The crypto ecosystem is a highly fragmented marketplace and for crypto exchanges, establishing itself as a preferred point for traders is a herculean task.
However, there are few crypto exchanges in the market that have been able to successfully scale their operations in a very short span and have become a trusted trading partner for their users.
One such exchange is WazirX, which became the most trusted and highest-rated crypto app in India despite several regulatory hurdles and has achieved many firsts in the global crypto exchange segment.
Let’s have a detailed review of the exchange to know more about it.
WazirX Review: Overview
WazirX is an India-centric global crypto exchange launched on 8th March 2018 by three friends cum business partners Nischal Shetty, Sameer Mhatre, and Siddhart Menon.
Catering to the global audience, WazirX is known for its innovative product lineup that helps it to adapt to the fast-changing dynamics of the crypto ecosystem. It has a fully functional exchange platform and P2P exchange system that makes crypto-fiat-crypto transactions simpler and faster for everyone. WazirX P2P system is the world’s first auto-matching P2P system.
The tremendous success in the Indian market led WazirX to be acquired by Binance in November 2019. This made WazirX the first crypto exchange platform to ever be acquired by a global crypto giant.
WazirX enables trading in over 120 cryptocurrencies including all the major coins including Bitcoin, Ethereum, Ripple, Litecoin, etc.
It lists crypto pairs against USDT, BTC, and INR. You can trade all major crypto assets against INR on WazirX.
Deposit, Withdrawal, and Trading Fees
The deposit option includes crypto deposits as well as fiat deposits which include only the INR option. There are minimum deposit limits in place and it varies for each crypto asset. For INR fiat deposit, users only have the bank transfer option, but no credit/debit card option.
For withdrawals, the exchange charges a small percentage of withdrawal fees which varies for different crypto assets. For example, the minimum and maximum withdrawal limits are 0.001 BTC and 3 BTC respectively. And, the withdrawal fee is 0.0006 BTC.
Now, coming to the trading fee, WazirX follows a flat rate structure and charges a flat 0.2% rate for every transaction. So far it is in line with the industry average and doesn’t levy higher charges.
Trading Platform and Liquidity
The trading platform of WazirX is very simple and easy to get through. It includes a tradingview chart, order book window, trade history, order status, and position column, and buy & sell window.
On the left side of the screen, you will find the trading pairs listed from where you have to choose the desired trading pair you want to trade.
The order book includes both market depth and order volume statistics which helps you to understand the current trend of the market. And, the trade history lists the 10 most recent trades on the platform.
With respect to order types, the exchange supports only limit and stop-limit orders. For placing trade orders in the market order type, just click on the lowest or highest price, depending on the nature of trade on the price column before placing the order.
Now, coming to liquidity, WazirX features in the list of top 100 exchanges by trading volume of coinmarketcap.com. It currently ranks 68th on the list and has an average daily trading volume of around $11 million. And, with the support of Binance, liquidity is not an issue.
WazirX P2P Systems
As mentioned above, the WazirX P2P system is the world’s first auto-matching P2P system, that enables faster transaction and seamless crypto-fiat-crypto conversions.
The platform’s instant auto-matching feature enables auto-matching with verified traders that helps you to convert your money to crypto instantly and safely. The average time taken to complete a P2P transaction on the platform is 19.4 minutes and is completely free.
All the transactions are completed in just three steps:
- Step 1: Place an order where you will be auto-matched with the buyer/seller
- Step 2: Pay directly to the seller/ confirm receipt of payment
- Step 3: WazirX releases the cryptos from escrowed account to the buyer and USDT to the seller
In the P2P segment, WazirX offers eight different markets, USDT/INR, USDT/IDR, USDT/RUB, USDT/UAH, USDT/SAR, USDT/NGN, USDT/EUR, USDT/TRY. It has plans to add more with the support of Binance.
WRX is the utility token of WazirX and will play an integral role in the development of the WazirX platform. It is based on the Binance blockchain and has a total supply of 1 billion token coins.
The holder of WRX tokens gets the benefit of a discount of trading fees when paid using WRX tokens, voting rights, airdrop, etc.
WazirX burns WRX tokens equivalent to the trading volume on the crypto-to-crypto platform every quarter and will continue to burn until it destroys 100 million coins or 10% of the total supply.
KYC and AML Requirement
You can buy, sell, and trade on WazirX without fulfilling the KYC requirements but will have access to limited services like no access to P2P, fiat conversions, and withdrawals.
The KYC verification process requires users to provide their personal information like name, address, upload a copy of government-issued ID cards (PAN Card and AADHAR Card in case of India), and a selfie holding the government-issued ID card.
Following the submission, the system processes the KYC within a few hours, thereby allowing faster access to all services.
The security standard of the WazirX platform is in line with the global cryptocurrency exchanges and follows the best practices to ensure glitch-free operations.
Through two-factor authentication, it provides an additional layer of security for your account. You can use either email-based, SMS-based or app-based (Google Authenticator, Authy) to set up 2FA for your account.
In terms of the security of user funds, WazirX keeps 95% of the user’s fund in a cold wallet and rest in hot wallets to support the daily operations.
WazirX shares very little information about the security systems, protocols, and encryption it has integrated into the platform.
WazirX provides a seamless trading experience through both mobile and desktop platforms. Its services are available in the Android, iOS, Windows, and Mac platforms as well as on the web.
WazirX has a robust customer support team and you can reach them via live chat and email-based ticketing system. If you want to get instant assistance, prefer the live chat feature.
You can also visit the help centre where you can get articles and FAQs on the commonly faced issues.
Conclusion: Is WazirX Legit & Safe?
WazirX is a decent entry-level crypto trading platform that enables seamless fiat-to-crypto-to-fiat transactions. The minimalistic and simple design of the platform makes it easier for users to start and get acclimatized with the cryptosphere.
It is also the only Indian crypto exchange platform that offers seamless buying, selling, and trading using local INR currency.
Some of the pros and cons of WazirX.
- Backed by a strong parent company
- Flexible deposit and withdrawal option
- Includes both exchange and P2P systems
- Rapid KYC verification process
- Easy signup and login process
- Wide range of cryptos are available
- Fiat support
- Lack of market depth on lesser-known coins
- The platform is still in its development phase
- No withdrawals without KYC
With the integration of P2P into the Binance ecosystem in the future, the platform will grow much stronger and users will get more opportunities in the cryptosphere.