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WazirX Review & Rating 2022

WazirX Review & Rating 2022

Visit WazirX

Current cryptocurrency market value is over 2 trillion USD. WazirX came into existence by thinking of 1.3 billion people in India. WazirX is the one of the first Bitcoin and Cryptocurrency Exchanges in India that has highly sophisticated trading features as well as features for buying, selling & trade cryptocurrencies. It's an exchange and OTC Platform that comes with an Live Open Order Book system that allows you to trade digital assets such as Bitcoin, Bitcoin Cash, Litecoin, Dash & many others.

You can transfer or withdraw cryptocurrency and cash out/cash in USDT through P2P with amazing speed and ease and also securely keep your digital assets safe in Your WazirX wallet. WazirX has its own native coin WRX. In our WazirX review, you will dig deep to know every detail of this Indian exchange. This is going to be an unbiased review. AtoZ Markets is in no way responsible for any opinions that the writer has concluded. If you are from WazirX and think the writer did any injustice, please contact AtoZ Markets' editorial team with valid proof.

WazirX Review: Company Overview

Headquarter:                               India

Founded in:                      2018

Parent Company:                  Zanmai Labs Private Limited

Native Token:                   WRX

Listed Cryptocurrencies:      100+

Numbers of Trading Pairs:.     240+

Supported Fiat Currencies:   Indian Rupee (INR), British Pound (GBP), Russian Rouble (RUB), & 5 more.

Accepted Countries:.              Many except US and few others

Minimum Deposit:          ₹100

Trading Fees:                         0.20% Taker Fee and  0.20% Maker Fee

Withdrawal Fees:             0.0006 BTC

Supported Devices:               Windows, Mac OS, Android, iOS

Customer Support:.      Website Form, and Live Chat

WazirX Website:.                    https://wazirx.com/

Founders:.                              Nischal Shetty, Sameer Mhatre, and Siddharth Menon.

How to Start Trading on WazirX?

Keep reading our WazirX review. Starting trading on WazirX is an easy process. It may take less than 5 minutes. Create an account, do the KYC then make a deposit. You are good to go.

Opening an Account on WazirX

To open an account with WazirX, follow the following steps:

  • Go to WazirX website and click on the Sign Up button.
  • In the sign up form, put your email address and a password.
  • After submission, you will get an activation email in your inbox. Check the email spam folder in case the mail didn't come to the inbox. Verify the email. Now you can login.

Complete KYC

After completion of account opening, you need to do your KYC to trade with WazirX.

To complete KYC, you need your Aadhar and Pan card details. Fill the details and upload images of your Aadhar and Pan Card.

The system would require you to take a selfie of yourself.

You also need to provide your bank account details to complete KYC.

Once your documents are approved, your KYC is done. Now you can deposit in Indian Rupee.

Pros and Cons of WazirX

  • Pros

√ It supports a wide range of currency pairs for trading.

√ It supports Fiat currencies

√ They have a user-friendly trading interface for both website and app.

√ SFT facility

 √ WazirX is affiliated with Binance.

  • Cons

— They do not have high liquidity

— It doesn't have a crypto lending feature.

— Doesn't have custody for Fiat Currency

Overview

Products and Features
7/10
User Interface (UI)
7/10
Trust/Reputation
5/10
Fees
7/10
Regulation and Fund Security
6/10
Deposits and Withdrawals
7/10
Customer Support
6/10

Products and Features

7/10

Spot Trading on WazirX

Trading on WazirX is simple and can be started by clicking the 'Exchange Tab' from the header menu of WazirX official website. Additionally, WazirX permits you to make trade orders prior to. Once the market matches your specific order specifications, the system automatically takes them into action. Additionally your list of assets that are crypto can be found located on the left-hand side of the screen for exchange, and you can even highlight the assets you like.

WazirX Review: WazirX P2P

WazirX also provides the peer-to-peer exchange service. In the P2P scenario you are able to make transactions for USDT. WazirX offers one of a distinctive matching software for sellers and buyers that matches you automatically with the correct seller whenever you make an order as the buyer.

WazirX Review: STF(Smart Token Fund)

Smart token funds help investors build their portfolio by helping them build specialized stocks or trading accounts. It's the sapme as copy-trading as if you are buying a real estate investment portfolio. But that doesn't eliminate the risk of volatility as crypto currencies are extremely volatile.

WazirX Review: OTC

OTC or Over The Counter trades happen between buyers and sellers outside the exchange order book. Here are some features of WazirX OCT Market.

  • Highest Liquidity

The WazirX's fiat-crypto liquidity pool lets you exchange Bitcoin along with USDT at the most competitive rates in India.

  • Personalized Service

If you're looking to learn the most effective ways to manage your portfolio or discuss strategies and trends for trading WazirX is there to help you at each step.

  • Lowest Trading Fee

They provide the lowest trading fee available in the market, ranging between 0.05 percent - 0.2 percent. You can also avail a 50% discount when you pay the fee for trading with WRX.

  • Smart Dashboard

You can manage, track and create orders with ease using their unique dashboard designed specifically especially for OTC trading.

  • 24x7 Support

WazirX helps you 24/7. They offer support 24/7 via their website as well as live chat and phone support for OTC Desk customers.

  • Fast & Secure

Trade settlements are completed in a matter of minutes. Also, there are KYC, security, and compliance procedures put in place to minimize risk to your counterparties.

WazirX NFT Marketplace

Wazirx NFT

NFT can be described as a distinct digital object. It can include audio, art videos, video games, items from video games, as well as other creative works. The digital artwork you create and upload as an NFT may be purchased by collectors. The transaction is possible thanks to blockchain. WazirX NFT marketplace utilizes Binance Smart Chain.

WazirX The NFT Marketplace is a marketplace for artists and creators on India's most reliable Bitcoin and crypto exchange and trading platform known as WazirX. NFT marketplaces provide the means to sell, buy, or trade NFTs.

You can trade NFT by using your WazirX account. For NFT trading, you have to open a separate account. WazirX currently supports Metamask and Binance wallets for NFT trading.

WazirX Token WRX

Wrxcoin

WazirX has its own native token namely WRX. They launched the token in February, 2020. It was created to act as a backbone for the whole WazirX ecosystem. So far it has delivered more than its promise.

Like Bitcoin, WRX token is an electronic asset. It is based on the Binance Chain with a maximum supply of 1 billion coins. WazirX customers can benefit from 50% off the cost of trading with WRX. Through P2P trading, users from any country can unlock WRX tokens. Trading fee is zero for WRX pairs on the WazirX platform. In terms of value the coin is doing good.

User Interface (UI)

7/10

WazirX Review: WazirX Platform

WazirX Platform

image source: WazirX

  • In the WazirX platform, you can get access with multiple devices. They support Windows, Mac, Android, and Apple iOS.
  • It offers you a wide variety of cryptos. It has 100+ coins listed and 240+ cryptocurrency pairs.
  • The platform claims it is capable of making millions of transactions very effectively.
  • The platform is capable of handling millions of transactions effectively and smoothly.
  • The platform supports 8 Fiat Currencies including Indian Rupee.
  • WazirX is well integrated with the TradingView platform.
  •  Along with the exchange, it also provides a P2P and OTC Desk and NFT Marketplace.
  • In the WazirX platform, you can get access with multiple devices. They support Windows, Mac, Android, and Apple iOS.
  • It offers you a wide variety of cryptos. It has 100+ coins listed and 240+ cryptocurrency pairs.
  • The platform claims it is capable of making millions of transactions very effectively.
  • The platform is capable of handling millions of transactions effectively and smoothly.
  • The platform supports 8 Fiat Currencies including Indian Rupee.
  • WazirX is well integrated with the TradingView platform.
  •  Along with the exchange, it also provides a P2P and OTC Desk and NFT Marketplace.

Some of The Other Features of WazirX

Wazirx platforms

Cross-Platform Support

Wazirx works on multiple devices regardless of operating systems. It has Windows and Mac PCs/Laptops software and for mobile devices it has android and iOS apps.

Design of WazirX Trading Platform

WazirX is an exchange in the world with an on-ramp for crypto currency. It is a user-friendly cryptocurrency trading platform that has a large trading volume. The mobile applications offer nearly all of the features offered on the website platform. The exchange is supported by multilingual support.

Supported Cryptocurrencies 

WazirX provides more than 240 trading pairs of cryptocurrency. And has 100+ listed cryptos. But the P2P market provides only eight currencies, which are linked to USD Tether (USDT).

Mining

For mining of WRX, 3.9% are available to be mined. In every quarter, a maximum of 10% can be mined.

STF Token

STF is a platform that connects newbies with expert crypto traders in order to aid them in growing their portfolios, in exchange for 25% of the profits made by the novice traders.

The Speed of Transactions

The blockchain technology of WazirX is robust and scalable enough to process millions of transactions within a couple of seconds.

Trading Tools

WazirX's unique peer-to-peer exchange system is the first ever auto-matching P2P system that automatically matches sellers and buyers instantly. Buyers make an order to buy USDT and then pay to the seller in person. Following this, WazirX automatically transfers the money escrowed USDT into the purchaser's safe account.

Trust/Reputation

5/10

Is WazirX a Scam?

According to their website it has good security and good customer support. The company is also legal in India. But the unclaimed TrustPilot page of WazirX tells a different story.

Wazirx Trust pilot

Image source: TrustPilot

Out of 107 reviews, 73% people said their experiences with WazirX is bad. People have so many complaints.

Fees

7/10

Trading Fees on WazirX

For spot trading WazirX takes 0.2% maker/taker fee.

P2P Transaction Charges: WazirX doesn't not have any fees for a P2P exchange.

STF Trading Fees: If you are an unskilled trader, you can earn money by paying 25% of your profit for STF trading.

Deposit Fee

In order to make it easier for Instant deposits, WazirX makes use of Payment processors , so that the money is quickly credited. The deposit fees differ depending on the payment method and can be seen in the INR deposit page. The deposit fee shown is inclusive of all taxes.

Deposits and Withdrawals

7/10

Deposit and Withdrawal by INR

  • Deposit

WazirX accepts bank transfer and Mobikwik wallet transfer for account deposit.

To make a deposit through Indian Rupee via Net Banking, follow the mentioned step below:

Desktop/iOS/Android:

  1. Login to your account then click on Funds option from the top bar.
  2. Select Indian Rupee then click the available deposit button.
  3. You have to choose Instant deposit (Net Banking)
  4. Enter the desired amount you want to deposit and click Continue Button.
  5. The page will be redirected to your bank login page. After login to your internet banking system, approve the transaction.
  6. Within 24 hours, your money will be reflected in your WazirX account. Usually it takes less than 1 hour to get deposited.

Instant Deposit (Mobikwik Wallet Transfer)

Before depositing via Mobikwik, you have to top up your Mobikwik wallet by using UPI.

Desktop/iOS/Android:
  1. Login to your account then click on Funds option from the top bar.
  2. Select Indian Rupee then click the available deposit button.
  3. You have to choose Instant deposit (Wallet Transfer)
  4. Enter your Mobikwik registered number. You will get OTP, confirm it.
  5. The page will be redirected to your Mobikwik payment option, and you will be able to see your balance. Make the transaction. The fund will be deposited within 24 hours.

Is a Third Party Bank Deposit Possible?

No, you can not make a deposit to your WazirX account by using anyone else's bank account or UPI ID. It has to be your own account.

Minimum/Maximum Deposit Limit

WazirX has a minimum and maximum limit of deposit. The minimum deposit starts with 100₹ and Maximum limit per Net Banking transaction is 4.99 Lakhs. They do not have any maximum limit, you can do multiple transactions in a day.

Withdrawal from WazirX

You can withdraw INR or cryptocurrency assets via the WazirX. The steps to withdraw:

  • Click on the Funds tab in the top menu.
  • Then, click the 'withdraw' button in the middle of the asset from which you'd like to withdraw.
  • If you have INR You can select the option of "instant withdrawal" or 'NEFT withdrawal.'
  • If you own cryptocurrency it is possible to transfer coins to your wallet and scan the QR code for an online transfer.

Customer Support

6/10

Wazirx customer support

WaxirX has 24/7 live chat support. You can also submit requests from their website. WazirX support team is available 8 AM - 2 AM IST, Monday - Sunday. You can also take help from their support page and FAQ section. You can also take help from their social media page. A customer can also email them at [email protected].

Conclusions

You are reading this means you have read our WarizX review. WazirX is one of the leading crypto exchanges in India. It has its own native coin WRX. But TrustPilot customers' review is not in their favour. Hope they will fix all the issues raised. AtoZ Markets would advise you to do enough research before choosing any trading platform.

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