Wazirx exchange review.
Crypto projects are often preoccupied with different ways to promote themselves in a space full of loud and fast-moving players. One way involves handing out tokens to their users in return for learning, playing or even just walking around.
You may not need to buy or mine crypto to acquire some coins these days, but you do still have to give something in return – often it’s your time or attention. In some cases, you will still have to pay an initial lump sum to start earning income over time through your activities.
Whether these projects can prove sustainable in the long term is very much an open question.
Launched in 2018, WazirX exchange claims to be India’s fastest growing cryptocurrency exchange with over 400,000 users, with an average app rating of 4.6. WazirX is a part of the Binance ecosystem. WazirX and Binance have launched a $50 Million USD ‘Blockchain For India’ fund. The exchange is available for the global audience, and key features include:
- Instant INR (fiat) deposit and withdrawal options
- Smart Token Fund to help crypto investors find expert traders, and let them manage their cryptocurrency portfolio
- World’s first auto-matching P2P engine with high liquidity
- 80+ tokens
- Login via Binance option
You can buy Bitcoin with your WazirX account by depositing INR in your WazirX account. It’s simple to buy any cryptocurrency from WazirX.
- Add Money to WazirX INR Wallet
- After KYC is approved, the first step before you start trading on WazirX, is to add money to your WazirX wallet.
- You can deposit as much as you can. The wallet of the WazirX allows the Indian rupees deposits via UPI, IMPS, RTGS, and NEFT. One can start with a minimum amount of Rs 100. However, there is no bar limit to deposit money above this. I strongly suggest starting with the minimum.
- To deposit the INR into the WazirX wallet, you need to login and then click on the Funds.
- For this, select the given option, “Rupee INR,” and then click on the given deposit section as mentioned in the image. After that, you need to link your bank account details with your WazirX wallet.
Once you’re done with this, you’ll be allowed to Instant Deposit using the RTGS/IMPS/NEFT or UPI
Money will be instantly credited to the WazirX account and can even be withdrawn from the account. Now that money is added, and once the amount reflects in your WazirX account, we can now start buying any cryptocurrencies.
#1. WazirX Trading Fees
You can trade cryptocurrencies in three different markets, namely the spot market, P2P market and STF trading.
Trading fees for spot market transactions
The trading fee is 0.2% for both the buyer and seller for most of the cryptocurrency pairs.
You would get a 50% discount on trading fees when you enable the option to use WRX token to pay translation fees. Enable from Settings-> Fee Settings-> Pay Trading fees with WRX.
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. WazirX does not disclose the maximum sell order size on the website.
WRX is the utility token of WazirX. WRX token is based on the Binance blockchain. Its total supply is 1 Billion. The token holders will be rewarded with various benefits on the trading exchange like trading fee discounts, WRX trade mining, token airdrop, margin fee, and more. WRX and WRX are backed by Indian entrepreneurs with over 10 years of experience in building and scaling global products out of India. WazirX was also acquired by Binance in November 2019. The goal of WazirX is to make crypto accessible to everyone in India.
WazirX Minimum & Maximum Investment
The minimum deposit amount is Rs. 100 in your WazirX account. There is no upper limit to the amount of money that you can deposit.
You can invest in a few of the cryptocurrency that costs less than Rs. 100. For example, TRON is presently priced at Rs. 10.50.