A market cap of $2 trillion USD is attributed to crypto trading, which currently has more than 4,000 cryptocurrencies in circulation. Aiming to ensure that India’s 1 billion people are not left behind in the crypto race, WazirX was created. This WazirX review aims to analyse the services in-depth and learn about the costs involved in trading.
Founded in India, WazirX offers a straightforward cryptocurrency trading interface and many fun features. With WazirX’s user-friendly crypto trading platform, strong security protections are included. The launch of WRX utility tokens and WazirX’s ground-breaking P2P trading platform have contributed to its popularity and wide acceptance.
A new app called WazirX was introduced by Nischal Shetty, Sameer Mhatre, and Siddharth Menon in March 2018. According to WazirX.com, the trio states:
Traders with experience and professionals, as well as newcomers looking to test the waters on the cryptocurrency market, will find the WazirX platform ideal.
You can deposit via UPI, IMPS, NEFT, and RTGS on WazirX, but you cannot deposit via credit card. A taker fee of 0.20% and a maker fee of 0.20% are charged by WazirX for each trade.
A Brief Overview of the Revolutionary Crypto Exchange WazirX
Users around the world can now trade cryptocurrencies on the Indian cryptocurrency exchange WazirX Exchange. In March of 2018, Zanmai Labs Private Limited was founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon.
In addition to being a cryptocurrency exchange, WazirX offers much more. WazirX P2P is the world’s first auto-matching P2P engine, and it provides a unique way of linking the world ruled by fiat money today with the constantly expanding cryptocurrency market. It also offers WRX coins, its own cryptocurrency asset, the WazirX token. In creating it, the WazirX community was thanked for the proper way it raised the issue.
Since March 27, 2019, WazirX has welcomed cryptocurrency traders from around the world. It had originally catered to Indian cryptocurrency investors. As of November 21, 2019, WazirX has been acquired by Binance, the world’s largest cryptocurrency exchange. Mobile and desktop applications are available for WazirX.
Initial Setbacks for WazirX
In early 2018, RBI, an Indian financial regulator with its main office in Mumbai, announced that all cryptocurrency exchanges were to cease operations within a three-month period following the creation of the platform. WazirX provided a timely and effective response. The blockchain revolution had to be made available to Indians as well.
The WazirX exchange achieved a resounding success. This is an impossible feat in the context of an Indian bear market, with P2P deals exceeding 100 crores. The Indian market is open to cryptocurrencies, as evidenced by the performance of P2P trading. The WazirX cryptocurrency exchange is considered the best in India, with a growth rate of 50% every month. A salutation common to Indian culture is Namaste Tribe, which the exchange proudly announced to WazirX users on its website.
The Introduction of Novel Ideas on WazirX
Two innovative ideas were included in the exchange, along with P2P, that improved user reactions.
A cryptocurrency token called WazirX is WRX. However, it won’t start generating income right away. WRX was created for users who have been interested in engaging with WazirX for a long time. In the future, the WRX coin will be an essential component of any Wazirx crypto wallet due to the business’s strategies. Until then, WazirX’s value will increase, so investors should stockpile and hold on to WRX until that time. It is going to be a great year for WRX coins.
WazirX is the only trading and exchange platform that offers a 50% referral commission. With a 50/50 share of WazirX trading costs, this system facilitates a long-term return environment for cryptocurrency adoption regardless of the trading volume. WazirX’s trading platform allows you to deal with multiple people at once, cutting your trading costs. Many more features are planned for this Indian cryptocurrency platform in the future.
WazirX Exchange Features you’ll Love
The following contributions deserve recognition from WazirX.
The WazirX platform works with web browsers, Android and iOS smartphone platforms, as well as Mac and Windows PCs, and it works across many devices seamlessly.
The Design of Trading Platforms
With its fiat on-ramp, WazirX is a worldwide exchange. This crypto trading platform has a high trading volume and is user-friendly for beginners. Almost all of the features offered on the online platform are available on mobile applications. For this conversation, multilingual assistance is available.
Supported Cryptocurrencies & Investment Products
On WazirX, cryptocurrency traders can choose from more than 100 cryptocurrency pairings. However, USD Tether (USDT) is only linked to eight currencies on the P2P market.
At the centre of the WazirX ecosystem, the WRX utility coin serves as the basis. There are a maximum of one billion coins available. At the time this article was written, WazirX was trading for $1.72 on CoinMarketCap. WRX coins now have a market value of $479 million, with 479 million in circulation. 96 million dollars worth of trading was done today.
Only 10% of WRX coins are sold during the IEO, while 70% are going to the Foundation, and 5% are to individuals. As part of the remaining funds, 11.10 per cent will be allocated to the WRX Airdrop, 20 per cent to collaborations, and 10 per cent to marketing. It was recently announced that WazirX is partnering with SonyLIV, UEFA EURO 2020’s co-presenting sponsor.
There are currently 3.9% of coins that can be mined using WRX. According to the trading volume, 10% of WRX tokens will be burned each quarter. In exchange for a 25% fee on its gains, Smart Token Funds pairs novice cryptocurrency traders with seasoned professionals to assist them in expanding their portfolios.
Speed of the transaction
As a result of its scalability and efficiency, WazirX’s blockchain infrastructure can process millions of transactions in a matter of seconds.
Instruments of modern trading
WazirX developed the first ever auto-matching P2P engine that quickly connects buyers and sellers through its peer-to-peer exchange platform. The buyer places an order for USDT, and the supplier is paid right away. A USDT escrow is then immediately transferred to the safe wallet of the buyer by WazirX.
Ninety-five per cent of the money is stored in cold storage by WazirX. In addition to two-step verification, the platform provides greater protection for consumer accounts. In addition, it uses a multi-signature wallet technology and adheres to KYC/AML regulations.
The standard ticketing system can be used to contact WazirX customer service, although there is no customer service number on the site. Alternatively, you can send an email expressing your concerns. Frequently asked questions are also available on the website. Moreover, WazirX is active on platforms such as Telegram, CoinMarketCap, Twitter, Facebook, Instagram, LinkedIn, and YouTube.
Customers who use WazirX’s unique referral code will receive a 50% commission on each trade they execute.
During our analysis, we found that the exchange platform has a strong social media presence and a highly dynamic user experience. Due to its design, this Indian website will undoubtedly attract the attention of the global crypto community, whether using Bitcoin, Binance, or any other method. There is a detailed discussion of the history of the unique P2P system. P2P trade is the website’s main focus, which features the world’s first auto-matching system.
WazirX is a great cryptocurrency exchange in India for fiat currency and cryptocurrencies. Additionally discussed are the WazirX app versions of the website, the new cryptocurrency WazirX coin, information on cookies used by the site, the partnership with Binance’s fiat gateway that enables trading in Indian rupees, and the WazirX coin.
Will WazirX Exchange make your trading easy?
Is WazirX trading something that interests you? In a couple of minutes, WazirX exchange trading takes place.
The process of registration
Using a password and a working email address, customers can register for an account on the WazirX website. The user must agree to the “Terms & Conditions” and confirm their mail ID as soon as the activation link is clicked.
Completion of KYC
Government-approved identification cards like PAN and Aadhar must be entered for KYC compliance. Our review score for WazirX for deposits and withdrawals is very good. BTC deposits are fairly competitive by industry standards, and several deposit options are available. The customised software of WazirX makes it incredibly easy for cryptocurrency traders to conduct transactions wherever they are.
In general, WazirX traders have a fantastic experience trading deposits! Withdrawals are also possible on WazirX. As compared to other exchanges, WazirX charges very low withdrawal fees. For example, WazirX charges 0.0005 BTC for each Bitcoin withdrawal.
WazirX Trading & Payment Methods
WazirX allows a wide variety of payment options, including the following:
- Money Transfer
- Online Banking
Customers may use any of the aforementioned banking techniques to put money into their wallets. Users may copy the destination address or scan the QR code for cryptocurrency deposits.
Here are a few trading strategies used on WazirX
- Spot Trading: At WazirX, customers may place an order in advance; once the market is able to fill it, the exchange system will automatically carry out the deal on the customer’s behalf.
- WazirX P2P: With the aid of its P2P engine, WazirX’s peer-to-peer exchange service automatically connects buyers and sellers.
Fees for WazirX Trading
The various WazirX charge categories are described below:
- WazirX Deposit & Withdrawal Fees – Deposit fees for bank transfers are INR 6.7, while fees for NEFT, RTGS, & IMPS transactions are INR 5.9. Charges for UPI deposits are minimal. The WazirX withdrawal costs vary according to the kind of cryptocurrency; they may be seen here. Traders who pay using WRX coins, whose value is half-yearly, get a 50% trading fee reduction.
- Fees for Spot Trading – There is a maker/taker charge of 0.2%.
- WazirX doesn’t charge anything for a P2P exchange. P2P Transaction Fees
- The expert trader will get 25% of the earnings from STF trading as their fee.
- Security Function of WazirX
Due to the customary encryptions, the sale and other instruments transfers on the WazirX trading system from India are completely secure. The security of accounts is handled extremely seriously, and regular security audits are performed.
Because of the order book, the volume of trading, and currency exchange, users can conduct trades on this platform in a secure manner. WazirX is the benchmark when it comes to security. Every WazirX transaction is secured with Google Authenticator, and the app is completely secure as well.
WazirX Review: Summary
According to this WazirX review, it is an Indian exchange and trading platform with a decent order book, low trading costs, and rising crypto trade volume. During the last three years, WazirX, the world’s largest cryptocurrency exchange, has added 2 million clients. As part of the digital currency revolution, it seeks to quickly build an exchange so that the general public can participate.
WazirX is well known for its auto-matching system in the world of peer-to-peer exchanges. WazirX has advanced rapidly for a young exchange, notably with its smart token fund, which is an easy way to accumulate cryptocurrencies.