WazirX

Review

Today, a lot of online platforms offer their services and provide access to many financial markets. WazirX is one such company. Is it a reliable provider to work with? Which trading platforms does it provide? How many tradable products are available there? These are questions our experts with many years of experience have answered in this Wazirx review.

WazirX is the most trusted cryptocurrency exchange in India. WazirX was created by a group of avid businessmen and passionate blockchain proponents. The company’s goal is to involve every Indian in the blockchain revolution. The universe is moving towards this revolution at an unprecedented rate. With WazirX, you can purchase transfers and trade digital currencies with extraordinary ease, confidence, and trust.

WazirX Review: General Information about the Platform

WazirX is a young trading platform with its headquarters in India founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. The WazirX trading platform was started in March 2018, but, despite such a short period of operation, the company has managed to gain a good reputation and brought some innovations and competition to the market.

WazirX Exchange isn’t just an online platform for trading cryptocurrencies. It’s a robust solution with an initial aim to make crypto exchanges more common in the modern financial industry.

WazirX was launched as a platform that serves clients from India. But in 2019, it’s started expanding its influence on other markets and became available for traders from other countries.

Safety & Reliability

The safety criteria of crypto trading platforms are difficult to compare to the safety criteria of forex brokers, for example. The thing is that the crypto exchange industry is younger, and there are no clear regulations on this market in many countries. India is one of them.

Despite the fact that Indian crypto investors can access the WazirX website and its trading platform, crypto trading is not legal in India, and there are even special even tax rules which are made by the Central Board of Direct Taxes.

Acquisition with Binance

The reliability of this Indian cryptocurrency exchange might be estimated by the fact that in 2019, the WazirX exchange was acquired by Binance. Binance is so far one of the world’s most popular trading platforms for crypto investors.

WazirX Account

It’s reported that around 95% of funds are stored in cold storage. WazirX also pays a lot of attention to following the requirements of the KYC policy. The platform enables two-step authentication, which should prevent scammers from entering the crypto exchange.

The provider also regularly holds regular security audits in order to make sure safety standards are kept high.

WazirX fees

WazirX charges both trading and non-trading fees. Trading fees are the amounts charged for the possibility of accessing markets. Non-trading fees are paid as commission for additional operations, which are not related directly to trading.

Trading fees

Currently, clients of this company can work in three different markets:

1. The spot market;
2. The P2P market;
3. STF trading.

The spot market

When trading cryptocurrency pairs on the spot markets, clients are required to pay a 0.2% fee per transaction. This rule is applied to both buyers and sellers of the assets. However, there is a possibility of decreasing the fee amount by two times. Everything you need to do to get this 50% discount is to enable the WRX token through the Settings option.

The P2P market

Buying and selling cryptocurrencies in the P2P market is charged with a 0% fee. However, not all the pairs are available. There are only eight fiat currencies that might be paired against USDT.

Indian clients face the restriction there because they have only their national currency available to be paired with USDT.

STF (Smart Token Fund) Trading

Smart Token Fund trading is for new crypto traders. They might find more experienced investors who will agree to assist them for a certain percentage paid. WazirX charges a 25% fee on profits for this service.

Non-trading Fees

Crypto exchanges might charge users for funding their accounts, withdrawing profits, or cancellation. WazirX collects only withdrawal fees.

Withdrawal fee

WazirX doesn’t have any fixed percentage as a withdrawal fee. The company collects different WazirX withdrawal fees, depending on the cryptocurrency in which the transaction is made. The amount of the financial operation also impacts the amount the trader will later pay as a withdrawal fee.

For example, the minimum withdrawal amount for Bitcoin is 0.001 BTC. In this case, the withdrawal fee would be 0.0006 BTC. The maximum amount of Bitcoin one can withdraw from the trading account amounts to 3 BTC.

WazirX Deposit and Withdrawals

Compared to the industry average, the funding conditions of the WazirX provider are very client-oriented. The optimized features of the platforms give clients the possibility to deposit and withdraw money online on the go. The minimum deposit money amount required by the platform amount to 10 INR.

On the whole, the fees paid for these operations aren’t high. Plus, the diversity of payment methods allows different clients to use the most convenient services.

Payment methods

WazirX allows funding your account via different payment options, including:

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

The deposit might be executed directly from your bank account. In order to add the necessary account or change the current address, access your setting and enter the bank account number you are going to use.

The process of funding by crypto money is also customized to the maximum extent. If you want, you can just copy the necessary link and paste it into your wallet or simply scan the QR code.

Account Opening

In order to start trading cryptocurrency pairs with WazirX, you have to open a personal account and make a minimum required deposit of 10 INR. The minimum deposit amount in cryptocurrency is not defined.

Step 1: Register on the WazirX Website

Once you visit the official website of WazirX, you will see the “Sign up” button in the top right corner of your screen. Click the button and proceed to the next step.

Step 2: Enter Personal Information

After clicking the button, you will see a signup window. Your task now is to enter your email and create and confirm the password. Make sure your password is strong enough to secure access to your personal profile.

Step 3: Verify your Email

After confirmation of the password, you will receive an email to verify it. Enter your email box and confirm the address by proceeding to the account registration. Then you are offered to choose the count security option among the two available options – Google Authenticator App and the Mobile SMS service.

Our personal recommendation to you is to choose the app. It’s a more reliable option.

Step 4: Select your Country

At the next step, you are requested to choose your country. Pay attention to the sections below the line where you enter your country. They offer you to continue the registration with or without KYC completion. What is the difference, and what to choose?

The KYC procedure is designed to verify your identity. If you disagree to complete it, the platform gives you access to trading features but disables you to withdraw your funds.

From this point of view, skipping the KYC completion is completely useless for you if you want to make profits and withdraw them to your account.

Step 5: Verify your Identity

Here comes the most lasting process when creating a personal account. Everything you need to do is to enter your full name, date of birth, and address of residence and upload an ID document with your selfie.

The process of verification usually takes from one to two days. However, if the platform is overloaded with new entry requests, it might be delayed. Unfortunately, in recent days, many users started reporting that such delays are becoming more frequent.

If you are worried about your private data violation, you can contact the WazirX support team. Just remember that 48 hours is not a delay. It’s a stated timeframe for the KYC completion.

How to Get Customer Support?

WazirX provides customer support via different means:

Social media

The most common way to get in touch with the support team is to contact it via the company’s social media. It is the only way to communicate with the company’s representatives in the online mode because, currently, there is no WazirX customer care number available.

You can make inquiries via the following social media:

Telegram

Twitter

Facebook

Instagram

LinkedIn

YouTube

CoinMarketCap.

Email

Clients’ requests are also accepted by the official email of the company. Usually, the specialists answer emails within the period of one or two working days.

FAQs Section

On the website, there is a feature of Frequently Asked Questions. The range of answers is quite extensive. Basically, you can find answers to any question you are interested in. If not, you should use the above-mentioned means of communication.

More about Trading on WazirX

Finally, when you know how to create your account, we can review the trading features of this platform.

Trading Platforms

The provider offers five types of platforms for trading. Access crypto assets through:

• the Web platform
• the Windows desktop platform
• the Mac system desktop platform
• the Android mobile platform
• the iOS mobile platform.

If you want to trade via your mobile gadget but don’t want to install a platform, you can access the web terminal as well. It is perfectly optimized for mobile devices. The functional features are the same as you would use when trading via your laptop.

Available Assets

Cryptocurrencies are paired with a Tether USD currency backed by the US dollar. More than 100 tradable products are listed on this crypto exchange.

USDT cryptocurrency pairs aren’t the only financial instruments here. Traders can also invest in cryptocurrencies paired with Bitcoin (BTC) and WRX coins.

Some cryptocurrencies listed here might be paired with INR as well. Such pairs can help to buy digital assets with INR. This means you don’t need to convert your fund into Bitcoin or Tether USD.

Native Token

WRX coin is the token of the WazirX ecosystem. It has a fixed supply, which amounts to 1 billion coins. As of the date of writing this WazirX review, the market price of the native coin amount to 0.600504 USD. The market capitalization of the token is currently 229.307 million USD, and its trading volume amounts to around 7,236,790 coins.

The speed of Transactions

WazirX is reported to provide high speed of transactions. However, many clients complain that the platform may not respond to requests during peak hours. On the whole, the general transaction speed of this Indian cryptocurrency exchange meets the highest global standards.

Trading Tools

WazirX features powerful solutions for making advanced analyses of the market. It introduces all the trading tools developed by the TradingView provider. Clients can benefit from utilizing robust charts, graphics, and indicators. The ability to deeply examine historical data allows users to make deep and effective analyses.

Pros & Cons

Pros

• an extensive range of cryptocurrencies exposed to clients of the platform;
• a very-user friendly interface;
• easy and understandable navigation through the platforms;
• the ability to access markets via different devices;
• free fiat swaps;
• Smart Token Funds assist in portfolio building;
• access to multiple cryptocurrency markets;
• extensive setting.

Cons

• poor customer support services;
• no licensing from any official regulatory body of India;
• lacks the crypto lending feature.

Bottom line

To sum it up, from this WazirX review, we can see that the platform is one of the best Indian crypto exchanges. It’s a reliable service that provides fast transactions, an extensive range of tradable products, low trading fees, multiple funding opportunities, and client-friendly conditions.

The company is a fast-growing business. Despite some disadvantages mentioned in this WazirX review, this platform is good for crypto trading.