If you only recently got interested in Crypto trading then chances are that the question on your mind right now is “Which cryptocurrency trading platform should I use?”
Well, the answer to that question is WazirX.
This Indian crypto-trading platform offers a simplified app with plenty of exciting features.
It has robust security features and its integration with Binance has contributed to it becoming very popular and widely adopted by other crypto traders.
The introduction of WRX utility tokens, innovative P2P trading exchange, and intuitive UI have also played their part in making it one of the best options for new traders as well as seasoned pros looking for more exchanges to trade at.
In this review, we go deep into the Wazirx feature to try to find out its pros and cons so you don’t have to.
Introducing WazirX? What is it and why should you want to use it?
WazirX is a cryptocurrency trading platform founded in January 2018 by Nischal Shetty and Kunal Khattar.
The company is headquartered in Mumbai, India.
The founders of the company are alumni of IIT Bombay and IIM Ahmedabad.
WazirX offers an easy-to-use mobile app with a wide range of features, making it one of the most popular crypto trading platforms in India.
The platform has been integrated with Binance, allowing users to trade cryptocurrencies on both exchanges.
1. WRX Utility Tokens:
Wazirx has also introduced WRX utility tokens which are used to pay for fees on the WazirX platform.
These tokens can also be used to vote for new features on the platform and to get early access to new products.
2. P-to-P Trading:
In addition, the app has launched a P-to-P trading exchange that allows users to buy and sell cryptocurrencies directly with each other.
The exchange is powered by blockchain technology and allows users to trade cryptocurrencies without having to go through a middleman.
3. User Interface:
The platform has also invested in making its user interface (UI) very intuitive and easy to use, even for those who are new to the world of crypto trading.
4. WazirX referral program
In addition to all those features, the app also has a program that allows users to earn free WRX tokens when they invite their friends.
5. Track your portfolio.
Wazirx has also introduced a tool that allows you to track your portfolio’s growth.
Users can check the total market capitalization along with individual currencies on WazirX, making it easier for them to keep an eye on their investments while trading.
How to Deposit in WazirX?
To deposit money in your WazirX account, you need to follow these steps:
- Login to your account and click on the ‘Deposit’ button.
- Select the cryptocurrency that you want to deposit and enter the amount.
- Copy the wallet address and send the funds from your crypto wallet to this address.
How to Trade on WazirX?
To trade cryptocurrencies on the Wazirx platform, you need to follow these steps:
- Login to your account and click on the ‘Trade’ button.
- Select the cryptocurrency that you want to buy or sell and enter the amount.
- Click on the ‘Buy’ or ‘Sell’ button as per your requirement.
- WazirX will now display the amount that you need to pay for this transaction and indicate whether it is a buy or sell order, based on which side of the trade you are requesting.
How To Withdraw in Wazirx?
To withdraw money from your WazirX account, you need to follow these steps:
- Login to your account and click on the ‘Withdraw’ button.
- Select the cryptocurrency that you want to withdraw and enter the amount.
- Paste the wallet address where you want to receive the funds and click on ‘Submit’.
Now that we know what WazirX is, let’s take a look at its pros and cons:
- Robust security features: Wazirx has implemented multiple layers of security to protect user data and funds.
- These include two-factor authentication (with Google Authenticator), email and SMS verification, IP restrictions, etc.
- Binance Integration: Wazirx has inbuilt integration with the world’s largest crypto exchange – Binance which allows users to trade cryptocurrencies on both exchanges.
- WRX Utility Tokens: These tokens are used to pay for fees on the platform as well as get early access to new products.
- P-to-P Trading: Wazirx has launched a P-to-P trading exchange that allows users to buy and sell cryptocurrencies directly with each other without having to go through a middleman.
- Intuitive UI: The user interface of the Wazirx platform is very easy to use, even for those who are new to the world of crypto trading.
- A limited number of cryptocurrencies: At present, the only currencies that can be traded on the Wazirx platform are Bitcoin and Ethereum.
- No margin trading: Margin trading is not currently available on the Wazirx platform.
- No fiat support: The Wazirx platform does not currently support fiat currency transactions. This means that users cannot buy or sell cryptocurrencies with Indian rupees.
- Limited customer support: The customer support team of Wazirx is only available from Monday to Thursday.
This is a serious drawback for those who want to reach out and get assistance outside of these hours.
WazirX is a well-established Indian crypto trading platform that offers a simplified trading app with plenty of exciting features.
Its robust security features, integration with Binance, the introduction of WRX utility tokens, and its innovative P-to-P trading exchange have contributed to its popularity and extensive adoption.
However, it faces competition from other established players in the market such as Koinex and Zebpay.
Otherwise, WazirX is worth considering if you are looking for a reliable and user-friendly crypto trading platform.