In our previous article, we shared a New Feature Of the WazirX Exchange and in this article, we are going to review India's popular crypto exchange WazirX. We are going to break this story into 4 Parts Journey Story, Fees, Security And CC ( CoinMantra Conclusion).
So let's start with the story of WazirX.
Journey Story
The WazirX exchange started on 8 March 2018 with a powerful team (Nischal Shetty, Sameer Mhatre, and Siddharth Menon) with their Native token WRX. They are also the founder of crowdfire (a social media management tool) which is very popular among bloggers and influencers.
WazirX Started with the aim to make Crypto Trading easy for Beginners. So anyone can buy and sell crypto easily with WazirX.
Bad Time For Indian Crypto Lovers
You will never forget the banking ban to prevent crypto trading in India (April 5, 2018) by RBI. There is no restriction on crypto trading now. But that time was a nightmare for crypto businesses in India. Many popular crypto exchanges stopped their service or moved to another country.
Every Indian crypto exchange was trying to survive itself and WazirX is one of them.
Bounce Back
As we all know, on 5 April 2018, RBI came up with a banking ban and tried to stop crypto trading in India.
It was a difficult time for every crypto-exchange. WazirX had two options, first to close its business and second to move to another country. But the above dialogue fits on WazirX. Because they use this problem as an opportunity and come up with a great solution. They launched the world's first automated P2P system and bypass the banking Ban.
WazirX launched an airdrop on WRX (WazirX Native Token) through a referral program and trading contest. Which helped Wazirx expand its users. We will talk about WRX tokens in another post.
At the time of writing this article, 120+ crypto tokens are available on WazirX for trading.
Perfect Match 😍
On 20 November 2019 WazirX was acquired By The Biggest Crypto Exchange Binance and Launched Their WRX Token On Binance Launchpad. WazirX becomes the first Indian crypto trading platform to ever be acquired by an international cryptocurrency trading platform. Now WazirX is supported by Binance and the good thing is that Binance did not change the team. They are planning to connect WazirX and Binance So that you can transfer funds from Binance To WazirX vice-versa. So Binance + WaazirX is a Perfect Match 😍
Smart Token Fund (STF)
WazirX is constantly adding new features, such as Smart Token Fund (STF) - a community-driven initiative where cryptocurrency enthusiasts can find smart merchants, and let them develop their cryptocurrency portfolio on WazirX. It seeks to solve the problem of traders who either do not have time to trade or cannot keep a tab on the latest developments. STF removes all such barriers and intends to bring the next million people into cryptocurrency.
If you don't Know How to Trade or You're new to Trading Then WazirX STF is for You. STF is a tool where the advance trader Can Manage your funds. You Need to Buy a Smart Token Created by an advance Trader. Basically, a Smart token is a collection of crypto tokens made by Trader's research and analysis. wazirX will Pay a Part Profit To STF Trader. There are Some benefits of STF listed Below
- STF Traders can only trade with your cryptocurrency, and cannot withdraw the funds. So, your cryptocurrency is safe!
- Buy Smart Tokens, or sell it to withdraw your cryptocurrency any time you want. There's no lock-in.
- Be it cryptocurrency newbies or people who don't have time to spend on day-trading, people who aren't trading experts.
P2P
P2P (Person To Person) system got a lot of attention after RBI Banking Ban in India. WazirX also Support P2P and using this method You can fund Your account as well as withdraw your earning. Using the P2P Method You can Buy/Sell USDT( stable Coins) and later use these USDT to Buy other Crypto Like Bitcoin.
If your First Time the You Need to Set Your XID username. Here XID refers your Unique Username to a P2P Profile. People can find You using this username as well as you can trade with a person. For example, If Person A wants to Buy 1000 USDT and person B want To sell the same amount of USDT.
Then B Will Put A's XID and WazirX will match buyer and seller. XID is like a Twitter username.
If a seller tried To Sell their Usdt Then it will be locked into the WazirX Escrow account and WazirX auto-matching System will match with the Buyer. Then Buyer will Send Payment to the Seller account ( account detail is shown To matched Buyer). After Seller confirms He/She received the Payment then WazirzX will release USDT to Buyer account. The seller has a maximum of 24 Hour time to confirm payment.
WazirX P2P only Supports Two Payment systems UPI and Bank Transfer.
Currently, These 8 P2P Currency pairs listed on WazirX
USDT/INR
USDT/IDR
USDT/RUB
USDT/UAH
USDT/NGN
USDT/SAR
USDT/EUR
USDT/TRY
USDT/IDR
USDT/RUB
USDT/UAH
USDT/NGN
USDT/SAR
USDT/EUR
USDT/TRY
Referral Program
WazirX also Offers a referral program that will help you earn extra in Your Pocket. When You share Your Referral Link with your Friends then every time your friend made a trade on WazirX You will Receive 50% of The fees Paid by your Referees.
If you want to join WazirX then feel Free to use our Referral link
Fees on WazirX
Trading fees
Checking Fees before joining any Exchange is one of the good practices. WazirX is not Providing leverage Trading feature. Here you can enjoy Spot Trading With STOP LOSS (leverage Trading is not good for beginners). So WazirX is one of the Best EXchange For Beginners.
Fees In Spot Trading 0.20% For both Maker/Taker. You will get a discount of 50% iff (if and only if) You use their Native Token WRX and then fees will be 0.10%.
Deposit/Withdrawal fees
Whenever You want to Trade on Any exchange You Need To deposit Money. So Now Talk About Deposit and withdrawal. WazirX offer MPS, RTGS & NEFT as well as UPI Like PhonePe, Google pay, Bheem with negligible fees.
For withdrawal, they use Instant withdrawal and NEFT withdraw
If You don't Want To Pay Fee on Deposit /Withdrawal Then i suggest you go with the P2P feature Which is Completely free.
P2P Fees is Zero. So P2P is Use to Deposit Money On WazirX.
You Don't need to pay fees on Crypto Deposit, But you need to Pay fees on Crypto withdrawal. You Can check fees on WazirX
Here we are sharing some of the popular Crypto fees
STF Fees
We Talked about STF Feature and below you can see the Fee Structure.
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Security
WazirX the Crypto exchange having C grade at Observatory by Mozilla (https://observatory.mozilla.org/). which is pretty good. But I Suggest You enable 2-factor authentication for an extra layer of security.
CC ( CoinMantra Conclusion)
This is the last Section of The Story. Don't Have Time to read Full Review Then read CC (CoinManta Conclusion ) Section. In the CC section, we cover the whole Story ≤ 150 words.
WazirX Exchange Story In 150 Words
WazirX is One of the simplest Crypto Trading Exchange available Worldwide ( Web, Android & iOS mobile, Windows, and Mac apps) Started by Indians ( Nischal Shetty, Sameer Mhatre, and Siddharth Menon) and now backed By Binance. Here You can Deposit money using multiple Method UPI, IMPS, NEFT or RTGS and the Popular P2P With a Minimum deposit amount of ₹100.
If you want To HODL Crypto then Use A Hardware Wallet Like ledger
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If you want To HODL Crypto then Use A Hardware Wallet Like ledger
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