WazirX Review– You might have already heard of WazirX, which led you to this review I have been working on for days now. Well, if you are a newbie to the Crypto ecosystem just like a thousand others, this might be the perfect place to get started with. WazirX is India’s biggest and the most popular Cryptocurrency exchange with millions of users. So, I have summed up a detailed WazirX review for you to learn.
The first thing that you need to be clear about regarding Crypto is that in India there are still no proper regulations whether it be in regards to Taxes or simply trading. However, it is not illegal to put your money into it unless the Government makes any strong decisions over it. All you need to know is that any company dealing in Crypto trading needs to show their investment while paying taxes.
I surely am not a pro trader myself who has invested millions of dollars, but with every experience, I have had with Crypto and especially with WazirX, this guide will help you make the most of it. It is perfect for beginners and super easy to use. Let us see what the WazirX review has for us.
WazirX Review– What do we know?
WazirX is a cryptocurrency exchange in India. It has over 10 Million users as of June 2021 and continues to grow faster than before. The platform was founded by Nischal Shetty in the year 2018 and lists hundreds of coins that you can trade easily. Some of the coins listed here are Bitcoin, Etherenum, Binance Coin, Polygon, etc.
The best aspect of this trading platform is that you can buy and sell most of the coins listed here in INR, making it a lot easier for everyone. The first step you need to follow here is to create an account and do your KYC verification. It took around 24-48 hours for my verification considering all the documents and info you have submitted are correct.
Another interesting fact here is that WazirX had been acquired by the largest Cryptocurrency platform in the world namely Binance. You can directly link your profile on Binance and transfer certain coins such as BTC, ETH, USD, etc from WazirX to Binance and vice versa. Such transfers are free of cost and make it feasible for every trader to avail of maximum benefits. Speaking of the platform, you can either use it directly on your browsers or else download the application on your smartphone.
Features and More- What are the major reasons I chose to trade on Wazirx?
Well, I have listed down all the features and benefits you can get here on WazirX once you start trading. These are also some of the major reasons that made me choose this platform and majorly to all the millions of users too that have invested hundreds and thousands of dollars since years.
Let us look at the features of WazirX
1. Deposit and Withdrawal
As I had mentioned earlier, you need to create your account and out for verification before you can start putting your money into it. To make any deposit and withdrawal you need to add your bank account details along with your UPI id on the app for verification as well. I would highly recommend you to use the same name in your profile as that mentioned on your bank account as well or else your application may get rejected.
Once verified, you can now start depositing money into the WazirX wallet and begin trading. Since there have been certain regulations from the government on Crypto as well as things are still unclear, Banks are fearful of any ban in the future. Hence, you may currently not find a lot of banks supporting the trade. As of now, the fastest mode is UPI and P2P Deposit option that hardly takes seconds for a successful transaction.
Similarly, if you are looking to sell the coins, you can easily do it using similar methods. For withdrawal to another wallet, there are certain fees for each coin regardless of the quantity you have bought.
I cannot think of a better platform to trade crypto than WazirX. Not only is the platform easy to work on for beginners but also there are multiple ways to do so. As I had mentioned, with multiple regulations coming up on Crypto, P2P trading has grown on an immense scale. You can buy USDT (Tether) from other users with zero fees.
Other than this, the platform has over 100 coins listed currently that you can buy and sell choosing multiple trading options such as using Limit and Stop Limit. You can put up your trading price in the option listed and add the quantity of the coins. The same method goes with selling the coins as well.
4. Real-time Market Analysis
Another brilliant part of this platform that I appreciate the most is the real-time market analysis. If you are new to this platform, you might have a little difficulty understanding the green and red candles on the chart.
But I tried my best to learn more through multiple YouTube channels as well as multiple courses online to study the chart. It helps to keep you updated on the current market value of the coins so that you can trade accordingly.
5. Cross-Platform Integration
I own a MacBook as well as an Android smartphone and WazirX is one of the best platforms that have allowed me to use apps on all of my devices. Not only this you can download the apps on your Windows, iOS, Mac, and Android. If you do not have enough space or do not want to clutter your system with more apps, you can simply use the Web version which a lot of pro traders prefer to use since it gives a wider view of the charts and has a much clearer view of all the features.
One of the biggest concerns any user has or might have before investing money is security. Whether it be investing 100 INR or 1L INR, everyone thinks about the security of their money before investing anywhere. Well, I had done all my research as well and WazirX is undoubtedly the safest platform you can invest into cryptocurrency.
In fact, to give you that sense of security, you can activate two-factor authentication on your app that ensures that no one can access your account without the help of OTP sent to your number.
How to register and Verify your Account on WazirX?
Next up, I am going to list down step-by-step every process you need to follow to create your account on WazirX. The process is as simple as you can think of and does not require any expert advice in any manner. Simply follow everything mentioned here so that you can get started as soon as possible.
- To register, download the app on your devices or visit the web version.
- Next, tap on the Signup option in the top-right corner.
- Enter your email ID, create a password, and use a referral code if you have any for added benefits.
- Check the box beside “I agree to WazirX’s Terms of Service” and click on Sign Up.
- You need to open your Gmail and verify the confirmation mail sent to you.
- The next step is Security Verification. You can choose the Authenticator App (2FA), and Mobile SMS.
- You can also tap on None to skip the verification for now.
- Now, select your country.
- Here on, you can either choose to move ahead with KYC or without KYC with limited features.
- For KYC, provide your DOB, NAME, Address, Pan Card Details, Document Type (Adhaar, Driving License, and Passport), and Upload the document Images.
- Once done, click on Submit for Verification.
The process takes about 10-15 minutes if you have all your documents ready with you. If you are like me who needs to find their documents and assemble them, it will take a little more time.
Moving on, the verification process only takes about 24-48 hours max and you can start trading instantly. But make sure that all your documents and images are entered correctly.
How to begin Trading on WazirX in India?
In the most general sense, trading refers to buying and selling of a commodity. Well, here in Crypto, trading occurs when you are either buying or selling a coin on any platform. WazirX has made the process easier than any other platform you will come across. There are multiple options as well though you can trade on WazirX. Let us look at all of them.
The first method I have listed here is through Exchange. It is one of the easiest and also the most popular kind of trading that most users go for. If you are a newbie here, you can start off with this. The exchange option lists all the coins and their pairs that are currently available for trade. If you are on your smartphone, it might look a little less complicated as compared to working on the web version.
Now, to trade here, you are simply involved in buying and selling coins after choosing the right pair for it. Currently, WazirX supports four pairs to trade with that is INR, WRX, BTC, and USDT. Mostly, you will go for either INR or USDT. Before you buy any coin, make sure to add funds to the wallet, I will show you how to do that later in the blog. Here are the steps and terms you can learn to trade on WazirX.
- Tap on Exchange from the devices you have logged in to.
- Now, choose the pair you want to buy the coin with and tap on it.
- Click on Search to look for the coin you want to buy and select it.
- You can now look at the market and insights on the coin on both the app and web versions.
- Head over to the Buy and Sell section on the bottom (Web version). Or else on your app click on the Buy and Sell icon on the bottom-center of the screen.
- Now, you are provided with two options to choose that are Limit and Stop Limit.
- If you choose Limit, you can simply add the Amount of the coin you want and then the Total money you wish to spend. Here are buying or selling the coin at the current price.
- If you choose Stop Limit, you need to add Stop Price, Amount, and Total amount. Stop Limit implies that you are putting up a limit at which you want to buy or sell the coin.
- Now, tap on BUY or SELL to confirm.
As soon as you buy the coin, the order immediately if executed goes to the Completed Orders section or else under Open Orders.
Here is another highly popular method of trading on WazirX. Though it is limited to only buying USDT from INR. Once you have enough USDT in your portfolio, you can then choose the USDT pairing with all the coins and add them to your list. It is one of the safest methods you can choose to trade on this platform.
P2P Trading implies Peer-to-Peer trading where you can buy the USDT coins from another user. If by any chance you come across any scam and the seller refuses to release the coins for you, WazirX immediately hears your claim and helps you bring back your money through multiple options. In fact, it is secure because mostly verified sellers are approved on this platform. Furthermore, there are zero fees for this particular trading that makes it even more favorable.
Here are the steps you can check out on how to trade on WazirX using P2P.
- Tap on P2P on the screen if you are using the web version. Or else click on Funds or Exchange on your mobile app and click on P2P.
- Mark or enter the rate of INR you wish to buy the USDT in. Such as 1 USDT= 77INR
- Now, you can simply enter the Total INR you wish to spend to buy USDT or vice versa.
- Tap on Buy.
- As soon as you tap on Buy, you need to wait for any seller to connect with you and the offer you have.
- If you are connected, simply release the payment directly to the seller’s account.
- After confirmation, WazirX will release your USDT in your portfolio for further trading.
The biggest reason that people prefer to use this method is that it is faster than even transferring INR in your wallet. With a few simple clicks, you have USDT in your account. Also, as I had mentioned, it is more secure than ever.
3. WazirX OTC
Lastly, we have OTC deals that you may not find on your mobile apps. For this, you need to use the web version. Well, OTC means Over-the-Counter trades where buying and selling of the coins take place outside the order book of the Exchange platform. It is not a similar trading sequence as we have mentioned here. The trades directly take place through the wallet.
Now, I have not tried it myself yet since the minimum order limit for such trades is $50,000. It is mostly reserved for all those who are looking to put a massive amount of money at once or transfer to Funds on WazirX. Since normally such a massive amount is not possible to transfer under normal circumstances even via P2P, you can use OTC deals by WazirX.
To trade through OTC, you can contact the WazirZ team through this form and wait for the response. Some of the advantages here include personalized service from the WazirX team, low trading fees, Smart Dashboard, faster, and security. Furthermore, here are the coin pairs you can trade BTC/INR, USDT/INR, and ETH/INR.
WazirX Fees Structure- Deposit, Withdrawal, & Trading
Since now we know how you can trade and register on the platform, I have listed down all the fees and charges that you will have to pay with each transaction. The fees are not a lot for buying and selling, however for deposit and withdrawal there are a lot of things you need to know. Let us look at everything you need to know and more.
When I say deposit, it does not necessarily mean buying coins or adding funds to the wallet. Rather it means depositing coins from a source to your WazirX portfolio. As of now, there are no fees to deposit any coin to your account on WazirX, but there are certain minimum deposit amounts set for each coin. For example, for the DOGE coin, the minimum deposit amount is set to be 1500.
Speaking of Withdrawal fees and charges, it is different for each coin you have bought or listed on the platform. Here we can take an example of 1inch where the withdrawal fee is around 3.82 1INCH. Also, the minimum amount you can withdraw from your account is 7.64 1INCH and the maximum amount is 764.82 1INCH. These fees are quite a lot especially for small traders and hence people only stick with trading rather than deposit or Withdrawal.
Lastly, we are here to talk about the trading fees. Well, as you already know that trading fees include both buying and selling the coins. We also have P2P trading here too. So, speaking of buying and selling, there are two charges for both types of transactions. You have to pay 0.2% Maker Fee along with 0.2% Taker fees.
As soon as you create any order, the charges are auto deducted from the total amount. The best part here is that it is the same for all the coins and any pair you are trading with. Also, for P2P trading there are no fees that make it so much easier and feasible.
To add more here, you might come across multiple times where if you are trying to transfer any coin from your wallet to another or Deposit, the warning might show as “Under Rapid Listing”, this means that the coin is still not active for any kind of deposit or Withdrawal. Furthermore, with Binance integration, you can easily transfer any coin from WazirX to Binance free of cost.
How to transfer funds from your Bank Account to WazirX Wallet?
I have discussed everything you need to know about Wazirx and how you can start trading on it. Now, another important part that I had left out for the last is how you can transfer funds to the wallet from your bank. Well, earlier WazirX had partnered with multiple banks to enable smooth transactions involving IMPS, NEFT, RTGS, and others.
However, as you might be earlier, the government regulation and the fear of that had compelled banks to take a step back which is why there are only limited options to transfer funds. Here are all the methods you can use to do the same.
1. UPI Transfer
Well, the first option that most of the users are currently trying to deposit INR in their wallet is through UPI payment. You can choose to either download the app on your smartphone and carry out the steps that are much easier, or you can use the web version.
- Tap on the Funds option on the screen.
- Now, click on Deposit beside the INR listing.
- Select the option UPI from among the two options on the screen.
- You will be charged 0.236% as tax in total for each transaction you make.
- Now, enter the amount you wish to add to the wallet and head over to your UPI app to make the payment.
- If you haven’t added a verified UPI ID yet, you can go to the Account Settings and make the changes.
Wait for the transaction to complete and your amount will be added to the wallet within seconds. If you have applied right now for the UPI ID verification, you may have to wait for some time before you can make any transaction.
You can also choose to add USDT to your wallet directly through your fiat money. The process is very simple and I have already discussed every step you need to follow. Well, instead of getting INR in the wallet, you will be getting USDT which also acts as a great pair to trade with while buying and selling any coin pair on the platform.
Advantages of using WazirZ
- Low trading Fees
- Binance Integration
- Free Transfer of coins from WazirX to Binance
- Cross-platform integration (Web, Mac, iOS, Windows, and Android)
- Secure and safe to perform any transaction
- Multiple trading options are available
- Faster and Better
Disadvantages of using WazirZ
- No future trading feature provided
- Massive Withdrawal fees
- Limited coins can be withdrawn
- Issues with transferring Fiat Money to Wallet
Here is everything you need to know about the WazirX Review and all its features that bring it all together. I have made sure to cover everything I have learned all these years of trading on WazirX. Still, there is a lot that needs to be spoken about and learned such as NFT Marketplace and STF. I am looking forward to learning more about these and updating this blog so that you can keep yourself updated too.
Crypto is a volatile market and one can never be too sure of how the market will react the next second. Hence it is important to be absolutely sure of the money you are putting in here. To add more here, I am not a financial advisor rather just a user sharing my experience on how things work. Make sure you do your research before investing in anything.