WazirX Review 2021: Everything you need to know!

WazirX review

Introduction:

Crypto investors require a trading platform for Bitcoin and other cryptocurrencies, the service is provided by the cryptocurrency exchange. They assist traders in monitoring the fluctuating market values of cryptocurrencies and facilitate trading by connecting buyers and sellers.

One of India’s largest and most trusted Cryptocurrency exchange platforms is “WazirX”. It was started in the year 2017 when the world saw the first major volatile movement in the Crypto market. It was then, the crypto showed its true volatile sense.

Just a few weeks after the company launched its service platform. The Reserve Bank of India (RBI) imposed a blanket ban on all virtual currency trade in India. There was uncertainty everywhere. But, the company stood strong through all these issues because they knew that cryptocurrencies are here to stay!

Soon after the Supreme court order. The RBI came with another statement that virtual currency – the cryptocurrencies can be traded and no such limits shall be imposed.

Infact, a new board for regulating the cryptocurrency market is right around the corner. If that comes up, the user need not worry about further uncertainty. And, a regulatory institution such as the SEBI for the stock market will be established.

How WazirX operate:

Cryptocurrency exchanges such as ‘WazirX’ connect buyers and sellers looking to conduct business. They act as a platform as a service provider that connects the buyers and sellers of cryptocurrencies in India.

If you want to buy Bitcoin, Ethereum, and such other prominent cryptocurrencies in the safest and secure way, then, ‘WazirX’ is your best platform.

We can summarize their operation as follows:

  1. To purchase bitcoin, you must first place an order at the desired price.
  2. Now, in order to sell bitcoin, the seller must place an order.
  3. If your price offer and the seller’s price offer are identical, the exchange connects you to the seller (on the backend), and the trade is completed.

It’s almost like a Stock brokerage service platform such as ‘Zerodha’, ‘Upstox’ who deal with the Indian Stock Market. Here, ‘WazirX’ helps you with Cryptocurrencies.

Founders of WazirX: 

Owned by – “Zanmai Labs Pvt. Ltd”, Parent organization – “Binance Holdings Limited”.

The founders of “WazirX” were also the co-founder of a startup called “Crowdfire”, a powerful social media tool used by businesses and individuals all over the world to drive social media engagement and growth.

WazirX was founded in late 2017 when the founders saw an opportunity in the new blockchain technology and the revolutionary change it brings in the current financial system.

WazirX was founded by Mr.Nischal Shetty, Mr. Sameer Mhatre, Mr.Siddharth Menon, and the team.

Today, ‘WazirX’ is the most used Cryptocurrency brokerage platform in India. It provides a cryptocurrency exchange service for traders and even supports peer-to-peer exchanges. It works with all devices, including laptops, MacBooks, iPhones, and Android devices.

WazirX was recently acquired by Binance, the world’s largest trading platform.

Customer ratings and review:

Sl.NoParticularsCustomer ratings (Out of 10)
1Brokerage Charges & Fees9/10
2Security of transaction9.5/10
3Platform UI9/10
4Products & Services8.5/10
5Trading Experience9/10
6Customer Service9/10
7Overall Experience9/10

Payment and Checkout mode:

You can deposit your money in a “WazirX wallet” and trade or invest in various cryptocurrencies. To deposit, all you need is a bank account (which must be assigned to ‘WazirX application), and then, via UPI, Net Banking, and such other usual services, you can deposit money. 

Withdrawing money from ‘WazirX’ is easier than ever. Just press on the withdrawal option in your application and the amount gets credited to your assigned bank account at the earliest possible time.

Safety and Security:

Each login to WazirX requires two-factor authentication. They notify customers via email and the notifications tab on their mobile device when a trade is completed successfully.

WazirX provides you with an app lock that prevents an intruder from accessing your wallet. Additionally, they maintain cold storage for the majority of cryptocurrencies.

It is amongst the top safest and widely used cryptocurrency exchange applications in India with an active user base stretching over 20 lakh in number. The platform hosts India’s largest liquidity base in terms of rupee transactions.

WazirX brokerage charges:

WazirX charges a maker and taker fee of 0.2 percent on spot trading. They do not charge any fees for cryptocurrency deposits. They do, however, charge a substantial fee for bank transfers.

Withdrawals are charged at 0.0005 BTC per BTC and there is no fee for INR withdrawals.

WazirX accepts cryptocurrency deposits as well as bank transfers, NEFT & RTGS, IMPS, and UPI. However, bank transfers and NEFT incur a fee of INR 5.9, whereas UPI transactions are almost entirely free.

Making P2P transactions is free of charge. And, in case you need professional help. WazirX got that covered for you. With a 25% charge on your profit. You can get pro tips and suggestions. It has built the world’s first auto-order matching fiat P2P exchange.

WazirX review – Pros:

  1. Best In-class Security – WazirX is the most secure exchange. Regular security audits are done to ensure utmost care to the user end. It ensures a highly secured trading platform in India.
  2. Super Fast KYC – KYC stands for ‘Know Your Customer’. One of the biggest issues when it comes to trading cryptocurrencies is to set up an account. But, in the case of WazirX, the identification process is simple and just. While ensuring the right protocol is followed. Within a few steps, one can start a successful trading account.
  3. Efficient transaction – WazirX handles millions of transactions every single day. The well-built advanced infrastructure and an amazing User Interface (UI) allows for convenience and ease of transaction.
  4. Across platforms – WazirX offers a seamless and powerful trading experience across all platforms – on Web, Android & iOS mobile, Windows, and Mac apps.
  5. User Interface – The User Interface is the one that we appreciate the most. It’s an efficient tool. Trading on the WazirX platform is super fast, easy to use.
  6. Built and managed by professionals – With ‘WazirX’ you get a professional team of coders and passionate blockchain believers who work around the clock to make the user’s experience fruitful.
  7. Binance support – As said earlier, WazirX is a part of the world’s largest Crypto exchange – Binance. You get world-class service.
  8. P2P service – A peer-to-peer (P2P) service is a decentralized platform whereby two individuals interact directly with each other, without intermediation by a third party. And, with WazirX, you get this platform free of cost.
  9. Experts opinion – You can hand over your Crypto wallet to a professional and let them manage your money. It’s completely safe and professional. With a percentage of your profit as fees (25% of the profit), you’ll get pro tips and advice.
  10. All cryptocurrencies at one platform – WazirX provides a platform to trade and invest in almost every cryptocurrency in existence (one that is accepted widely). It’s a one-stop-shop for cryptocurrencies.

WazirX review – Cons:

  1. Constant update – As you get used to the platform, you’ll be shown a new phase of the update. Which is a requirement in the business. It might seem cumbersome for some users.
  2. Beta stage application – The mobile application is easy to use and at a beta stage with a very minimalistic UI. Hence, not many options are available for users.
  3. Brokerage charges – WazirX charges reasonable fees in regards to the maker and taker fees. But, no hidden charges.

What is the WazirX coin (WRX)?

WRX is a Binance-based token with a maximum market cap of 2 billion coins. You can trade WRX coins on WazirX, as their value has recently increased.

If you pay the trading fee with WRX, you will receive a discount. Additionally, you can use WRX coins to purchase other cryptocurrencies on WazirX. Also, users who own WRX coins are eligible for airdrops on WazirX and a variety of other benefits.

Alternate to WazirX:

WazirX is the top best option in the segment of ‘Cryptocurrency exchange’ service providers. But, you also have other contenders. Such as;

  1. WazirX – (Binance India)
  2. Coinbase (India)
  3. Zebpay
  4. Coinbox
  5. Kraken
  6. Bitstamp
  7. Bitfinex
  8. OKEx

Conclusion:

Cryptocurrencies emerged as a means of decentralizing money following the 2008 financial crisis. There were some who believed that as more people purchased these coins, their value would increase and they could eventually replace paper currency.

In reality, this is a possibility that cannot be ruled out. Money, as we know it, has evolved and taken on new forms over time. Indeed, the paper currency did not become popular until the 17th century. However, there are numerous obstacles that could prevent Bitcoin and cryptocurrency from supplanting the Dollar and Rupee.

Majority of governments may not accept crypto as a form of payment. Several of them have already implemented bans and restrictions on cryptocurrency trading.

At the start of this year, the Indian government announced its intention to impose a complete ban on cryptocurrency and introduced a bill to that effect. It has since softened its stance and believes the proposal is out of date but is still unwilling to accept cryptocurrency as real money. Rather than that, it intends to list cryptocurrency as an asset class, bringing it closer to real estate than to actual money and the regulatory power to be handed over to SEBI.

Each economy is predicated on the government exercising control over its currency. This enables the government to determine the appropriate level of currency printing in response to external and internal pressures. When cryptocurrencies take the place of the rupee or the dollar, that power is lost. This is not something any government desires.

But, the future for cryptocurrency is not as dull as it sounds. In fact, we are literally looking at the “Paradigm shift” taking place right in front of us. If cryptocurrencies lead and win this fight. Then, the US dominance of power, the Chinese dominance of power, and the rest country’s governments ill faceted decisions that kill their individual’s wealth via inflation can be tackled at once.

If you wish to be part of this revolution. Something, that has a chance to succeed. Then, check out various cryptocurrencies available. Look for stable crypto that offers better returns with the safety of capital. In India, you can invest in cryptocurrencies via “WazirX”.

WazirX is an Indian cryptocurrency exchange platform that offers automated order fulfillment and STF investment. It is user-friendly for beginners, offers an excellent referral program, and has one of the best mobile trading apps. If you’re looking to begin your crypto investment journey, WazirX may be the place for you.

Taking into account all of the features, such as security, beginner-friendliness, fee structure, user interface, deposit methods, and others. We believe WazirX is one of the best options for a beginner. WazirX, on the other hand, has a high maker and taker fee, which Zebpay or Coinbase (India) can compensate for.

How do I buy Bitcoins on WazirX?

Step 1: Open a Bitcoin Wallet. To have your account opened. Click here! 

Step 2: Provide your account details such as Name, Phone number, Mail id and verify.

Step 3: Provide documents for KYC. Keep your Aadhar card and PAN details ready (You need to upload images).

Step 4: Be in a well-lit area, you’ll need to share a selfie 😉 

Step 5: Set up your bank account. 

That’s it! Once your application is approved. You are all set to go. Start trading will all the world’s cryptocurrencies.

FAQ’s – WazirX review:

  1. How to Invest in Bitcoin in India?

You can purchase bitcoin in India through trading platforms and then store it in your wallets. Additionally, you can purchase bitcoins through various platforms that facilitate peer-to-peer transactions, such as WazirX, Coinbase, and Zebpay.

  1. How can I earn Bitcoin in India?

There are numerous methods for earning Bitcoin. One could be employed in a field related to cryptocurrency and accept payments in Bitcoins. Additionally, you can earn bitcoins by simply accepting them as a form of payment at your business.

  1. Can I buy Bitcoin with Rs. 100?

Yes, with applications such as ‘WazirX’, you can buy Bitcoin, Ethereum, and such other cryptocurrencies with as little as Rs.100

  1. Can I trust WazirX?

Yes, you can completely trust the service provider. In terms of security, WazirX appears to conduct regular security audits in order to maintain a highly secure platform. This is reflected in their security score. The security score is “C”, which is in line with the global industry average, according to Mozilla’s Observatory test.

  1. Will I get hacked?

WazirX stores nearly 95% of the funds in offline cold storage, which protects them from hacking attempts. SO, your investments are completely safe. 

  1. Is it safe to give my details to WazirX?

Yes. any details you give to ‘WazirX’ are for KYC requirements alone. It is done so to make the user experience fruitful. All your information is stored securely. 

  1. Can I deposit money in WazirX?

Yes, It’s all transparent. Once you assign your bank account to WazirX, you can deposit an amount as little as Rs.100 at once and start trading in cryptocurrencies.

  1. Can I withdraw money from WazirX?

Yes, your money once stored in WazirX will be shown in ‘WazirX wallet’. All you need to do is click on withdraw and the money will be credited to your bank account.

  1. Will Indian government ban Bitcoin?

No. In the current situation, a ban on Cryptocurrency is highly unlikely. In a democracy, no one is above the supreme justice system. And, in the words of Indian Supreme court, wherein the court issued a statement as follows – “The cryptocurrency can be accepted as a valid payment for legal transactions, and the payment system can be regulated by the RBI”.

  1. Is Bitcoin legal in India?

Yes. Investing in Bitcoin and other cryptocurrencies is completely legal. The RBI circular clearly confirms the right to do transactions and do business with crypto firms. 

Buying your first Crypto? Watch this:

Disclaimer: All the information on this website is published in good faith and for general information purpose only.

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