With more than 60 lakh registered users and an average app rating of more than 4 stars, WazirX is one of India’s cryptocurrency exchanges that is expanding the quickest. WazirX continues to provide one of the greatest and broadest selections of currencies and tradeable pairings, including USDT/INR, ETH/INR, and BTC/INR, despite the emergence of several new cryptocurrency exchanges.
Characteristics of the WazirX
The primary attributes of WazirX are.
Easy-to-use trading platform
WazirX is a user-friendly, high-trading volume bitcoin exchange platform. The exchange offers excellent navigational features and can handle several languages. Additionally, it works flawlessly on all app-enabled devices.
Modern trading instruments
Users of WazirX may access sophisticated trading charts, strong graphs, and a variety of spot trading instruments. Peer-to-peer (P2P) transactions, the first-ever automated system that quickly matches the buyer and seller, have also been introduced by the company. The whole transaction is then completed when WazirX sends the USDT that was escrowed to the buyer’s safe wallet.
Speed of transactions
WazirX promises a solid and resilient blockchain infrastructure that can handle millions of transactions in a short time and is scalable.
Security components
The exchange uses two-factor authentication (2FA), which gives your account an additional degree of protection. A multi-signature wallet system with tight KYC/AML regulations is also included. Additionally, WazirX keeps 95% of the money in cold storage.
Referral initiative
For each transaction made using a user’s referral code, WazirX users may recommend others and get 50% of the trading charge as compensation. Within the next 24 hours, your account will get a one-time credit for any awards earned that day.
Cash-in and cash-out
Cryptocurrency may be received or added to your WazirX account. Depositing funds into the exchange’s account is free with WazirX. Therefore, if a user wants to transfer their coin deposits from one exchange or wallet to another, they must follow the exchange’s deposit procedures, which are as follows:
- Tap the money tab on the home screen.
- You may deposit a coin by choosing it.
- At the bottom, click the deposit button.
You may now add it to the withdrawal procedure in the wallet or exchange you are transferring the coins from by looking at your destination or deposit address from the WazirX wallet.
Withdraw or send money with your WazirX account
The deposit procedure at the exchange must be followed if the user wants to transfer their coin from one exchange or wallet to another:
- Your home screen’s finances tab should be selected.
- Choose the coin you wish to take out.
- Select the “withdraw” tab.
The destination address should be typed together with the desired currency amount. If you wish to remove the whole balance of your coins from your wallet, always choose “withdraw all.”
Customer Support for WazirX
The 18003094449-customer service number for WazirX is also listed on their website. Users may also email their problems or utilize the live chat help service. The website also includes a massive array of FAQs on a variety of topics, including account opening, deposits, withdrawals, and P2P. Additionally, WazirX offers assistance lessons that are accessible via their YouTube channel.
Costs and prices structure
0.2% maker fee
0.2% taker fee
Charges for P2P Transactions: nil
Fees for STF Trading – Get a quarter of the revenue from STF trading.
Fee for Withdrawals: 0.0005 BTC
The amount of WRX you own determines the trading cost; the more WRX you hold, the lower the trading fee would be:
0-10 WRX – 0.2%
10-200 WRX – 0.17%
200-1000 WRX – 0.15%
Above 1000 WRX – 0.1%
OTC desk
A decentralized market known as Over the Counter, or OTC, allows players to transact directly between two parties without the need for a central exchange or broker. OTC trading appeals to institutional investors because it allows them to make significant transactions anonymously with little pricing wiggle room. Buy/sell orders on the WazirX OTC desk are executed via your WazirX wallet straight outside the order book.
Smart tokens fund
For traders who don’t have the time or expertise to generate a passive income, the Smart Token Fund (STF) feature is perfect. WazirX has developed a platform that enables investors to communicate with professional traders who openly discuss their trading methodology, asset allocation for each token, and results. If a new trader chooses to adopt the contract owner’s strategy, they purchase their smart token and essentially give them control of their portfolio. A 25% fee is collected by traders when they make money using an investor’s money, and the value of their smart token increases. The most valued smart tokens at the time of writing are XMINT, XOOM, and XOLO. The STF is easy to use, and traders can’t take money out of investors’ accounts to steal from them; instead, they only execute transactions on investors’ behalf and get money only if investors make money.
NFT marketplace
To support Indian digital entrepreneurs, WazirX is the first cryptocurrency exchange platform from India to enter the Non-Fungible Token (NFT) market. Digital assets and intellectual property, such as works of art, movies, programs, tweets, etc., may be exchanged easily thanks to the WazirX NFT marketplace. Indian artists may now list their digital goods for sale on the NFT marketplace’s blockchain-based platform.
