WazirX is an India-based cryptocurrency exchange launched in March 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. Company reviews show that users can buy and sell cryptocurrencies like Bitcoin, Bitcoin Cash, Dash, Binance, and more, as well as trading in digital assets on the platform. The trio of Nischal Shetty, Sameer Mhatre & Siddharth Menon informs on the company’s website, WazirX.com, that the trading platform is not only perfect for professional and seasoned traders but also beginners who are testing the waters in the crypto market. In deposit methods, Wire transfer deposits are allowed on WazirX, but credit card deposits are prohibited.
WazirX Review – Overview
WazirX platform had a setback soon after it was launched as RBI, the financial regulatory authority in India with headquarters in Mumbai, announced a banking ban on crypto and issued a three-month deadline to stop operations of all such cryptocurrency exchanges. The response of WazirX to this was quick and efficient. It had to be ensured that Indians were not deprived of the Blockchain revolution sweeping the world. Keeping this in mind, WazirX trading introduced WazirX P2P, which became the world’s first auto-matching system.
The success of the WazirX exchange was phenomenal. The cryptocurrency exchange crossed 100 crores of P2P trades, a benchmark that is hardly expected in a bear market in India. The success of P2P trades has proved that the Indian market is receptive to crypto coins. WazirX has grown at an astonishing 50% per month and has made the platform the country’s Best Crypto Exchange. The exchange on its website proudly announced their achievement to WazirX users with a “Namaste Tribe,” a typical Indian greeting.
Introduction of Novel Ideas
Apart from WazirX P2P, the exchange introduced two novel concepts that helped enhance user responses and a high trading volume.
WRX: It is a crypto token but one that will not start giving immediate returns. WRX is meant for users who want to participate in the long-term on the WazirX cryptocurrency exchange. The company is working on plans to ensure that WRX achieves high value in the future and becomes a must-have in any crypto wallet. Till then, the platform advises traders to accumulate and hold on to WRX as the value grows on WazirX. Great things are in store for WRX.
Referral Commission: This 50% referral system is unique to the WazirX trading and exchange platform. In this system, the trading fees are split 50-50 and help build a long-term-return scenario in crypto adoption regardless of the trading volume. The more number of persons you transact with on this WazirX trading platform, the more will be the savings in crypto trading fees.
WazirX Referral Program
Apart from these two, this Indian crypto platform has lots more in store for the future.
The WazirX Website
The WazirX website review shows that this trading and exchange system has a very informative user interface and a good social media presence. The way this Indian site has been presented is sure to attract the international crypto community in BTC, Binance, or any other. The story behind the exclusive P2P system is explained in detail. The focus is on P2P exchange on the site as it is the world’s first auto-matching system. Above all, WazirX is among the Best Crypto Exchange in India, dealing with cryptocurrency and fiat currency. The novel cryptocurrency token WRX, info about the site’s cookies, the collaboration with Binance fiat gateway where trading is possible in Indian currency, and the app versions of the site are also mentioned.
Deposits and Withdrawals
The review rating of WazirX is very high on this score. There are several deposit methods, and the deposit fees are very reasonable in BTC in tune with the industry average. The optimized app of WazirX allows crypto traders to transact on WazirX very easily while on the go. Overall, a rich deposit trading experience for traders! You can carry out a WazirX withdrawal, too, and 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.
The security score of the WazirX trading system from India has a high rating, and the sale and other transductions of instruments are fully safe with the usual encryptions. Account security is taken very seriously, and security audits are carried out at regular intervals. The order book and the volume of trades and exchange of money are above average, and users can safely carry out trades on this platform. WazirX is the gold standard in the security aspect. The mobile app, too, is fully secured, and all transactions have the verification shield from Google authenticator.
Benefits of WazirX
This review of WazirX shows that it is a fast-growing trading and exchange platform from India with a reasonable order book of transactions, trading fees, and an expanding trade volume in crypto. The WazirX P2P is the first auto-matching system in the world and is a great draw among traders. For an exchange that is only a couple of years old, WazirX has made rapid strides in this field, especially with the smart token fund that is a very simplified way to expand your cryptocurrency portfolio.
1) Is WazirX Legal in India?
Ans: Yes, WazirX is legal in India. You can trade in crypto and Bitcoin in India, and buy, trade, and invest without any constraints. However, in 2018, banks in India were asked to cut off all ties with the crypto exchanges. Ultimately, in March 2020, this ban was lifted on orders of the country’s Supreme Court, and you can fearlessly trade on WazirX now either on the site or on the app.
2) Is WazirX Safe?
Ans: As an innovative crypto exchange platform, WazirX com ensures its users’ security by employing added security feature, i.e., 2FA (Two Factor Authentication). Users receive OTP (One Time Password) via Email/SMS to authenticate transactions and more, wherever applicable.
3) Which is Better – ZebPay or WazirX?
Ans: Although there are minor differences between ZebPay and WazirX when it comes to supporting cryptocurrencies and a trading fee charged on their platforms, ZebPay offers intraday and spot crypto trading options, while WazirX aces in services like trading in exchange, Peer-to-Peer (P2P), and Smart Token Fund (STF) categories. STF is for hand holding.
4) How Do I Withdraw My INR From WazirX?
Ans: It’s a simple process. You have to click on Funds in the bar and then on the Withdraw button under Indian rupees. If your bank account is linked, enter the amount and tap Withdraw. The transaction is done instantly.
5) Where Can I Buy WRX?
Ans: It offers multiple options for users to earn or collect WRX tokens. From crypto dust to WRX Mining, where one can unlock & earn upto 10,000 WRX tokens every day. Further, there are referral commission programs, give away tokens, sign up bonus, and something as basic as trade transactions that qualify users for the token. There are other options to purchase WRX against various crypto tokens, including BTC, USDT, and TRX, available on different platforms, such as Poloniex, BitMart, and Tokocrypto.