Presently the digital currency market is valued at $2 trillion with more than 4000 digital currencies presently in circulation, trading in digital currency has taken a definite shape. To make sure that the 1 billion Indians are not left behind in the race of crypto, WazirX was formed. So if you wonder is WazirX legal in India, the answer is, this exchange was formed to cater to the Indian citizens only. In this WazirX exchange review, we will look at all the aspects of this exchange and why you should consider this.
WazirX Exchange Review: An Overview
The WazirX exchange is the Indian digital currency trading channel that is available to global consumers for the purpose of trading presently. You may wonder when was the WazirX launch date in India? This platform was founded in 2008 and is operated by Zanmai Labs Pvt Ltd. So the WazirX app owners are Sameer Mhatre, Nischal Shetty, and Siddharth Menon.
This is more than just a digital currency exchange. It provides a unique solution to bridge the distance between the world that is presently operated by fiat currencies and the ever increasing digital currency with the WazirX P2P which is the first auto matching peer-to-peer engine in the world. It also provides its native digital currency assets which are known as the WRX coins or the WazirX token.
WazirX Exchange Review: Features
WazirX being one of the best digital currency exchanges in India has many features to offer to its users. These features are listed below.
Cross Platform Support
WazirX seamlessly operates across various devices and provides apps compatible with the Android, web browser, and iOS smartphone platforms, and also with Mac and Windows PCs.
Trading Platform Design
WazirX is a worldwide exchange with fiat that is on-ramp. It is a beginner-friendly cryptocurrency trading channel with a high volume of trading. The mobile apps provide almost all the characteristics that are available on the web platform. This exchange allows multilingual support.
Investment Products & Supported Cryptocurrencies
WazirX provides over 100 digital currency trading pairs. However, the peer-to-peer market provides only eight currencies that are paired with USD Tether (USDT).
The WazirX token or the WRX utility token creates the backbone of the WazirX environment. The maximum supply of coins is fixed at 1 billion. As per CoinMarketCap, the WazirX coin price at the time of writing this is $1.03 (30.09.2021 at 03.21 GMT). It has a present market cap of $479 million and a circulating supply of nearly 293,763,596 WRX coins.
About 3.9% of the WazirX tokens are available for mining. The tokens of WRX can be mined, 10% of which every 3 months will be burned, which will depend on the trading volume that is being generated.
STF stands for Smart Token Funds. It is a community-driven way that is being used to connect beginners along with expert crypto traders to help them improve their portfolio in return for a 25 percent commission on profits that are earned by the new traders.
Speed Of Transaction
The blockchain design of WazirX is efficient and scalable enough to take care of millions of transactions in a few seconds.
Advanced Trading Tools
The proprietary P2P exchange system of WazirX is the very first auto-matching P2P engine that matches buyers to sellers automatically. Buyers in this exchange place the order to buy USDT and pay the seller directly. After this, WazirX transfers the escrowed USDT automatically to the secure wallet of the buyer.
WazirX keeps 95% of its funds in cold storage. This channel is also equipped with a two-step verification option to offer enhanced security to the accounts of the customer. It also uses a multi-signature wallet structure and adheres to strict guidelines of the KYC/AML. So you may wonder whether WazirX is safe or not, the answer to your question is right here.
There is no customer care number for WazirX, Traders can avail the traditional ticketing system if they have to clarify any doubts. Concerns can be raised even through emails. The website also offers a good list of FAQs. Besides, the social media pages of WazirX are available on Telegram, Facebook, Instagram, Twitter, LinkedIn, YouTube, & CoinMarketCap.
WazirX accepts a huge range of payment methods and the WazirX fees are also very reasonable. They are stated below:
- Bank Transfer
- Net Banking
When the users wish to deposit their money in their crypto wallet, they can avail any of the above-mentioned methods for banking. For depositing crypto, users can either copy the address of the destination or scan the QR code that is being provided.
WazirX Exchange Review: Pros And Cons
By this time, you have got a vivid idea about the leading crypto exchange in India. So now that you know the features, it is essential that you know the pros and cons as they are an integral part of the WazirX exchange review. For better understanding, we have given the pros and cons in tabular format.
This WazirX exchange review portrays that WazirX is the fastest evolving crypto exchange and trading platform from India that has a reasonable order book of transactions, expanding trading volume, and trading fee in crypto. This is the largest and the top notch digital currency exchange across the globe and has received 2 million users in just 3 years alone.