Crypto trading has been on the rise since it was first introduced in the world. More and more traders are showing their interest in crypto trading because of its rewarding profits and promising benefits. In order to trade cryptocurrency, there are many types of platforms like brokers, exchanges, etc. And it is necessary for every trader to be associated with any platform which is going to provide a means for trading. Exchanges such as WazirX provide this platform very well. They allow traders to trade their actual currencies like USD, EURO, etc., with cryptocurrencies. For example, if a trader wants to step into the world of crypto trading with a bunch of USD, then he will probably reach out to an exchange platform where they can get a cryptocurrency in return for other currencies. The popularity of crypto trading was usually seen in western countries, but lately, the popularity of crypto trading has been hyped in Asian countries as well. WazirX is great proof that the Asian market is also participating in the world of crypto trading. In this WazirX review, we are going to look into the platform and see whether it is worth working with or not. We will also look into some of the points which make this exchange distinctive from others.
WazirX – A brief introduction
Despite the benefits and possibilities that crypto trading brings to its traders, buying and selling cryptocurrencies are still considered illegal in many countries, including Asian and middle eastern countries as well. But as the exposure towards this field is increasing and more traders are showing their interests in this field, many countries have started considering legalizing crypto trading. India is one of those countries where the trend of cryptocurrencies is rising with each passing day. With a population of over 100 million, India is considered as one of those countries which have a vast cryptocurrency market. WazirX is providing its services as a crypto exchange and is considered among the first crypto exchanges in India. The platform was initiated by an Indian developer known as Nischal Shetty and his companions in 2018, which is not too old but still has gained enough popularity to be worth noting.
The platform offers a wide variety of cryptocurrencies to exchange with fiat currencies and preferably Indian rupees. It was very rare that cryptocurrencies could be bought in exchange for Indian rupees, but now after the introduction of WazirX in the market, it has become possible. WazirX allows traders to trade a wide variety of cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more as well.
One of the reasons why you should choose WazirX as your exchange over other ones is that it allows you to buy cryptocurrencies in exchange for the Indian rupees, which was not possible with many other exchanges because they used to provide the major currencies like USD, Euro, etc.
With more advancements in this field and the legalization of crypto trading, India is going to get more and more exchanges in the near future, which is going to be beneficial for the traders. Let’s look more into the features which WazirX offers and see whether it is a worthy choice or not.
Why should you choose WazirX?
Every exchange platform has some weak points and some strong points, but it depends on the trader to choose from the features or services that he requires and can’t compromise on and on what points he can go a bit flexible. For example, some of the traders are looking for mental satisfaction in the form of security and privacy, and for that, they can compromise on some of the perks as well, while others are just focused on the attractive features and new perks that a platform offers. Here is a list of some of the features that WazirX provides to its traders. The reason for stating these points here is to give you an idea of what to expect, and after going through this, you will be able to decide whether you are going to get what you are looking for or not.
A versatile platform
Many of the platforms which are offering services are restricted in certain types of the trading interface. For example, some of the exchanges offer to trade through web-based platforms, which means all of the dealings are going to happen through their web page. In comparison, others provide their services through different softwares. These softwares require dozens of applications to be installed in order to get that ultimate optimization, but the downside of these types of platforms is that the user is bound to trade through the device which has those softwares.
But you should know that WazirX is an invention of the new era. In recent times compatibility and accessibility are key for any service to become successful. And WazirX does not disappoint their traders in any way. They knew that there are some perks and downsides of either type of platform, and they can’t satisfy every trader if they choose either of those options. Hence they did research and came up with an idea of providing both of the options, which is definitely going to cater to every trader’s needs. WazirX is providing both web-based and applications to facilitate traders. This means now traders will be able to trade through their preferred way. WazirX is providing its application for both android and IOS users, which facilitates every trader.
Now you must be wondering that if they are providing both of the methods, then it would surely be a hassle to operate any of them. Well, that is not true. The platform that is provided by WazirX is one of the best platforms out there, whether you compare it with western exchanges, which have been working in the field for a long time as well. You will not notice any outdated feature in WazirX. The company knows that crypto trading is relatively a new concept in India as compared to the western world. For that reason, many of the traders who are going to use this exchange are new to this idea. For that reason, they had to make sure that the platform welcomes new traders in an extremely pleasant way and provides them with an easy-to-understand platform which they have done quite professionally.
Wide variety of cryptocurrencies
As a trader, you will most probably prefer more options to trade. WazirX is providing you with a platform with over 70 currencies of crypto which are linked with USDT. Now for all of the readers who are new to the field and don’t know about USDT, so let me tell you. USDT is a cryptocurrency. There were many rumors about USDT that it was backed by USD, but it was not true. In short, keeping in mind all the facts, USDT is another cryptocurrency. The price of USDT is almost the same as USD when we look at it in INR. The prices of USDT keep on changing from time to time ranging from 66 INR to 78 INR.
The main purpose of crypto exchange is to provide possibilities to exchange different cryptocurrencies. Hence in order to provide traders with a wide variety of options, WazirX is also providing Bitcoin pairs (BTC) as well as INR pairs. Now all you must be wondering is why do they provide an option of INR, so that is because traders from India will be able to buy different types of cryptocurrencies with total ease. All they have to do is trade any of their crypto coins with INR without any hassle or complexity.
Latest technology to accompany you
As an innovation of the modern era, WazirX knows how important it is to keep up with the latest trends and technology. This is the reason why most of the very experienced exchanges failed because they didn’t know how to keep up with the time. But it is not going to happen with WazirX because they are providing all of the latest tools which are necessary for exchanges. These tools include charting tools to view market trends and many more spectacular features as well. As we have talked about the platforms provided by WazirX, we know that it provides both web-based platforms and applications for its users. Both types of platforms are packed with the latest tools like graphs, analytical charts, and much more.
Fast transaction is another feature that is provided by WazirX. The platform can handle multiple transactions at a time without any errors or flaws. This makes WazirX one of the best platforms, even if the number of transactions increases at a time. What else does a trader want from an exchange? WazirX is fulfilling all of the international standards with keeping in mind that it is a relatively new platform with not a lot of experience, but still, it is competing with others pretty well.
Multiple types of markets to trade crypto
WazirX is one of those very few exchanges which offer multiple types of markets to their users. This means that other than the exchange itself, there are two other ways to trade crypto through WazirX as well, which can be chosen by traders. These types are listed below:
- Exchange itself
One of the most obvious ways to trade crypto is through the exchange itself. The WazirX is offering more than seventy cryptocurrencies to choose from. Other than that, users of WazirX have different options to trade from, like USDT, INR, and BTC as well which can be used to buy any of the offered cryptocurrencies.
In this type of market, users are able to trade directly through the exchange’s platform. This means all of the tradings will take place through the team of WazirX. But if you are not interested in using this way, there are two other ways as well.
- Person to Person exchange
This is the second type of market that is provided by WazirX. This type of market allows traders to trade cryptocurrencies directly with other traders. For example, if there is a trader who is owning your preferred cryptocurrency and has listed that on the platform of WazirX, then you can directly contact that trader and trade with him.
To enhance the experience of users who are using this type of market, WazirX has provided an engine that is going to help make a match between relative traders. For example, if you are a trader and are looking to buy a certain coin, then all you have to do is fill in your preferences, and the rest of the work will be done by WazirX. It will find the trader who has your desired cryptocurrency. But not only WazirX is going to find you a match, but it also will allow you to transfer the money to the seller’s account, and after the transaction is confirmed by the seller, WazirX will give you the currency that you bought.
- Smart Token Fund (STF)
This is the third type of market that WazirX is providing. This type of market works like a broker, which means that the experienced traders who have prior experience in trading crypto are going to help new investors who have recently joined crypto trading to help them grow and build their portfolio. But for that, the traders are going to give a certain amount of their profit to the instructors that they work with. Surely this method is extremely beneficial for the new traders who have just joined the world of crypto.
As a profit organization, WazirX provides its services at some costs. These costs are primarily divided into two parts which are as follows:
- Trading fees by WazirX
Because WazirX is providing multiple types of markets to trade crypto, hence they require a certain amount of cryptocurrency to be exchanged. The trading fee for the traders who choose to trade through the exchange itself is 0.25% which means if a buyer is buying any coin through WazirX, then he will have to pay 0.2% of the amount as fees, and the same goes for the trader who is selling via WazirX as well.
The fees for the other two types of markets are also very reasonable. If we talk about the P2P (Person to Person) market, then there are no fees for the buyer or seller, which means you can buy or sell from another person without giving any charges to the WazirX exchange. But although there is a limit to buy and sell coins, for this type of market, a trader can buy/sell a minimum of 14.5 USDT, and this limit can be maximized to 2000 USDT as well. Any of the transactions which are exclusive of this range is not entertained by WazirX, so you should keep that in mind.
For STF markets, WazirX charges about 25% of the fees from the profit, which means if a new trader has just joined WazirX and is working with an experienced trader to build his portfolio, then the total amount of the earning that he will earn will be divided into four parts and one part that will be charged by WazirX is fees of their services.
- Withdrawal fees
Other than the fees which are charged by WazirX as trading fees which they charge in return for their services, there is another type of fee as well, which is named withdrawal fees. These fees can vary from currency to currency that is being traded. For example, the withdrawal fee of Bitcoin is 0.0005BTC which is not a lot if you are withdrawing even 1 BTC. But it should be kept in mind that WazirX is allowing traders to only withdraw from 0.001 BTC to a maximum limit of 3 BTC without any limit of depositing BTC. That means any withdrawal attempt exclusive of this price bracket is not going to be catered by WazirX, so the traders who are looking to trade lesser or more BTC should keep this point in mind.
Other than that, WazirX also provides other types of currencies to exchange as well. And they all have pre-fixed fees. For USDT, the fee that is going to be charged by WazirX is 1.5 USDT. For the traders who are willing to exchange WRX, which is WazirX’s own coin, then traders will have to pay 10 WRX as fees of withdrawal.
All the traders who are living in India and other countries can benefit through the platform of WazirX. The platform is full of exclusive features, and not only that, but the platform is surely worth it for new and experienced traders as well because of fast and secured transactions and offering of the latest transactions. If you have decided to choose WazirX as your crypto exchange, head out to their platform if you wish to gather some more information regarding the registration process and how to work through the process, but as per my research, it is very easy and convenient to register and extremely reliable to work with.