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Unbiased WazirX Review: Leading Indian Crypto Exchange

Unbiased WazirX Review: Leading Indian Crypto Exchange
Updated:
June 10, 2023
By
Liam Langers

Investing in the world of cryptocurrency can be a confusing and overwhelming experience, especially for those who are new to the game.

With the rise of digital currencies, the number of exchanges and platforms for buying, selling and trading crypto have increased significantly.

One such platform is WazirX, a well-regarded cryptocurrency exchange.

In this article, we'll provide a comprehensive introduction to WazirX, including information about the countries it is available in, its liquidity and leverage, customer support, and more.

We'll also examine the unique features that make WazirX stand out from the crowd, the safety measures in place to protect users, and customer reviews to get an idea of how people feel about the platform.

Additionally, we'll guide you through the process of getting started with WazirX, provide an overview of alternatives, and conclude with a recommendation on whether this platform is right for you.

What is WazirX?

WazirX is a popular Indian cryptocurrency exchange that offers a secure and user-friendly platform for buying, selling, and trading a variety of digital assets.

It was founded in 2018 and headquartered in Mumbai. It has quickly gained a reputation as a leading exchange in India.

WazirX is known for its innovative features, such as its seamless integration with the local fiat currency, the Indian Rupee, and its P2P trading feature, which allows users to buy and sell cryptocurrencies directly with each other.

It also offers a wide range of digital assets to choose from, including Bitcoin, Ethereum, Ripple, and many others.

With a focus on security, ease of use, and an extensive list of features, WazirX has become a popular choice among Indian cryptocurrency traders and investors.

Important information about WazirX

Important Information

Countries

WazirX is available in over 180 countries as a part of Binance (who acquired the company and the tech in 2019), making it a popular choice for users looking to trade cryptocurrencies internationally.

The WazirX exchange on itself has a very strong focus on the Indian market thought.

Ease of Use and User Experience

WazirX has a user-friendly interface that is easy to navigate, even for those who are new to cryptocurrency trading.

The exchange has a clean and modern design, with all of the important information and features easily accessible.

The company also offers a mobile app for both Android and iOS devices, allowing users to trade on the go.

In terms of user experience, WazirX has generally received positive reviews from its users, with many praising its intuitive interface and ease of use.

Liquidity and Matching Engines

One of the key features of WazirX is its liquidity and matching engines, which allow for fast and efficient trades.

The exchange uses a combination of its own matching engine and external liquidity providers to ensure that orders are filled quickly and at the best possible prices.

This is important for traders, as good liquidity and matching engines can help to reduce slippage and ensure that trades are executed at the desired prices.

Available Assets

WazirX offers a wide range of cryptocurrencies for users to trade, including popular options like Bitcoin, Ethereum, and Litecoin.

The exchange also supports a number of lesser-known altcoins, making it a good choice for users looking to diversify their portfolio.

In total, WazirX supports over 200 different cryptocurrencies, giving users plenty of options to choose from.

Can You Use Leverage?

Yes, WazirX allows users to trade with leverage, which means they can borrow funds from the exchange to trade larger amounts of cryptocurrency.

This can be a useful tool for experienced traders looking to increase their potential profits, but it also carries additional risk and is not suitable for everyone.

Leverage trading can amplify both profits and losses, so it is important for traders to carefully consider the risks before using it.

Security

WazirX places a strong emphasis on security and has implemented a number of measures to protect its users' assets.

These include cold storage for the majority of its cryptocurrency holdings, two-factor authentication, and an insurance fund to cover any potential losses.

Cold storage involves keeping the majority of the exchange's cryptocurrency holdings offline in secure, physical locations, which helps to reduce the risk of hacking and theft.

Two-factor authentication involves requiring users to provide an additional form of authentication, such as a code sent to their phone, before logging in or completing certain actions on the platform.

The insurance fund is designed to cover any potential losses due to hacking or other security breaches.

Reputation

WazirX has built up a strong reputation in the cryptocurrency community and is generally well-regarded by both users and industry experts.

The exchange has received numerous positive reviews and has won several awards, including the "Best Upcoming Exchange" at the Blockchain and Bitcoin Conference in 2019.

In terms of regulatory compliance, WazirX is regulated by the Indian government and follows all relevant laws and regulations.

Trading Fees

WazirX charges a trading fee of 0.2% for both the maker and taker sides of each trade.

This is competitive with other major exchanges and is lower than some of its competitors.

The exchange also offers discounts on trading fees for users who hold its native token, WRX.

Customer Support

WazirX offers a range of customer support options for its users, including a comprehensive FAQ section, email support, and a dedicated customer support team.

The company also has a social media presence and is active on platforms like Twitter and Telegram, allowing users to get in touch with the team quickly and easily.

In terms of response time, some users have reported that customer support can be slow or unresponsive at times, while others have had positive experiences with the team.

Overall, WazirX's customer support seems to be generally well-regarded, although there may be some room for improvement in terms of response times.

Unique features of WazirX

Unique Features

Buy Crypto with INR

One of the standout features of WazirX is its support for buying and selling cryptocurrencies using Indian rupees (INR).

This is a unique offering among exchanges and makes it easy for Indian users to get started with cryptocurrency trading.

P2P (Peer-to-Peer) Trading

WazirX's peer-to-peer (P2P) trading feature allows users to trade directly with each other, rather than going through the exchange.

This can be a convenient option for users looking to avoid trading fees or who want to trade cryptocurrencies that are not listed on the exchange.

The P2P platform is easy to use and allows users to buy and sell a wide range of cryptocurrencies using various payment methods.

WRX Token

WazirX has its own native token, called WRX, which was launched in 2020.

WRX tokens are used to power the exchange's various features and services, including its loyalty program, trading fees, and voting rights.

Users can earn WRX by participating in the exchange's various programs and promotions, and can also purchase WRX on the open market.

Is WazirX Safe?

WazirX takes the security of its users' assets very seriously and has implemented a number of measures to protect them.

These include cold storage for the majority of its cryptocurrency holdings, two-factor authentication, and an insurance fund to cover any potential losses.

Cold storage involves keeping the majority of the exchange's cryptocurrency holdings offline in secure, physical locations, which helps to reduce the risk of hacking and theft.

Two-factor authentication involves requiring users to provide an additional form of authentication, such as a code sent to their phone, before logging in or completing certain actions on the platform.

The insurance fund is designed to cover any potential losses due to hacking or other security breaches.

In addition to these security measures, WazirX is regulated by the Indian government and follows all relevant laws and regulations.

This means that the exchange is subject to regular audits and inspections to ensure that it is operating in a safe and transparent manner.

Overall, WazirX has a good reputation in the industry and is generally considered to be a safe and secure exchange.

While no exchange is completely immune to the risk of hacking or other security breaches, WazirX has taken steps to minimize these risks and protect its users' assets.

Customer reviews of WazirX

Customer Reviews

Overall, WazirX has received mostly positive reviews from its users. Many people praise the exchange for its user-friendly interface, wide range of available assets, and good customer support.

Some users also appreciate the ability to buy and sell cryptocurrencies using Indian rupees (INR), as well as the peer-to-peer (P2P) trading feature.

Here are a few quotes from real users:

  • "I've been using WazirX for a few months now and I've had a great experience so far. The interface is intuitive and easy to use, and I've had no issues with deposits or withdrawals. Customer support has also been helpful when I had questions."
  • "I love that I can buy and sell cryptocurrencies using INR on WazirX. It makes it so much easier to get started with trading, and the fees are reasonable too."
  • "I've tried a few different exchanges, but WazirX is by far my favorite. The P2P feature is really convenient and the overall user experience is just really smooth."

There have been a few complaints about slow or unresponsive customer support, but these seem to be relatively rare.

It is worth noting that customer support can be a challenging area for exchanges, as they often deal with a high volume of inquiries and requests.

Overall, WazirX's customer support seems to be generally well-regarded, although there may be some room for improvement in terms of response times.

Pros and Cons

Pros:

  • Wide range of available assets
  • Buy and sell cryptocurrencies using INR
  • P2P trading feature
  • Good liquidity and matching engines
  • User-friendly interface
  • Good reputation in the industry
  • Competitive trading fees

Cons:

  • Limited payment methods
  • Customer support may be slow or unresponsive at times
  • Leverage trading carries additional risk

How to Get Started with WazirX

Getting started with WazirX is a straightforward process that can be completed in a few simple steps.

Here's how to get started:

  1. Sign up for an account: To start trading on WazirX, you will first need to create an account. You can do this by visiting the WazirX website and clicking the "Sign Up" button. Fill out the required information to complete the registration process.
  2. Verify your identity: Once you have created your account, you will need to verify your identity by submitting your personal details and a valid government-issued ID. This is a security measure required by WazirX to comply with regulatory requirements.
  3. Add funds: Before you can start trading, you will need to add funds to your WazirX account. You can do this by using a bank transfer, UPI, or credit/debit card.
  4. Start trading: Once you have added funds to your account, you can start trading on WazirX. You can access the trading platform by clicking on the "Exchange" tab on the WazirX website. From here, you can view real-time prices and place trades on a wide range of cryptocurrency pairs.
Alternatives to WazirX

Alternatives to WazirX

Huobi

Huobi is a well-established crypto exchange that offers a wide range of crypto assets for trading.

It is known for its user-friendly interface, fast trading engine, and high liquidity, making it an ideal alternative for those who want to trade digital assets in a safe and efficient manner.

In addition to trading, Huobi also offers users a variety of other services, including an OTC desk, lending, and staking.

Huobi Review

KuCoin

KuCoin is a cryptocurrency exchange that offers a wide variety of trading pairs and low fees, making it a popular alternative to WazirX.

In addition to trading, KuCoin also offers a staking program that allows users to earn rewards for holding certain crypto assets, as well as a referral program that rewards users for bringing in new customers.

KuCoin Review

Binance

Binance is one of the largest and most popular cryptocurrency exchanges in the world.

It offers a wide range of trading pairs, fast trading engines, and low fees, making it a popular alternative to WazirX.

In addition to trading, Binance also offers a number of other services, including staking, lending, and a DEX platform.

Binance Review

Kraken

Kraken is a well-established cryptocurrency exchange that offers a wide range of trading pairs and high liquidity.

In addition to trading, Kraken also offers a number of other services, including futures trading, margin trading, and staking.

Kraken is known for its security measures, making it a popular alternative for those looking for a secure platform to trade digital assets.

Kraken Review

StealthEX

StealthEX is a cryptocurrency exchange that offers a unique feature: the ability to trade cryptocurrencies without revealing your identity.

This makes it an ideal alternative for those who value privacy and security.

In addition to its anonymity features, StealthEX also offers a fast trading engine and low fees, making it a popular alternative for those looking for an efficient and secure platform to trade digital assets.

StealthEX Review
Our opinion of WazirX

Conclusion

In conclusion, WazirX is a well-established and trusted cryptocurrency exchange platform that offers a wide range of trading options, high liquidity, and excellent customer support.

The platform is easy to use, has a user-friendly interface, and provides users with a seamless and secure trading experience.

Additionally, WazirX offers several unique features such as P2P trading and the WRX token that make it a great choice for crypto enthusiasts.

Overall, we highly recommend WazirX for those who are looking for a comprehensive, secure, and user-friendly cryptocurrency exchange platform.

Whether you're a seasoned trader or just getting started, WazirX is a great option that is worth considering.

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