 |
|
The utility token for WazirX is WRX which has a total supply of over 1 billion with a market cap of $18,353,746 and a circulating supply of 233,817,289 WRX coins. The exchange is currently ranked #408 in CoinMarketCap with Binance, Binance.KR, BiKi, FTX, the leading exchange trading the token. The platform rewards users in different ways, such as trading fees discount, WRX trade mining, token airdrop, margin fees, etc. The goal of the exchange is to make it easier for every Indian to trade cryptocurrency easily without any barriers.
What’s Different About WazirX?
There are many things that make the exchange different from other crypto exchanges. The platform allows for an instant INR (fiat) deposit and withdrawal option, which means that Indians can deposit via a local bank account. Also, the platform offers peer to peer (P2P) crypto trading with zero trading fees.
The P2P is the WazirX auto-order matching engine which allows users to buy and sell USDT using INR. For example, users planning to buy USDT on the P2P market can place an order from their WazirX account and the system will auto-match them with sellers that trade on that particular currency.
Other benefits from the WazirX includes:
Accessibility: The platform is accessible to everybody. Whether you are using an android phone, PC, or Mac book. You can always have access to the platform. The exchange has a mobile app that users can use for a hitch-free transaction.
Number of Cryptocurrencies: It is one of the major things that makes the crypto exchange to be popular among crypto traders. The WazirX crypto exchange allows for the trading of over 70 cryptocurrencies paired with USDT. The USDT is a Tether USD currency that is backed by the Tethers reserve of the US dollar. The current conversion rate of 1 USDT is 1 dollar.
WazirX allows for Spot Exchange, STF, and P2P Marketplace: The WazirX exchange platform allows for buying and selling of cryptos for both advanced traders and beginners through three markets – Exchange, P2P (Person to Person market), and STF (Smart Token Fund).
Transaction Speed: The crypto exchange offers faster transaction speed. It can process millions of transactions correctly without any issues. The exchange ensures that its users get a quicker trading experience that is at par with the global standards.
Quality Trading Tools: In order to make sure that users have a friendly atmosphere for trading, the exchange integrated all the charting tools and features which is seen in TradingView. In the exchange, users can analyze crypto prices and historical data using indicators and graphs
How to Sign Up in WazirX:
Signing up in the crypto exchange is easy and straightforward.
In order to sign up,
- Go to WazirX
- Click on the Sign-Up button on the top hand right corner of the browser.
- Fill in your details (Email and strong password).
- Tick the “Agree to WazirX terms of Service” and click sign up.
- Login to your email address and verify your email address.
Now, login to your WazirX account and complete your account security set up. WazirX offers two options for multi-factor authentication to secure your account. You can choose the most suitable one you like. The two methods are;
- Google Authenticator App.
- Mobile SMS Service.
We recommend that you choose the Google Authenticator option as it is more secure. It is because service providers do not encrypt SMS messages, and as such, it is prone to security threats such as call interception or port forwarding.
Once you have finished your account security set up, it is now left for the final step. In the last step, you need to select your country. You have the option of opening your account with KYC or not.
If you choose not to go with the KYC option, you can only deposit and trade on your WazirX account. However, if you want to expand your trading, such as enabling withdrawal and trade P2P, you will need to complete the KYC.
For KYC account set up, you need to enter the following details;
- Necessary Personal information (such as name, date of birth, address, etc.)
- PAN card details.
- Upload identity documents (such as driver’s license or passport).
All these processes take a few minutes to complete as the system is fully automated. The goal of these security measures is to protect the exchange from counter-terrorism funding and to protect the investors against anti-money laundering
How to Buy on WazirX and the Supported Payment Methods
WazirX crypto exchange supports several payment methods. For Indian traders, they can deposit Indian rupees in their WazirX account and use it to buy any cryptocurrency. Also, WazirX allows for wire transfer deposits but not credit card deposits.
However, in 2019, WazirX announced that it entered into an agreement with an Indonesian payment service provider, making it possible for Indonesian investors to deposit Indonesian Rupiah directly into the trading platform.
There are two methods that users can use to buy cryptos on WazirX exchange;
Through Spot Exchange: You can use your WazirX account to check the Spot Exchange market and look for cryptocurrency that you want to buy. There are over 70 cryptocurrencies available for trading on the WazirX platform. However, you will need to check the cryptocurrency pairs before making a purchase. For Indians, if the cryptocurrency you want to purchase is paired directly with INR, you can place your order using the form and get your coin instantly.
However, if it is not paired with INR, you will need to buy USDT and use the USDT to purchase the coin you want.
Through P2P Market: Since P2P on WazirX follows an auto-order matching engine, meaning you can buy USDT on the P2P market directly from your WazirX account and you will be auto-matched with the seller of that particular currency. However, instead of depositing to your WazirX account, you will have to pay the seller directly. When the seller confirms receipt of your deposit, WazirX will release the cryptocurrency for you. In this situation, WazirX is just serving as an escrow.
Deposit Methods in WazirX Cryptocurrency Exchange
WazirX cryptocurrency exchange allows for fiat currency deposits for Indian investors while it allows for wire transfer deposits for non-Indian investors.
WazirX Trading Fees and Charges
The trading fees in WazirX cryptocurrency exchange are in line with the global standards. WazirX makes use of a Maker and Taker Model for determining the trading fees for buying and selling. WazirX allows for the trading of cryptocurrencies in three markets which are; P2P market, Spot market, and STF trading.
P2P market Trading Fees
In the P2P market, currencies are paired with the USDT such as INR/USDT, EUR/USDT, NGN/USDT, RUB/USDT, etc. For Indians, you can select USDT/INR and complete your transaction. The price of 1 USDT is $1. However, traders are only allowed to sell/ buy a minimum of $14.5 USDT and a maximum of $2000 USDT.
Spot Market Trading Fees
The Spot market trading fee is 0.2% for both buyers and sellers.
STF Trading Fees
WazirX allows for new traders to search for experienced crypto traders to help them build their portfolio in exchange for a certain percentage profit. In such a situation, WazirX takes 25% fees on profit
WazirX Withdrawal Fees
WazirX charges a percentage for withdrawals made on the platform.
Below are the withdrawal fees for Bitcoin.
|
Particulars |
Amount |
|
Withdrawal fees for Bitcoin |
0.0005 BTC |
|
Minimum Withdraw Amount |
0.001 BTC |
|
Maximum Withdraw Amount |
3 BTC |
|
Minimum Deposit Amount |
0 BTC |
The withdrawal fees for Tether is 1.5 USDT while that of WazirX Coin is 10 WRX
How Secure Is WazirX?
The security of user’s funds is always one of the top priorities of various cryptocurrency exchanges. WazirX exchange has a lot of security measures put in place to ensure the safety of user’s funds. The account security authenticator App makes sure that hackers don’t have access to users’ accounts. Also, the crypto exchange platform conducts regular security audits to ensure that the platform is highly secured. This has been confirmed by the security score they received from the Mozilla Observatory test where they scored C, which is in line with the global average.
However, in order to keep your fund secured, set a strong login password, and activate the enhanced account security measures offered by WazirX.
Conclusion:
WazirX has established itself as one of the top Cryptocurrency exchanges in Indian which allows Indians to buy bitcoin and other cryptocurrencies. The platform comes with unique features to help users have smooth trading. Its peer to peer trading exchange makes it easier for Indians to buy, sell bitcoin using their local currency.
Also, the partnership the platform entered with Binance Exchange opens the door for future innovations in the platform. So, we are expecting to hear more good news from the platform in the near future.