The interest in cryptocurrencies amongst Indian investors has been persistent for a long time. Despite the RBI clamping down on the crypto trade in India, the excitement about the entire gamut of cryptocurrencies has not declined. The possibilities of more exchanges like WazirX coming up are ripe.
WazirX Overview
WazirX is an Indian crypto trading platform founded on 1ST December 2017 by Nischal Shetty and provides a seamless trading platform that offers plenty of features to its users. The user-friendly app is known for its robust security architecture. WazirX has also introduced WRX Utility Tokens and is the first P2P exchange in the world to provide auto-order matching fiat. WazirX is based at Vashi, Mumbai, Maharashtra.
How many cryptocurrencies are available to trade?
As of now, WazirX supports 120+ cryptocurrencies with 250+ trading pairs. The native token is WRX Coin, and the supported FIAT currencies are:
- Euro (EUR)
- Indonesia Rupee (IDR)
- Indian Rupee (INR)
- Nigerian Naira (NGN)
- Russian Rouble (RUB)
- Suadi Riyal (SAR)
- Turkish Lira (TRY)
- Ukrainian Hryvnia (UAH)
Payment Methods Supported by the WazirX Exchange
WazirX supports the following sets of payment methods:
- IMPS/NEFT/RTGS: Generally, it takes less than an hour, but it might take up to 7 working days. Contact the support team of WazirX if the transfer does not reflect within 72 hours.
- UPI Deposits: This is also an instant option, account would reflect the same within an hour. However, the entire workflow may get stuck in the banking process. In that case, it could take up to 7 working days for the account to reflect the same.
WazirX Fees
WazirX collects two types of fees:
- Trading Fees
- Deposit and Withdrawal Fees
Trading Fees
There are three broad categories under which Trading fees in WazirX is charged:
- Trading Fee for Spot Market Transactions: 0.2% is charged from both the buyer and the seller for most cryptocurrency pairs. However, there is a 50% discount on the trading fees if the WRX Token is used.
- Trading Fee for P2P Market Transactions: The current laws in India only allow USDT/INR transactions. There are no fees for the buyer and seller. Pertinent to note that the sale or buy order should be 14.5 USDT, and the maximum buy order that a trader can place is 2000 USDT. WazirX never publishes the maximum sell order.
- Fees for STF Market Transactions: There is a Smart Token Fund (STF) facility for those new to crypto trading and require hand-holding democratize. For such an effort and service, WazirX charges 25% of the profit as the fee. The minimum buy order is limited to 5 USDT, and the maximum buy order is limited to 100,000 USDT.
Deposit and Withdrawal Fees
The withdrawal fees vary from currency to currency and have minimum and maximum limits. The withdrawal fee for BTC is:
- Minimum Withdraw Amount – 0.001BTC
- Maximum Withdraw Amount – 3 BTC
- Minimum Deposit Amount – 0 BTC
- Withdrawal Fees – 0.0006 BTC
The withdrawal fee for Tether is 20 USDT. WazirX does not charge any cancellation fee. The minimum amount you can deposit is INR 100, and there is no upper limit.
Are my funds safe – What if the exchange gets hacked?
WazirX is one of the safest exchanges to trade on, and that is why Binance acquired it in 2019, creating a global market for WazirX investors. It stores 95% of the funds offline, thereby keeping it safe from any hacking attempts. Being a part of the Binance family also means being protected by the same technology that safeguards the former. There are also a few recommendations that WazirX gives to its users:
- Download the app from the play store. The name of the developer is Zanmai Labs Pvt Ltd.
- A strong password is always advised
- 2FA or 2-Factor Authentication should be enabled, and the secret key needs to be stored in a safe place. Instead of the 2-FA, an OTP enabling is advised.
- OS should continually be updated because older versions may not have the security patch to counter hacking attempts.
Does WazirX provide a smooth user interface?
WazirX boasts of being one of the most seamless workflow systems amongst exchanges. You can follow these simple steps:
- Download the app
- Create an account
- Verify the details through the email that would be sent to the registered email ID
- There would be security options provided. Select the one best suited.
- Complete the KYC, which would include personal details
- Once the set-up is complete, start trading
If the trader wants to buy a cryptocurrency, then a quick UPI or bank transfer will suffice. The minimum deposit is INR 100, making it easy even for beginners to initiate. The interface is user-friendly and does not require any training.
Is the WazirX exchange available in my country?
WazirX is an Indian company and is available in the country itself. Because of its association with Binance, it is also available in 180 other countries.
Does the exchange provide enough liquidity?
Liquidity is crucial to running any organization. A liquidity ratio greater than 1 indicates that the company is in good financial health and protects the exchange from market volatility. WazirX allows its traders to complete their transactions in the fastest and most seamless of manners. This tells us that the liquidity levels of the company are high, and WazirX is financially stable.
Final Words
WazirX, in a short period, has been able to garner an important position for itself in the world of crypto trading. Its minimum deposit of INR 100 allows everyone to register on the platform and trade on coins. WazirX is undoubtedly a good choice and one of the beginner-friendly crypto exchanges.
