A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of WazirX consists of four parts: general information, fees, deposit methods and security.
WazirX is an Indian cryptocurrency exchange. It is run by Nischal Schetty, Sameer Mhatre and Siddharth Menon.
As you might have heard, the Reserve Bank of India on 5 April 2018 directed all banks to end their existing banking relationships with cryptocurrency exchanges and traders. The ban became effective on 6 July 2018. The ban was, however, appealed. The final hearing before the Supreme Court in such appeal was on 11 September 2018 and the world is now eagerly awaiting India’s Supreme Court’s decision in the matter.
There are a large number of cryptocurrency exchanges based in India. In addition to this exchange, you also have Koinex, EthexIndia, BITSSA, Unocoin and ZebPay, to name a few. Most of them only offer trading in BTC however. The only Indian cryptocurrency exchanges with more than a dozen different cryptocurrencies traded are WazirX, Koinex and ZebPay.
In an email sent out to traders on 27 March 2019, WazirX happily informed that it is now open to investors from all over the world. In the same email, they also informed us that if you sign up and trade on WazirX now, you will receive “100+ WRX Coins” (unclear whether that is 101 WRX Coins or slightly more). As always though, US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
WazirX Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at WazirX:
WazirX Trading fees
There is only one cryptocurrency exchange in India that offers lower trading fees for takers than WazirX – Koinex (0.15% flat fees). WazirX charges 0.25% if you’re a taker.
WazirX also takes the silver medal with respect to its maker fees, only BITSSA charges lower fees (BITSSA does in fact not charge makers any fees at all). The exchange charges 0.10% if you’re a maker. This means a 0.15% discount compared to the exchange’s taker fees.
WazirX Withdrawal fees
WazirX charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the global industry average and thus constitutes a competitive advantage against the majority of other top crypto exchanges in the market.
When it comes to deposit methods, WazirX allows wire transfer deposits but not credit card deposits. To our knowledge, only one Indian cryptocurrency exchange allows credit card deposits at all (BITSSA).
Finally, how about the security at this exchange? This is actually the only place where this particular cryptocurrency exchange takes the “gold medal” among Indian cryptocurrency exchanges. The security score received by this Indian cryptocurrency exchange site is C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). No other Indian cryptocurrency exchange has a higher security score. A “C” is also in line with the global industry average.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):