WazirX Review – The Crypto Torchbearer of India (2021)
- How reliable and safe WazirX Exchange is?
- What all the features WazirX offers?
- What’s good and bad about WazirX?
We will learn everything about this top Indian crypto exchange in this detailed review of WazirX.
But before that let’s have a look at the history of WazirX.
WazirX is a popular crypto exchange in the Asia Pacific (APAC) region. It is also India’s leading exchange for cryptocurrencies which is the torchbearer for the ongoing crypto boom in India and was founded on 8 March 2018 by Nischal Shetty, Siddharth Menon, and Sameer Mhatre. The exchange is owned by Zanmai Labs Private Limited. For more information, refer to the WazirX Whitepaper.
Nischal Shetty is a well-known name in the web world for his previous web apps such as Crowdfire (earlier known as Just Unfollow), and WazirX speak volumes of similar quality.
WazirX claims to be India’s fastest growing cryptocurrency exchange with over 400,000 users, with an average app rating of 4.4. WazirX is a part of the Binance ecosystem. In November 2019, WazirX was acquired by Binance (the world’s largest crypto exchange) to Launch Multiple Fiat-to-Crypto Gateways. Users can also log into WazirX via Binance and use the trading platform or P2P (no fees) to cash in and cash out of crypto back into INR. Currently, WazirX serves users in 180 countries. Another benefit of this acquisition for end users is, they can transfer USDT for free from Binance to WazirX and vice-versa.
However, all was not good for WazirX. Just a month after the exchange was launched, in April 2018 the Reserve Bank of India (central/apex bank of India) passed a circular to stop banks from allowing any virtual currency-related transactions.
The RBI circular was a harsh blow for the young sector. Nischal Shetty argued on Bloomberg Quint that close to 50-60 crypto startups shut down as a result of the RBI circular. When RBI cut banking ties, many exchanges shut shop or left the country. Some thought crypto was dead. But WazirX endured, as they believed in crypto and that India will benefit from this revolution.
Soon WazirX pioneered a P2P network where individuals could directly, and legally, trade-in cryptocurrencies. This decentralized, peer-to-peer system worked with WazirX acting as the trusted arbiter. Sellers met buyers on WazirX, and the trade went through smoothly.
India Wants Crypto – a simple, striking statement that became a rallying campaign for millions in India. This was a campaign that united the Indian crypto community. Nischal started the campaign on 1st November 2018 – ten years after Satoshi Nakamoto published the Bitcoin whitepaper. Each day, he would write a tweet.
WazirX Founding Team
As discussed above the founding team is the heart of the WazirX exchange and forms part of major players in the Indian Crypto Community.
Nischal Shetty – Twitter
Founded Crowdfire after an all-night coding session. Blockchain influencer on Twitter with over 50K followers. Forbes 30 under 30. He’s on a mission to involve everyone in the blockchain revolution!
Siddharth Menon – Twitter
Co-founded Crowdfire. Heads Product at Wazirx. Innovated the world’s first auto-order matching P2P exchange and more. Believes in the adoption of an open and decentralized economy.
Sameer Mhatre – Twitter
Ex-Network 18. Co-founder of Crowdfire. Oversees all things tech. An ace developer (full-stack) and designer wrapped into one. A huge Java and JS fan. Solves programming puzzles on TopCoder when not busy.
Features of WazirX Exchange
WazirX is a wholesome exchange with several features such as:
Types of transactions on WazirX
The various types of transactions available through the WazirX Exchange are as follows:
A user can do a spot or margin trade through the WazirX trading platform. The platform has a simple and efficient design that provides a comfortable user experience.
A user can find a WazirX Peer to Peer (P2P) is the next generation system called P2P 2.0, which has simplified the process of depositing and withdrawing fiat substantially. The P2P interface and experience are similar to regular trading.
Read: Best P2P exchanges
STF aims to involve enthusiasts who don’t have time to trade, don’t know which token to trade or how to trade. It’s a simplified community-driven initiative where cryptocurrency enthusiasts can find expert traders, and let them grow their cryptocurrency portfolio on WazirX. WazirX has an existing community of pro traders who can trade with the funds of new entrants and in return, earn commission on the profits they make.
Trading Platform of WazirX
WazirX is available on all 5 platforms i.e. Android, iOS, web, Windows, and Mac along with multilingual support. The interface is interactive and user-friendly. Further, the application has more than 1 million downloads on the app store.
You can use their web-app or mobile app to trade. I’m personally fan of their mobile app which is fast and responsive.
The fee structure of WazirX Exchange is as follows:
- The trading fee is 0.2% of the transaction value for most of the transactions. However, for some pairs such as ETH/WRX, XRP/WRX, YFI/WRX, BNB/WRX, LINK/WRX. Further, users who hold WRX tokens (WazirX’s in-house token) will get a discount of 6.25% on the trading fee.
- Fees for withdrawal are variable.
- There is no fee for P2P transactions
- The fee for an STF transaction is 25% of the profits generated.
For more information on fees, refer to this.
WazirX is a very secure and reliable platform and the following functions provide more authenticity to its security protocols:
- A major portion of funds is kept by WazirX in secured cold storage.
- The exchange has a multi-signature wallet system
- Each fund withdrawal needs a 2-factor authentication
- The exchange has strong KYC/AML guidelines
- The exchange invests Win regular security audits to ensure a highly secured trading platform
- Social media presence and press coverage
WazirX Exchange has a substantial social media presence along with global coverage by traditional (Financial Express, CNBC Awaaz, Moneycontrol, NDTV Profit, Yourstory, NewsX, Business Standard) and crypto media houses (such as Cointelegraph, Coindesk, Bitcoin.com, Bitcoinist, The Merkle, The Block, etc.).
WRX Token – Native token of WazirX
The exchange has an In-House token named WRX. WRX is a utility token that forms the backbone of the WazirX ecosystem. WRX has a circulating supply of 246.75 million with a total supply of 1 billion.
WRX holders get benefits in the form of:
- Lower trading fees
- WRX mining benefits
- Token airdrops
- Margin fee payment can be done with WRX
- Voting power in various token listings and future features of the exchange
- WRX burning value – WazirX burns WRX on a quarterly basis which helps with the value appreciation of the remaining tokens in the circulating supply
Other Features of WazirX worth noting:
Some other features of the exchange are:
- Login via Binance option – through this feature
- Binance users will be able to instantly transfer funds between their Binance and WazirX accounts,
- Binance users will be able to sign into WazirX directly using their existing Binance accounts.
- Instant INR (fiat) deposit and withdrawal options
Benefits of WazirX Exchange
WazirX exchange provides many benefits, some of them are listed below:
- User-friendly interface which provides a comfortable transaction experience
- Facility to convert crypto to fiat instantly and vice versa
- The exchange has a high trade volume
- Acquisition of WazirX Exchange by Binance provides legitimacy to WazirX
- Founders of WazirX have a credible rapport in the crypto community
- The exchange is fairly secure
- The potential market size of crypto in India provides a huge upside for the exchange
Limitations of WazirX Exchange
We understand that there are some limitations that a user may face with WazirX. Such as:
- There are no staking options on WazirX. WazirX has discontinued its staking feature with effect from October 1, 2020.
- Trading fees are higher than leading crypto exchanges
- The legal framework of India is not clear about the legality of cryptocurrency trading. Despite the recent encouraging words from the Finance Minister of India regarding the adoption of the crypto industry, the legal framework is still under a development stage. Therefore, the Indian jurisdictional risk may pose a risk of business continuity to WazirX Exchange.
Conclusion – Review of WazirX Exchange 2021
After using WazirX for at least 2 years now, I have arrived to the conclusion that the exchange is best when it comes to Fiat to Crypto conversion. Further, with the founding team’s dedication and know-how of the crypto industry, WazirX is a strong candidate to be one of the leading exchanges in the P2P domain.
However, as WazirX is acquired by Binance, which is also world’s largest crypto exchange, you are better off using Wazirx as an entry for your INR to USDT, and then transfer it to Binance for trading. The reason behind this is; WazirX charges 0.2% per trade, where as Binance charges only 0.1% per trade. More over, you can connect your Binance account with a tax software such as Koinly or Cointracker, which helps you in tax calculation at the end of Indian financial year.
Also In comparison to international exchanges like Binance, FTX or even Indian alternatives such as BitBNS, WazirX could add features like lending/borrowing, Defi-investing to name a few. However, they seems to be having maximum liquidity and great customer support, which is a big differentiator.
As the situation of cryptocurrency in India is improving, exchanges like WazirX are bound to gain a lot in the days to come.
For now, it’s turn to let me know:
- How’s your experience and review of WazirX exchange?
- What are some of the pros and cons of this popular exchange?
Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in fintech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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