WazirX Review – Is WazirX Really Good?

This WazirX Review discusses the WazirX features in general, charges, trading methods, etc. If you are looking for a complete WazirX Review, then you are at the right place.

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WazirX

WazirX Review

WazirX is an online cryptocurrency exchange that was the brainchild of Nischal Shetty and was founded in 2018. Nischal wanted to create a cryptocurrency exchange with a fantastic and easily understandable user interface to create the best possible UX (User Experience) for all his customers. 

All other Indian Cryptocurrency exchanges had below-par UX&UIs and were not user-friendly to the average person looking to get involved in cryptocurrency. Since then, WazirX has made immense strides with its user-friendly interface that anyone can understand and easily use with minimal effort.

Now, before I review the company and what it can offer to the average prospective cryptocurrency trader, let me first throw light on some important technical terms and the whole basic cryptocurrency and crypto trading process.

Cryptocurrencies vs. Normal Paper/ Coin Based Currency

Cryptocurrencies are vastly different from the normal paper-based dollars and rupees. The main difference obviously is that cryptocurrencies are not physical and rather digital currencies (means of exchange) that use cryptography for security. The other big difference is unlike normal notes and coins. Tangible assets like gold do not back these currencies. This is a big deal since it means that bitcoins have no real intrinsic value. Then why you may ask, is bitcoin so valuable at all, If there is no tangible asset backing the former? 

The answer is quite simple but may sound absurd to those new to the cryptocurrency market and trading. The whole currency runs on the trust millions of people have in the currency itself, with no actual tangible asset backing it at all.

The price of bitcoin is solely decided on the basic economic concepts of demand and supply. If one day, a very large part of the community decides that they don’t trust bitcoin anymore and start selling it, the real currency will crash down as there are no assets to support it.

Coins vs. Tokens/AltCoins

Cryptocurrencies have many different forms, as normal money has different forms in different countries like dollar, euro, pound, etc. There are two broad categories of crypto, mainly Coins and tokens.

Coins are based on a blockchain network, which is, in layman’s terms, a technological ledger. It records important information in such a way that it is impossible to hack the system. As a blockchain continues to grow, more blocks are added to the chain, adding more security.

The difference between coins and tokens is that coins are based on their native blockchain network, while tokens are built on an already existing blockchain. Coins have to be mined, while tokens or altcoins are given out through an Initial Coin Offering, much like an IPO or stock offering. Coins are mostly used for payments, while tokens have a variety of uses.

Mining Process

Mining is how new coins such as bitcoin and ethereum are created and come into circulation in the market. Anyone can mine as long as they have the required resources for it. Mining requires making very difficult calculations that require a powerful Graphics Processing Unit and a considerable amount of electricity.

Miners receive coins for their work after discovering a solution to a complex puzzle known as a hash. Many powerful GPUs working together are required to solve the hash the fastest and get coins. 

We have discussed some important concepts, which contrasts with other exchanges with adding; the company also charges trading fees. Let Contrasts with other exchanges with us review the most popular cryptocurrency trading site in India, WazirX.

What makes WazirX the Best App for Cryptocurrency?

  1. Credibility

Credibility is one of the biggest factors when dealing with online crypto traders. How can people trust an exchange site of a currency which already has no tangible assets to back it up? Traders need assurances before they are ready to use a site with their own money at stake, so credibility directly commands the company’s user base.

They both are directly related to each other; as the company’s user base grows, so does the credibility and vice-versa. WazirX is the most credible Indian cryptocurrency exchange by far, which is why it has such a big market share and number of users. One of the two main reasons for its credibility is that WazirX was one of the major reasons that the Indian cryptocurrency market did not die out in 2018 when RBI banned cryptocurrency trade and termed it illegal in India.

 Due to this decision, most of the Indian cryptocurrency exchanges went out of the market and closed their operations after suffering losses due to these decisions made by the RBI. But, WazirX held firm, and rather than closing shop and quitting, they introduced a P2P form of transactions rather than through a banking channel. WazirX served as the base market and platform of these transactions, where the buyer and seller made known his needs through the P2P model.

When a suitable match was found with both the needs of the buyer and seller matching each other, WazirX notified the two, and the trade could take place. Therefore, WazirX could conduct trades and act as a cryptocurrency exchange even without any banking channel to supplement the process. This made sure that the Indian crypto market survived a direct ban on the trade of the same.

WazirX has become a pioneer of the crypto space and soon attracted the attention of the leading crypto exchange company in the world, Binance. Binance then acquired WazirX, boosting the already credible site to unforeseen levels. Now WazirX has both immense credibility and the tools available from the expansive resources of Binance to command a huge user base.

  1. User Experience

Credibility gets people to sign up for the site, but the user experience makes them decide if the site is worth using.

The first and most vital point of the user experience is the user interface. Whenever a person installs any kind of application, they see the user interface of the application. If the UI is cluttered, clumsy, and complicated, then the application loses most of its prospective users even before using the application for what it does. 

Especially in a country like India, where the older generations are already skeptical of new online cryptocurrencies like bitcoin and not that tech-savvy. This is where WazirX thrives and is way ahead of its competition.

This isn’t surprising since the company’s founder already had a vision of a seamless and user-friendly experience when he started the company. Any person who can use the basic functions and a browser can easily understand and make trades on the site, with minimal window for any kind of confusion or complication arising from bad UI.

  1. Account Creation

 Opening an account is very simple and easy in WazirX.  There is no fee for making an account, and you just need to do basic things like give your email address for registration and set up your password. After that, you need to verify your email and set up your account security. Here, you can choose between two options, either a Mobile SMS service or an authenticator app made by google.

The authenticator application is a good method to increase the safety of your account. After this, you need to select your country and choose your account. WazirX offers the user an option of either creating an account with KYC or without KYC.

 KYC is a basic method used in finance to verify a person’s identity by providing sufficient evidence. To enable KYC, you need to submit an accepted KYC document which must have your full name, date of birth, and proper address. You also need to send a photo of yourself along with the scanned documents.

Enabling KYC provides the user with more features than the account without KYC. These features include withdrawal and access to the P2P mode of transaction. Overall the account creation process is simple, fast, and not complicated at all.

  1. Depositing/Withdrawing Funds and Buying Crypto

Depositing and buying are available even on the normal account while withdrawing funds require you to have a KYC-enabled account. The processing of depositing funds is very simple, and you can add funds through IMPS (Immediate Payment System), NEFT ( National Electronic Funds Transfer), and RTGS (Real-Time Gross Settlement), which costs 5.90 per transfer. You can also link your UPI ID for fast transfers, which costs 4 per transfer.

Buying Cryptocurrencies is easy in WazirX as it has a ‘Quick Buy’ option present, enabling the user to purchase crypto in three steps. You can buy crypto from either a browser-based website or a mobile application.

WazirX also has withdrawal fees apart from trading fees, which is given- The withdrawal fees for bitcoin are 0.0006 BTC, and the minimum withdrawal amount is 0.001 BTC. The maximum withdrawal amount is 3BTC, and there is no minimum deposit account. Overall the user experience is very apt and leaves little room for any kind of dissatisfaction.

  1. Trading Fees/Brokerage

Similar to brokerage and trading fees charged by various stockbrokers when users make trades, the company also charges trading fees on crypto trades. These greatly influence the decision of prospective traders about which crypto exchange site to be used, as no one wants exorbitant trading fees on their every trade.

On WazirX, the trading fee is just 0.2 percent of the trade. When using the token of WazirX called WRX, the trading fees get cut in half, bringing it down to a cheap 0.1 percent. A trading fee of just 0.1 percent of the trade contrasts with other exchanges, which have at least 0.2 percent trading charges.

This provides WazirX with another considerable advantage over the competition in the Indian crypto exchange market. The P2P market has various currencies in which people can trade like Euro (EUR), Indian Rupee (INR), Russian Rouble (RUB), Turkish Lira (TRY), etc. You can obviously use INR for transactions in India, and the buy and sell fees are nothing at all. The minimum sell/buy order should be 14.5 USDT.

WazirX provides smart token fund (STF) market transaction facilities that enable traders to heed the advice and knowledge of experienced crypto traders who can greatly help them get better profits. Under this type of trading, WazirX collects ¼ of the profit as fees.

How WazirX Became The Top App For Cryptocurrency

WazirX had made so much progress in such an astoundingly small time that it attracted the attention of Finance, which is the biggest cryptocurrency exchange in the world. In late 2020, Binance acquired WazirX, further bolstering the company’s credibility.

Although 2020 was a very bad year for most businesses and the overall Indian economy, it was completely the reverse for WazirX. This was so as the Supreme Court made the curb on cryptocurrency trading illegal in early March. WazirX token rose by 25 percent after the judgment, setting it up for success and giving indications of the stellar year ahead.

WazirX doubled its user count from 1 million to over two million users in just 78 days in June of 2021, easily making it the biggest Indian cryptocurrency exchange. It was the 27th biggest cryptocurrency exchange globally based on trading volumes, traffic, and legitimacy. In addition, it also crossed 200 million dollars in trading value, both of these in April this year. The company is eyeing a goal of 1 Billion dollars in trading value by the end of 2021.

Additional Features That Make WazirX Stand Out

WazirX provides a host of other features to supplement the user and ensure they answer every need. These include –

  1. Advanced Trading Tools

Important price and historical data are shown to users in the form of graphs; the research department of WazirX has made sure that the site has all the features and tools necessary so that the trader can make an informed decision.

  1. Very Smooth Experience

Even though WazirX goes through millions of trades, it can provide a seamless experience to the consumer and easily handle all the trades quickly and efficiently, contrasting with other exchanges.

  1. Wide Variety of Cryptocurrency

WazirX pairs its users with USDT ( a tether USD currency) backed by tether’s US reserves (dollars). With this, the user can trade in more than hundreds of cryptocurrencies.

Now that we have talked about all facets of WazirX and what it does best. Let us also look at some cons and some aspects to improve upon.

Things To Keep In Mind While Choosing WazirX

There have been numerous complaints about the disappointing customer service of the company and how they have not been able to keep pace and increase their customer support to match the sudden increase of users on their site. The USD tether quickly and efficiently used is prone to fluctuation and may fluctuate daily, usually at a higher price than in the international market.

WazirX has usually been able to handle all the millions of trades and orders quite fast. But, in peak hours and especially after the sudden increase in the number of users, there are times when the site starts hanging due to the sheer amount of traffic that it can’t take.

There is also no margin trading facility available where investors can use collateral to invest more than they could with their resources. KYC identity proof takes about 2-3 days, which is much too long for everyday traders and should be reduced to just one day or 12-24 hours if possible.

Final Word

In conclusion, WazirX is the site where everyone interested in crypto trading should go. This is so because of many factors, one of them being its immense credibility, which has been further bolstered by being owned by the biggest crypto exchange company in the world. The User Experience of the browser-based site and the mobile application is simple and makes sense.

It is clear-cut and does not unnecessarily overcomplicate things for prospective traders. It is safe to say that its founder has successfully managed to achieve his vision of a user-friendly site that provides a seamless experience.

WazirX has one of the lowest trade fees on trades when using its token WRX, at just 0.1 percent, which is sure to attract many traders. It has a wide range of cryptocurrencies to choose from, and the overall process from account creation to the withdrawal of money is all very good.

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