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Exchange Review

WazirX


Exchange Fees

BTC Withdrawal Fee 0.0006 Taker Fee 0.20% Maker Fee 0.20%

Deposit Methods

Yes Wire Transfer No Credit Card


Pros

  • Trusted name in India
  • NFT Marketplace

Cons

  • Lack of passive income
  • Lack of advanced trading options

Wazirx Review

WazirX is an Indian crypto exchange, launched on 8 March 2018. It is run by Nischal Shetty, Sameer Mhatre and Siddharth Menon.

On 21 November 2019, WazirX announced in an email to its users that it had been acquired by Binance. This made WazirX the first Indian crypto trading platform to ever be acquired by an international trading platform, further erasing national boundaries between players in the crypto world.

The WRX token is the utility token of the WazirX Exchange. It is the native token that gives you benefits and uses within this ecosystem, though for now, it is not a governance token.

There are a few routes through which you can earn WRX. You can purchase it directly. You can also mine it when trading in any coins in the  BTC, INR, or USDT markets. A third way to earn WRX is by signing up for the exchange to automatically convert your “dust” to WRX. Dust is the term used to refer to the leftover bits of a cryptocurrency after you make a trade. 

Once you have WRX, it has some uses that are specific to this exchange:

  • Use WRX to buy NFTs
  • Airdrop amounts may be determined by how much WRX you hold
  • As an investment

Wazirx Token

There are not a lot of options for making passive income on this exchange. Many will have staking options, where you earn an APY, or learn-to-earn options. However, WazirX offers very few of these options.

Mainly, you can participate in the mining of the native token. This is a bit of something but does not result in much. Also, if you refer a friend, you earn 50% of their fees, and this could end up being more profitable, especially if you invite a few friends. 

The fees at WazirX are what we call flat fees, meaning that makers and takers are charged the same fee. WazirX's fees are 0.20% for both takers and makers. This is in line with the industry average, which has historically been around 0.25%. Today, however, we see more and more exchanges moving towards even lower trading fees such as 0.10%. So in comparison with this, 0.20% is maybe even a bit above the industry average.

What about withdrawal fees then? Withdrawal fees vary depending upon which crypto asset you are withdrawing, but they are normally a fixed amount of the relevant crypto asset and not percentage-based as the trading fees. The industry average BTC-withdrawal fee is 0.0006 BTC according to Cryptowisser.com's empirical studies.

WazirX charges a withdrawal fee exactly in line with the global industry average, namely 0.0006 BTC per BTC withdrawal. 

WazirX offers as many cryptocurrencies on its platform as one can reasonably expect. plus, they are always adding the newest ones. 

Wazirx Review

WazirX is mainly for users in India. In fact, it is probably the best exchange for Indian users. While the platform is technically available to users around the world, including the United States, these users cannot use fiat currencies at any moment.

In other words, if you are not a resident of India, you can only trade between cryptocurrencies. No fiat currencies, be it the Indian Rupee, the Euro or the Dollar, will be available to you. This is a pretty big problem when it comes to withdrawals.

WazirX has an NFT marketplace available on its platform. You can buy and sell NFTs here. This marketplace is also integrated with Metamask, where you can store your NFTs.

They also participate in frequent NFT airdrops. Holders of certain cryptos automatically receive NFTs during these events.

This is a large and trusted exchange. Plus, they were recently bought by Binance, perhaps the world’s most trusted and known cryptocurrency exchange. In terms of security, this name goes a long way. 

Plus, you can keep your account safe by activating two-factor authentication (2FA). This way only someone with access to your password, and your mobile phone or email would be able to access your account.

Wazirx App

Luckily for any trader wishing to do their trading via mobile phone instead of via desktop, WazirX is also available as a mobile app. Not only that, but you can also download WazirX as a client for both Windows and MacOS. So, regardless of your preferences when it comes to trading, this exchange will most likely have you covered.

Not only that but all of these platforms are integrated, so whatever you do on one platform will show up seamlessly in your account on the other platforms.  

When it comes to deposit methods, WazirX allows wire transfer deposits but not credit card deposits.

On 6 June 2019, WazirX also announced that it had entered into an agreement with a Payment Service Provider making it possible for Indonesian investors to deposit Indonesian Rupiah directly into the trading platform.

Wazirx Review

WazirX is a great, trusted crypto platform for new investors in India. They cover the basics in a simple and safe way. However, they are not the best option outside of India, nor for users who want advanced trading options like derivatives or futures.