WazirX Review: WazirX, an Indian Cryptocurrency exchange, helps you buy, sell, and trade-in a basket of virtual currencies like Bitcoin, Ripple, Ethereum, Litecoin, and more.
WazirX even has its own token WRX that you can use for paying transaction fees.
Founded in 2018, by Nischal Shetty, Sameer Mhatre, and Siddharth Menon, WazirX is accessible to both new crypto investors and professional traders.
You can start investing in cryptocurrencies by buying Bitcoins using Indian Rupees. Bitcoin is currently priced at INR 5,30,000. But you can buy 0.0001 Bitcoin for Rs. 54 also.
WazirX has the advantage of being the lone crypto exchange that stood the ban of RBI when other exchanges like Zeebpay and Unocoin closed its shutter.
You can buy bitcoins from your Android smartphone. I have explained the step-by-step process in the later section of the article.
#1. Accessible Across Platforms
WazirX trading platform can be accessed on Web, Android smartphones, Apple iOS mobiles, Windows, and Mac systems.
#2. Range of Cryptocurrency
You can trade in over 70+ cryptocurrencies paired with USDT. USDT is a Tether USD currency that is 1:1 backed by US dollars.
As per Tether, the USDT is 100% backed by Tether’s reserve of US dollars. The conversion rate is 1 Tether USD equals 1 USD. But the price fluctuates depending on the demand and supply.
The last four months price movements of USDT in INR is as under
1st Jan 2020
3rd Feb 2020
2nd March 2020
1st April 2020
Apart from USD Tether crypto pairs, you can also trade in Bitcoin (BTC) pairs and INR pairs.
#3. Speed Transaction
You get a super-fast trading experience that is at par with global standards.
#4. Access to Advanced Trading Tools
WazirX is built by a team of hardcore traders & passionate blockchain professionals. The exchange integrates all the features and charting tools of TradingView.
You can analyze prices and historical data using powerful graphs, indicators right from your mobile apps.
#5. Spot Exchange, P2P Market Place and STF
WazirX offers buying/selling for beginners and advanced traders through three markets.
WazirX Exchange is a spot market where you can trade over 70 cryptocurrencies. The Exchange has three segments based on currency pairs, namely USDT, BTC and INR as the base currency.
You can trade in any of the currency exchanges.
P2P (Person to Person) Market
P2P platform helps you buy USDT directly from another person rather than from the exchange.
P2P is a WazirX proprietary auto-order matching engine where the orders get auto-matched with the seller of that particular currency. WazirX plays the role of facilitator and escrow.
Once the matching is done, you will need to transfer money directly to the seller. When the seller confirms receipt then WazirX releases you the escrowed currency.
STF (Smart Token Fund)
STF is for new cryptocurrency traders who need hand holding.
Presently, WazirX collects two types of fees; Trading fees and Withdrawal fees.
#1. Trading Fees
All the trades are subject to minimum order size. Which means you need to buy/sell at least an X amount of a particular cryptocurrency.
Trading fees for spot market transactions
Trading fees for P2P market transactions
Presently, the P2P market has only eight currencies paired against USD Tether (USDT).
- Euro (EUR)
- Indonesia Rupee (IDR)
- Indian Rupee (INR)
- Nigerian Naira (NGN)
- Russian Rouble (RUB)
- Suadi Riyal (SAR)
- Turkish Lira (TRY)
- Ukrainian Hryvnia (UAH)
In India, you can enter only USDT/INR transactions.
The buy and sell fees are 0%. The minimum sell or buy order value should be 14.5 USDT and the maximum buy order that you can place is 2000 USDT.
Trading fees for Smart Token Fund (STF) market transactions
WazirX provides an STF transaction facility for new cryptocurrency traders who need hand-holding.
For such STF Trading, WazirX collects 25% fees on profit.
#2. Withdrawal Fees
For example, in case you wish to withdraw Bitcoin (BTC) then
|Withdrawal fees for Bitcoin||0.0005 BTC|
|Minimum Withdraw Amount||0.001 BTC|
|Maximum Withdraw Amount||3 BTC|
|Minimum Deposit Amount||0 BTC|
Likewise, withdrawal fees for Tether USD is 1.5 USDT, and for WazirX is 10 WRX.
WazirX Crypto Coins
The total supply of the WRX coin is restricted to 1 billion. There are around 107,000,000 WRX coins in circulation and are traded in 11 active markets with volumes of $9,016,000 traded in the last 24 hours as of 22 April 2020.
The current price of one WRX coin is approximately Rs. 10.31 to Rs. 10.34.
You can use WRX coin to pay trading fees for all your crypto trades. Presently, WazirX offers a 50% trading fee discount if you use WRX coin to pay fees. The discount will be halved next year and will be removed after the fourth year.
WazirX & Binance Partnership
WazirX is an Indian bitcoin exchange based out of Mumbai. Binance acquired WazirX in 2019 creating a global market for WazirX investors.
You can fund your WazirX account and use it to purchase USD Tether. Then you can shift your UDST to Binance wallet and shop global cryptocurrencies.
How to Open Account With WazirX
#1. Sign Up on WazirX
Click here to visit WazirX site and start the account opening process.
#2. Fill Details to Start Creating Account
You need to provide your email address and create a strong password to start creating your WazirX account.
#3. Email Verification and Account Security Setup
WazirX sends you an email for account verification on the email address provided by you. Just click on the verification received to proceed ahead with account creation.
Next, you need to set up your account security. WazirX offers two options for your account security.
- Google Authenticator App
- Mobile SMS service
You can choose either of the options. But the authenticator app is safer as compared to mobile SMS which is prone to delayed receipt and possibility of SIM card hacking.
#4. Select Country and Choose Account
In the final step, you need to select your country. You have the flexibility to open your account with or without KYC.
Without KYC you can only deposit and trade on your WazirX account. To enable withdrawal and trade P2P you need to complete KYC.
For completing KYC you need to enter a few details like
- Full name as appearing on KYC document
- Date of birth
- Address as per the KYC document
Then you need to upload the scanned copy of your KYC documents and selfie. After which the account gets verified within 24-48 hours from WazirX.
How to Buy Bitcoin on WazirX in India
You can buy Bitcoin (BTC) using your WazirX Account using Indian Rupees deposited in your WazirX account.
For buying Bitcoin login to your account and click on INR under section “Exchange”. This is a spot market for all the cryptocurrencies paired against INR.
On the screen, you will get all BTC/INR price charts, the order book details and the order entry form on the right-hand side as shown below.
Fill in the buy order form and click on “Place buy order”. The order gets placed instantly and you will receive Bitcoins as soon as the order gets traded.
The order may take a few minutes to get executed depending on the sellers. You need to keep patience.
Different Ways to Transfer INR into WazirX
You can deposit a minimum of Rs. 100 in your WazirX account. There is no upper limit to the money deposit.
WazirX wallet allows INR deposits via IMPS, UPI, RTGS and NEFT.
For depositing INR in your wallet you need to login and click “Funds”. WazirX allows you to deposit and withdraw different cryptocurrencies.
Select the option “Rupee INR” and click on deposit. Then you will need to link your bank details with your WazirX account.
Next, you will be prompted for “Instant deposit using IMPS/ NEFT/ RTGS” and get WazirX bank details.
Transfer the funds via any of the IMPS/ NEFT or RTGS channels. Your money (in INR) will be credited in your WazirX account instantly.
How to Buy Different Currencies Through WazirX
You can use two methods to buy cryptocurrency of your choice.
#1. Using Spot Exchange
You can use your WazirX account to access the Spot exchange market and look for the cryptocurrency that you want to buy.
Before you buy you need to check the currency pairs. There will be two possibilities.
1. Currency paired with INR – Here you can directly place the buy order using the form and get the cryptocurrency of your choice.
For example, if you are looking to purchase Ethereum then you can directly fill the buy order form and get Ethereum because it has an INR pair.
2. Currency does not have an INR pair – In such cases first you need to look for the currency pairs. Most of the cryptocurrencies have a USDT pair.
You first need to purchase USDT. Once you have received USDT in your account you can use it to buy your much-needed currency.
For example, if you want to buy a Binance coin (BNB). The coin does not have an INR pair but has a USDT pair.
So first, you have to buy USDT and then use those USDT to purchase a Binance coin.
#2. Using P2P Market
P2P is a WazirX auto-order matching engine (market place) where you can buy and sell USDT using INR. Here WazirX acts as an escrow in the whole transaction so that your transaction is safe and honored.
For buying USDT on the P2P market you can place an order form your WazirX account which will be auto-matched with the seller of that particular currency.
Then you will need to make a money transfer directly to the seller. When the seller confirms receipt then WazirX releases you the escrowed currency.
After you receive USDT, you can use them to purchase any other cryptocurrency.
How to Trade in WazirX
In order to trade on WazirX, you need to visit the exchange and select the base currency. WazirX has three base currencies segmented under USDT, BTC and INR.
Choose the currency that you want to buy/sell and get started by entering the order form on the platform itself.
For example, you can buy 1 Bitcoin at Rs. 5,48,750 and later wait for the price to increase and then you can sell them at Rs. 5,52,000 and earn a profit.