Wazirx Review
Buy, Sell & Trade Cryptocurrencies
Overview
WazirX is an Indian crypto exchange launched on the 8th of March. The company is run by Nischal Shetty, Sameer Mhatre, and Siddharth Menon from launch until November 2019, when it announced in a letter to its users that Binance had acquired them. It makes WazirX the first Indian platform for cryptocurrency trading to be bought out by an international exchange, further erasing boundaries between players in the crypto world.
Cryptocurrency Mercantilism In Asian Nation (Is WazirX Safe In India)
Crypto exchanges existed before 2018 when the Reserve Bank of India (RBI) came out with a “Statement on Developmental and Regulatory Policies,” which directed banks to stop dealing with entities in virtual currencies.
Recently, there has been talking about crypto trading becoming legal due to the Supreme Court Judgment. Banks are still hesitant due to a lack of clarity, like net banking transactions for cryptocurrency trades. Recently it was blocked by ICICI bank, for example.
As long as you are paying taxes on your cryptocurrency profits, there’s no regulation stopping an individual from investing in cryptocurrency at their own risk. Still, if WazirX got asked to cease operations, we would expect Binance should be able to take care of things. We are not expecting a complete ban in India, just regulations around exchanges.
How To Open Account With WazirX
1. Sign Up on WazirX
Click here to begin your free WazirX account opening process.
2. Fill Details To Start Creating Account
To get started, you will need to provide your email address and create a strong password for your WazirX account.
3. Email Verification And Account Security Setup
You will receive a verification email at the provided email address following the successful creation of your WazirX account. Click the email and follow the instructions to create a new account. Your account security measures can be associated with using the SMS or app-based service. With text messages, they are susceptible to delayed receipt and SIM card hacking.
4. Select Your Country
On the wazir platform, there is an option to pick out your country. You have the flexibility to make a change with or without KYC if you want, but if you have completed KYC before, you can withdraw your crypto assets.
For a complete KYC, you should enter your Full name, Date of birth, and Address as per the KYC document. Once you transfer your scanned KYC documents and take a selfie, WazirX will verify you within 48 hours. Many individuals are in linguistic communication with WazirX once Bitcoin surged in value recently.
Buying Bitcoin On WazirX In Asian Nation
To by a free bitcoin, click the sign up button below and deposit Indian Rupees into your WazirX Account
Get Bitcoin with the short get possibility On WazirX App
You can get bitcoins or the other crypto in straightforward steps:
- Tap on the cryptocurrency you wish to get and choose Quick buy on the lower-left aspect of your screen.
- Choose a note case address, enter the quantity and proceed with payment details.
- Enter the number of Bitcoins you wish to purchase. Slide the spherical button to the correct position to complete your purchase. Once the acquisition dealing is complete, you will get an Associate in the Nursing email confirmation.
Get Bitcoin on WazirX
You can find Bitcoin’s value by logging in to your account and clicking on the “Exchange” section under the “Order” section. This page will show BTC/INR price charts from different exchanges. The right-hand aspect of this page shows an order book with an entry form on the left-hand side. You may fill out several order forms and click on the “Buy BTC” button.
Because your order is placed instantly, once you fill it, your bitcoin can be delivered immediately. Because there’s a lot of demand from sellers at any given the time of day, consider that when looking for. It may take a few minutes for a suggestion to be accepted because there are always people selling at that time of day; keep that in mind when you look to trade.
Different Ways To Transfer INR Into WazirX
WazirX has a minimum deposit of Rs 100, and there is no upper limit on how much you can deposit. You may transfer money using IMPS, UPI, RTGS, or NEFT in any of those ways: IMPS, UPI, RTGS, or NEFT. To deposit rupees into your wallet, log in to WazirX and go to ‘Funds.’ With WazirX, you can deposit or withdraw different cryptocurrencies.
Select the option of “Rupee INR” at the top right corner and click on Deposit. You will need to link your bank details with a WazirX account by filling up a form with personal information like an Aadhaar ID card or another national id card. Once verified by the team, all future transactions- both deposits and withdrawals- will happen smoothly without any manual intervention required from your end.
Steps To Add A Bank Account
- Go to WazirX Account Settings
- Open Tab – Payment Options
- Click Add/ Remove Bank & UPI
- Enter your bank account number and IFSC code in the appropriate fields, then click “Save”.
WazirX Charges Deposit Fees Under
IMPS, NEFT, RTGS | Rs. 5.90 per transfer |
UPI | Rs. 4 per transfer |
WazirX Features
1. Accessible Across Platforms
The WazirX trading platform can be accessed on the Web, Android smartphones, Apple iOS mobiles, and Windows and Mac systems. To get started, you simply need to download the app from Google Play Store or Apple Stores and login to the trading platform of WazirX Directly from their website.
2. Range Of Cryptocurrency
To trade in over 200+ cryptocurrencies, you need USDT. It is because these different currencies have paired with the U.S. dollar. Tether USD is a currency backed by U.S. dollars with a conversion rate of 1:1 – one tether equals one U.S. dollar. In the last four months, price movements have changed compared to the U$D investors should keep an eye on it as its fluctuating demand can impact market prices.
Currency | As on 1st Feb 2021 | As on 1st March 2021 | As on 1st April 2021 | As on 1st May 2021 |
USDT | 1 USDT | 1 USDT | 1 USDT | 1 USDT |
US Dollar | 1.000528 USD | 1.001505 USD | 1.000417 USD | 1 USD |
Apart from USD/BTC crypto pairs, you can also trade in WRX or INR pairs. In addition, you also have the option of trading in Crypto/INR pair, which will let you buy more than 50 cryptocurrencies directly with INR without first converting into BTC or USDT.
3. Speed Transaction
Even though the WazirX platform can handle millions of transactions smoothly during peak trading hours, it sometimes experiences slowdowns. In case of experiencing any problems with the WazirX service, check their Twitter or wait a little bit to see if there are problems that you have experienced while trading on the WazirX platform will be just like global standards.
4. Access To Advanced Trading Tools
WazirX is built by a team of driven traders and passionate blockchain professionals. The exchange integrates all the features and charting tools of Trading View, giving you a powerful graphs, indicators to study wazirx prices and historical data from your mobile device.
How To Buy Different Currencies Through WazirX
1. Using Spot Exchange
WazirX is a cryptocurrency exchange platform that lets you buy and sell cryptocurrencies. You can access the Spot market on WazirX to look for a specific currency and over 100 other options available in the form of trading pairs. Before buying anything, check the current values of different currencies to make your purchase economically sensible.
- Currency paired with INR: Here, you can place buy orders directly using the proper form and get any cryptocurrency of your choice. For example, if you want to purchase Ethereum, then use the appropriate form to place an order and get Ethereum because it has an INR pair.
- Currency does not have an INR pair: To trade cryptocurrencies, you first need to look for the currency pairs. Most cryptocurrencies have a USDT pair – First, you’ll have to purchase USDT and then use those to buy your desired cryptocurrency.
For example, if you wanted an Aion Coin (AION). The coin does not have an INR pair, but it does have a USDT pairing, so first, one will need to buy some USDT and then use that money to purchase their desired Aion Coins.
2. Using P2P Market
P2P is a WazirX marketplace where you can buy and sell USDT (Tether) using INR. Here, as an escrow in the whole transaction, WazirX guarantees your transactions are safe and honored. You must transfer money from your bank account registered with WazirX once your order matches the seller’s most significant crypto exchange orders. The P2P market is open 24×7; thus, you can purchase any amount of USDT for which payment was made via INR instead of going through WazirX as an intermediary.
WazirX Fees
Currently, WazirX charges two types of fees: Trading and Deposit & Withdrawal.
1. WazirX Trading Fees
You can trade cryptocurrencies in three different markets: the spot market, Peer-to-Peer Market, and STF trading.
Trading Fees For Spot Market Transactions
The trading fee is 0.2% for most of our cryptocurrency pairs for both the buyer and seller. You can get a 50% discount on trading fees when you enable the option to use the WRX token to pay translation fees from Settings-> Fee Settings-> Pay Trading Fees with WRX.
Trading Fees For P2P Market Transactions
Currently, the P2P market only has eight currencies paired against USD Tether (USDT).
- Euro (EUR)
- Indonesia Rupee (IDR)
- Indian Rupee (INR)
- Nigerian Naira (NGN)
- Russian Rouble (RUB)
- Suadi Riyal (SAR)
- Turkish Lira (TRY)
- Ukrainian Hryvnia (UAH)
WazirX coin does not disclose the maximum sell order size on its website.
The minimum buy order value should be 14.5 USDT, and the top sell or buy order you can place is 2000 USDT.
Fees for trading on the STF market.
WazirX provides an STF transaction facility that new cryptocurrency traders can use. These are people who are interested in trading and require hand-holding. Experienced traders can earn a certain amount of profit by exchanging with such new investors, by exchanging with these types of investors. WazirX charges 25% of what is gained from this trade.
2. WazirX Deposit & Withdrawal Fees
Apart from the trading fees, WazirX also charges withdrawal fees when you move your crypto into fiat money. The withdrawals depend on the currency and range in minimums and maximums. However, WazirX hasn’t listed any deposit fee information on their website yet- only cryptocurrency specific minimum deposits are mentioned.
Particulars | Amount |
Withdrawal fees for Bitcoin | 0.0006 BTC |
Minimum Withdraw Amount | 0.001 BTC |
Maximum Withdraw Amount | 3 BTC |
Minimum Deposit Amount | 0 BTC |
Similarly, withdrawing from Tether USD will cost you $20, while withdrawing from WazirX is free.
3. WazirX Order Cancellation Charges
WazirX is different from other exchanges, it doesn’t charge the trading fees upfront, which means they are deducted after the trade is executed. They also don’t mention any charges related to ordering cancellations on their website.
WazirX Minimum & Maximum Investment
You can deposit up to Rs 100 in your WazirX account. Furthermore, you can add as much money as you like to your investment until $100000 per day limit is reached on a daily basis for a single user. The Wazirx exchange has a number of cryptocurrencies that cost less than Rs 100, such as TRON, DGB, SHIB COIN.
WazirX Crypto Coin
WRX is a crypto coin that rewards the initial subscribers when they launch. The total supply of WRX is restricted to 1 billion with 381,856,864 in circulation and trading volumes at $7,632,255 as of 5th May 2022. One WRX currently trades for approximately Rs 27, and you can use it to pay your fees on all crypto trades now. Wazirx offers a 50% discount if you’re paying in WRX until next year, when it will be halved manually removed after four years.
WazirX & Binance Partnership
Binance is the largest cryptocurrency exchange with an average daily trading volume of 2 billion and 1,400,000+ transitions happening per second. WazirX is a bitcoin exchange located in Mumbai that Binance acquired in 2019.
This acquisition means Indian investors can use the Binance platform to buy/sell hundreds of cryptocurrencies and create their crypto assets portfolio using Indian Rupees (INR). You can fund your WazirX account and use it to purchase USD Tether (USDT), then shift your UTST into a Binance wallet for investing in the global crypto exchange.
Wazirx Review- Pros And Cons
Pros
- Support a wide range of crypto tokens.
- The interface is easy to navigate and has a simple, minimal design.
- No custody of fiat funds.
- Free fiat/crypto swaps.
Cons
- Lack of crypto lending feature
FAQs
What Is WazirX?
WazirX has been a best cryptocurrency exchange that helps users to trade in more than 100 different cryptocurrencies across the globe. It was acquired by Binance and allowed to represent it in India.
Is WazirX Safe?
Top priority at WazirX is account security. We have a two-factor authentication process in place, which relies on the Google app or mobile SMS to keep your account safe and secure.
Is WazirX legal In India?
After the recent Supreme Court ruling, WazirX is totally legal and can be used to buy/sell cryptocurrencies.
How Does WazirX Work?
WazirX is a cryptocurrency exchange platform that lets you trade over one hundred cryptocurrencies.
Follow the instructions in the section “Open an account with WazirX” for opening a new account. Use details from the section “Different ways to transfer INR into WazirX” to fund your newly created account.
Where Can I Buy WRX?
There are multiple ways to earn or collect tokens on the WRX blockchain, and they all depend on the current WRX coin price. For example, you can mine 10,000 tokens a day when you unlock your wallet; a referral commission program will give away free tokens based on how many people sign up because of your referral link. Transactions such as trading tokens will be shared among qualified users too.
WRX coins can be purchased with other cryptocurrencies like BTC and TRX through different platforms such as Binance, Poloniex, and Tokocrypto.
Wazirx Review-Final Thought
WazirX is a safe, fast, and convenient crypto platform on phones, PCs, and Macs. You can access 100+ global cryptocurrencies through the P2P, STF, and Exchange mechanisms. All transactions are executed in real time by connecting to Bitcoin nodes globally.
