The Complete WazirX Review
Is Wazirx Cryptocurrency Exchange Legit or Scam? How does Wazirx work? Read our honest Wazirx review & find out the truth about Wazirx before investing.
In this Wazirx review, we are going to take an in-depth look at the platform and provide you with an honest and unbiased WazirX review that will help you learn more about this exchange and decide whether it’s the right place for you to start trading cryptocurrencies.
What is WazirX?
What Is Wazirx? Wazirx is an India-based cryptocurrency exchange that launched in 2018 and now supports trading on seven cryptocurrencies against Indian rupees (INR). The platform, which was created by blockchain investor and expert Nischal Shetty, allows users to deposit and withdraw funds using their bank accounts, as well as its wallet feature that supports deposits via both credit/debit cards and UPI.
WazirX is India’s first multi-cryptocurrency exchange, launched in May 2018. It offers instant trading, top-of-the-line security measures, low transaction fees, and many more features to help you trade your favorite cryptocurrencies—all without having to worry about their stability or price fluctuation.
Right now, WazirX supports Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH). In mid-January 2019 it will add support for privacy coin Monero (XMR) too. You can currently trade between BTC/LTC, ETH/XRP, and BCH/XRP. Soon you’ll be able to trade XMR against LTC as well.
How is WazirX different from other Crypto Exchanges?
This is a very good question. In order to understand how WazirX differs from other exchanges, it’s important to take a brief look at what all crypto exchanges do. Crypto exchanges are places where individuals can buy or sell different cryptocurrencies for fiat currency (e.g., USD).
Essentially, a crypto exchange is an online platform where people can trade Bitcoin for Ethereum, Litecoin for Ripple, etc. On most exchanges that operate in America and Western Europe, people can only deposit money using either credit cards or bank accounts; however, some less-regulated exchanges do allow you to use cash in person or via wire transfer.
The main purpose of a crypto exchange is to facilitate transactions between two separate digital currencies (and by extension two distinct digital wallets); thus, allowing users to acquire more of their favorite coins.
The number one rule every cryptocurrency user should remember when trading on any exchange: never give away your private key! Simply put, if someone had access to your private key they could access your account and steal all of your funds!
So, without further ado let’s dive into why I think WazirX is better than CoinBase/ Poloniex/ Binance. As you’re about to see, WazirX takes security seriously!
And although safeguarding customers’ assets shouldn’t be first and foremost in your mind when deciding where to trade, it sure helps build trust with investors – especially since it involves large sums of money being deposited into an online wallet.
But enough blabbering – let’s start taking a closer look at how we secure our customers’ data… All deposits made onto our exchange are 100% insured through BitGo.
How Secure is it?
It is a very secure exchange. They have implemented 2-factor authentication where you need to enter a passcode to log in and place an order on their platform. You will not be able to make any trades if you do not use two-factor authentication.
Besides, their hot/cold storage system is quite user-friendly in keeping your money secure. Additionally, they keep most of your assets offline for safekeeping. Moreover, if that’s not enough for you, all private keys are encrypted using AES-256 cipher algorithm using 256-bit encryption keys which provides military-grade protection against hackers trying to break into your account by attempting brute force attacks or social engineering techniques like phishing emails.
In fact, it would take one trillion years (1e12) to crack a 256-bit key! On top of all these features, we also like the design and ease of use. Each screen has a smooth flow from left to right with minimalistic elements and plain text which does not overwhelm us at first glance.
To top it off, we even find that security measures are discreetly built into each section making them feel native to Wazirx instead of tacked on as extras. In short: Wazirx has been well designed for safety from day one!
Is there a fee for Deposits or Withdrawals?
There are fees, though they’re pretty low. Trading fees (for maker/taker) start at 0.20% and go down to 0.00%. Withdrawal fees (again, for maker/taker) start at 0.0005 BTC, or roughly $0.02 US dollars at current prices (it goes down to nothing if you have $50k+ in your account).
They also offer a remittance service for India which is a fairly new feature in Pakistan so if that takes off Wazirx could be a killer app because Bitcoin remittances aren’t taxed in Pakistan!
What are the Limits on a Transaction?
While there are no limits on how much you can trade in a single transaction, deposits and withdrawals to your account are limited by your total funds.
For example, if you want to deposit $100 worth of bitcoin but have only $75 worth in your account, you’ll need to add more funds before making a deposit. Wazirx will be able to credit $25 from your linked bank account as long as it has sufficient funds (they don’t charge fees on deposits).
You can withdraw money directly from your linked bank account or via an ATM using Bitcoin. The fee for withdrawals is 1% of your withdrawal amount. Deposits and withdrawals are handled through local Indian banks, not international ones such as Chase or Wells Fargo so expect higher transfer times than what you’re used to if banking domestically (1-3 business days).
At first, trading fees will also seem high at 2% per trade; however, they do offer discounts over time that reduce them down to 0%. Wazirx also offers free bill payment services, so depending on where you send money from within India you may receive free transfers between accounts at other financial institutions in India.
Note: Indian exchanges aren’t decentralized like their western counterparts meaning the regulatory risk is inherently greater than what users might be used to.
Fees charged by WazirX Cryptocurrency Exchange in India
Exchanges, Wallets, and Cryptocurrency Trading Platforms in India are now able to charge customers for deposits, withdrawals, or cryptocurrency transactions made through their trading platform.
We found an interesting feature called trade builder where users can get bonuses from Wazirx. You need to create a new account on the Wazirx exchange platform in order to avail yourself of bonus offers.
If you want to try your luck then must read the section below carefully before starting trading because the bonus is available only for a limited time period. So don’t waste your time if you are interested then grab it. Get up to a 20% Referral Bonus!
WazirX Exchange is offering a maximum of Rs 1000 discount on every first transaction that involves INR deposit/withdrawal/crypto deposit/withdrawal. This refers to purchases of cryptocurrencies using INR as well as INR cashouts.
What do you have to do? Simply invite your friends using any sharing tool given by WazirX (see below). Those who register via invitation code will receive an extra 5% discount on fees when making their first purchase (in addition to whatever other discounts may be applicable) for 6 months after registering – which is perfect for long-term buy & hold investors and those who would like to invest small amounts regularly over long periods of time.
WazirX Pros and Cons 2022
As far as we can see, WazirX is a decentralized cryptocurrency exchange.
Its primary advantage is that it allows crypto to crypto trading, so you can exchange all sorts of altcoins directly for one another, eliminating middlemen and avoiding fees.
The thing we liked most about WazirX was its user interface. It’s very easy to understand even if you aren’t familiar with these types of exchanges, so getting started is straightforward.
Another bonus: They don’t charge any commission fees on their trades! This seems to be rare among cryptocurrency exchanges, but when you consider how much money some other companies make in commissions, it’s well worth mentioning.
If there were anything negative we could say about WazirX, it would be that they only support Bitcoin (BTC) at present. However, they do have plans to add more cryptocurrencies (ETH and BTC) in early 2019 according to their roadmap page…so look out for that if you want more choices sooner rather than later!
Overall, we like what we saw at WazirX and believe it has room for growth once they begin supporting additional altcoins. We think it’s definitely a great exchange to check out if you live in India or are interested in investing/trading altcoins but are wary of centralized exchanges due to issues like those associated with Mt Gox and Coincheck. Give WazirX a try today – you won’t regret it!
Hey, if you want to give any suggestions to the Tech Geek, then comment down below.