The Ultimate WazirX Review (For 2022)

The digital currency cryptocurrency has been a popular investment option for global investors looking to generate large returns in both the short and long-term. Despite the harsh cryptocurrency tax laws being adopted by the Indian government on March 25, 2022, there are several Indian crypto-exchanges currently in operation, including the WazirX exchange.

You can read our detailed review of WazirX to get all the information you need about it, including WazirX deposits and WazirX fees.

Let’s jump right in!

WWazirX is the name of this hat

WazirX was an Indian-based cryptocurrency exchange that was founded in March 2018 and is managed by Nischal Shetty, Sidharth Monon, as well as Sameer Mohatre. WazirX was initially designed for Indian crypto investors, but in March 2019, the WazirX team opened the exchange’s doors to the global crypto community. On November 21, 2019, WazirX announced its acquisition by the world’s leading cryptocurrency exchange, Binance.

WazirX provides a user-friendly platform for crypto trading. It features top-of the-line security, low transaction costs, and an extensive range of cryptocurrency, including bitcoin, bitcoin cash (litecoin), dash, and litecoin. The innovative WazirX platform for P2P trading and utility tokens WRX have made WazirX a popular choice. WazirX can effectively handle millions of transactions.

WazirX Features

WazirX allows for smooth, powerful trading on five different platforms including Android and iOS as well Windows and Mac OS. Mobile apps have almost the same features as the web platform. Let’s look into Wazirx Features to see how it performs:

• WazirX Trading App is easy and creative 
• KYC super-fast
• World’s first high liquidity auto-matching P2P engine
• Unterstützung for NFT and P2P
• Utility tokens for WRX
• Instant deposits
• Quick transactions
• Low processing fees and quick withdrawal
• Effective trading platform
• Simple user interface

WRX Token

The WRX token can also be known as WazirX token. The maximum amount of tokens it can hold is 1 billion. WRX can be used by users who wish to stay on the WazirX Exchange long-term.

WazirX refers users only to WazirX and they can earn WRX tokens. You will receive a discount of 50% for your first year and 25%, respectively, for second year payments. 12.50% is available for third year. A 6.25% discount can be claimed for fourth year. 

Users can also convert their crypto dust – dust balances of various assets in the WazirX wallet, which are lower than the minimum withdrawal or trading amount (10 USDT) and even lower than the trading fee amount — into WRX tokens. Users can convert any balances left in their wallets into WRX, then use WRX tokens for trading, paying trading fees, participating in airdrops and other benefits exclusive to WRX owners.

These are the steps you need to follow to convert your dust crypto into WRX

1. Log into WazirX and go to ‘Funds’ or Open WazirX Android or iOS app and go to ‘Settings,’ select ‘Convert to WRX.’
2. Choose the tokens that you wish to convert into WRX
3. Select ‘Convert.’

Notice: The dust crypto can be kept and used in subsequent transactions.

Multiple cryptocurrencies can all be converted into WRX tokens. In a matter of minutes, your account will reflect the amount after the transaction has been completed. You can however convert any balance that has a combined total value below 10 USDT into WRX every 24 hours.

WazirX Review: API

WazirX API allows users to build their own cryptocurrency trading platform. WazirX REST API allows spot exchange users to automate real-time trades and stream live crypto rates. It’s organized into publicly accessible endpoints, i.e., market data, real-time trading prices, exchange status, etc., and private authenticated endpoints, i.e., transferring cash, crypto trading, and user data.

WazirX Review: Trading View

WazirX integrated the TradingViewChart and some Advanced chart It allows you to trade into it. Chart trading is another great feature. You can click on any chart to see the place you would like to trade, and then the price will automatically be filled. Your open orders can be viewed on the chart.

The following image depicts WazirX’s trading view:

Experienced traders will find it a delight to know that WazirX now offers Stop-Limit orders. This was implemented in the trading platform’s experience on May 28th, 2019. Stop Limit is not yet available on WazirX, although it will become available across the platform soon.

WazirX Review: Fees

WazirX Trading Fees

WazirX has flat fees of 0.20%. This means both takers and makers pay the same amount. Many exchanges today are decreasing trading fees by 0.10%. This is a significant improvement on the industry’s average, which was 0.20%. WazirX’s deposit fees for BTC are comparable to the industry average.

You can trade cryptocurrencies in the following markets: the spot and peer-to-peer markets, as well as STF trading.

Spot market trading fees are 0.2% per buyer and seller, for most crypto-paired transactions.

You will get a 50% discount when you allow the payment of transaction fees with the WRX token. Set this option in Settings-> Fee Settings-> Pay Trading Fees with WRX.

For peer-to–peer transactions in the P2P market, trading fees are 0% for sellers and buyers. In the current P2P marketplace, USD Tether (USDT), is matched with only eight currencies.

• Euro (EUR)
• Indian Rupee
• Suadi Riyal (SAR)
• Ukrainian Hryvnia (UAH)
• Nigerian Naira (NGN)
• Turkish Lira (TRY) 
• Russian Rouble (RUB)
• Indonesia Rupees (IDR)

India only accepts USDT/INR trades. Minimum sell/purchase order value must not exceed 14.5 USDT. Maximum buy order limit should not exceed 2000 USDT. WazirX does not disclose the maximum size of a sell order.

Trading fees are charged for Smart Token Fund market transactions. WazirX will charge 25% on profits from STF Trading. Minimum and maximum orders for buy can be placed at 5 USDT or 100,000 USDT. WazirX provides assistance for beginners cryptocurrency traders by offering an STF transaction option. In exchange for part of their profits, novice crypto traders can connect with smart, experienced traders that will help them build up their portfolios.

WazirX withdrawal fees

Withdrawal fees vary depending on the crypto asset you’re withdrawing; however, they’re usually a fixed proportion of the relevant crypto asset. Industry average BTC withdrawal fees are 0.0006 BTC. WazirX has a withdraw fee of 0.0006 BTC on every BTC withdrawal. This is in accordance with industry norms.

You can deposit using the following methods

WazirX only accepts credit card deposits and wire transfers. There are many payment options available to it, including:

• Bank Transfer
• Online Banking
• NEFT/RTGS/IMPS
• UPI

For crypto deposit, users can scan or copy the QR code. WazirX announced that on June 6, 2019 it had reached an agreement to allow Indonesian investors the ability to deposit Rupiah directly onto its trading platform.

WazirX Review: Exchange

WazirX simplifies crypto trading by offering support for 250+ currencies and more than 1000 trading pairs.

OTC Desk

Over the Counter, or OTC, is an open market where participants can trade between two people without the need for a broker or central exchange. OTC trading is attractive for institutional investors because they are able to transact large transactions in private with little price slippage. You can place buy/sell orders on the WazirX OTC Desk directly through your WazirX account.

Smart Token Fund

Smart Token Fund’s (STF), function is perfect for those traders without the skill or time to create a passive income. WazirX offers investors the opportunity to interact with skilled traders. These experts will provide information such as their trading strategy, allocation of tokens, performance, and more. If a new trader wants to follow the contract owner’s approach, they buy their smart token and effectively hand over their portfolio to them. When traders earn a profit using the investor’s funds, they collect a 25% fee, and the value of their smart token rises. The most valued smart tokens at the moment are XMINT and XOOM.

STF is easy to use and traders can’t withdraw money to steal from investors. Instead they trade for their benefit and only profit if the investors are successful.

NFT Marketplace

WazirX was the first Indian crypto-exchange platform to be accepted into the Non Fungible Token Market (NFT), in order to encourage Indian digital innovators. WazirX’s NFT marketplace allows seamless digital asset and intellectual property exchange, such as art, videos, programs, twitters, and more. Indian creators now have the ability to place digital assets up for sale on the NFT blockchain marketplace.

WazirX Review: Security

WazirX’s trading platform is highly secure and the most trusted in India. To protect users from hackers, it has strict KYC standards and keeps 95% of the funds offline. To get funds approved, customers will need to submit a photo and the bank account details.

WazirX protects transactions using standard encryptions. Security audits are conducted regularly to ensure that account security is maintained. WazirX is completely safe. Transactions are also protected by the Google autenticator verification shield.

WazirX Review: Referral Program

The WazirX referral program is one of the platform’s key features that lets users earn 50% of the trading fee as a commission for every trade done via the user’s referral code. It offers a 2-tier affiliate program that allows you to earn substantial commissions for each successful trade you perform on the trading platform. This is unlike other exchanges. The website also offers a free training program that will allow you to fully access the WazirX trading platform. Refer a friend to get additional benefits on the trading platform.

WazirX Reviews: Customer Support

While there are many ways to help the WazirX Customer Care Number isn’t available, you can use the traditional ticketing system, where a member of the exchange support staff will answer your issue in a timely and professional manner. You can also email your concerns. You can find answers to your most common questions on the website and detailed information about a wide range of subjects. Besides, WazirX’s social media pages are available on Telegram, Twitter, Facebook, Instagram, LinkedIn, YouTube, & CoinMarketCap.

WazirX: How do I open an account?

WazirX App offers a 3 step process for creating an account, and verifying your identity.

Step #1:  Create an Account

Click on WazirX’s sign up button. Fill in your email address. Create a strong password.

Step #2: Email Verification 

WazirX will email you a confirmation link via email to your registered email address for account verification. Simply click the verification link. Next, secure your account. WazirX offers the best security options for your account.

• Google Authenticator App
• Mobile SMS

These options are available to you. However, authenticator apps offer greater security than SMS mobile, which can be delayed or stolen.

Step #3: Account Verification

To get started, the last step will be to submit KYC. Although you can open your account with KYC, trading opportunities will be severely limited.

For withdrawals and deposits, it is recommended that KYC be completed. To complete KYC, you must submit the following details:

• Your full name, as shown on your KYC document
• Date of Birth 
• Addresses as shown on the KYC Document

Next, you will be asked to scan a copy of your KYC certificate and provide a headshot. WazirX will confirm your account in 24-48 hours.

Most Frequently Asked Questions

WazirX legal in India

Yes, WazirX is legal in India – you can purchase, trade, and invest in cryptocurrency, including Bitcoin, without any restrictions. In 2018, Indian banks were advised to end all relationships with cryptocurrency exchanges. Finally, on the instructions of the country’s Supreme Court, this prohibition was abolished in March 2020, and you can now trade freely on WazirX, either on the website or the app.

Do you need KYC to open a wazirX account?

KYC is required to deposit cryptos in your account. You cannot trade or withdraw cryptos. With full KYC, however, you are able to deposit, withdraw, and perform P2P transactions.

WazirX: How Many Coins are There?

WazirX supports more than 225 cryptocurrency currently.

Can WazirX Short-Sell?

WazirX does not allow short-selling on any cryptocurrency currently.

Closing Thoughts

WazirX from India is an emerging trading and trading platform. It has a large order book and trading fees. There’s also a rising trade volume. WazirX is the world’s largest cryptocurrency exchange, with over 2 million clients in just three years. The exchange will enable the mass to take part in digital currency revolution.

The WazirX peer-to-peer exchange is the world’s first auto-matching system, and it’s a big hit among traders. For an exchange that’s just a few years old, WazirX has achieved remarkable progress in the crypto industry, particularly with the smart token fund, which is a really simple method to diversify your cryptocurrency portfolio.

We hope this CoinStats WazirX review has answered your questions about the exchange, its features and services. To learn more about cryptocurrency exchanges, wallets, portfolio trackers and tokens, visit the CoinStats blog. You can also explore our buying guides that provide detailed information on how to acquire various cryptocurrency, including How to Buy Osmosis. What Is DeFi? How to Buy Cryptocurrency.

Information about InvestmentsInformation on this site is for informational purposes only. CoinStats does not endorse any recommendation to sell, buy or hold securities or financial products or instruments. This information does NOT constitute financial advice or investment advice.

Trading cryptocurrencies is a risky business. They are subject to volatility and high prices. Trading stocks and CFDs carries significant risk. CFD trading can cause losses of between 74-89% in retail investor accounts. It is important to consider all aspects of your financial situation before you make any investments. It is important to verify all details, including legality, about any product or service.