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wazirx-1234880035035 WikiBit 2023-07-25 12:45

WazirX is a virtual currency exchange based in India. Founded in 2018, the company offers a wide range of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and more. While the re

Founded 2018
Regulation No regulation
Supported Cryptocurrencies 10
Fees 0.2%
Funding Methods Bank Transfer, Net Banking, NEFT/RTGS/IMPS, UPI, cryptos
Customer Service Email, support@wazirx.com, live chat

Wazirx Overview

WazirX is a leading Indian cryptocurrency trading platform that has gained significant popularity and a strong user base since its launch in March 2018. Founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon, WazirX offers a user-friendly crypto trading app with a range of impressive features.

Pros & Cons

√ Pros × Cons
  • Super-fast KYC
  • No regulation
  • Support for P2P and NFT
  • US restriction
  • Instant deposits

Pros Revealed

  • Super-fast KYC: WazirX offers a quick and hassle-free KYC (Know Your Customer) process, allowing users to start trading cryptocurrencies swiftly.

  • Support for P2P and NFT: WazirX supports Peer-to-Peer (P2P) trading, enabling users to directly trade cryptocurrencies with each other. Additionally, it facilitates the trading of Non-Fungible Tokens (NFTs), which are unique digital assets.

  • Instant deposits: WazirX provides instant deposit options, allowing users to quickly add funds to their accounts for trading purposes.

Con Revealed

  • No regulation: As of now, the cryptocurrency industry is not heavily regulated in many countries, including India. This lack of regulation can pose potential risks for users, as there may be limited legal protections in case of issues or disputes.

  • US restriction: WazirX does not currently serve users from the United States, which limits accessibility for individuals in that region.

Regulatory Compliance

wazirx currently has no valid regulation, which means that there is no government or financial authority oversighting their operations. It makes investing with them risky.

If you are considering investing with wazirx, it is important to do your research thoroughly and weigh the potential risks against the potential rewards before making a decision. In general, it is recommended to invest with well-regulated exchanges to ensure your funds are protected.

Is wazirx Safe?

WazirX takes the security of its users accounts seriously and provides several measures to ensure the protection of user information.

  • Two-Factor Authentication (2FA):

WazirX strongly encourages users to enable 2FA on their account. This provides an additional layer of security by requiring a second verification step, such as an OTP, when logging in or performing specific actions.

  • App-based 2FA:

WazirX recommends using app-based 2FA methods like Google Authenticator, which generate OTPs offline. This adds an extra level of protection compared to OTPs delivered via SMS or email.

  • Secret key storage:

When setting up 2FA, users are advised to store the secret key in a secure location. It is important to avoid storing it on devices or in email accounts, as these can be vulnerable to hacking.

  • Privacy of 2FA app/device:

Users should never share their 2FA app or device with others. This ensures that only the account owner has access to the 2FA codes and reduces the risk of unauthorized access.

  • Protection of 2FA codes/OTP:

Users must never share their 2FA codes or OTPs with anyone, even if they claim to be from WazirX. WazirX representatives never require the OTP for assisting with any issues.

Cryptocurrencies Available

WazirX offers a selection of popular cryptocurrencies for traders to buy, sell, and trade on their platform. Here is a description of some of the cryptocurrencies available on WazirX:

  • Bitcoin (BTC): Bitcoin is the first and most well-known cryptocurrency, often referred to as digital gold. It operates on a decentralized peer-to-peer network and serves as a store of value and a medium of exchange.

  • Ethereum (ETH): Ethereum is a blockchain platform that not only supports its cryptocurrency, Ether, but also allows the creation of smart contracts and decentralized applications (DApps). It has gained popularity for its programmable and versatile nature.

  • USDT (Tether): Tether is a stablecoin that is pegged to the value of the U.S. dollar. It aims to provide stability to the cryptocurrency market, allowing traders to hedge against volatility or easily transfer value to other exchanges.

  • TRON (TRX): TRON is a decentralized blockchain platform that focuses on the digital entertainment industry. It enables content creators and users to interact directly without intermediaries, providing a decentralized ecosystem for entertainment applications.

  • MATIC (Polygon): Polygon, formerly known as Matic Network, is a Layer 2 scaling solution built on Ethereum. It aims to boost transaction speeds and reduce fees while maintaining a high level of security and decentralization.

  • Dogecoin (DOGE): Originally created as a meme cryptocurrency, Dogecoin has gained significant popularity. It is known for its fun and lighthearted community and has been used for charitable causes and tipping content creators.

  • SHIB (Shiba Inu):IB is an ERC-20 token that gained attention as the “Dogecoin killer.” It is a decentralized experiment in community building and aims to be more than just a meme token.

  • Solana (SOL): Solana is a high-performance blockchain platform that focuses on scalability and speed. It aims to provide fast and low-cost transactions, making it suitable for decentralized applications and decentralized finance (DeFi) projects.

  • Cardano (ADA): Cardano is a blockchain platform that aims to provide a secure and scalable infrastructure for the development of decentralized applications and smart contracts. It places an emphasis on peer-reviewed research and a layered architecture.

Other Services

1. Corporate Account:

  • WazirX offers corporate accounts for businesses, companies, partnerships, limited liability partnerships (LLPs), and Hindu Undivided Families (HUFs).

  • To create a corporate account, users need to go through a comprehensive KYC (Know Your Customer) process, providing detailed information, including PAN details, passport/Aadhar/driving license information, and more.

  • The KYC process ensures compliance and security when engaging in cryptocurrency trading activities.

  • Corporate accounts enable businesses to participate in cryptocurrency trading on the WazirX platform.

2. Referral Program:

  • WazirX's Referral Program allows users to earn rewards by referring friends to the platform.

  • Participants can earn up to 50% of the trading fees paid by their referred friends as a reward.

  • Rewards are paid out every 24 hours, providing users with a steady stream of incentives.

  • The program encourages users to expand their network and earn rewards for their referrals.

  • It's a way for users to benefit from the growth of the WazirX user base.

3. Market Maker Program:

  • The Market Maker Program is designed for traders who want to provide liquidity to specific spot markets on the WazirX platform.

  • Participants in this program are given a composite score based on their performance across various trading pairs.

  • Market Maker fees are assigned based on the score rankings, and participants enjoy benefits such as priority resolution for support queries, priority tech support, and reduced trading fees.

  • This program incentivizes traders to contribute to the liquidity and stability of the platform's markets.

4. WazirX API (Application Programming Interface):

  • WazirX provides a comprehensive API for developers and traders to access various functionalities of the platform programmatically.

  • The API allows users to automate trades, access real-time market data, and integrate trading strategies or applications with the exchange.

  • It is organized into publicly accessible endpoints for market data and exchange status, as well as private authenticated endpoints for trading, funding, and user data.

  • Developers can build custom trading bots, monitor crypto rates in real-time, and create innovative trading solutions using the API.

These services collectively provide a range of options and opportunities for users, from corporate entities looking to engage in cryptocurrency trading to traders seeking to earn rewards through referrals or provide liquidity to the platform's markets. The WazirX API further enhances the trading experience by offering programmable access to exchange features.

Fees

WazirX charges 0.20% flat fees, which means that both makers and takers pay the same amount. Today, an increasing number of exchanges are reducing trading fees to 0.10%, compared to which 0.20% is slightly higher than the industry average. WazirX deposit fees are reasonable in BTC, in tune with the industry average.

Cryptocurrencies can be traded in three markets: the spot market, peer-to-peer market, and STF trading.

Trading fees for spot market trades are 0.2% for both the buyer and seller for most cryptocurrency pairings.

Service Fee Notes
Deposit Free No fees charged for cryptocurrency deposits.
Spot Market Trading 0.2% (Buyer) Applicable to most cryptocurrency pairings.
0.2% (Seller)
Peer-to-Peer Trading 0.2% (Maker) Applicable to users who create limit orders in the P2P market.
0.2% (Taker)
STF Trading Varies Fees for STF trading (aka Futures trading) depend on the specific contract and are subject to change.
Withdrawal Varies Fees for cryptocurrency withdrawals vary depending on the specific coin. Please refer to the WazirX website for the latest withdrawal fees.

Funding Methods

WazirX provides users with multiple payment methods to deposit funds into their accounts for trading purposes. These payment methods include bank transfer, net banking, NEFT/RTGS/IMPS, UPI, and various cryptocurrencies.

When it comes to withdrawing cryptocurrencies from your WazirX wallet, there is a fee associated with the transaction. For example, if you want to withdraw 1 BTC, a fee of 0.0005 BTC will be deducted from the total amount. As a result, you will receive 1 BTC - 0.0005 BTC = 0.9995 BTC in your receiving wallet.

It's important to note that while WazirX does not charge any fees for cryptocurrency deposits, there may be a small fee required to send the cryptocurrencies to the blockchain. This fee ensures that your transaction is prioritized and confirmed by the mining network in a timely manner. If a low fee is paid, the transaction may face delays or remain unconfirmed indefinitely.

How to open account?

Step 1: Visit the WazirX website or open the WazirX app

You can either visit the WazirX website (https://wazirx.com/) or open the WazirX app on your mobile device.

Step 2: Click on “Sign Up”

On the WazirX website or app, you'll find a prominent “Sign Up” button. Click on it to begin the account creation process.

Step 3: Enter your email address and password

In the next step, you'll be asked to enter your email address and choose a strong password. This will be the primary way WazirX communicates with you and secure your account.

Step 4: Agree to the Terms of Service and Privacy Policy

Carefully read through WazirX's Terms of Service and Privacy Policy. Once you understand and agree to them, check the box next to the relevant text.

Step 5: Verify your email address

WazirX will send a verification email to the address you provided. Open the email and click on the verification link to confirm your identity.

Step 6: Complete your KYC verification

To comply with regulatory requirements, WazirX requires you to complete Know Your Customer (KYC) verification. This process involves providing personal information, such as your full name, date of birth, and country of residence, as well as uploading a copy of your government-issued ID.

Step 7: Activate 2FA

For enhanced security, WazirX recommends enabling two-factor authentication (2FA). This adds an extra layer of protection by requiring a code from your phone in addition to your password when logging in.

Step 8: Fund your account

Once your account is verified, you can fund your account using various methods, including bank transfer, debit card, or cryptocurrency transfer.

Step 9: Start trading!

After funding your account, you can start trading cryptocurrencies on the WazirX platform. The exchange offers a variety of trading pairs and order types to suit different trading styles.

Remember, it's crucial to keep your WazirX account information secure and never share your login credentials with anyone. Also, familiarize yourself with WazirX's trading fees and policies before you start trading.

How to buy Cryptos?

  • Begin by creating an account on WazirX and completing the KYC process.

  • Deposit Indian Rupees (INR) into your WazirX wallet.

  • Choose your preferred cryptocurrency from the list of available options.

  • Indicate the amount of INR you want to invest.

  • Carefully review the order details for accuracy.

  • Confirm your purchase.

After completing these steps, the cryptocurrency you've bought will be securely stored in your WazirX wallet. You can opt to hold it for long-term investment or transfer it to another wallet for future use.

Compare to Other Cryptocurrency Exchanges

Exchange Fees Cryptos Website
wazirx 0.2 % 10 https://wazirx.com/
StormGain 0.012%-0.10% 350+ https://www.StormGain.com/en
eToro 1% 79 https://www.etoro.com/
Phemex 0.1% (spot), 0.06% 0.01% (futures) 334+ https://phemex.com/

Is WazirX good for you?

WazirX, as a cryptocurrency exchange, has both its strengths and weaknesses. It offers a user-friendly interface, robust security measures including 2FA, and supports P2P trading and NFTs. Additionally, it provides users with a wide range of cryptocurrencies to choose from and instant deposit options. However, it lacks regulation, which may raise concerns about user protection. The platform also restricts access to users from the United States. Customer support experiences vary, and trading fees are slightly higher than some competitors. In summary, WazirX can be a suitable choice for those comfortable with the associated risks, seeking a variety of cryptocurrencies, and valuing user-friendly features, but it may not be the top pick for everyone, especially those looking for a heavily regulated exchange.

User Review

User 1: Hey there! So, I‘ve been using WazirX for a while now, and I gotta say, I’m impressed! First off, the security measures they have in place are top-notch. I feel safe knowing that my funds are well-protected. The interface is also super user-friendly. It‘s easy to navigate and place trades without any hassle. And let’s talk about liquidity, man! It‘s amazing! There’s always enough volume for me to buy or sell, even during peak trading hours. Plus, they offer a wide range of cryptocurrencies to choose from, which is a big plus for me. The customer support is pretty decent too, always ready to assist whenever I have any issues. My only gripe? The trading fees can be a bit high, especially for frequent traders. But overall, WazirX has been a great experience for me!

User 2: Yo, I recently hopped onto the WazirX bandwagon, but I gotta be real with you, I‘m not completely sold. The regulation aspect kinda worries me. It feels like they’re lacking in this department, and it makes me question the safety of my assets. The interface is alright, nothing fancy. It gets the job done, but it could definitely use some improvements to make it more user-friendly. Liquidity-wise, it‘s hit or miss. Sometimes there’s decent volume, but other times it feels lacking. The selection of cryptocurrencies is decent, but I wish they had more options. Now, let‘s talk about their customer support…ugh! It’s been a nightmare! Slow responses and inconsistent assistance. Not cool. On the bright side, the trading fees are relatively low, which is a plus. And I haven‘t had any issues with privacy or data protection. However, the deposit and withdrawal speeds are not the fastest. Also, I’ve experienced some order glitches, which makes me question the stability of the exchange. So yeah, WazirX has its ups and downs, but its not my top pick.

Conclusion

In conclusion, WazirX is a prominent Indian cryptocurrency trading platform that offers a user-friendly interface, strong security measures including 2FA, and supports P2P trading and NFTs. It provides a variety of cryptocurrencies for trading and instant deposit options. However, it lacks regulation, which can raise concerns about user protection, and it restricts access to users from the United States. Customer support experiences vary, and trading fees are slightly higher than some competitors. Ultimately, WazirX can be a suitable choice for users comfortable with associated risks and seeking a wide range of cryptocurrencies, but it may not be the top pick for those prioritizing heavy regulation and lower fees. It's important for potential users to conduct thorough research and consider their individual preferences and risk tolerance before choosing this platform for cryptocurrency trading.

Frequently Asked Questions (FAQs)

Q 1: Is wazirx regulated?
A 1: No. It has no regulation.
Q 2: At wazirx, are there any regional restrictions for traders?
A 2: Yes. U.S. citizens are restricted from using wazirx in the United States. Four states in the U.S. have also restricted access to wazirx: Hawaii, New York, Texas, and Vermont.
Q 3: Can Traders Open a WazirX Account Without KYC?
A 3: Yes. Without KYC, traders can only deposit your existing cryptos into your account and trade with the cryptos. However, you can deposit INR, withdraw money, and conduct P2P transactions with full KYC.
Q 4: Is It Possible to Short Sell in WazirX?
A 4: WazirX currently does not permit short-selling of any cryptocurrencies on its trading platform.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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