WazirX is an Indian Crypto Exchange, developed by co-founders of Crowdfire. They launched the platform in March 2018 with the support of multiple cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin and other cryptocurrencies in India. Read the WazirX review to understand the exchange in-depth.
QUICK NAVIGATION :
- About WazirX
- WazirX Features
- Account Registration
- WazirX Trade
- WazirX Fees
- WRX Coin
- WazirX Referral Program
- XID Order Book
- WazirX API
- WazirX Security
- Latest Updates
This trading exchange is an initiation of Crowdfire founders, a social media management App; namely Nischal Shetty, Anirudh Khusape, Sameer Mhatre, and Siddharth Memon. However, it is named after the queen piece of chess, which is the strongest piece in the game and can easily move in any direction. The name itself reflects the team’s mission to provide “one of the most powerful pieces of cryptocurrency trading software” to traders.
- Security: The team is investing in regular security audits to ensure an immensely secured trading platform for India.
- KYC: The KYC verification process completes in few hours as soon as the user signs up. Further, the team claims few upcoming features to reduce verification time in future.
- Speedy Transactions: – WazirX is handling millions of transactions. The infrastructure of a system is scaled up in few seconds that match surging demand.
- Android & IOS Apps: – Beside web platform, WazirX will have Android and iOS mobile Apps. The exchange is also available on MacOS.
- Simple & Efficient Design: – WazirX has a simple and efficient design which allow users to trade on WazirX.
- Team: – Moreover, the WazirX is built with a team of hardcore traders and passionate blockchain believers.
1:- To get register, users should click on a signup button on its website, www.wazirx.com
2:- They can get registered by adding basic details. Upon entering the emails, a verification email will be sent to their email to verify.
3:- Also users must enter their mobile number. It is simply to verify the account by entering OTP sent to his mobile.
4:- The user can complete his KYC by entering Pan Card number and Aadhar number and then upload PAN and Aadhar Card photos.
5:- Accordingly, the KYC will be verified within 48 hours
6:- The WazirX trading platform has launched and executed the first trade. It can credit around 600 WRX coins in the user’s account.
7:- Above all, the user can refer his friends and get 100 WRX coins with an addition of 100 WRX coins.
After email verification, the traders are asked to add an extra layer of security – 2fa or SMS verification. The last stage is the KYC verification. Traders can start trading and depositing in their WazirX wallet without KYC. But KYC is important for withdrawals and P2P trading.
The trading platform of WazirX has three different aspects:
Like any other cryptocurrency exchange, this platform too has a
- graph to show current market data,
- order book to keep a track of orders,
- buy/sell option to trade selected currency.
STF – Smart Token Fund
Introduced in Aug 2019, STF is a platform for cryptocurrency enthusiasts and smart traders. This platform helps cryptocurrency enthusiasts to create their own cryptocurrencies on WazirX. Traders guide and train the new entrants or enthusiasts and in return earn a certain percentage of the profits they make.
WazirX P2P Exchange –
This Indian Crypto exchange helps traders convert INR to USDT currencies. As P2P exchange means transferring digital assets directly within peers, WazirX allows these currencies trade against 42 coins listed on the exchange. The Indian crypto exchange matches the sellers and buyers based on their order volume and price.
How P2P works?
P2P exchange platform
The Funds screen lists the traders’ balance against each crypto. There are options to deposit more crypto or withdraw the balance.
WazirX exchange platform fees are of 3 types: deposit fees, withdrawal fees, trading fees.
- Deposit / Withdrawal Fees – WazirX platform has a minimum deposit / withdrawal cutoff limit. The exchange claims that this minimum limit helps then transaction to process faster than fewer amount orders. The fees vary depending on the currency trader chooses. For more details, visit their official website.
For eg: If you want to withdraw 1 BTC from your WazirX wallet and move it to another wallet. A fee of 0.0005 BTC will be deducted from the 1 BTC before the withdrawal is processed from WazirX. At the receiving wallet you will receive 1 BTC – 0.0005 BTC = 0.9995 BTC.
- Trading Fees – Minimum Order Size in WazirX trading fees vary based on the trading pairs. While, Taker / Maker fees are constant. Maker Fees for Buying/Selling is 0.1% while Taker fees is o.25%
WazirX has developed its own native token, WRX Coin. It is a digital asset similar to Bitcoin. The exchange platform plans to create a maximum of 1 billion WRX coins.
Token Price: 1 WRX = 0.30 USD
WazirX Referral Program
WazirX has a referral program to benefit their registered users. Traders registered with the platform can gain up to 50% commission
When a new user registers using a referral link, both the users will receive 100 WRX Coins in their account.
XID Order Book
XID is the unique WazirX ID given to traders. It is a short form of WazirX Identity. The traders can use this ID to share with preferred buyers and sellers. To create XID –
- Go to the P2P page
- Click on Add Preferred Seller under the Buy tab
- Click on Create Now and follow the steps.
The Indian crypto exchange platform has its own API. You can integrate the API into website/blog to trade directly from your website. Developers can build tickers, price comparison apps, etc using this API.
WazirX seems to offer regular security audits to ensure a highly secured platform.
Among other Indian crypto exchanges, WazirX security has an upper hand. There is an SMS based verification along with 2-factor authentication. As 2fa uses Google Authenticator, the security can be trusted. My only advice is to not store more coins in your WazirX wallet. Make use of an external wallet.
30 Aug 2019: WazirX introduced STF – Smart Token Funds for crypto enthusiasts to create their own cryptocurrency token
4th July 2019: WazirX updated USDT token blockchain from Omni standard to ERC20 standard.
27 May 2019: Stop Limit order made available for all coins in the USDT and BTC markets on WazirX.
In my opinion, WazirX is safe to use. The P2P model definitely is a great change in the Indian crypto market after RBI Ban on crypto.
I hope I could answer most of your queries related to WazirX Exchange.