WazirX Comprehensive Review 2022

WazirX is one of India’s most trusted cryptocurrency exchange platforms and is part of the Binance group. It is one of those platforms where you can trade, buy or sell any form of cryptocurrency available on the platform efficiently without any extra cost without paying a fee for joining. 

Launched in 2017 by Nishal Shetty, it has been ever booming since then. WazirX is a p2p platform, also known as peer-to-peer, where it lets you trade and sell your Tether or USDT  with others directly. 

If you are considering joining the crypto family, which is a strong community of lakhs, then WazirX is one of the platforms that’ll help you trade with the right people. But, being said, you’d still want to check in and evaluate every single outlook of the platform with us through this content. 

Continue reading if you want to find out whether you should be setting your foot forward into the world of crypto via WazirX.

Pros And Cons of WazirX

WazirX At A Glance

WazirX Exchange: Company Overview 

WazirX is the largest crypto trading platform in India. Being a part of the Binance group, which serves users across 180 countries, has grown as the most trusted platform for trading in the Indian market. The platform is run under the supervision of Sameer Mhatre, Siddhart Menon, and Nischal Shetty.   

WazirX has a trading volume of about $ 5.4 billion per month and continues to grow at a very high exponential rate, as the new users keep on adding up daily, with high trading activity. Besides, users signing up for the platform can invest in the platform’s native token. Initially, it was introduced as a reward program for the WazirX community.

The huge fan-following #IndiaWantsCrypto movement was also introduced by Nischal Shetty and WazirX and had about 5 million reach on social media. This enabled WazirX to experience unmatched growth.

Cryptocurrencies Supported in WazirX

WazirX is one of the most used platforms in India, meaning many Indian Crypto traders are waiting to invest in almost all the potential cryptocurrencies. The platform brings users onboard with projects of all shapes and sizes for users to diversify their portfolios. 

Keeping that in mind, WazirX supports major cryptos that include:

Cryptocurrencies Supported in WazirX

In addition, WazirX is also open to listing new and potential crypto projects on their exchange. Therefore, users who are available to explore new projects without opening a new account in a different exchange might love this platform. 

Key Features Of WazirX

Many investors and traders across India are using WazirX, so it’s known for the developer to make it user-friendly and add a few key features to give its users an overall good experience. 

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Easily Accessible:   

One of the primary reasons fueling the reluctance towards cryptos is the lack of easy accessibility. As a result, many people want to invest in crypto but lack easy access to the platform. This is where WazirX sweeps in to fill the gap with unmatched accessibility.  

Anyone with a proper internet connection & a smartphone or any other device can use it, all you have to do is download it, and you’re good to go. This simple step gives you access to an extensive range of cryptos allowing you to enjoy a seamless trading experience with minimal hassle.

Seamless Compatibility:

Seamless accessibility to crypto trading remains a far-fetched dream for many. Most people these days are done with the conventional approach of sitting near a desktop to trade their cryptos. Keeping that in mind, WazirX ensures seamless compatibility with different devices. 

WazirX has a seamless application supported by almost all devices, be it Android, iOS, Windows, or macOS. The application is of great help for you to stay updated with the most real-time change in your trades. 

Trading account: 

Getting started with crypto trading can be an overwhelming experience for anyone. Regardless of your competence, crypto is complex and different traders have different requirements. Fortunately, WazirX has found the ideal solution to this complex issue.  

WazirX provides its users with multiple trading accounts and is beginner-friendly. Anyone can sign in to the platform, use the primary user accounts, and access the basic features free of cost. It also has P2P & OTC access to users completing their KYC.

Analytical Charts: 

Understanding crypto trading and comparing different cryptos can be an overwhelming experience. Regardless of if you are a beginner or an advanced trader, no one can emphasize the analytical charts perfectly & everyone wants a piece of the advanced chart to make the correct trade at the correct time. 

WazirX has all the conventional tools that help you access graphs, indicators, & charts with real-time data from the market. This makes it much easier for you to make necessary comparisons and make right and informed decisions. Thus, realizing your trading goals with minimal hassle becomes much easier.  

Additional Features Of The Platform

The ones mentioned above were some of the primary features of the WazirX platform. However, that’s not all, as the platform has some additional features that need to be highlighted. Here’s an overview of the additional features of the platform:

1. Withdrawals and Deposits: The payment methods in WazirX are smooth and hassle-free and have few constraints. The payment can be done via UPI or directly by giving your bank details.
2. Access To New Launches: A high-end trader or an everyday investor, everyone knows how crucial new crypto is. Because of the potential it has. The sooner you get, the better it is. So WazirX has a feature where it launches new crypto, no matter the date or day, and allows you access seamlessly to know what the market has to offer.
3. Wallets: Since WazirX has an NFT buying option, it should also be kept in mind that it also provides the traders’ wallets for them to store in their NFTs. WazirX has linked up with MetaMask, Binance Chain Wallet, and Atomic Wallet., a haven for your NFTs.
4. Financing: Besides the money generated from your trades, users also have the function of financing their accounts with various engagement programs. With the help of your trading skills, WazirX also offers its traders to earn crypto from referrals and by playing Games.
5. Inbuilt blogs and updates to news: WazirX has inbuilt blogs and news updates to keep you updated with the new market and its trends. You can read about and learn about blockchains, market updates, cryptocurrencies, NFTs, new listings, latest announcements, and advanced trade methods. It is power-packed with data which is a must-read for people who are into trading and crypto. 
6. Referral Program: WazirX has its referral program on which the platform provides you 50% of what our friends trade(who have come under our referral) directly in our WRX. The more they trade, the more we earn.

Trading Experience

WazirX has a welcoming and similar trading experience for all its users! The platform’s dashboard is designed to help beginner and advanced traders make the most of their crypto journey. The UI of the dashboard is clean, simple to navigate, and comes with a great view of all the different trading options you can access. 

Beginners can access basic trading in WazirX, where you can trade the cryptocurrency in an elementary form, meaning they can only perform simple trades like buying cryptos. Nothing extra, so once you get used to it, one can always opt for advance trading. 

Besides, WazirX is also open to the idea of accepting NFTs on its platform! Users signing up for the platform can buy, sell, or even store their NFTs via the integrated Metamask. You can buy NFTs and also participate with NFT airdrops frequently. Some holders, having specific crypto, can also automatically receive NFTs. 

Fee Structure 

WazirX allows users to trade their crypto tokens over three markets: P2P market, spot market, and STF trading. The platform charges a 0.2% spot fee for buyers and sellers for most of the available crypto pairs. 

In addition, users are also entitled to a 50% discount on the overall trading fees once they start using WRX tokens to pay for the translation fees. 

Besides, there are no charges for users who want to buy or sell USDT. However, here’s a catch! The minimum buy or sell order value must be around 14.5 USDT, while the maximum purchase order can be 2000 USDT. 

However, the charges apply only for trading and during the withdrawal time, or else the user can sign- in free of cost and start trading with a minimum of Rs. 100. The trading charges are 0.20% on average and about ₹ 10 per transaction/ withdrawal. 

Besides, you also get coupons and referral bonuses like any other crypto trading platform. So it is safe to say, WazirX has no hidden charges attached to its services. 

Security

When it comes to money, and it is on-off trade using your data, people often feel skeptical, and the question is whether it is safe to trade from this platform or any other available platform. 

While we can’t vouch for all the platforms, some are genuine and secure, and WazirX is also one of them. Keeping in mind thousands of daily users, it’s safe to say that WazirX is one of the safest and most secure crypto trading platforms, where people can try to hack. So WazirX has a team that always responds to that malware and threats and keeps your account safe. 

And to avoid any of the other security issues, make sure you have Two Factor Authentication (2FA) & OTP enabled. Also, WazirX was recently bought by Binance, one of the world’s most trusted cryptocurrency exchange platforms, so you can stay rest assured. 

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Opening A WazirX Account

As technical as it may sound, when we say the term Crypto Trading it’s that easy to open an account, which takes only a few minutes of your time. 

Step 1: Search for WazirX’s website or download it on your device. 

Step 2: Once you download it or come to their leading landing site, you’ll see the ‘Sign Up’ option located on the top right section of your desktop. 

Step 3: Complete the registration process, where you need to add your details and your govt id to verify your details.  

After you’ve followed all the necessary registration steps, it’s time to link in the payment methods and start trading!

Customer Satisfaction

According to the reviews and stats, supplied by people, it had a ratio of 3:7, where some people liked how WazirX said it was very easy to use, had a simple UI /UX which could be handled by a newbie, and has about make crypto which you could easily trade. But, the platform did have many setbacks including poor customer service, difficulty while withdrawing their amount, delay in the amount being credited, and a sudden drop of server while buying crypto.  

It also has excellent reviews, where the smooth trading system is complimented. WarizX has a rating of 3.51, which is pretty good for a platform where you will certainly be criticized, but still, many users are experiencing seamless trading, and every day more and more people sign in on WarizX. 

WazirX Vs. Competition  

Though WazirX was launched in 2017, only after a few years did Binance Holdings, recognized as the world’s largest cryptocurrency exchange by trading volume, take control of it. With WazirX, capital with an INR base may be withdrawn and deposited quickly and easily. One of the essential aspects of WazirX is it’s user-friendly, making it simple for non-techies to buy and sell cryptocurrencies via a Live Open Order Book method. 

Additionally, it contains built-in charting capabilities that make it easier for users to study pricing, trends, and historical data. The Fiat Gateway platform of Binance, which is accessible on Android and iOS smartphones, distinguishes the WazirX exchange from rivals.

So let’s compare WazirX with one of its leading competitors Zebpay.

WazirX Vs. Zebpay

As you can see, both WazirX and Zebpay have their unique offerings to attract customers and serve them effectively. However, the table above spells out the differences between both platforms allowing you to make an informed decision when choosing the right crypto trading platform. So ensure to use this information as a reference whenever you are looking for an ideal crypto trading platform in India.   

Final Verdict

There is no doubt that WazirX is one of the finest crypto trading platforms you can find in the market. But this does not mean the platform is free of all flaws. As a crypto trader, it is essential to ensure you are well aware of both the strong points and shortcomings of WazirX. So let’s check out some of the strong features and flaws of WazirX to help you make a better and informed decision.   

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Should You Consider Using WazirX?

With many earning options from crypto curries and many crypto exchange platforms emerging, WazirX can be considered one of the safest and easy-to-use platforms. 

1. Low fees: Though WazirX charge is a bit higher than that of Binance, it’s still low compared to any other platform. The highest cost for trading is an average of 20% and Rs.10 per withdrawal. So all things aside, you need not worry about trading fees into your returns when trading your cryptos with WazirX. 
2. Wide Selection of Tokens: WazirX has an extensive range of cryptocurrencies available on its platform and can seamlessly access through all pairs, which also includes big pairs like Bitcoins (BTC), Ethereum (ETH ), Dogecoin (DOGE), SHIBU INU, and it’s own token WRX as well. This ensures you can make the most of every opportunity that comes your way and amplifies your returns with no hassle whatsoever.  
3. Access to trading NFTs: NFTs have recently been a topic of discussion among many. Nowadays, almost everyone is talking about NFTs and looking for ways to invest in them. WazirX is such a platform where you can buy or even sell NFTs without any issue and store your NFTs, as integrated with Metamask.
4. Stringent security measures: WazirX puts in extra care to safeguard your accounts and funds, with a high-security system with very efficient, user-friendly ways to keep it secure. The platform has many security features such as 2FA, cold storage, and more. All things aside, WazirX is undoubtedly the platform you need to enjoy a seamless and secure crypto trading experience.

Shortcomings Of WazirX

Even though WarizX is one of the most acceptable Indian cryptocurrency platforms, it still comes with shortcomings. 

1. Lack of options for passive income: The crypto market is evolving at an unprecedented pace which further plays a key role in increasing the competition among different platforms. Thus, many platforms offer their traders the option to earn passive income. But unfortunately, WarzirX does not have enough options to make passive income on this exchange platform. The platform has fewer options, unlike other platforms, which have stalking options, and earn via APY, among others.  
2. Lack of advanced trading options: Advanced trading gives you access to all the basic and advanced tools that boost your overall trading experience. Using the advanced version, users trade using the analytical tools and resources. The user gets to access the technical graphs, charts, indicators, the history of the particular market, and its upcoming reading using the provided tools. 

This rounds up our comprehensive review of WazirX! Upon reading this brief walkthrough of the platform, it’s evident that it provides its users with reliable features and functionalities for every level of trading. Besides, the cost-effective fee structure of the platform is all about ensuring seamless trade and convenient options for the users. However, the lack of advanced trading experience is a big letdown for some users.

Therefore, if you’re one of those users who want to access advanced trading options, WazirX might not be your option. In this case, you can follow our guide to find yourself the ideal crypto trading platform. All the best! 

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Shrey Jain

Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.

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