WazirX Review 2022

The most trusted Bitcoin and cryptocurrency exchange in India

The most trusted Bitcoin and cryptocurrency exchange in India

WazirX was founded in India in 2018 and was acquired by Binance in 2019. Users of the WazirX exchange can now access and trade on the Binance marketplace as a result of the takeover. WazirX’s utility token is WRX.

WazirX offers a variety of cryptocurrencies that can be traded across multiple platforms. WazirX accepts fiat deposits and withdrawals, but the feature is limited to the Indian rupee.

Is WazirX worth it?

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WazirX is a complex exchange, but trading is simple once you get used to the interface. The exchange provides a wide range of cryptocurrencies from various sectors of the cryptocurrency market, including Web 3.0 and the metaverse. Its integration with Binance provides you with access to a larger and more liquid market. Its Smart Token Funds (STF) are unique in that they assist novice traders in locating more experienced traders to manage their assets. The exchange currently lacks a feature for crypto loans, which is available on the majority of exchanges. Other ways to earn passively on WazirX include token mining, airdrops, and its referral programme.

What You Should Know About WazirX

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WazirX is India’s largest centralised cryptocurrency exchange, with over 6 million registered users and a monthly trading volume of more than $5 billion. WazirX offers over 225 cryptocurrencies, as well as an impressive auto-matching P2P machine that makes crypto-fiat conversion simple and quick. Despite its Indian origins, the exchange now provides services to the rest of the world, with fiat deposits (P2P) available for users in seven different countries.

WazirX’s STF is a unique feature that allows you to connect with expert traders who can help you manage your assets. In exchange, these expert traders receive a 25% commission on any profits you make. WazirX was accused of tax evasion totaling 40.5 crore ($974,000) by India’s Goods and Services Tax (GST) authority in December 2021. WazirX was fined 49.2 crore ($1.18 million). 95 percent of WazirX’s cryptocurrencies are kept in cold storage. Before you can use most services, such as P2P, you must first complete the exchange’s KYC (Know Your Customer) procedures.

Cryptocurrencies that are supported

WazirX has a large selection of cryptocurrencies (225+). It includes cryptocurrencies from every sector of the cryptocurrency market, including midcaps and microcaps. Among the cryptocurrencies it provides are the following:

Bitcoin (BTC)
Ethereum (ETH)
Polygon (MATIC)
Solana (SOL)
Fantom (FTM)
Binance Coin (BNB)
Polkadot (DOT)
Shiba Inu (SHIB)
Dogecoin (DOGE)
Gala Games (GALA)

Pros and cons of WazirX

Pros :

P2P platform with auto-matching and high liquidity
Referral bonuses are available.
The presence of a Smart Token Funds (STF) marketplace assists novice traders in remaining profitable.

Cons :

Fiat deposit and P2P trade volume restrictions
Users in only eight countries can make a fiat deposit.
The exchange does not offer futures trading.

Transferring fiat currency and cryptocurrency

WazirX accepts fiat deposits in a variety of currencies, however bank transfers may only be made in Indian rupees (INR). The remaining seven fiat currencies can only be used for peer-to-peer (P2P) transactions. Coin deposits are free, but withdrawal costs vary depending on the cryptocurrency. WazirX processes transactions quickly, although depending on the network used, delays can occur.

How does it feel to use WazirX?

WazirX offers a user interface that will be simple for experienced crypto traders to use, but it may be difficult for newbies. The depositing fiat option is labelled “Funds,” which you would presume refers to your wallet balance. P2P, exchange, and fiat deposit options are available on the homepage (Funds). For the time being, WazirX does not offer futures trading. The exchange may not be useful to leverage traders. Spot traders can trade 225+ coins and over 280 pairs.

WazirX’s services :

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WazirX provides its users with a variety of services that are unique to the Southeast Asian market. The exchange provides a quick P2P platform, as well as NFTs, earning opportunities, and promotions.

Trading

WazirX’s trading interface is identical to that of most other exchanges. After you’ve deposited your cash, you can buy any cryptocurrency that’s available. All transactions on WazirX are subject to a 0.2 percent maker and taker fee. Fees are reduced by half if you trade with the native token, WRX (0.1 percent ). WazirX does not yet provide futures trading services. WazirX also enables peer-to-peer (P2P) trading, in which funds are held in escrow by WazirX while users trade directly with one another.

Earning

WazirX provides you with the option to supplement your income through the platform. Trading fees provided to users who refer other clients are a popular way to make money on WazirX. For traders that hold, there is also a staking option. You can earn airdrops by participating in WazirX trading tournaments for coins that have yet to be listed.

NFTs

WazirX was the first exchange in Southeast Asia to provide an NFT marketplace for crypto consumers. On the platform, NFT minting and sales are supported.

Visa debit/credit

WazirX does not yet provide a Visa debit or credit card. WazirX’s parent company, Binance, does, however, provide its customers with Visa debit cards. WazirX users who want a Visa debit card can request one through their Binance account and shift their money from WazirX to Binance for free whenever they need to.

Borrowing

WazirX currently does not offer a borrowing facility to its users. Nischal Shetty, the platform’s co-founder, has previously discussed the importance of lending bitcoin. WazirX intends to act as an intermediary for loans on the exchange. WazirX teamed up with EasyFi, a decentralised multi-chain lending system, in 2021. WazirX users now have access to the protocol’s services thanks to the cooperation.

Promotions

You are eligible for select WazirX promos if you have confirmed your accounts. You can earn WRX, WazirX’s native token, if you are verified and have made trades worth more than $100. If you suggest a customer to WazirX, you will receive 50% of the trading costs charged to the new customer. Quizzes and trading marathons with prizes are also held on WazirX.

Is WazirX’s customer service good?

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WazirX provides clients with a variety of options for resolving issues. A variety of questions are answered in depth under the FAQ tab. You can also use a chatbot to select from a list of possibilities. If you have any additional questions, you can call a toll-free number to speak with an agent directly.

WazirX also uses social media to respond to questions from time to time, but not all of them. The chatbot is quick and efficient, but its call centre workers have received negative feedback on sites like Trustpilot.

Signing up on WazirX

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Step 1: Create an account.

Visit the website. Scroll down to the sign-up button on the homepage and click it. Enter your email address, create a password, and confirm the link given to your inbox.

Step 2: Know Your Customer (KYC)

Before you may use majority of WazirX’s services, you must first complete Know Your Customer (KYC) identification verification. You must submit information such as your name, address, and identification. A selfie with your ID is also required as part of the KYC process.

Step 3: Hold your breath and hope for the best.

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