Cryptocurrency Exchange

WazirX Exchange Review: Now Acquired by Malta-Based Binance

Overview

Legal NameWazirX Exchange
HeadquartersVashi, Maharashtra, India
CEONischal Shetty
Year Founded2017
Exchange Type Centralized
Trading Fees Maker: 0.20%/ Taker: 0.20%
Deposit MethodsWire Transfer
Supported Cryptos70+ coins including Bitcoin (XBT), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more
FiatUSD, INR
Customer ServiceEmail, Phone
Trading OptionsSpot Trading, Margin Trading

With the recent legalization of investing in Bitcoins in India, investors can use fiat to crypto exchanges to invest Bitcoin and other altcoins with their local currency. Although, it is important to make sure you chose a trustworthy and reputable Indian crypto exchange to buy Bitcoin.

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WazirX is a global crypto exchange that allows users to purchase Bitcoin in India (and also worldwide).

In this article, we will see the detailed aspects of WazirX Exchange like its features, fees, trading, pros and cons, and much more. Let us dig in this WazirX Review in detail now,

What is WazirX?

WazirX is a legal cryptocurrency exchange in India that allows users to invest in several cryptocurrencies by trading in fiat currency. The company is based in Mumbai and led by an experienced team that comprises Nischal Shetty, Sameer Mhatre, and Siddharth Menon. 

The company offers a system that allows users not only to trade digital assets but also to buy and sell cryptocurrencies such as bitcoin, bitcoin cash, litecoin, dash, and many more. It also offers regular security audits to ensure a highly secured platform. 

WazirX was acquired in 2019 by Binance, the world’s largest cryptocurrency exchange. Millions of Binance users can now connect their Binance and WazirX accounts. 

WazirX Features

  1.  Exchange: WazirX Exchange is a spot market where you can trade over 70 cryptocurrencies. WazirX offers real-time open order books, charting, trade history, etc so you can trade and invest in one of the world’s best performing digital assets.
  2. P2P (Person to Person) Market: WazirX offers a unique P2P platform that helps you buy USDT directly from any seller.
  3. STF (Smart Token Fund): STF helps new traders learn the art by hand-holding. You can get tied up with experienced crypto traders who can help you grow your crypto portfolio over time.
  4. Advance Trading tools: WazirX exchange integrates all the features and charting tools of TradingView helpful for traders and professionals to analyze prices and historical data and set trading strategies.
  5. Accessible Across Platforms: To access the WazirX platform you have to download the app from the Google Play Store or Apple Stores or by login to their web platform. You can use the platform on smartphones (both android & iOS), Windows and Mac PCs, and laptops.

WazirX Fees and Limits

WazirX uses a maker and taker model for determining buy and sell trading fees. Depending on the type of order placed by the user, WazirX will determine the trading fee to be applied as follows: 

  • 0.02% fee applies for limit and conditional orders (Taker)
  • 0.02% fee applies for market orders that fill (Maker)

The deposit fees for transferring fiat currency into WazirX depends on the selected deposit method. If you choose to use the fast deposit method UPI, there is no deposit charge and takes approximately 15 minutes to process.

Users should be noted that crypto withdrawals from WazirX will carry a network fee that is charged when you withdraw from the exchange. This fee is determined by the blockchain load.

WazirX Supported Currencies

On WazirX exchange you can trade in over 70+ cryptocurrencies paired with USDT. 

The Exchange has three segments based on currency pairs, as the base currency namely:

  • USDT
  • BTC
  • INR

WazirX Coin

Just like Bitcoin, WazirX Coin (WRX) is a digital asset. As per the reviews, it is noted that there will be a maximum of 1 Billion WRX coins ever created over a period of time. 

At the same time the value, utility, and liquidity of WRX is expected to  increase substantially. It is a native token developed by WazirX similar to the other currencies.

Token Price: 1 WRX = 0.30 USD

WazirX Mobile App

WazirX has a trading app for iOS and Android devices to allow users to buy, trade, and sell crypto from their devices. The web version of the platform is also mobile friendly and can be used on smartphones.

WazirX-Mobile-App

How to register on WazirX?

Step 1: Visit the Official website WazirX.com

Step 2: Click on the ‘Sign Up‘ button at the top right-hand corner

Step 3: Enter in your email and set a strong password

Step 4: Agree with the terms of service and click ‘sign up’

Step 5: Verify your email address

Step 6: Login using your credentials

How to recover the WazirX password?

Step 1: Go to the official website, Head to the login page

Step 2: Enter your registered email ID

Step 3: Click on the Forgot Password button

Step 4: Check your email and click on the Reset Password link

Step 5: Enter your new password and click on reset

Step 6: Log in to your WazirX account with your new password

How to deposit on WazirX?

Step 1: Log in to your wazirX account

Step 2: Click on Funds at the top of your screen

Step 3: Select the coin you want to Deposit

Step 4: Click on the Deposit button

Step 5: Here you will see your Destination Address. Click on the copy button to copy the address.

Step 6: Paste it into the withdrawal section of the wallet/exchange from where you are sending the coins.

How to withdraw on WazirX?

Step 1: Log in to your wazirX account

Step 2: Click on Funds at the top right of your screen

Step 3: Select the coin you want to Withdraw

Step 4: Click on the Withdraw button

Step 5: Type or paste the Destination Address. Cross-check the destination address carefully.

Step 6: Enter the Coin amount you want to move. Add any Remarks for your own reference.

Step 7: Click on Proceed. You will be sent a One Time Password (OTP) on your mobile. Enter your OTP & Click on Confirm.

Step 8: Open your email & click on Approve this withdrawal button in the confirmation email you receive. 

How to buy cryptocurrencies on WazirX?

Step 1: Click on P2P at the top of your screen

Step 2: Enter the volume of USDT you want to buy. You can also mention the total amount in Fiat to adjust the USDT volume.

Step 3: Click on the Place Buy Order button. WazirX will start finding sellers for your order.

Step 4: WazirX will then start showing you the matches. Your order may be matched with multiple sellers for differing quantities.

Step 5: Make payments to each of the matching seller’s bank accounts. After you have paid, click on ‘I have Paid’.

Step 6: Wait for the seller to confirm the payment. Once the seller has confirmed the payment, the USDT will be credited to your WazirX account.

How to sell cryptocurrencies on WazirX?

Step 1: Click on P2P at the top of your screen

Step 2: Enter the volume of USDT you want to sell. You can also mention the total amount in Fiat to adjust the USDT volume.

Step 3: Click on the Place Sell Order button. WazirX will start finding buyers for your order.

Step 4: WazirX will then start showing you the matches. Your order may be matched with multiple buyers for differing quantities.

Step 5: Each match (buyer) will make the payment to your bank account separately. After you have received payment, click on ‘Yes, I have received’ for that particular match only.

WazirX Pros and Cons

Pros

  • 70+ crypto pairs for trading
  • Partnership with Binance
  • Flexible payment gateway like IMPS, UPI, Paytm
  • Clean and user-friendly User Interface (UI)
  • Advances trading tools on TradingView

Cons

  • Low trade volume compared to other Crypto exchanges
  • Minimum withdrawal amounts
  • No intraday trading facility
  • No information on security measures
  • Limited charting features

Conclusion

To summarize the review, WazirX has made it easier for Indians to purchase Bitcoin and other cryptocurrencies. It has a strong list of features and excellent peer-to-peer trading exchange to make it easy to buy, trade and sell Bitcoins using the local INR currency.

As per the WazirX reviews, it is a better platform for new and advanced cryptocurrency traders who can use the STF facility to start bitcoin investment. Through its partnership with Binance, the world’s largest crypto exchange is certainly worth recommending.

Also Read: Coindeal ReviewHitBTC Trading, and CoinTiger Fees

Please share your views on this WazirX review in the comment section. Also, you can share your views on Facebook and Twitter.

Recent Updates

  • On March 17, 2020, Indian Exchange WazirX Announce $50M Blockchain for India Fund
  • On June 20, 2020, COTI gets listed on WazirX
  • On July 24, 2020, Storj (STORJ) gets listed on WazirX
  • On July 26, 2020, WazirX and BitTorrent partnered for a host of activities and amazing giveaways

WazirX - 8.2

8.2

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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