WazirX Exchange Review 2021

WazirX is a crypto exchange is the first ever Indian crypto-trading platform designed to cater for Indians that are interested in moving with the crypto trend.

Today, as the cryptocurrency market is standing at a valuation of 2 trillion USD with 4000 plus cryptocurrencies in circulation, crypto trading has taken a definitive shape. In this review, we will look deep into WazirX, the trading fees and also the pros and cons.

WazirX Summary

  • Official Website – (Wazirx.com)
  • Headquarter – (India)
  • Found In – 2018
  • Native Token – (WRX Coin)
  • Listed Cryptocurrencies – (120+)
  • Trading Pairs – (250+)
  • 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

WazirX is an Indian cryptocurrency exchange platform that gives a simple trading platform with lots of nice features. The trading app is user friendly and it offers lots of robust security features. Its introduction of the WRX token, the innovative WazirX P2P trading exchange and also its integration with Binance also contributed to its popularity.

In March 2018, WazirX was founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. On the company’s website, they informed us 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.

A Quick Glance At WazirX Exchange

WazirX Exchange was formed in 2018 by Zanmai Labs Private Limited and is is run by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. It is an Indian cryptocurrency trading platform, which is open to worldwide customers for trading.

WazirX offers a good and 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 is more than a cryptocurrency exchange.

After founded, WazirX was only opened to Indians until March 27, 2019 when they opened up to the entire world of crypto traders. Fast forward to November 2019, they announced their acquisition by the world’s leading cryptocurrency exchange, Binance. WazirX is accessible via its web app and even via desktop and smartphone apps.

WazirX’s Big Ideas

The big Indian exchange giants introduced two more big ideas apart from P2P and it helped enhance user responses and a high trading volume.

  • WRX
  • Referral Commission

1. 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.

2. 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.

Features of the WazirX Exchange

Here are some notable and praiseworthy offerings of the WazirX trading exchange:

  • Cross-platform support
  • Trading Platform Design
  • Investment Products & Supported Cryptocurrencies
  • Speed of Transaction
  • Advanced Trading Tools
  • Best-In-Class Security
  • Customer Support
  • Referral Program
  • The WazirX Website

Cross-Platform Support

WazirX functions across multiple devices from and also offers app compatible with the web browser, Android & iOS smartphone platforms, and even Mac and Windows PCs.

Trading Platform Design

WazirX exchange platform is a beginner friendly platform with a high trading volume. The mobile app offers almost all the same features as the web platform. Also, the exchange has 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

WazirX blockchain infrastructure is very flexible 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.

Best-In-Class Security

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.

Customer Support

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.

Referral Program

Users earn up to 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 Best crypto 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.

How To Trade on WazirX

Trading on WazirX is takes just a few steps. Here is how to trade on the platform:

  • Sign Up

WazirX Signup

Before you can do anything on WazirX, just like every other platform, you have to sign up first. Customers can visit the WazirX site and create an account with their valid email address and a password.

An activation link will be sent to the email provided and users will need to visit the address and click on it to verify and then agree to the “Terms & Conditions.”

Other steps to follow include:

  • 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.

Deposits and Withdrawals

Customer review and ratings 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.

Payment and Trading Methods

The platform accepts a range of payment methods which includes:

  • Bank Transfer
  • Net Banking
  • NEFT/RTGS/IMPS
  • UPI

Customers can deposit money in their WazirX wallet using any of the above methods. For crypto deposits, users can either copy the destination address or scan the QR code.

Trading methods on WazirX:

  • 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.

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.

Pros & Cons

Pros

  • Wide range of crypto tokens supported.
  • Easy-to-use and minimal interface.
  • No custody of fiat funds.
  • Free fiat/crypto swaps.
  • Smart Token Funds assist in portfolio building.

Cons

  • Lacks crypto lending feature.

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.

Conclusion

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. They are top notch and one of the largest crypto exchange platform in the world. 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.

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WazirX Exchange Review 2021

Posted by staff on December 21, 2021

cryptocurrency Insights & Tutorials


WazirX Exchange Review 2021

WazirX is a crypto exchange is the first ever Indian crypto-trading platform designed to cater for Indians that are interested in moving with the crypto trend.

Today, as the cryptocurrency market is standing at a valuation of 2 trillion USD with 4000 plus cryptocurrencies in circulation, crypto trading has taken a definitive shape. In this review, we will look deep into WazirX, the trading fees and also the pros and cons.

WazirX Summary

  • Official Website – (Wazirx.com)
  • Headquarter – (India)
  • Found In – 2018
  • Native Token – (WRX Coin)
  • Listed Cryptocurrencies – (120+)
  • Trading Pairs – (250+)
  • 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

WazirX is an Indian cryptocurrency exchange platform that gives a simple trading platform with lots of nice features. The trading app is user friendly and it offers lots of robust security features. Its introduction of the WRX token, the innovative WazirX P2P trading exchange and also its integration with Binance also contributed to its popularity.

In March 2018, WazirX was founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. On the company’s website, they informed us 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.

A Quick Glance At WazirX Exchange

WazirX Exchange was formed in 2018 by Zanmai Labs Private Limited and is is run by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. It is an Indian cryptocurrency trading platform, which is open to worldwide customers for trading.

WazirX offers a good and 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 is more than a cryptocurrency exchange.

After founded, WazirX was only opened to Indians until March 27, 2019 when they opened up to the entire world of crypto traders. Fast forward to November 2019, they announced their acquisition by the world’s leading cryptocurrency exchange, Binance. WazirX is accessible via its web app and even via desktop and smartphone apps.

WazirX’s Big Ideas

The big Indian exchange giants introduced two more big ideas apart from P2P and it helped enhance user responses and a high trading volume.

  • WRX
  • Referral Commission

1. 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.

2. 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.

Features of the WazirX Exchange

Here are some notable and praiseworthy offerings of the WazirX trading exchange:

  • Cross-platform support
  • Trading Platform Design
  • Investment Products & Supported Cryptocurrencies
  • Speed of Transaction
  • Advanced Trading Tools
  • Best-In-Class Security
  • Customer Support
  • Referral Program
  • The WazirX Website

Cross-Platform Support

WazirX functions across multiple devices from and also offers app compatible with the web browser, Android & iOS smartphone platforms, and even Mac and Windows PCs.

Trading Platform Design

WazirX exchange platform is a beginner friendly platform with a high trading volume. The mobile app offers almost all the same features as the web platform. Also, the exchange has 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

WazirX blockchain infrastructure is very flexible 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.

Best-In-Class Security

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.

Customer Support

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.

Referral Program

Users earn up to 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 Best crypto 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.

How To Trade on WazirX

Trading on WazirX is takes just a few steps. Here is how to trade on the platform:

  • Sign Up

WazirX Signup

Before you can do anything on WazirX, just like every other platform, you have to sign up first. Customers can visit the WazirX site and create an account with their valid email address and a password.

An activation link will be sent to the email provided and users will need to visit the address and click on it to verify and then agree to the “Terms & Conditions.”

Other steps to follow include:

  • 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.

Deposits and Withdrawals

Customer review and ratings 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.

Payment and Trading Methods

The platform accepts a range of payment methods which includes:

  • Bank Transfer
  • Net Banking
  • NEFT/RTGS/IMPS
  • UPI

Customers can deposit money in their WazirX wallet using any of the above methods. For crypto deposits, users can either copy the destination address or scan the QR code.

Trading methods on WazirX:

  • 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.

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.

Pros & Cons

Pros

  • Wide range of crypto tokens supported.
  • Easy-to-use and minimal interface.
  • No custody of fiat funds.
  • Free fiat/crypto swaps.
  • Smart Token Funds assist in portfolio building.

Cons

  • Lacks crypto lending feature.

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.

Conclusion

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. They are top notch and one of the largest crypto exchange platform in the world. 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.

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