- The website as well as the app both have a beginner-friendly user interface.
- It is affiliated with Binance, the world’s biggest exchange.
- You can deposit using UPI.
- Easy-to-use and minimal interface.
- No custody of fiat funds.
- Lacks crypto lending feature.
- They charge a high fee on withdrawing crypto assets.
- They do not provide high liquidity.
The future of crypto currencies in India remains uncertain with the proposed bill banning its usage put on backburners. However, in the last few years, cryptocurrency usage in the country has shot up, with more investors and tycoons showing interest in the new-era digital currency. The number of cryptocurrency investors is growing but it is important that you pick the right platforms to use crypto currencies like Bitcoin or Ethereum. There are several cryptocurrency exchange platforms and apps that investors are using these days and WazirX is a contender worth considering.
What is it?
WazirX is a popular cryptocurrency exchange which was acquired by Binance. It is used to trade crypto currencies of varying types without hassles. It is legal and you can invest in various cryptocurrencies by using fiat currency. WazirX started its journey in 2018 and now it is deemed as one of the leading cryptocurrency exchanges of Indian origin. It was set up by the trio- Siddharth Menon, Sameer Mhatre and Nischal Shetty.
What are the reasons behind its popularity?
WazirX has raced ahead of several competing cryptocurrency exchanges owing to the following reasons:
- It has a beginner-friendly UI and those who have not used such apps before will not find it tedious to understand the working mechanism.
- It offers low spot trading fees for crypto purchasing.
- The KYC verification process does not take much time to be completed.
- If you want to sell and buy crypto coins without delay, all you need is a valid bank account.
- Peer-To-Peer crypto trading is also available and that attracts zero trading fees.
- The support offered is adequate. You can raise tickets and obtain support through email.
- Its acquisition by Binance, known as the biggest cryptocurrency exchange globally, has augmented its position in this sector.
- The platform is known for its embedded safety features.
- WazirX became popular for its proprietary P2P exchange system and its auto-matching P2P engine lets buyers find sellers automatically, minus delays. Buyers purchase USDT by placing the orders. The sellers are paid directly. Then, WazirX transfers the escrowed USDT fast to the secure wallet of the buyers.
How to get started with WazirX?
If you have not used any cryptocurrency exchange platform or app, using WazirX will still be a breeze. The process is devoid of complications and a few minutes will be required. Here is what you will need to do:
- Browse WazirX.com and click the signup button located at the website’s top right-hand corner.
- Now, type in a valid email and set a suitable, strong password.
- Next, accept the terms of service and verify the email address.
- At next step, you can log in using your verified credentials.
While logging in your WazirX profile for the first time, setting up a security option is recommended. You can pick from Mobile SMS or Google Authenticator App. While users can deposit and trade in crypto coins even without wrapping the KYC process, it is advised to complete the process.
Buying crypto coins with WazirX
You may buy Bitcoin and other crypto coins using this app. You have to use the Quick buy feature in its UI. It takes a few steps and the process can also be done the WazirX website. You should use the website if you are a veteran crypto user as it offers detailed insight on crypto asset prices. There are 2 ways- using spot exchanges and by using P2P market.
Depositing Fiat currency in your WazirX account
With WazirX, you can make a small despite worth INR 100 and start trading. It supports INR deposits using 4 methods- NEFT, IMPS, UPI and RTGS. There is no upper capping for deposits. To make deposits in INR, performing bank account verification is necessary. Of course, you have to provide accurate bank account details for this. While UPI deposits take a few hours, deposits made using other methods may take up to 3 working days to reflect in your account.
What about the KYC verification?
Like similar cryptocurrency exchange platforms, WazirX requires you to complete the mandatory KYC process. You will have to provide the PAN card details, Basic personnel information along with an identity document. It is a partially automated process and in most cases takes a few minutes.
Analyzing the WazirX platform- in details
- The UI- When you pick a cryptocurrency exchange platform or app, the UI has to be checked. A complex or cluttered UI will repel the beginners or amateur users. The WazirX User-Interface is quite intuitive.
- Supported Coins – While picking a cryptocurrency exchange platform, you have to learn about supported crypto coins. WazirX supports more than 160 kinds of crypto currencies. These are sold against fiat currencies like INR.
- Fees – WazirX charges the users various types of fees, based on type of transactions made. It has trading fees set at 0.02% for conditional orders. Based on the preferred deposit method, deposit fees are charged. It UPI is used, the charges are zero. If you withdraw crypto coins using WazirX, a network fee will be levied. It may vary from one crypto coin to another.
- Deposit options – A cryptocurrency exchange platform supporting multiple depositing options is always preferable. WazirX supports RTGS, IMPS, and NEFT along with UPI for making deposits. However, it has not enabled credit card deposits.
- Native crypto asset – WazirX has a native crypto asset named the WRX coins. It is aimed at users who want to be in the crypto investment sector in the long run. Just 10% of WRX coins are accessible to IEO public sale, and 5% is there for private sale. Only 3.9% of tokens will be made available for mining. It is useful for paying transaction fees and that way you can save 50%.
- Multi-platform support – While cryptocurrency exchange apps are gaining traction with time, not every user is comfortable using smartphones for trading crypto assets. Thankfully, WazirX supports multiple platforms. Apart from Android & iOS platforms, it is compatible with Mac and Windows PCs.
Summing it up
Overall, WazirX comes across as a safe and reliable cryptocurrency exchange platform. It is ideal both for beginners in crypto sector and those who have plans to invest and trade on long term. The UI is intuitive and operating mechanism is simple. The safety features deployed are also good. It scores well in aspects like supported crypto coins, deposit methods and service fees. The unique P2P exchange system and Multi-platform support works in its favour.