WazirX is a cryptocurrency exchange, based in India that was launched in March 2018. Its executive team consists of Nischal Schetty, Siddharth Menon and Sameer Mhatre.
In November 2019, the staff announced in an email sent to their users that the exchange had been acquired by none other than Binance. This turned WazirX into the first Indian cryptocurrency trading platform to be acquired by a major international trading platform, which was an incredible acknowledgement for the entire team.
✓ A wide range of available cryptocurrencies
✓ Competitive taker & maker fees
✓ Fee exemption for fiat/crypto swaps
✓ An NFT marketplace
✓ Opportunity to stake
✗ Too basic for more sophisticated traders
✗ No chat or phone support
There are plenty of Indian exchanges where one can trade crypto. However, as of this moment, the only Indian crypto exchanges that offer more than a dozen various trading pairs are WazirX, as well as ZebPay. Nonetheless, everyone ought to do their own research in regards to their citizenship when registering on such a platform.
In an email sent out to traders on 27 March 2019, the WazirX team was thrilled to announce that the platform was now open to traders everywhere, also rewarding them with WRX coins that they could utilize to trade with.
Traders who want to buy and sell crypto via their smartphones can take advantage of the WazirX mobile app. Furthermore, you are also able to download WazirX as a client for Windows, as well as for MacOS.
When it comes to liquidity, WazirX still has a lot of room for growth, especially when considering the size of the Indian market. Its trading volume is still considerably low, which could be an issue for those traders who aim to trade on a bigger scale. Nonetheless, at the time of writing this review, the exchange has a daily volume of 157 million USD, which is more than the volume on renowned exchanges such as Poloniex.
WazirX has implemented the so-called flat fees, which means that both makers and takers have to pay the same exact fee. The fees that you’d be charged are 0.20% on all the spot trades. Nowadays, there is a growing number of exchanges that move towards the lowest possible fees, from 0.10% downwards – including Binance. So when we take this into consideration, 0.20% is not the best deal you can get – but it is still 10 times better if you compare it to Coinbase’s 2% fees for both takers and makers.
WazirX’s withdrawal fees depend on the crypto asset you want to withdraw, but they are usually a fixed amount of the cryptocurrency which is to be withdrawn, instead of being percentage-based. The average fees for withdrawing BTC are 0.0006 BTC, which is the exact amount that WazirX charges as well.
As far as depositing on the platform goes, WazirX supports wire transfer deposits, however, unfortunately, it does not currently allow depositing via credit card. In June 2019 the platform announced the partnership with a Payment Service Provider, opening the doors to investors from Indonesia to make deposits in Indonesian Rupiah directly on the exchange. Among the other accepted national currencies are the Turkish Lira, the Nigerian Naira and the Russian Ruble.
In 2021 WazirX announced the launch of an NFT (non-fungible tokens) marketplace, the first one in India. Non-Fungible Tokens are pieces of unique data stored on a digital ledger. They allow users to receive direct ownership of either a photo, a piece of art, a video, or another type of intellectual property, all through the power of blockchain. The NFT platform launched with a selection of Indian-origin artists, divided into ‘Spotlight’ and ‘Discover’ sections. From over 15,000 received applications, 300 artists were chosen to represent their work to the blockchain users, with the creations being curated by their genre, popularity, and credibility.
WazirX gives access to its users to 100+ cryptocurrency trading pairs. When it comes to their P2P market, nine fiat (national) currencies that are paired with the stable coin USD Tether (USDT) are being offered.
- WRX Token – this utility token is the foundation of the platform’s ecosystem. The total coin supply is set at 1 billion tokens.
Just 10% of the WRX coins were available during the IEO public sale, while 30% of them were retained for the Foundation itself and another 5% for sale to private investors. The rest of the tokens are going to be used for partnerships (20%), marketing (20%), and WRX Airdrop (11.10%).
- Mining of WRX – 3.9% of the tokens can be mined and 10% of them will be burned on a quarterly basis, which would also depend on the overall trading volume.
- STF – the Smart Token Funds is an initiative that involves distinguished members of the community with the aim to connect novices with experts in crypto-trading. The latter are offering their help to the people who are taking their first steps in crypto, as they help them increase the size of their portfolio in return for a 25 percent commission on the profits made by the new investors.
Currently, one can stake the following cryptocurrencies on WazirX – TRX, XTZ, ONE, SXP. The annual yield of each of them is different and changes with time.
At the time of writing this review, support is only available through a ticketing system. This can be quite frustrating when users require immediate assistance.
Nothing on this website should be perceived as financial, investment or trading advice. We urge you to do your own research prior to investing and we highly recommend that you consult a certified financial advisor.
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