WazirX Crypto-Exchange Review
A crypto exchange is a virtual market space where users can buy, trade, and sell cryptocurrencies. Unlike other trading markets, the crypto market operates 24/7 and the users are allowed to buy and sell cryptocurrencies any day, any time.
Wazir in Persian and Arabic refers to the Queen in chess, the most powerful piece in the game that allows moving anywhere without restrictions. Thus, the WazirX aims to make India’s powerful crypto ecosystem platform with the software integrated with world-class UX designs and transparent peer-to-peer communication under blockchain technology.
WazirX is a crypto exchange platform launched in March 2018 with the intention to make cryptocurrency accessible to Indians. WazirX platform allows traders to buy, trade, and sell cryptocurrencies like Bitcoin, Litecoin, Ripple, Ethereum, and many other digital assets. WazirX offers a powerful crypto exchange platform developed with highly secured blockchain technology.
Initially, in March 2018, WazirX only allowed Indian traders to use their crypto exchange platform. After massive success for being India's most downloaded crypto exchange platform, WazirX opened its crypto exchange platform for global traders in March 2019. WazirX declared its acquisition in November 2019 by the global largest and most major crypto exchange platform — Binance.
WazirX hit 6.5 million trading volumes in the second quarter of 2021. In June 2021, WazirX hit another milestone by becoming the NFT (Non-Fungible Tokens first marketspace in South Asia, helping Indian creators create digital assets such as music, artwork, gaming, and video.
WazirX supports NEFT, IMPS, RTGS, and UPI payment transfers. For each trade transaction, WazirX charges 0.2% as taker and maker fee respectively. WazirX doesn’t accept credit card payment methods.
Why choose WazirX Exchange as your Crypto Exchange partner?
- WzirX was the first to introduce the world’s first auto-matching system for P2P trading called WazirX P2P.
- Faster Trade execution: WazirX P2P simplifies the trading on the crypto exchange by completing the trade-in in less than 10 minutes.
- WazirX helps users convert their fiat currencies into cryptocurrency (buyer) / cryptocurrencies into fiat currencies (seller), while WazirX acts as a trusted partner to ensure the transaction is highly secured and safe.
- WazirX has its own token coins — WRX created by the company and backed by Binance blockchain technology. There is a total supply of 1 Billion WRX coins of which 10% (100,000,000 coins) is for IOE Public Sale and 5% (50,000,000 coins) is for Private sale. WazirX has kept 30% + 20% + 20% of WRX under foundation, product & marketing, and partnership & ecosystem. Thus it is 100% safe to trade with WazirX
- There are more than 100+ cryptocurrencies listed in WazirX, allowing the users to have more options.
- WazirX is India's first crypto exchange platform that started Smart Token Funds to help users grow their crypto portfolio. The STF is developed by highly qualified traders who are experienced in crypto trading. The user chooses the STF trader based on their trading crypto (Bitcoin, Ripple, Etherum, etc.) and their growth.
- WazirX offers crypto trading on five platforms — Web, Android, iOS, Windows, and Mac apps.
- Superfast KYC verification enable faster onboarding of customer
- Provide Quality altcoin Support
- Very Good referral Program which gives referees to earn up to 50% of the commission charged.
Advantage & Disadvantage of WazirX Exchange
- There are no membership fees on WazirX, which makes it more convenient for many traders.
- WazirX offers excellent robust technology trading platforms on desktop, laptop, and mobile applications.
- Currently, WazirX has more than 15 STF (Smart Token Funds) on their list developed by highly trusted traders.
- WazirX allows its users to design and collect NFTs (Non-Fungible Tokens).
- WazirX platform can handle millions of transactions per second; therefore, there are fewer technical glitches while trading.
- WazirX introduced the first-ever P2P engine that matches the buyer with the seller immediately, as well there are zero transaction fees.
- For every trade done through the user's referral code, WazirX rewards them with a 50% commission of the trading fee.
- WazirX supports eight fiat currencies under P2P pair against Tether (USDT)—INR (Indian Rupees), IDR (Indonesian Rupiah), RUB (Russian Ruble), UAH (Ukrainian Hryvnia), NGN (Nigerian Naira), SAR (Saudi Arabian Riyal), EUR (Euro), and TRY (Turkish Lira).
- STF (Smart Token Funds) allows beginners to learn crypto trading under 1000+ pro traders & investors and earn a 25% commission in return on profits.
- WazirX exchange allows users access to their advanced trading charting pool with historical data, helping them study the cryptocurrency's past performance before trading.
- WazirX trading fees are higher as compared to other crypto exchanges platforms.
- With more integrations and charts, it takes more time for beginners to understand.
WazirX Key Details
| Particulars | Key Facts |
|---|---|
| Headquarters | Bengaluru, India |
| Active Since | March 8, 2018 |
| Founder | Nischal Shetty, Sameer Mhatre, Siddharth Menon |
| Native Token | WRX Coin |
| Listed Cryptocurrencies | 120+ |
| Trading Pairs | 250+ |
| Supported Fiat Currencies | INR (Indian Rupees), IDR (Indonesian Rupiah), RUB (Russian Ruble), UAH (Ukrainian Hryvnia), NGN (Nigerian Naira), SAR (Saudi Arabian Riyal), EUR (Euro), and TRY (Turkish Lira). |
| Minimum Deposit | Rs.100 |
| Deposit Method | Wire Transfer- Yes, Credit Card- No |
| Derivatives Trading | Not Available |
| Minimum Order Size | vs BTC - 0.0001 BTC / vs INR- 50 INR/ vs USDT- 2 USDT |
| Trade Volume | $ 60 M+ |
| P2P Trade Volume | $ 18 M+ |
| Trading Fees- SPOT | 0.20% Taker Fee / 0.20% Maker Fee |
| Trading Fees - P2P | NIL |
| Trading Fees - STF | 25% on Profit |
| Account Opening/Membership Fees | Free |
| Withdrawal Fees | 0.0006 BTC (minimum withdrawal amount 0.0012 BTC and maximum withdrawal amount 3 BTC) |
| PC/Mobile Application | iOS, Android, Windows |
| Customer Assistance | Live Chat |
| Referral Program | Earn 50% commission in WRX on every trade! |
| Rating — App Store | 4 stars with over 36,000 plus reviews |
| Rating — Google play | 3.6 stars with over 4 lakh plus reviews |
| Mobile App Installation | 75000+ |
| Supported Language | Arabic, Chinese (Simplified), Hindi, Bahasa Indonesia, Melayu, Persian, Urdu, Bangla, Thai, Vietnamese, Russian, Korean, Japanese, Spanish, Portuguese, Italian, French, German, and Turkish. |
| Products on Website | Exchange, P2P, OTC Desk, and NFT Market |
| Social Media Presence | Telegram, Twitter, Facebook, Youtube, LinkedIn, Instagram, CoinMarketCap, and Reddit |
How to Open a Crypto Trading Account on WazirX?
- Go to WazirX site — https://wazirx.com/
- Click on “sign up” located on the right side up corner.
- Fill up your email id, password, and referral code (if you have it). Check on the box of terms and conditions and click on sign up.
- You will need to authenticate by clicking on the link sent on your email id.
- Once you authenticate, you will be redirected to the security page, where there will be three options of security to secure your account:
- - Authenticator App: Highly secure option of two-factor authentication where you will need to activate security via Google Authenticator app.
- - Mobile SMS: Moderate level of security where you need to register your mobile number and authenticate via OTP.
- - No security: You can skip it if you don’t need it.
- However, it is advisable to choose at least one security option — authenticator app or mobile OTP.
- Fill up the KYC details — personal or company. KYC allows you to deposit crypto and INR, do trading, P2P, and withdraw the funds. Without KFC authentication, you will only enable depositing crypto and trading.
- Enter KYC details along with the PAN card, Aadhar Card details, and selfie.
- Once you finish with the KYC procedure, your screen will show the exchange page.
- You will be allowed to trade in INR (Indian Rupees), USDT (Tether), WRX (WazirX Token), and BTC (Bitcoin)
- There are more than 100 cryptocurrencies and 30+ indicators on WazirX to make crypto trading more exciting.
Supported Crypto Currencies in WazirX
WazirX supports 100+ cryptocurrencies. While trading in cryptocurrency you need to learn some basic — trade volume, market cap, and future events (big company investing in crypto makes the price skyrocket).
How to deposit money and withdraw money in WazirX exchange?
Minimum deposit of INR 100 needed in WazirX account. However, WazirX does charge deposit fees, and it varies for different deposit methods, starting from INR 5+18% GST. The amount will be shown on the deposit page.
You can withdraw a minimum of INR 1000 and up to 1 crore per day (INR 50 lakh/transaction via NEFT and INR 2 lakh/transaction via IMPS).
Please note, WazirX charges withdrawal fees of INR 5 for NEFT per withdrawal and INR 10 for IMPS.
- Deposit via NEFT, IMPS, and RTGS
- On the right top of the page, click on ‘funds.’
- Click on the Indian Rupees and deposit icon.
- Link the bank account and make sure that the bank account is under your name only.
- Click on instant deposit via NEFT, IMPS, or RTGS.
- In the next column, you will get the WazirX bank account details. You need to add that to your bank “add payee” and transfer the amount.
- The amount will be credited shortly to your WazirX account.
- Deposit via UPI
- On the right top of the page, click on ‘funds.’
- Click on the Indian Rupees and deposit icon.
- Select UPI as your amount transfer method.
- Link your UPI id and make sure that the bank account is under your name only.
- After the completion of the verification, enter the deposit amount and complete the transaction.
- The amount will be credited to your WazirX account instantly.
- Amount withdrawal from WazirX account
- On the right top of the page, click on ‘funds.’
- Click on Indian Rupees and the withdrawal icon.
- Enter your withdrawal amount and click on proceed.
Charges/Fees of WazirX
SPOT Trading Fees
Withdrawal Fees
| Item | Minimum Order Size | Fees |
|---|---|---|
| Taker Fees | vs BTC - 0.0001 BTC / vs INR- 50 INR/ vs USDT- 2 USDT | BUY- 0.2 %, Sell- 0.2% |
| Maker Fees | vs BTC - 0.0001 BTC / vs INR- 50 INR/ vs USDT- 2 USDT | BUY- 0.2 %, Sell- 0.2% |
| P2P Trading Fees | BUY- Min 14.5 USDT/ Max 2000 USDT Sell - Min 14.5 USDT | BUY- 0.0%, Sell- 0.0% |
| STF Trading Fees | BUY- Min 5 USDT/ Max 100000 USDT | 25% Fees on Profit |
| Bitcoin | - | 0.0006 BTC (minimum withdrawal amount 0.0012 BTC and maximum withdrawal amount 3 BTC) |
| Ethereum (ETH) | - | 0.035 ETH |
| Litecoin (LTC) | - | 0.01 LTC |
| Ripple (XRP) | - | 0.25 XRP |
| Binance Coin (BNB) | - | 0.001 BNB |
| Tether (USDT) | - | 1.5 USDT |
| WazirX Coin (WRX) | - | 10 WRX |
| Minimum Deposit | - | INR 100 |
Special Offer by WazirX
WazirX offers 50% off on the trading fee for the first year if the users use the WRX token to pay. While for the second year onwards the discount value would be halved till the fourth year.
- 50% off — first year
- 25% off — second year
- 50% off—third year
- 25% off — fourth year
WazirX Security Feature
WazirX is an innovative platform for crypto exchanges that build with blockchain technology. WazirX ensures that their platform is 100% secure and the engineers keep working on fixing bugs regularly.
WazirX has the highest level of security using a high level of encryption. WazirX has added the layer of security with Two Factor Authentication via Google Authenticator TOTP—The time-based one-time password. TOTP generates a 6 digits passcode that keeps changing every 60 seconds, therefore it makes it impossible for any hacker to crack it.
WazirX also offers a mobile-based OTP — One Time Password system in which the user will receive 6 digit passcode via SMS and email. The passcode will be valid only for 5 minutes.
It is highly advisable for users to download and login on to WazirX verify sites only.
Product & Services of WazirX
WRX Token
WRX Token is a digital asset, a crypto coin of WazirX, and there will be a max of 1 billion coins ever built. Users can earn WRX tokens through the WazirZ referral commission. With the bright future of cryptocurrency in India, WazirX expects to achieve a high value on WRX in the future.
WazirX also offers a 50% discount on their trading fee if the user uses the WRX token for the first year, and the rate will be halved every year till four years.
Users can also earn WRX tokens by converting crypto dust — a fraction of crypto stored in the wallet as the value is lower than the minimum limit (10 USDT) into WRX tokens.
Steps to convert the dust crypto to WRX token:
Click on funds and select the balance crypto coin you want to WRX
Click on Account Setting and select the balance crypto coin you want to WRX
- On the WazirX website:
- On the WazirX app:
Note: You can save the dust crypto and keep it to be added for the next transaction.
Users are allowed to convert multiple coins into WRX tokens. The balance will be shown in your account in a couple of minutes after the transaction is done. However, the user can only convert once in 24 hours.
WazirX API
WazirX API (Application Programming Interface) helps the users to build their own crypto trading interface. WazirX REST API allows the user to establish publicly accessible endpoints — market data, watch real-time trading prices, exchange status, many more along with the highly secured private endpoint — transferring funds, crypto trading, and user data.
Referral Program
For every trade done through the user’s referral code, WazirX rewards them with a 50% commission of the trading fee. The reward is deposited in the WazirX wallet in the form of a WRX token.
Exchange
Crypto exchange platform looks like a stock exchange platform, but it works differently from the stock market. When a user trades on the stock market, they need a Demat account. In contrast, a user doesn’t need to hold any different account for trading on cryptocurrencies. Any individual can directly buy or sell cryptocurrency using a savings account and transfer the funds via NEFT, RTGS, IMPS, and UPI or trade via token created by the crypto exchange.
WazirX supports 120+ cryptocurrencies and over 1000+ trade pairs to make crypto exchange easy.
OTC Desk
OTC stands for Over The Counter, a decentralized market that participates in exchanges when certain trade direct exchange is not possible due to some reason. WazirX OTC desk helps the users match the buyer and seller if the trade they want to do is not listed.
NFT Marketplace
NFT is a part of the Ethereum (ETH) blockchain. WazirX is the first Indian crypto exchange platform to enter the NFT market space to promote Indian digital creators.
NFT (Non-Fungible Token) is non-interchangeable data in the form of a digital asset that links the ownership to the digital team, such as digital artwork, photos, music, gaming, GIF, and video. The NFT data is stored in the blockchain, and the trading is done through cryptocurrencies.
Conclusion
Cryptocurrency is one the fastest growing industry and acquisition by Binance — the global leader of crypto exchange; WazirX has become India’s youngest and fastest-growing crypto exchange platform offering highly secured trading with 120+ cryptocurrencies. In addition, WazirX was the first-ever Indian crypto exchange platform that developed a peer-to-peer (P2P) auto-matching engine. Currently, there are more than 2 million users of WazirX.
Frequently Asked Questions:
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1. Is the WazirX exchange safe?
WazirX crypto exchange is built with the highest encryption level. In addition, WazirX added the extra layer of security to safeguard your account with Google Authenticator TOTP (The time-based one-time password) valid for 60 seconds.
Users can also opt for mobile OTP (one-time-password) via email and SMS. In addition to this, WazirX offers periodic audits for security, and the developers keep updating the apps to fix the bugs, ensuring the users have the safest and smoothest experience.
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2. What is WRX, and how can one buy it on WazirX?
WRX is a digital token developed by WazirX, and there will be a maximum of 1 Billion WRX coins to be made. Users can earn WRX coins through rewards on the referral program, earning 50% of commission every time they refer others and start trading on WazirX.
WRX can also earn via converting crypto dust — a fraction of crypto with a lower value than 10 USDT that sits in the wallet until it gets added in the following transactions into a WRX token. Everyday users can unlock up to 10,000 WRX.
Alternately, users can buy the WRX by depositing funds in their WazirX account and purchase WRX.
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3. What is the P2P market in WazirX, and how does it benefit the crypto traders?
P2P — peer-to-peer is a tool that, while trading, helps users convert their fiat currencies to cryptocurrencies, and while selling the crypto, it converts it into fiat currencies. The process is quick and almost takes less than 10 mins. Furthermore, WazirX ensures the transactions are highly secured and acts as an escrow.
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4. What is STF in WazirX?
STF — Smart Token Funds is an initiative by WazirX to simplify cryptocurrency trading for those new to crypto trading or who don’t have enough time to research crypto exchanges. Under the STF market, users can find a group of traders, their portfolio, strategies they follow, their asset allocations, and the number of days since they started trading. There are 1000+ investors on WazirX currently.
The trader has their own coin codes, for instance, Money Guru Digital Token (XMGD). For a start, if the user thinks the Money Guru Digital Token is good for them, they need to buy their token XMGD at the provided rate, for instance, USDT 4.6483 for one token. The token price is based on the STF trader asset holder and STF supply. In return, the new user will earn a 25% commission when the trader makes a profit.
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5. Is WazirX suitable for beginners?
WazirX crypto exchange platform is developed for all types of crypto traders — beginners to experts. However, beginners might initially face minor difficulties while using the WazirX platform as the site has many things to offer under one roof. Therefore, it is advisable to learn some basic crypto exchange trading and seek a financial expert's advice before starting trading on WazirX.
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6. What are the top 5 best cryptocurrencies to invest in WazirX?
WazirX has more than 120 cryptocurrencies to trade in. The top 5 best cryptocurrencies to invest in WazirX are Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Ripple (XRP), and Litecoin (LTC).
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7. Can the user deposit or withdraw the amount from the WazirX account to other party accounts?
No. The user cannot deposit or withdraw the amount to any other party account from the WazirX account. The details should match the account holder's name as per the KYC details uploaded on the WazirX account. Thus, the bank account details and name of the party should match with the KYC details. In case there is some problem with the given account, it is advisable to connect with customer care.
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8. How much is the trading fee on WazirX?
- Taker Fee: 0.20%
- Maker Fee: 0.20%
- P2P Transaction Charges: NIL
- STF Trading Fees: The experienced trader earns 25% of the profits for STF trading.
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9. What is WazirX NFT?
NFT refers to a modern-day art marketplace where the artist creates digital artwork, music, videos, gaming, and photos. The data is stored securely in the NFT blockchain, and the trading is done through the highly encrypted process through crypto.
WazirX offers NFT (non-fungible token) Marketspace to its Indian digital creators. A platform where they can showcase their digital work and earn crypto in an exchange. WazirX is the South Asian first-ever Indian crypto exchange company to offer NFT.
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10. Which is a better cryptocurrency trading platform in India Zebpay or WazirX?
- Zebpay is one of the oldest crypto exchange platforms that launched in 2014 while WazirX was founded in 2018.
- Zebpay charges membership fees while the user can use the WazirX crypto exchange platform for free.
- The maker fee in Zebpay is 0.15% while WazirX charges 0.2 %
- The taker fee in Zebpay is 0.25% while WazirX charges 0.2%
- WazirX has its own digital asses — WRX coin while Zebpay doesn't have its token.
- Zebpay only offers spot trading while WazirX offers P2P, STF, and NFT to its users.
- BTC withdrawal fees in Zebpay is 0.00049 BTC and WazirX charge 0.0005 BTC
Therefore, WazirX is offering more facilities under one roof other than the crypto exchange with lesser fees.
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