WazirX Exchange Review
WazirX is a centralized exchange that occupies #209 on Guru InvestingExchange Tracker. WazirX has trading volume US$4,231,555 in the last 24 hours and US$1,079,215,419 in the last 7 days.
WazirX currently has 262 cryptocurrencies, 1 paper currencies and 491 markets (cryptocurrency trading pairs). The most popular trading pair on WazirX is USDT/INR.
Compare WazirX next to other exchanges here: Exchange comparison tool.
WazirX is an Indian centralized cryptocurrency exchange (CEX). It was developed within Binance financial ecosystem. The WazirX crypto exchange, created in 2018, offers spot and P2P tradingand cryptocurrency purchases.
The platform is KYC compliant and requires identity verification. US users are prohibited from trading on the WazirX cryptocurrency exchange. The platform and its services are available on desktop and mobile devices.
Markets
WazirX supports cryptocurrency and INR trading. Indian Rupee – the main fiat currency available for trading. Additionally, stablecoins such as Tether (USDT) listed. In total, traders can access over 350 WazirX trading pairs and over 200 digital assets.
WazirX (WRX) it is the platform’s own asset. It can be traded on the platform or used to cover exchange fees. Holders of WRX tokens are entitled to discounts and special offers. You can learn more about WazirX cryptocurrency price and token history. Here.
WazirX spot market uses live open order book system. The platform is known for its automatic P2P mechanism it eliminates the need for intermediaries and enables direct interactions and transactions between buyer and seller.
The P2P platform is used for trading USDT pairs and supports crypto-fiat trading. Customers using P2P mechanism services are not subject to WazirX exchange fees. The service allows you to automatically match orders placed by buyers and sellers. Large traders receive a unique identifier known as XID.
WazirX’s base cryptocurrency commission rate for most trading pairs in the spot market is 0.2% for both makers and takers. The platform implements a minimum order size based on the quote currency. Please note that some pairings may be on hold. See the official website for activity status.
WazirX trading pairs that list the WRX token as the quote currency are not subject to commission. Indian customers are also subject to TDS levies as per national regulations set in 2022.
P2P traders are not subject to commission regardless of WazirX trading volume. However, a minimum order size of $14.5 applies to all P2P trading pairs. The transaction amount cannot exceed $2,000.
Withdrawal fees on the WazirX cryptocurrency exchange, as well as the minimum and maximum withdrawal amounts vary depending on the asset selected. Deposits are free. In some cases, incorrect deposits may be refunded and a reinstatement fee will apply. Withdrawals to incorrect addresses cannot be restored.
About company
Cryptocurrency exchange WazirX was founded Nischal Shetty, Sameer Mhatre and Siddharth Menon in India in 2018. It is considered one of the largest and fastest growing cryptocurrency exchanges in the country. Until 2022, the company was registered in Mumbai. The current headquarters is in Dubai, UAE.
According to the founding team, within a month of its launch, the platform attracted more than 100 thousand registered users. At the end of 2021, the company reported that their number exceeded 10 million.
In November 2019, WazirX was acquired by Binance. In March 2020, both companies launched the Blockchain for India fund, which will support blockchain startups in the region. The price of the Binance WazirX cryptocurrency allocated to the fund was US$50 million, with investments ranging from US$100,000 to US$5 million. WazirX’s YTD volume in November 2021 was almost 40 billion dollars.
Although cryptocurrency exchange WazirX has been part of the Binance ecosystem since 2019, there have been disputes over the years over its ownership status. In August 2022, Binance CEO Changpeng Zhao stated that Binance does not own WazirX and only provides wallet services. However, Shetty stated that Binance owns a stake in the company.
In April 2021, WazirX launched NFT Marketplace. It was considered to be the first platform of its kind in India. According to the project team, the NFT marketplace does not charge fees for creating and listing NFTs, and creators can earn royalties.
Following the introduction of cryptocurrency tax laws in India in early 2022, the exchange’s performance took a hit. WazirX’s average daily trading volume was reported to have fallen by over 70%.
Nischal Shetty is the CEO of crypto exchange WazirX. He is a software developer and crypto entrepreneur who has been involved in numerous blockchain projects over the years. In 2010, he also co-founded the social media management service Crowdfire. Since February 2022, Shetty has been serving as a committer at Shardeum.
Siddharth Menon is the Chief Operating Officer of WazirX. He has been an entrepreneur for nearly two decades, focusing on Web3 technology in recent years. Until December 2021, Menon was part of the Binance Fiat team, representing the WazirX crypto exchange. In 2022, he founded Tegro, a marketplace for Web3 gaming assets.
Sameer Mhatre is the CTO of WazirX. He is a computer scientist and software developer. Previously, he worked at Infomedia18 Ltd as a front-end and back-end developer and was directly involved in the team’s hiring processes. Mhatre co-founded Crowdfire with Shetty and Menon.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
