurrency exchange, in late 2019. Binance is a well-known and reputable crypto exchange.
In complement to exchanging digital products, the company provides a platform that lets investors trade cryptocurrencies like bitcoin, bitcoin cash, litecoin, dash, etc.
WazirX additionally provides a mobile app – WazirX app for trading cryptocurrencies and a web-based version that can be installed on various systems, including Mac and Windows. Read more information about the exchange with this detailed WazirX review.
Wazirx Is Safe Or Not?
Wazirx has evolved into a reliable and safe trading system for both international and Indian users to purchase, buy, and sell approximately 255+ digital assets. Additionally, WazirX was bought by Binance, the world’s largest cryptocurrency exchange, in late 2019.
Whenever it comes to account security, the safeguarding of your cash should be the first priority of any crypto exchnage. Alternatively, you should also practice good safety tips like establishing a good password for your account and enabling 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) trading assists new traders in remaining lucrative.
- Transaction speed is best-in-class
- Keeps 95% of clients’ funds in cold storage.
Cons
- Limits on fiat currencies deposit and peer-to-peer (P2P) trades.
- Customers in only seven countries can make a fiat transaction.
- Futures trading is not available on the platform.
WazirX Review: Available Cryptocurrencies?
WazirX has a vast selection of crypto assets (over 225+) with advanced trading tools. It includes midcaps and microcaps cryptocurrency from every speciality 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
- WRX Coin
WazirX Crypto Coin
The WazirX cryptocurrency token was introduced to build crypto communities and reward first users. WRX tokens have a total supply of 1 billion. Approximately 460 million coins are in circulation currently.
WRX token is currently priced at $0.2778 (Rs 21 in Indian rupee). It is also possible for experienced crypto traders using the WRX utility token to cut down WazirX trading fees. WazirX trading platform currently gives users 50% trading fee discounts for WRX Coins. The discounts can be reduced by up to 50%.
How To Open An Account On WazirX?
Here’s a detailed and step-by-step process for opening an account on the WazirX exchange:
Step 1: Sign up for an account and visit the official WazirX website and register.
Step 2: Fill in the required information to begin the account creation process. You must first submit your email address and set a secure password. After that, you may be asked for other information like your bank account details for bank account verification.
Step 3: Following that, 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.
Step 4: The next step is to secure your account. WazirX provides two security mechanisms for your profile.
- Cellular Text service
- Two-factor Authentication (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.
Step 5: Now, select a 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.
Note: We recommend that you complete KYC because the document evaluation and permit process may take time. After only finishing KYC, you withdraw money by entering your bank account number.
You must input the following information to complete KYC and verification process.
- Name as it appears on the KYC paperwork
- Year of birth
- Location per the KYC paperwork
- Identity documents and bank details
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, WazirX collects three types of fees.
- Trading Fees
- Withdrawal Fees
- Transaction Fees
Different marketplaces, such as Peer to Peer, Smart Token Fund (STF), and others, can be used to trade on the platform. 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% for both market participants. Only eight currencies 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 from STF trade.
WazirX Review: Deposits and Withdrawals
Our review score for WazirX deposit & withdrawal is quite high. In terms of fees for deposit money, it’s very affordable and is aligning itself with Industry-average fees.
WazirX offers a variety of deposit methods for money deposits, including bank transfers and UPI (Google Pay), but it doesn’t allow credit card deposits. For crypto deposits, users can either copy the destination address or scan the QR code.
On the other hand, WazirX charges for transferring money are relatively low compared to other crypto exchanges’ withdrawal fee. The fee depends on the asset you’re trading with. For a detailed WazirX fees structure, you can head to WazirX’s official website.
WazirX And Binance
Binance is a global exchange that handles over 1,400,000 operations per second and has a trading volume of over two billion dollars.
WazirX, as previously stated, is a Mumbai-based Indian crypto trading platform for worldwide Crypto enthusiasts. Binance bought WazirX in 2019.
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: Customer Support
The customer support offered by WazirX is quite impressive in comparison to other exchanges. You can reach the WazirX support team using the request form available on the support page. Alternatively, you can connect with them through social networks like Facebook and Twitter.
WazirX Users can get answers to all queries like WazirX login, deposit and withdrawal-related problems. Recently, the company has launched dedicated phone support.
Here’s how you can connect to the WazirX customer support team:
- WazirX Customer Care Number: 1800-309-4449
- Live Chat
WazirX Review: Conclusion
As we have come to an end of this detailed WazirX review, here’s a quick summary about the exchange – WazirX is an international trading and Crypto exchange platform with a decent trade volume of operations and 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.
The WazirX peer-to-peer market is the world’s first innovative system, and it’s a big hit with Crypto 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.
Its goal is to create a conversation that will make it a simple and safe crypto exchange for the general public. However, the platform lacks at some points, like charging higher commission and lengthy account opening procedures. At the same time, there are not a lot of options for making passive income on this exchange.
At the same time, if you have concerns over all these issues, you can move to another best brokerage platform – InvestBy. It 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 a safe and legit way to earn passive income. Hope this WazirX review helped you in knowing the exchange even better.
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. WazirX announced this acquisition in November 2019.
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% and order takers paying 0.25%.
What Are The Deposit And Withdrawal Fees On WazirX?
WazirX takes a 0.2% charge on every activity and costs anything from Rs 5 to Rs 10 for withdrawal, based on the mode. Read our WazirX review to know the exact fee structure.
How Can I Buy Cryptocurrencies On WazirX In India?
It is possible for people to buy bitcoin on the Wazirx exchange by creating an account and making deposits. Then, search for crypto by entering its ticker symbol and clicking on the ‘Buy’ button.
Is WazirX Legal?
Yes, WazirX is a legal Indian Crypto exchange. Read our detailed WazirX review to learn more about the exchange.
Is there any wallet in WazirX?
Yes, the platform offers access to the WazirX wallet to its users. Read our detailed WazirX review to know more about the wallet services.
What Is WazirX Minimum Deposit Amount?
The minimum deposit account to open an account on WazirX is Rs 100.
Is Margin Trading Available In WazirX?
Yes, the platform offers margin trading. Read our detailed WazirX review to learn what else this exchange offers.
