Wazirx exchange was founded by Nischal Shetty in 2018. Wazirx exchange is established in India under the name of its parent company Zanmai Labs Private Ltd. Wazirx became popular after the banking ban on cryptocurrency by RBI in 2018 with its unique P2P feature. Wazirx was acquired by Binance in 2020.
Wazirx Exchange is the largest cryptocurrency exchange in India. Wazirx has over 10 million users. Wazirx has a daily average trading volume of over $50 million. Wazirx had reached a peak trading volume of over $500 million in the month of October in 2021.
Wazirx Exchange Overview
- Wazirx supports 230 cryptocurrencies on its exchange.
- Wazirx has cryptocurrencies paired with BTC, USDT, WRX, and INR
- Wazirx has web platform and mobile application. The interface is good on both platforms.
- Wazirx has decent security of funds. I haven't heard any complaint on social media of anyone losing funds from Wazirx
- Wazirx has 24x7 customer support. They also have a toll-free number
- Wazirx has a Quick buy tab for beginners on the mobile app and also standard trading options like limit buy orders
- Crypto deposits are free and crypto withdrawals cost you some fee charged by the blockchain networks
- Know Your Customer(KYC) is compulsory to get started with trading on wazirx exchange. Aadhar card and Pan card should be submitted
- Wazirx exchange has a trust score of 7/10 on Coingecko.
How to Sign Up on Wazirx Exchange?
- Signup on the Wazirx website using this Wazirx referral code
- Download the app. Click on the menu button on the top left. Submit the details and complete your KYC
- Verification will be completed in a few minutes
- Submit our bank account and UPI details to receive deposits
- Deposit INR with the withdrawal options available
- Check your balance in the 'Funds' tab
Deposit & Withdrawal on Wazirx Exchange
INR Deposit
Wazirx has various deposit options like wallet transfer(Mobikwik), Net Banking(Only supported banks), and P2P
The minimum deposit amount is Rs.100 through wallet transfer and net banking
Mobikwik charges 1.77% fees on every deposit. The maximum amount of deposit depends on your Mobikwik wallet limit
Deposit using Net banking costs you, a flat fee of Rs.47.2 at the moment. The maximum amount you can deposit in a single transaction is Rs.4,99,000. There is no daily limit on net banking. Supported banks include Catholic Syrian bank, Deutsche bank, Dhanlaxmi bank, Federal bank, Indian Overseas bank, Jammu and Kashmir bank, Karur Vysya bank, Laxmi Vilas bank, Tamilnad Mercantile bank, IDFC First and PNB
P2P deposits have no fees and no limits. In P2P, you buy USDT from sellers by paying them INR. You can buy other cryptocurrencies with USDT
INR Withdrawal
Withdrawal options include instant withdrawal to bank, NEFT, and P2P
The minimum amount of withdrawal is Rs.1000
Instant withdrawal has a maximum limit of Rs.5 lakhs per transaction. You can withdraw up to Rs.1 crore per day. There is Rs.10 fee on every withdrawal.
NEFT withdrawal has a higher transaction limit at Rs.50 lakhs per transaction. You can withdraw up to Rs.1 crore per day. It costs you Rs.5 fee for every transaction.
*Deposit and withdrawal options and limits can be changed by Wazirx anytime.
Trading on Wazirx Exchange
Wazirx exchange supports over 230 cryptocurrencies and new coins are added every day. Wazirx has trading pairs in INR, USDT, WRX, and BTC. It means that you can buy cryptocurrencies with any of the above-mentioned pairs.
Quick Buy
Quick buy option is only available on the mobile app. Using the quick buy option you can just enter any amount and proceed to buy without the need of the order book. If you are a beginner, the quick buy option is for you.
Exchange
Now let's assume you have deposited INR into your Wazirx account, go to the 'Exchange' tab to start trading cryptocurrency. As you can see below, there are many cryptocurrencies available in the INR pair. You can also search for the coin you want in the search bar on the top.
Select the currency you want to purchase.
Charts show the current chart of the cryptocurrency in the selected timeframe.
Orders show all the current orders(buy & sell orders) in the order book.
Trades show the recent trades that have happened. All the buy and sell orders that are executed.
My Orders shows you all your open and completed orders Click on Buy/Sell to place a limit order
Enter the price at which you want to buy the cryptocurrency. Enter the amount or select the total amount in INR. Now click on 'BUY'. Check the details once again and confirm the order. When the market price meets your order price, your order will be executed.
After the purchase is completed, check your coin balance and INR balance in the 'Funds' tab.
Wazirx Exchange Trading Fees
Every exchange charges some trading fees every time you buy/sell any cryptocurrency. Wazirx Exchange charges you fees based on your WRX holdings in your wazirx account.
Generally, the trade fee is 0.2% on Wazirx, if you do not have any WRX in your account. It means, if you buy Rs.1000 worth of Bitcoin, the fee is Rs.2. In wazirx exchange, this fee depends on the amount of WRX you hold in your account at the time of the trade.
Wazirx Coin(WRX)
Wazirx coin or WRX is the exchange token on the Wazirx exchange. WRX token has a market cap of over $281 million(at the time of writing this article) at a price of $0.61 or Rs.47.19. The current circulating supply of WRX tokens is about 456,517,027 with a total supply of 1 billion tokens.
WRX hit an all-time high price of $6.66 on April 5, 2021. WRX is listed on many popular international exchanges like Binance, Kucoin, and Gate.io. Binance has the highest volume of WRX traded in the last 24h.
Wazirx coin can be used in the following ways in the Wazirx exchange.
Trading fees discount
WRX can be used to get a trading fees discount on the wazirx exchange. If you hold 10-200 WRX tokens, you will pay 0.03% less fee which is 0.17% fee and if you hold more than 200 WRX tokens, you will pay 0.05% less fee which is a 0.15% fee on each trade.
Convert Crypto Dust
Crypto dust means a small amount of crypto remaining in your account after you sell your crypto. You can convert small balances which are less than $10 directly into WRX. 'Convert Dust to WRX' option is available in the 'Funds' tab.
Binance-Wazirx Bridge
Binance has acquired Wazirx in 2020. So both the exchanges are operated by a single entity but different teams. Using the wazirx-binance bridge, you can transfer certain cryptocurrencies between Wazirx and Binance for free. You need to have Binance and Wazirx registered on the same email id and should have completed KYC on both exchanges.
Binance is an international exchange and also the largest exchange. It has more number of cryptocurrencies to trade and the trading fees are only 0.1% of each trade. Traders with high volume trade on Binance as it offers high liquidity and a lot of other features like Futures, Margin trading, Staking, etc.
Wazirx Referral program
Wazirx has an amazing referral program that pays 50% of the trading fees to the referrer. Suppose you refer your friend, and he trades Rs.1000 and pays Rs.2 as a fee, you will get 50% of the fee which is Rs.1. You will earn the fee as long as your friend trades on Wazirx for the lifetime.
Commission will be paid to you every day directly to your wazirx fund's wallet in WRX tokens.
Wazirx has been great in recent years and kept on adding new cryptocurrencies and new features to improve the platform. We will update this post as Wazirx does. Comment what you like about Wazirx the most.
Using referral codes in the post doesn't cost you extra money and may also give you some bonus.
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