Today, with the cryptocurrency market standing at a $2 trillion valuation and more than 4000 cryptocurrencies in circulation, crypto trading has taken a definitive form. To ensure that 1 billion Indians are not left behind in the crypto race, WazirX was created. In this WazirX crypto exchange review, we will take a deep look at the offers and know the WazirX trading fees and much more.
WazirX crypto exchange Review 2022 Summary
WazirX is a renowned Indian crypto trading platform that offers a simplified trading app with many exciting features. WazirX’s easy-to-use crypto trading platform comes with robust security features. Also, integration with Binance, the launch of WRX utility tokens, and the innovative P2P trading exchange WazirX have all contributed to its popularity and widespread adoption.
WazirX crypto exchange was launched in March 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. The trio informs on the company’s website (WazirX.com) that
“The WazirX platform is not only perfect for professional and experienced traders but also beginners testing the waters in the crypto market.”
WazirX allows UPI, IMPS, NEFT, and RTGS deposits, but credit card deposits are prohibited. WazirX charges a 0.20% taker fee and a 0.20% maker fee for each trade.
A quick look at WazirX – The Revolutionary Crypto Exchange
WazirX crypto exchange is the Indian cryptocurrency trading platform that is now open for trading for worldwide clients. Zanmai Labs Private Limited was incorporated on March 8th, 2018, and is led by Nischal Shetty, Sameer Mhatre, and Siddharth Menon.
WazirX is more than just a cryptocurrency exchange. Also, It offers a unique solution to bridge the gap between the world currently led by fiat currencies and the ever-evolving cryptocurrency with WazirX P2P, the world’s first auto-matching P2P engine. It also offers its native crypto asset called WazirX token or the WRX coins. It was introduced to properly reward the WazirX community for their efforts in bringing it up.
WazirX originally opened up to Indian crypto investors, but on March 27th, 2019, they opened their doors to the entire crypto trading world. On November 21, 2019, WazirX announced its acquisition by the world’s leading cryptocurrency exchange, Binance. WazirX is accessible via its web app and even desktop and smartphone apps.
WazirX crypto exchange Initial setbacks
The platform suffered a setback shortly after its launch when the RBI, the financial regulator in India based in Mumbai, announced a crypto banking ban and issued a three-month deadline for all of these cryptocurrency exchanges to cease operations. WazirX’s response to this was quick and efficient. It had to be ensured that Indians would not be deprived of the blockchain revolution sweeping the world. Because of this
WazirX crypto exchange introduced the world’s first auto-matching system for P2P trading called WazirX P2P.
The success of the WazirX exchange has been phenomenal. It surpassed 100 crores in P2P trades, a benchmark hardly expected in a bear market in India. The success of P2P trading has proved that the Indian crypto coin market is receptive. WazirX has been growing an astounding 50% per month and is ranked as the best platform crypto exchange in India. The exchange proudly announced its achievement to WazirX users on its website with a “Namaste Tribe,” a typical Indian greeting.
WazirX crypto exchange – Introducing novel ideas
Aside from P2P, the exchange introduced two novel concepts that helped improve user responses and high trading volume.
- WRX: It’s a crypto token, also known as a WazirX token, but one that doesn’t immediately yield returns. WRX is intended for users who want to participate in the WazirX crypto exchange for the long term. The company is working on plans to ensure that the WRX coin achieves great value in the future and becomes a must-have in every crypto Wazirx e-wallet. Until then, the platform advises traders to accumulate and hold WRX as the value on WazirX grows. Great things are coming up for the WRX coin.
- Referral Commission: This 50% referral system is unique to the WazirX trading and exchange platform. In this system, WazirX trading fees are split 50:50, helping to build a long-term return scenario in crypto adoption regardless of the trading volume. The more people you trade on this WazirX trading platform, the greater the savings in cryptocurrency trading fees will be.
Aside from these two, this Indian crypto platform has a lot more in store for the future.
Exquisite features of WazirX crypto exchange
Below are the commendable offerings of the WazirX trading exchange.
WazirX works seamlessly across multiple devices, offering apps compatible with a web browser, Android and iOS smartphone platforms, and even Mac and Windows PCs.
Trading platform design
WazirX is a global exchange with a fiat ramp. It is a beginner-friendly crypto trading platform with a high trading volume. The mobile apps offer almost all the features that are available on the web platform. Also, the WazirX crypto exchange is made possible with multilingual support.
Investment products and supported cryptocurrencies
WazirX offers 100+ cryptocurrency trading pairs. However, the P2P market only features eight currencies paired with USD Tether (USDT).
WRX Token – The WRX Utility Token forms the backbone of the WazirX ecosystem. The maximum coin supply is set at 1 billion. According to CoinMarketCap, the WazirX coin price is $1.72 at the time of writing this article. It has a current market cap of $479 million and a circulating supply of 293,763,596 WRX coins. The 24-hour trading volume is $96 million.
Only 10% of WRX coins are available for IEO public sale while 30% is reserved for foundation and 5% for private sale. The rest is used for marketing (20%), partnerships (20%), and WRX Airdrop (11.10%). WazirX crypto exchange recently announced a partnership with SonyLIV, the co-presenting sponsor at UEFA EURO 2020.
WRX Mining – Approximately 3.9% of tokens are available for mining. The WRX tokens can be mined, 10% of which will be burned each quarter based on the trading volume generated.
STF – Smart Token Funds is a community-driven approach to connecting newbie traders with experienced crypto traders to help them grow their portfolio in exchange for a 25% commission on profits made by the new traders.
WazirX’s blockchain infrastructure is scalable and efficient enough to process millions of transactions in a matter of seconds.
Advanced trading tools
WazirX’s proprietary peer-to-peer exchange system is the first-ever auto-matching P2P engine that automatically matches buyers with sellers instantly. Buyers place the order to buy USDT and pay the seller directly. After that, the WazirX crypto exchange will automatically transfer the escrowed USDT to the buyer’s secure wallet.
WazirX stores 95% of funds in cold storage. The platform is also equipped with a two-step verification feature to provide more security for customer accounts. It also uses a multi-signature wallet system and adheres to strict KYC/AML policies.
Although the WazirX customer service number is not available, traders can use the traditional ticketing system to resolve any doubts. Concerns can even be raised via email. The website also contains an extensive list of frequently asked questions. Also, WazirX’s social media pages are available on Telegram, Twitter, Facebook, Instagram, LinkedIn, YouTube, and CoinMarketCap.
WazirX’s referral program allows users to earn 50% of the trading fee as commission for each trade made through the user’s referral code.
The WazirX website
Our test shows that the Exchange platform has a very interactive user interface and a good social media presence. The way this Indian website has been presented is sure to attract the international crypto community in BTC, Binance, or others. The story behind the exclusive P2P system is explained in detail. The focus is on P2P exchanges on the site as it is the world’s first auto-matching system.
Most importantly, the WazirX crypto exchange is among the best crypto exchanges in India dealing with other cryptocurrencies and fiat currencies. The novel cryptocurrency token WazirX-Coin, information about the site’s cookies, cooperation with fiat gateway Binance, where Indian currency trading is possible, and the WazirX app versions of the site are also mentioned.
Trading on WazirX
Wondering how to trade with WazirX? Trading on the WazirX exchange is a matter of minutes.
Customers can visit the WazirX website and create an account using their valid email address and a password. They would need to verify the email id by clicking on the activation link and then agreeing to the “Terms and Conditions”.
- KYC degree
- KYC completion requires entering details and images of government-recognized IDs such as PAN and Aadhar.
- Customers would have to upload a selfie.
- You would also need to provide the details of the bank account number.
Once the KYC is approved, users can fund their wallets in either INR or cryptocurrencies.
Then they can start trading on the platform.
WazirX deposits and withdrawals
Our rating of the WazirX crypto exchange for deposits and withdrawals is very high in the score. There are multiple deposit methods, and BTC deposit fees are very reasonable, in line with the industry average. Also, WazirX’s streamlined app allows crypto traders to trade on WazirX on the go very easily.
Overall, a rich trading experience for traders on WazirX! You can also perform a WazirX withdrawal. WazirX withdrawal fees are quite low compared to other exchanges’ withdrawal fees. For example, the withdrawal fee for one bitcoin is 0.0005 BTC when processed on WazirX.
WazirX payment and trading methods
WazirX accepts a wide range of payment methods, namely:
- Bank Transfer
- Net Banking
If customers wish to deposit their funds into the wallet, they can use any of the above banking methods. For crypto deposits, users can either copy the destination address or scan the QR code.
Below are some trading methods when trading the WazirX crypto exchange:
- Spot Trading: At WazirX, traders can place the order in advance and if the market can provide it, the exchange system will automatically execute the trade on behalf of the crypto trader.
- WazirX P2P: WazirX’s peer-to-peer exchange service is a unique solution that automatically matches buyers and sellers using the P2P engine.
WazirX Trading Fees
The different types of WazirX crypto exchange fees explain below:
- WazirX Deposit and Withdrawal Fees – Bank wire deposit fees are INR 6.7 while NEFT, RTGS, and IMPS transfers charge INR 5.9. For UPI deposits, the fees are irrelevant.
WazirX withdrawal fees differ per crypto asset. Also, Traders paying with WRX coins are offered a 50% discount on the trading fee, the value of which would halve every year in a row.
- Spot Trading Fees – A 0.2% maker/taker fee applies.
- P2P Transaction Fees – WazirX fees are zero for a P2P exchange.
- STF Trading Fees – The experienced trader earns 25% of profits for STF trading.
Merits and Cons of WazirX
Below are the pros and cons of this trading platform:
- A wide range of crypto tokens is supported.
- User-friendly and minimal user interface.
- No custody of fiat funds.
- Free fiat/crypto swaps.
- Smart Token Funds help with portfolio building.
- It lacks the crypto lending feature.
The security feature of WazirX
The security rating of the WazirX trading system from India has a high rating, and the sale and other transactions of instruments are completely safe with the usual encryptions. Account security took very seriously and security checks conduct regularly.
The order book and trading and currency exchange volume are above average and users can safely trade on this platform. WazirX crypto exchange is the gold standard when it comes to security. The WazirX mobile app is also fully secured and all transactions have the Google authenticator verification tag.
WazirX Review: Conclusion
This review of WazirX shows that WazirX is a fast-growing trading and exchange platform from India with a decent order book of transactions, trading fees, and growing trading volume in crypto. Also, WazirX crypto exchange is a premier and largest cryptocurrency exchange in the world that has attracted 2 million customers in three years alone. It aims to build an exchange to help the masses easily be part of the digital currency revolution.
The peer-to-peer exchange WazirX is the world’s first auto-matching system and a huge draw for traders. For an exchange just a few years old, WazirX has made rapid strides in this area, particularly with the smart token fund, which is a very simplified way to grow your cryptocurrency portfolio.
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