WazirX Review 2023: Is it Safe Crypto Exchange?
Today, as the cryptocurrency market stands at a valuation of 2 trillion USD with 4000 plus cryptocurrencies in circulation, crypto trading has taken a definitive shape. To ensure that 1 billion Indians aren’t left behind in the crypto race, WazirX came into existence. In this WazirX review, we will take an in-depth look at the offerings, along with knowing the WazirX trading fees and much more.
WazirX Exchange Summary
|Native Token||WRX Coin|
|Supported Fiat Currencies||Euro (EUR), Indian Rupee (INR), Russian Rouble (RUB), & 5 more.|
|Minimum Deposit||100 INR|
|Trading Fees||0.20% Taker Fee / 0.20% Maker Fee|
|Withdrawal Fees||0.0006 BTC|
|PC/Mobile Application||iOS, Android, Windows|
|Customer Support||Live Chat|
WazirX Review 2023 Summary
WazirX is a renowned Indian crypto trading platform offering a simplified trading app with plenty of exciting features. WazirX’s user-friendly crypto trading platform is enabled with robust security features. Further, its integration with Binance, the introduction of WRX utility tokens, and the innovative WazirX P2P trading exchange has contributed to its popularity and extensive adoption.
WazirX was launched in March 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. The trio informs on the company’s website (WazirX.com) that,
“WazirX platform is not only perfect for professional and seasoned traders but also for beginners who are testing the waters in the crypto market.”
WazirX allows UPI, IMPS, NEFT, and RTGS deposits, but credit card deposits are prohibited. WazirX is charging a 0.20% taker fee and 0.20% Maker Fee for every trade transaction.
A Quick Glance At WazirX – The Revolutionary Crypto Exchange
WazirX Exchange is the Indian cryptocurrency trading platform, which is open to worldwide customers for trading now. Launched on March 8, 2018, Zanmai Labs Private Limited is run by Nischal Shetty, Sameer Mhatre, and Siddharth Menon.
WazirX is more than just a cryptocurrency exchange. It offers a unique solution to bridge the gap between the world currently run by fiat currency and the ever-evolving cryptocurrency with WazirX P2P, the world’s first auto-matching P2P engine. It also offers its native crypto asset called the WazirX token or the WRX coins. It was introduced to reward the WazirX community adequately for their efforts in bringing it up.
WazirX was initially opened to Indian crypto investors, but on March 27, 2019, they opened their doors to the entire world of crypto traders. 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 via desktop and smartphone apps.
WazirX Initial Setbacks
WazirX Review – Overview
The 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 introduced the world’s first auto-matching system for P2P trading called WazirX P2P.
The success of the WazirX exchange was phenomenal. It 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 considered the platform best crypto exchange in India. The exchange on its website proudly announced their achievement to WazirX users with a “Namaste Tribe,” a typical Indian greeting.
WazirX – Introduction of Novel Ideas
Apart from P2P, the exchange introduced two novel concepts that helped enhance user responses and a high trading volume.
- WRX: It is a crypto token, also known as WazirX 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 exchange. The company is working on plans to ensure that WRX coin achieves high value in the future and becomes a must-have in any crypto Wazirx 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 coin.
- Referral Commission: This 50% referral system is unique to the WazirX trading and exchange platform. In this system, WazirX fees for trading are split 50-50 and help build a long-term-return scenario in crypto adoption regardless of the trading volume. The more persons you transact with on this WazirX trading platform, the more will be the savings in cryptocurrency trading fees.
WazirX Referral Program
Apart from these two, this Indian crypto platform has lots more in store for the future.
Exquisite Features of the WazirX Exchange
Below are the praiseworthy offerings of the WazirX trading exchange.
WazirX seamlessly functions across multiple devices and offers apps compatible with the web browser, Android & iOS smartphone platforms, and even Mac and Windows PCs.
Trading Platform Design
WazirX is a global exchange with fiat on-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. This exchange is enabled with multilingual support.
Investment Products & Supported Cryptocurrencies
WazirX offers more than 100 cryptocurrency trading pairs. However, the P2P market offers only 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 fixed at 1 billion. According to CoinMarketCap, the WazirX coin price at the time of writing this article is $1.72. 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% WRX coins are available for the IEO public sale, while 30% is reserved for the Foundation and 5% for private sale. The remaining will be used for marketing (20%), partnerships (20%), and WRX Airdrop (11.10%). Recently WazirX announced partnership with SonyLIV the co-presenting sponsor at UEFA EURO 2020.
- WRX mining – About 3.9% of tokens are available for mining. The WRX tokens can be mined, 10% of which every quarter will be burned depending on the trading volume generated.
- STF – Smart Token Funds is a community-driven approach to connect newbies with expert crypto traders to help them grow their portfolio in return for a 25% commission on profits earned by the new traders.
Speed of Transaction
The blockchain infrastructure of WazirX is scalable and efficient enough to handle millions of transactions in a few seconds.
Advanced Trading Tools
WazirX’s proprietary peer-to-peer exchange system is the first-ever auto-matching P2P engine that automatically matches buyers to sellers instantly. Buyers place the order to purchase USDT and pay the seller directly. After this, WazirX automatically transfers the escrowed USDT to the buyer’s secure wallet.
WazirX stores 95% of the funds in cold storage. The platform is also enabled with a two-step verification feature to provide enhanced security to customer accounts. It also utilizes a multi-signature wallet system and adheres to strict KYC/AML guidelines.
Though WazirX customer care number isn’t available, traders can use the traditional ticketing system to clarify doubts. Concerns can be raised even via emails. The website also features an extensive list of FAQs. Besides, WazirX’s social media pages are available on Telegram, Twitter, Facebook, Instagram, LinkedIn, YouTube, & CoinMarketCap.
The referral program of WazirX lets users earn 50% of the trading fee as a commission for every trade done via the user’s referral code.
The WazirX Website
Our review shows that the the exchange platform has a very interactive 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 top cryptocurrency exchanges in India, dealing with other cryptocurrencies and fiat currencies. The novel cryptocurrency token WazirX coin, info about the site’s cookies, the collaboration with Binance fiat gateway where trading is possible in Indian currency, and the WazirX app versions of the site are also mentioned.
Trading on WazirX Exchange – A Cakewalk
Wondering how to trade in WazirX? Trading at WazirX exchange is a matter of a few minutes.
- Sign Up Process
WazirX Signup Form
Customers can visit the WazirX site and create an account with their valid email address and a password. They would need to verify the mail id by clicking the activation link and then agree to the “Terms & Conditions.”
- KYC Completion
- KYC completion requires entering details and images of government-approved ID cards like PAN & Aadhar.
- Customers would need to upload a selfie.
- They would also need to provide the details of the bank account number.
- Trading Process
- Once the KYC is approved, users can deposit money in their wallets either in INR or in cryptocurrencies.
- Then, they can start trading on the platform.
WazirX Deposits and Withdrawals
Our review rating of WazirX for deposits & withdrawals is very high on the 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 on WazirX! You can carry out a WazirX withdrawal too. WazirX fees for withdrawal 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 & Trading Methods
WazirX accepts a vast range of payment methods, and they are:
- Bank Transfer
- Net Banking
When customers want to deposit their money in the wallet, they can use any of the above-mentioned banking methods. For crypto deposits, users can either copy the destination address or scan the QR code.
Following are few trading methods at the WazirX trading:
- Spot Trading: At WazirX, traders can place the order in advance and when the market can furnish it, then the exchange system automatically executes the trade on behalf of the crypto trader.
- WazirX P2P: WazirX’s peer-to-peer exchange service is a unique solution that auto-matches buyers and sellers with the help of the P2P engine.
WazirX Trading Fees
The different types of WazirX fees have been elaborated below:
- WazirX Deposit & Withdrawal Charges – Charges for deposits in case of bank transfers is INR 6.7 while INR 5.9 is levied on NEFT, RTGS, & IMPS transfers. For UPI deposits, charges are insignificant.
WazirX withdrawal fees differ with the crypto asset, which can be checked here. A 50% trading fee discount is offered to traders who use WRX coins to pay, whose value would be halved every consecutive year.
- Spot Trading Fees – A 0.2% maker/taker fee is levied.
- P2P Transaction Charges – WazirX charges are nil for a P2P exchange.
- STF Trading Fees – The skilled trader will earn 25% of the profits for STF trading.
Merits & Demerits of WazirX
Following are the merits and demerits of this trading platform:
|Wide range of crypto tokens supported.||Lacks crypto lending feature.|
|Easy-to-use and minimal interface.|
|No custody of fiat funds.|
|Free fiat/crypto swaps.|
|Smart Token Funds assist in portfolio building.|
WazirX’s Security Feature
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 WazirX mobile app is also fully secured, and all transactions have the verification shield from Google authenticator.
Benefits of WazirX
WazirX Review: Conclusion
This review of WazirX shows that WazirX 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. WazirX is a top-notch and largest cryptocurrency exchange in the world that has gained 2 million customers in three years alone. It aims to build an exchange to help the masses be part of the digital currency revolution easily.
The WazirX peer-to-peer exchange 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.
Is WazirX Legal in India?
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.
Is WazirX Safe?
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.
Which is Better – ZebPay or WazirX?
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.
How Do I Withdraw my INR from WazirX?
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.
Where Can I Buy WRX?
It offers multiple options for users to earn or collect tokens according to current WRX coin price. 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.
How long does it take for WazirX verification?
WazirX just takes a few hours to verify a customer’s KYC.
Is it possible to change the name in WazirX?
As the account holder’s name is taken from the KYC, and the bank account details are matched with the user’s name, therefore, this cannot be changed later.
Is it safe to link a bank account with WazirX?
Yes, the bank account can be safely linked to the trading platform.
Can I change my bank account in WazirX?
Yes, the payment details can be changed, and new details can be added whenever customers wish to do so in this way: WazirX Account Settings > Payment options > Add/Remove Bank & UPI
What is the 2FA verification of WazirX?
Two-Factor Authentication (2FA) consists of entering a one-time password sent via SMS/Email apart from the password. Customers can also choose third-party OTP generator apps like Google Authenticator.