After legitimizing the crypto investment in India, the investors are in a bustle to look around for perfect crypto exchanges to invest in Bitcoins and other crypto coins with their fiat or local currency. Investments in cryptocurrencies are increasing exponentially and gained a foothold in the crypto market so it would be high time for you to trade Bitcoins.
Are you looking to exchange your crypto coins? Yes! You need to choose the trusted, safe, and most well-known crypto exchanges to trade your coins. In this article let us have the complete WazirX review and know whether it is safe or a scam.
WazirX Review 2021- Is it safe or a scam?
|Launched Month/Year||March 2018|
|Founders||Nischal Shetty, Sameer Mhatre, and Siddharth Menon|
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What Is WazirX?
WazirX is an Indian-based crypto exchange platform established in March 2018. Nischal Shetty, Sameer Mhatre, and Siddharth Menon are the founders of this crypto exchange.
In 2019, WazirX announced to its users that it was acquired by Binance which is an international trading platform and WazirX became the first Indian crypto exchange that crossed the national boundaries among the crypto players existing in the market.
It supports a wide range of cryptocurrencies and during March 2019 they informed all their users that WazirX is open to all investors worldwide and also announced that if the investors sign up and trade on the platform, they will receive more than 100 WRX coins.
WazirX is also providing a mobile app to trade your crypto coins and it can also be downloaded as a client version for different platforms like Windows and Mac.
Features Of WazirX
1. Supports Various Platforms
This trading platform can be accessed on various platforms like Web, Windows, Mac, iOS. You can get started by downloading the app from Google Play Store or the Apple store. From the WazirX website, you can directly login to the trading platform.
2. Supports Wide Range Of Cryptocurrencies
It allows trading with more than 70+ crypto coins paired with tether USD currency that is backed by US dollars. According to Tether, USDT is completely backed by the US dollar reserve of Tether.
3. High Speed Transaction
When the trading volume increases, WazirX can scale up quickly and eases millions of transactions with high speed. Realize high-speed trading experience with the globalized platform.
4. Integrates With Trading Tools
WazirX platform integrates with advanced trading tools and it helps to analyze historical data, price with the graphs with your mobile apps.
5. WazirX P2P Crypto Trading & STF
WazirX P2P assists in buying USDT directly from another user instead of buying from the exchange. It is an auto-order matching engine where you can match your order with the seller of a specific currency.
STF is a smart token fund, where the new investors find it helpful for raising their portfolio by providing a certain percentage of profit to experienced traders.
Currently, it supports two types of fees
1. Trading Fees
Trading can be done in different markets like P2P, STF, etc. For all types of trade, you need to trade some specific amount of any particular crypto coins.
For spot market transactions, the trading fee charged is 0.2% for both sellers and buyers. The P2P market currently has only 8 crypto coins paired against USDT. In India, it is allowed to enter INR/USDT transactions and it is free of cost trading fee for both buyers and sellers. The minimum order placed for buying or selling should be 14.5 USDT and the maximum can be 2000 USDT. For STF trading, WazirX charges 25% of the profit earned.
2. Withdrawal Fees
When the user moves their crypto money, WazirX charges withdrawal fees and it varies depending upon the currency moved with subject to maximum or minimum amounts.
WazirX Coins (WRX Coins)
WazirX coins are also known as WRX coins that were established to have a rigid crypto community and support the initial subscribers. The total supply count of these WRX coins is limited to 1 billion.
Make use of the WazirX coins to pay your trading fees to carry out your crypto trades. WazirX exempts a 50% trading fee if WRX coins are used to pay the trading fee. The discount will be reduced to half the next year and will be totally removed after completing the fourth year.
Partners With Binance – WazirX Binance
Binance is a globalized cryptocurrency exchange with a trading volume of around 2 billion and manages 1,400,000+ transactions per second.
As already discussed WazirX is an Indian crypto exchange platform based in Mumbai. In 2019, WazirX acquired by Binance. Make use of the Binance platform to trade cryptocurrencies and build your own crypto-asset with your INR money.
You can add funds to your WazirX account and purchase USDT and make use of USDT in the Binance wallet to shop global crypto coins.
How To Register & Login To WazirX
Follow the below steps to register and login To WazirX
Get started with WazirX.com
Click on the Sign-Up button, which is placed on the top right corner of the website Register with your email id and password Enable to agree with terms and conditions and click on sign up Complete the verification process with the provided email address Login into the platform using the credentials.
After logging in, set your account security, you will find options like the google authenticator app and mobile SMS to protect your money. It is recommended to choose an authenticator app as mobile SMS is more vulnerable to security threats.
KYC Verification With WazirX Exchange
Complete the KYC process to withdraw funds or to trade via WazirX crypto P2P exchange and submit the following details Personal data like date of birth, address, etc PAN card Identity card
It is an automated process and completes the process within minutes.
WazirX user interface is simple, clean, and minimal that will assist beginners. It is noted that there are no advanced charting tools or indicators in this platform. If you know technical analysis, this platform is not the right choice. In such a case, you can switch to any reputable charting site to analyze the crypto prices.
Overall, we can say that this wazirX exchange platform can be used for beginners so that it becomes easy for them to trade or exchange Bitcoins.
Security Features Of WazirX
Be it any exchange platform, your priority should be to keep your money safe in the platform. After reviewing the WazirX page, there are the following security features to keep your fund secure
You can set a powerful login password Set account security with Google Authenticator App & Mobile SMS verification.
There is only a little information on the security practices employed by this platform to secure online wallets or to process fund withdrawals. So users may shift their crypto coins to a hardware wallet instead of keeping it on the exchange.
WazirX can consider moving it to a cold wallet so that it can be secured by encrypted layers and can keep the crypto coins safe on offline digital storage hardware devices. This takes a long process to explain to its users that it is a legit and safe crypto exchange.
Finally, After going through the complete and genuine Wazirx Review, we can conclude that WazirX is a simple, safe, legit, and easy exchange platform for Indians, who can trade crypto coins with strong security features and possess P2P, STF trading exchange to trade Bitcoin with your INR currency.
Moreover, it is partnered with Binance and now it is globalized for all users to trade crypto coins.
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