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WazirX Exchange Review — Details, Fees, and Features

WazirX Exchange Review

This WazirX exchange review should be a must-read article for every crypto enthusiast. Nonetheless, whether you are a crypto amateur or an old one, feel free to read our WazirX exchange review and boost your crypto portfolio.

WazirX is a Mumbai-based crypto exchange. WRX is WazirX’s native utility token. In particular, the exchange was created and began operating in 2018. Nischal Shetty is the mastermind and CEO of WazirX exchange. As a digital asset exchange, WazirX is seen as the biggest and notorious cryptocurrency exchange within the Indian crypto exchange community. It allows traders to invest using BTC, USD, INR, and more.

Based on its day-to-day customer-centric services, users, particularly Indian residents, speculate that WazirX exchange is the most trustworthy exchange there. The WazirX exchange offers a P2P crypto trading service for a user reach experience and has maintained its mainstream popularity since its inception.

However, the exchange does this by expanding its availability to a large spectrum of users. Yet, the WazirX exchange still reigns over other existing exchanges in India.

In fact, the WazirX exchange mainly comes with a smooth and easy-to-use interface. Also, it has an easy-to-access deposit and withdrawal option. This energizes its users to make it their number priority.

Thanks to WazirX exchange’s Mobile and Web crypto trading. Through virtual trading, WazirX strives to expand its availability to mainstream adoption. Continue reading the WazirX exchange review for more details.

WazirX Exchange Details.

Websitehttps://wazirx.com/
Available on mobileYes
Number of supported coins/tokens100 +
Number of supported trading pairs280 +
Native TokenWRX
Supported fiat currenciesINR, BTC, USD, Matic
CEONischal Shetty
HQMumbai
Company OwnerBinance Holdings Limited

History Overview

The Co-Founder Nischal Shetty has an untold long-term interest in creating the WazirX exchange. Historically, not only WazirX, but Shetty has been creating several different projects for 10 years now.

Specifically, Shetty jumped into Bitcoin mining in 2009. Counting from 2009 to date, this tells us that Shetty has crazily dealt with crypto for a long time. Shetty had been working hard since 2012 to build Bitcoin wallets.

Moreover, Shetty saw how frustrated the existing exchange was. In fact, the exchange’s low level of operation eventually inspired him to come out with WazirX exchange — so be its native token WRX.

For utility-based, WRX operates as a backbone token within the entire WazirX community. The same as the flagship crypto Bitcoin (BTC) and Ethereum (ETH), WRX is a digital asset you can trade.

In terms of availability, the WazirX token is under the Binance Chain and Ethereum blockchain. By using WRX, all WazirX users have a 50% discount on their trading fees.

What is more, the said 50% discount is not entirely forever. They have spread it mainly to a maximum of four years. The discount has been spread as 50%, 25%, 12.5%, and 6.25% starting from the very first year until the 4th year respectively. 

Prior to listing, WRX can also be used as means to pay for listing fees via the WazirX open-source exchange. Also, crypto lovers can redeem WRX tokens by mining, airdrops, and even P2P trading.

Platform Interface

WazirX exchange has more dominance in everyday trading. It appears as a good crypto trading exchange for both beginners and professionals.

WazirX Website
WazirX Website
WazirX Real-time Charting and Trading Tools
WazirX Real-time Charting and Trading Tools

Key Features and Functions:

Best in Class Security:

Ensuring well-defined customer-centric security is one of WazirX’s top priorities. Routinely, the exchange does this by providing secure and safe crypto trading services to traders. Also, WazirX in particular seems to invest on a higher landscape to make sure that the Indian crypto market gets regular security audits.

Moreover, doing this enables WazirX to effectively deliver and maintain a highly secured digital asset trading platform in India.

Super Fast KYC:

Wazir is much concerned about Know-Your-Customer (KYC) identification policy. The exchange has a high identity verification system that easily processes customers’ KYC levels in just a few minutes. This mainly takes place in the process of signing up.

The developers behind the WazirX exchange are working very hard to build more robust features. In turn, if this happens, WazirX will best minimize entirely KYC verification time.

Lightning Speed Transactions:

WazirX is capable of handling a large amount of on-chain transactions. Even more, the WazirX system infrastructure mainly potentially scales up whenever there is a drastic increase in demand.

Across 5 Platforms:

WazirX is compatible with all platforms. It leverages intuitive and advanced trading experience exclusively. Users can even use WazirX on Web, Windows, Mac apps, Android, and iOS mobile devices.

Simple & Efficient Design:

Comparatively, WazirX runs a lot faster in terms of trading. This makes it trustable trading technology by millions of traders.

Built By Blockchain Believers:

Specifically, the WazirX exchange is surrounded by well-versed traders and passionate blockchain developers. With their blockchain-based knowledge, they aim to execute and expand trading through powerful graphs and mobile apps.

Supported Cryptocurrencies

Bitcoin (BTC)Bitcoin Cash (BCH)Elrond Gold (EGLD)Matic Network (MATIC)
Ripple (XRP)Chiliz (CHZ)Enjin (ENJ)Litecoin (LTC)
Ethereum (ETH)Compound (COMP)Ethereum Classic (ETC)Chainlink (LINK)
Tron (TXX)Dash (DASH)Fantom (FTM)Reef (REEF)
Cardano (ADA)Dogecoin (DOGE)FTX Token (FTT)SushiSwap (SUSHI)
 Aave (AAVE)Polkadot (DOT)Holo (HOT)Theta Fuel (TFUEL)

Note: Not all currencies can be directly traded with one another. Check out WazirX’s fiat-to-crypto, fiat-to-fiat, and crypto-to-crypto pairs well before trading.

Deposit/Withdrawal/Trading Fees

The WazirX custody specifically uses a maker-taker trading fee technique in its operation. In terms of trading, WazirX mainly charges 0.1% workable fees for ordering makers. Not only this alone, but WazirX also charges 0.25%  before it can order takers.

Accepted Payment Methods

With WizirX exchange, users can easily execute a trade and pay using crypto and fiat-based money. With this in mind, customers can go cashless and pay for trading without hustle. The exchange works 24/7. For this, anyone can embark on their buy/sell at all times.

You can deposit and withdraw with USD, BTC, ETH, and more.

Controversies and Issues

WazirX exchange has experienced a crisis specifically on its platform over time. As a result, the exchange faced a severe outbound transfer of users’ funds. However, users took the case directly to social media wherein they rendered their heartfelt complaints.

In response to the complaints, WazirX admitted the customers’ accusations. Furthermore, WazirX mentioned that the fault is not from their side but rather, it’s due to poor network from their banking partners.

Pros and Cons

Pros

  • Has an easy verification process
  • WazirX exchange has a smooth user interface for buy and sell.
  • Has many payment options
  • Withdrawals are not limited
  • Has an easy verification process
  • WazirX is Backed by Binance
  • It supports USD

Cons

  • WazirX has no crypto staking program.
  • The exchange’s customer support sometimes gets disappointing.

Final Score

Service offered: 5/5

Cryptocurrency support: 3/5

Fee: 3/5

Security: 3.5/5

Review Score: ⅘

Summary

After reviewing all the good and bad about the WazirX exchange, we can strongly emphasize that WazirX has a good reputation in India. It offers over-the-counter (OTC) trading, margin trading, and derivative trading for traders.

Also, the WazirX exchange is rated as a recommendable and must-have crypto trading not only for Indians but for the world’s larger popular.

FAQs

What is WazirX?

WazirX is an India-based cryptocurrency exchange. It provides peer-to-peer (P2P) crypto trading services, particularly in India. However, WazirX expands its availability by offering over-the-counter (OTC) trading, margin trading, and derivatives trading as well.

Is WazirX safe for trading?

Based on our research for this WazirX exchange review, we can strongly say yes, WazirX is a recommended trading custody you can deeply trust. The exchange works 24/7 within the countries that have access to it.

Is WazirX better than Binance?

Both Binance and WazirX are crypto exchanges that offer a digital asset-related service but Binance plays a major role compared to that of WazirX. However, same as what Binance does, WazirX also provides 24hr trading services. It charges fewer fees that make it more friendly with users.

How do I open a WazirX Account?

Never think complex. You can easily create your WazirX account by following just a few simple steps. Visit the WazirX official website. Sign in using your email address and your password. An email confirmation message will be sent to you, click on the account activation link to confirm.

On the other hand, if you already have an account, you can log via the website directly.

Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as helpful material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any crypto assets

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.