Listen to this article now
WazirX came into limelight in November 2019 when Binance, the top-rated cryptocurrency exchange in the world, acquired this Indian Cryptocurrency exchange.
WazirX is India’s biggest Cryptocurrency exchange by numbers.
Wazirx, let’s you trade in Bitcoin, ETH, Litecoin, and many more coins on its platform. It also has its own coin – WRX, which you can use to pay the transaction fee of trading on Wazirx (similar to BNB for Binance).
Quick Facts about WazirX
|Founders||Nischal Shetty, Sameer Mhatre |
and Siddharth Menon
|Highest Volume Traded (24 hours)||$31 Million ( August 14, 2020)|
|Market Cap (September 16, 2020)||$ 24 Million|
|Market Rank (Coinmarketcap)||#309|
|Payment Mode||Bank Transfer, UPI & Cryptocurrency|
WazirX review – Overall outlook
Binance acquiring WazirX a big step into a country where on the one hand, cryptocurrency is getting wider acceptance, and on the other hand, the government is mulling to ban cryptocurrency altogether ( A move struck down by Supreme Court on March 5, 2020)
Currently, Cryptocurrency is perfectly legal in India. And WazirX is the biggest cryptocurrency exchange in India dealing in this ecosystem.
Before we dig deeper into my experience in this post on WazirX review, let’s look at the quick list of all the features provided by WazirX:
- iOS and Android app
- Desktop client for both Windows and macOS
- 200+ coin pairs to trade
- Supports INR, USDT, BTC & WRX based pairs
- P2P support
These features make WazirX a strong cryptocurrency exchange for Indian users.
WazirX Features – Platform, Fee & other features
There are two types of fees on Wazirx: Trading Fee & Withdrawal Fee.
Trading fee details
Spot market trading fee
In spot market, Wazirx collect flat 0.2% trading fee from both buyer and seller.
P2P trading fee
In the case of the P2P market, in India, Wazrix allows only USDT/INR transactions.
The trading fee for P2P market transactions is 0%. But there is minimum order value of USDT 14.5. The maximum order value you can transact on P2P marketplace is USDT 2000.
If you are not in India, then you can transact in following coins against USD Tether (USDT)
- Euro (EUR)
- Indonesia Rupee (IDR)
- Nigerian Naira (NGN)
- Russian Rouble (RUB)
- Suadi Riyal (SAR)
- Turkish Lira (TRY)
- Ukrainian Hryvnia (UAH)
STF (Smart Token Fund) trading fee
STF is a unique feature of WazirX in which it allows new cryptocurrency traders to take help from experience traders on the platform to grow their capital.
For facilitating such transactions – WazirX charges a flat 25% fee on profit.