WazirX app Review 2021 Is it safe & Legal?

 

WazirX is India’s one among the foremost popular Indian crypto exchange platforms and a go-to place for Indian crypto investors. With an ever-growing user base, WazirX offers 100+ cryptocurrencies to trade, including its WRX tokens.

Summary

• WazirX is an Indian crypto exchange platform with the utmost number of users. 

• You can start trading by completing a couple of simple steps like sign-up, KYC completion, depositing INR, and placing an order. 

• WazirX allows you to use UPI to form a deposit aside from NEFT/ RTGS/ IMPS/ bank transfer. 

• You can transfer crypto to your WazirX wallet. 

• WazirX allows you to buy or sell USDT through P2P exchange and doesn't charge you any fee. 

• You will be expert traders maintain your portfolio by paying them a percentage of your profits. 

• WRX coin may be a wazirx token, and you'll use it to trade and pay your trading fee at wazirx. 

• You can withdraw INR on to your registered checking account . within the case of a crypto asset, you'll transfer it to your wallet. 

• The fee charged by WazirX may be a bit higher as compared to its market competitors. 

• WazirX offers an easy trading app, and you'll download it from the Play Store or App Store. (Use ad4e888q referral code to urge a reduction on the fee) 

• You can earn 50% of the trading fee as a commission through their referral program. 

• They offer a 24×7 network . However, you'll only submit an invitation through mail, and wazirx will revert.

Binance is that the world’s biggest crypto exchange platform, and it acquired WazirX by the top of 2019. This increases the longer term aspects of WazirX in India and therefore the crypto market.

How to begin trading on wazirx?

    It might take but five minutes to start trading on WazirX. All you've got to try to to is create an account, complete your KYC, deposit funds, and you’re ready to form your first trade.

Create an account on WazirX

    Creating an account is that the very initiative in your crypto trading journey. you'll follow these steps to make an account on WazirX:

1. Visit the official WazirX website and click on on sign-up.
2. Enter your email address and password.
3. Click on account activation link is geting on your mail.
4. Now log in, and you’re ready .

Complete KYC

You need to finish your KYC so as to deposit funds in INR or crypto. Follow these steps to finish your KYC:

1. Click on your profile tab then click on complete verification.
2. Enter all the small print as per the government-approved ID cards.
3. Now enter your bank details. WazirX will use this checking account for all withdrawals within the future.
4. Upload images of PAN, Aadhar, and a selfie in JPG or PNG format.
5. Once all the small print are verified, you'll then deposit funds to start trading.

Deposit and begin trading on WazirX

You need to form deposits in order that you'll start investing in cryptocurrencies. you'll deposit INR through any of the accepted payment options. However, you'll also deposit cryptocurrencies (if you own any).

WazirX Accepted payment methods

WazirX allows you to form deposits in INR also as for cryptocurrencies. In crypto assets, choose the cryptocurrency you would like to deposit and transfer it to your wazirx wallet address.

To deposit INR, you'll use any of the subsequent payment methods:

1. NEFT/ RTGS/ IMPS
2. UPI
3. Net Banking
4. Bank Transfer

WazirX Review: Deposit INR or Crypto

Depositing INR is straightforward . However, you'll follow these steps to form a deposit:

1. From the header on the web site , click on the ‘Funds’ tab.
2. On subsequent screen, click on the deposit button across the asset you would like to deposit.
3. Now, in INR, you'll prefer to deposit through any of the payment methods above.
4. And just in case of a cryptocurrency, copy the destination address or scan the QR code and deposit funds.

Spot Trading on WazirX

Trading at WazirX is effortless, and you'll begin by clicking on the ‘Exchange’ tab on the header of the web site . WazirX  is allows to  you to put orders of trade before hand. When the market meets your order requirements, the system automatically executes them.

The list of crypto assets is on the left side of the exchange screen, and you'll even star the assets of your choice.

WazirX P2P

WazirX also offers a Peer-to-Peer exchange service. However, within the case of P2P, you'll only make exchanges in USDT. WazirX has one among its kind buyer and seller matching software that automatically matches you with the proper seller once you place an order as a buyer.

WazirX Review: Supported cryptocurrencies

WazirX supports over 100 crypto assets like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), Binance coin, etc.

WazirX Coin (WRX)

WRX may be a token supported the binance blockchain with a maximum market supply of two billion coins. you'll trade WRX coins on WazirX, as recently, there has been an increase in its value.

If you employ WRX to pay the trading fee, then you’ll be getting a reduction . you'll also use WRX coins to shop for other crypto assets on WazirX. Users owning WRX coins also are enlisted to airdrops on WazirX and lots of other benefits.

WRX mining

You can unlock the  WRX coins by merely trading in BTC, INR, & USDT markets. you'll be unlock WRX coins supported the below table:

However, WRX mining phase 1 has ended, and you'll only await further announcements of phase two.

WazirX STF: Smart Token Fund

A smart token fund may be a thanks to connect skilled traders and not-so-experienced traders, who, in a way, help one another build a portfolio. it's almost like copy trading during a way as if you’re buying knowledgeable investor portfolio; he makes all the trades for you.

However, this doesn't exempt you from the market risks as cryptocurrencies are highly volatile asset classes.

Who should invest in STF?

People who don't have time or skill to manage their portfolios. STF allows you to shop for a sensible token that allows you to expire your portfolio to skilled investors. Then this professional investor makes all the trades in your home .

STF for Skilled Trader

Skilled traders create their smart tokens and put them up purchasable . The investors buy these tokens, and when the professional trader makes a profit on the investors’ portfolio, then the worth of the token rises.

A skilled STF trader gets a 25% commission on the profits they create for an investor.

WazirX Fees

WazirX charges a maker/ taker fee of 0.2% on spot trading. there's no fee for creating a P2P exchange, and you’ll need to pay 25% of your profit to skilled traders on STF trading.

If you create an INR deposit through a bank transfer, you’ll need to pay INR 6.7 as a transaction fee. However, there's almost no fee for depositing through UPI.

You’ll be  need to pay the withdrawal fee as mentioned within then the  below table or here on withdrawing a crypto asset.

Note: WazirX features a high trading fee in comparison to exchanges like CoinDCX or Bitbns.

WazirX Withdrawal

You can make a withdrawal in INR also as a crypto asset on WazirX. you'll follow these steps to form a withdrawal:

1. Click on the ‘Funds’ tab from the header.
2. Now, click on the ‘withdraw’ button ahead of the asset you would like to form a withdrawal.
3. In the case of INR, you select an option between ‘instant withdrawal’ and ‘NEFT withdrawal.’
4. And within the case of a crypto asset, you'll send the coins to your wallet address or scan the QR code to form a transfer.