A Detailed look into India’s Biggest Crypto Exchanges: WazirX Review 2021

WazirX Review 2021

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Everyone in the World is enriching themselves with the help of newly evolved cryptocurrency working through blockchain technology. Almost 5000 types of cryptocurrencies are available in the digital market. The net worth of digital currencies already exceeds the value of 2 trillion $. Not up to here, the value is increasing day by day. Why did the Indians leave behind in the race of crypto trading?

To ensure the 135 crore people of India, WazirX extends its hand. In this article about WazirX review, you will find the process of creating an account to withdraw money to the bank, from transferring fees to benefits of using WazirX.


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WazirX

It is India’s most reputed and fast-growing cryptocurrency exchange. It is a Mumbai-based Indian Company to provide users financial freedom without third-party involvement.

In March 2018, three friends cum software engineers Nischal Shetty, Sameer Mhatre & Siddharth Menon developed WazirX. Soon it became popular as cryptocurrency became a trend. Till the early April of 2021, it was able to collect 1 million users. But in the last three months, it became so popular that it got 2 million new subscribers.

At the end of 2019, the world’s most popular crypto exchange company Binance tied up with WazirX to provide an international platform for purchasing, selling, and trading cryptocurrencies like Bitcoin, Ripple, Dogecoin, Ethereum, Litecoin, etc.

WazirX Founders

Read: A Detailed review on CoinDCX

Overview

Exchange NameWazirX
CEO NameNischal Shetty
HeadquarterMumbai
Company OwnerBinance Holding Ltd.
Websitehttps://wazirx.com/
Mobile App facilityAvailable
Fiat CurrencyINR, USD, EUR, RUB, SAR, TRY
Available Cryptocurrency/ Crypto-tokenMore than 200
Trading PairsMore than 450
Deposit MethodsUPI, NEFT, RTGS, Wallet, Net Banking
Trading Fees  0.1- 0.25%
Deposit FeesNone
TP/SL OrdersNot Available

Key Features

#1 User-Friendly Interface

WazirX is built with high technologies to give a smooth and attractive interface for its users. It runs very fast without any lagging and became trustworthy among millions of beginners.

#2 Top Class Security

WazirX encrypts all data of users and transitions into a complex computer code. Developers gave a look every day to provide secure trading and exchanges.

#3 Quick Verification

WazirX collects the KYC details of the customer and verifies the details within one day. The process is much faster than any other crypto exchange in India.

#4 Multi-Platform Accessibility

WazirX is available on all types of platforms to access premium-level experience in trading. The  formats available in the market of WazirX are:

  • WazirX Web
  • WazirX Android App
  • Windows Version
  • iOS Mobile Version
  • Mac Apps

#5 Instant Transaction

WazirX is efficient to do large-scale transactions within seconds. Its superfast blockchain technology allows users to do transactions from the bank account.

#6 Fees-less Trading

The best part of this exchange is a free P2P trading facility. This particular feature made WazirX popular in India.

How to Open an Account on WazirX

#1 Sign Up on WazirX

Visit the website or download the app to register yourself as an active user.

#2 Fill Details

You have to put your email id and a strong password (preference password will also be shown at that time) to create the account.

WazirX Signup
#3 Verification of Email

A verification mail will arrive in your email, that you have to approve to go ahead with further account creation.

WazirX Email Verification
# 4 Security Set up

Two modes of security setup are available in WazirX.

  • Google Authenticator
  • Mobile SMS Verification

This security setup is needed to provide the utmost privacy. But google authenticator is best because the sim card may be lost or hacked.

#5 Select Country

You have to select your country for the last step of KYC verification to complete the procedure.

WazirX Country Selection
#6 KYC Verification

Without KYC verification, you can only deposit money and trade but you can’t withdraw the money. So KYC verification is suggested for full access.

The complete procedure of KYC verification:

  • Name as written on your National IDs (Passport, Aadhar Card, Driving Licence, etc.)
  • Date of birth
  • Address as per your ID
  • Photo of your ID
  • PAN number
  • A selfie of yourself at that time

Wazir usually takes 1-2 days to verify the details and approve the account.

How to Buy Cryptocurrencies on WazirX

In Mobile Application
  • Go to the ‘Spot Exchange’ option
  • Tap on the desired cryptocurrency that you want to buy
  • Select the ‘Quick Buy’ option
  • Enter the value for which you want to buy
  • Swipe the ‘Slide to confirm’ option
In Website
  • Click the option exchange
  • Select the option INR
  • Compare the price-pair chart
  • Fill the Order Form
  • Click the ‘Buy Now’ option

List of Cryptocurrencies Traded on WazirX

More than 200 cryptocurrencies are available on WazirX. Some popular ones are:

Bitcoin (BTC)Reef (REEF)Polkadot (DOT)FTX Token (FTT)
Ripple (XRP)Chiliz (CHZ)Aave (AAVE)Holo (HOT)
Dogecoin (DOGE)Compound (COMP)Ethereum Classic (ETC)Chainlink (LINK)
Tron (TXX)Cardano (ADA)Theta Fuel (TFUEL)Bitcoin Cash (BCH)
Dash (DASH)Ethereum (ETH)Matic Network (MATIC)SushiSwap (SUSHI)
Enjin (ENJ)Elrond Gold (EGLD)Litecoin (LTC)Fantom (FTM)

WazirX allows all three types of trading in cryptocurrencies.

  • Fiat-to-crypto
  • Fiat-to-fiat
  • Crypto-to-crypto

Accepted Payment Methods

You can use any of the following payment methods for depositing INR that can be used for buying any cryptocurrency.

  • UPI
  • NEFT/ RTGS/ IMPS
  • Bank Transfer
  • Net Banking

WazirX P2P

WazirX also provides peer-to-peer transactions for its users. Using this feature one can find the best matching crypto-pairs for investing. But you can only exchange through USDT.

WazirX Coin

With 2 million utility coins made through a public blockchain by Binance, WazirX also started providing their crypto coins named WRX. You will get discounts and several benefits by purchasing cryptocurrencies using the WazirX coin.

How to Withdraw from WazirX

You can easily withdraw money in the form of an INR or digital assets from the WazirX app or website. Follow the process for quick withdraw:

  • Go to the ‘Funds’ option
  • Click on the ‘withdraw’ button
  • Withdraw in form of INR by clicking ‘Instant Withdraw’ & ‘NEFT Withdrawal’
  • Withdraw your digital assets by transferring them to your preferred wallet address or by sharing QR codes.

Various Fees on WazirX

WazirX charges a minimal amount to its users for the facilities.

Trading Fees
  • Spot trading- 0.02%
  • P2P trading- 0%
  • STF trading- 25%
Deposit Fees
  • UPI – free
  • Net banking – 6.7 INR per transaction
Withdrawal Fees

WazirX charges a network fee while withdrawing digital assets or INR. Its value is volatile as per the blockchain load. Normally it consumes a little of the total asset value.

WazirX Security

WazirX looks safe from hacking. It saves all the data of users and transactions in a secured blockchain that is cryptographically encrypted.

The official website and the authentic app always use a two-step verification either through SMS or Google Authenticator to provide more safety to the users.

WazirX Referral Program

WazirX also started a referral program to bring more potential customers to its blockchain. It lets you earn up to 50% on the fees of trading.

WazirX Features

Conclusion

WazirX is an Indian-based company is providing excellent facilities in the crypto exchanges. For a beginner trader, it will be the best choice to start investing in the digital market.

WazirX Review 2021

BestBrokerIndia

User Friendly
User Interface
Fees
Deposit Methods
Availability of Cryptocurrencies
Security

Summary

4.3

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