WazirX Review - Top 4 Things to Know Before Trading in 2020

Anisa Batabyal
| 28 July, 2020 | 2 min

What is WazirX?

WazirX is a crypto trading platform based in Mumbai, India. It is led by a team composed of Nischal Shetty, Sameer Mhatre and Siddharth Menon. The platform has a simple, easy to use and beginner-friendly user interface that allows buying and selling of crypto instantly. WazirX supports only two types of trade orders - limit and stop-limit orders.

WazirX was acquired by Binance in 2019, giving the flexibility to millions of Binance users to connect their Binance and WazirX accounts. This integration is especially helpful for Indian Binance users who may want to buy/sell USDT for INR.


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WazirX review:

1. P2P network:

WazirX operates on a P2P (peer to peer) network, which means it makes the conversion of money to crypto and crypto to money easy for users on the network. It acts as an intermediary between the buyer and the seller for safe and fast transactions.

2. Supported Coins:

The platform has an extensive list of 70 + different cryptocurrencies like Bitcoin, Ethereum, Ripple etc. These digital assets can be bought, sold and traded using USDT, INR, BTC. You must visit the official website of WazirX and check to see all the coins that can be purchased on the platform. WazirX has developed a token called WRX which can be used to pay trade fees.

3. Fees:

  • Trading fees:

WazirX applies a maker and taker approach to identify the fees to be charged for buying and selling cryptos. The trading fees are determined depending on the type of order placed by the user. As of now, a 0.2% fee applies to both the maker and taker.

In comparison to which, Coinswitch Kuber doesn’t charge any trade fees for 100 days to its early users.

  • Deposit fees:

There is no deposit charge if you choose to use the fast deposit to transfer fiat currency into WazirX and it takes approximately 15minutes to process

  • Withdrawal fees:

Crypto withdrawals from the platform carry a network fee which is based on the blockchain load. The official website of WazirX has a list of withdrawal fee charges for different cryptocurrencies that can be used as a reference.

4. WazirX security:

WazirX is a highly secure platform amongst other Indian crypto exchanges. The user must consider having a strong password and setting 2FA to enhance the protection. Users can also go ahead and store their digital assets into hardware wallets to avoid theft.

 

WazirX is an Indian crypto exchange platform similar to Coin Switch, who has also launched its own crypto trading platform called Coinswitch Kuber on June 1, 2020. 

This platform is a mobile application which is user friendly. CoinSwitch Kuber is the first-ever mobile application to pool liquidity from other Indian and global exchanges and provide the best rates to the Indian market.

Coinswitch Kuber promises to give the best rates by aggregating liquidity across all Indian exchanges. The platform will support 100 cryptocurrencies for Indian users to trade easily using INR.

About CoinSwitch

CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides a more easy way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!