Cryptocurrency trading is a skill ( According to me at least ) that requires good prediction, observation and mainly patience.
Without patience, You can never earn a single penny in cryptocurrency trading. Let’s say, you have all those aforementioned skills and you want to start cryptocurrency trading. If you are a beginner, You can check out the cryptocurrency for dummies article to know more about cryptocurrency.
But, If you are a person who knows the basics of cryptocurrency trading, you might know that you need a good trading platform for buying/selling cryptocurrency to other people.
Trading cryptocurrency in India is kinda like a hard deal since there are a limited number of platforms. When we divided those platforms based on legitimacy, The options become even more limited.
There are a lot of scam platforms that don’t let you withdraw the money that you have made with your cryptocurrency trading skills.
Is WazirX a legit trading platform ? or is it another scam platform in the pool?
What are the unique features of the platform?
What are the downsides of trading on WazirX?
Today, we are going to find the same on this Wazirx Review for cryptocurrency traders. What are we waiting for? Let’s dive in.
What is WazirX ?
WazirX was a Mumbai-based cryptocurrency trading platform founded by Nischal Shetty. It was a growing company, but it was struggling since cryptocurrency trading laws in India are becoming strict.
All of this changed when Binance Holdings limited acquired WazirX for around $5-$10 million ( Just an estimate ). Even though, Nischal Shetty still operates WazirX, The hand behind WazirX is now Binance Holdings Limited.
For those who never heard of Binance, It is also a cryptocurrency trading platform and is considered the #1 trading platform in the world. They have established a trading platform in India as WazirX.
Is Wazirx a legit trading platform ?
If you have read the above paragraph correctly, You should already have an idea on “How big is Binance Holdings limited”. Binance is a big player in the Cryptocurrency trading market. So, there is a very low chance that you will get scammed by them.
The simple answer would be, No they are not a platform that scams people. WazirX is a legit cryptocurrency trading platform in India. As we know that it is legit, it is the time to learn more about it so that you can start trading cryptocurrency on it.
My WazirX Review after using it for 3 months
I should say something, My cryptocurrency trading started with WazirX. So, I may be a bit biased towards this WazirX review. I will try my best to not be a biased reviewer, But a small bias warning.
Good side of WazirX
Here the things that made me love WaizrX as a cryptocurrency trading platform.
Easy cryptocurrency Trading
I know I know. I sound like an idiot. When the whole service is about cryptocurrency trading, what can we expect other than cryptocurrency trading? I just want to mention that, Cryptocurrency trading on WazirX is a very easy process.
It doesn’t have any Sci-fi User Interface that will crumble your mind. You can easily buy/sell cryptocurrency on the exchange tab.
Here is something I don’t like about WazirX, There is a strict policy on the minimum amount of a coin you buy. For example, you have to buy 0.05 ETH as a minimum. If you want to buy just 0.01, There is no way you can do it.
In wazirX, You can buy a very limited number of cryptocurrency with INR ( Indian Rupees ). That’s why WazirX offers Peer-to-peer trading of INR into USDT. P2P helps you Buy and Sell USDT for Fiat directly with other Buyers & Sellers.
Here is the drill:
- You deposit INR into your WazirX account
- You convert the INR into USDT using Peer-to-Peer buying/selling
- You buy cryptocurrency using USDT
- When you want to withdraw, You just sell USDT as a seller in P2P, convert the money into INR and withdraw it to your bank account
An important point to make here is that the price of USDT is always equal to $1. Here is a detailed page by WazirX itself on the peer-to-peer Selling/Buying
I highly recommend you to check that official article out after this review since most of the people are confused with this peer-to-peer thing.
STF ( Smart Token Fund )
Let’s say you are a beginner in cryptocurrency trading. You don’t want to risk all your money by investing in coins that won’t help you out in generating profits. It is not an easy process to learn to trade, It takes so much time and effort to learn everything related to cryptocurrency trading.
What if there are smart traders out there to help you in trading?
Smart Token Fund or STF is the same thing. Experienced traders are available in WazirX and they will trade your money for generating good profits. Since they are experienced, there is a higher chance of generating a good profit on your investment.
Well, why would they even help you? Are they angels or what?
No, They take 25% of the total profit they have generated for you. Let’s say, He traded smartly and generated 100$ profit. He will take his 25$ and you will get 75$.
A clear win-win situation for both of you. I recommend my readers to learn to trade, Why give up your profits on someone who is not even a friend of you ?. But, if you are not brave to take risks, STF is the way to go.
WazirX also allows their traders to make a huge amount of money by trading a specifically mentioned coin.
They will announce these competitions on their Dashboard and through Email too. The game is simple, You start buying and selling the mentioned cryptocurrency as high as you can.
If there are no other guys who traded as much as you, You are the winner and you will get the declared prize money.
Even though I have never traded to this extent, It seems fun and risky too. So, I won’t suggest this for beginners ( Don’t risk too much buddy )
Low trading fees
Maker: 0.1% Taker: 0.25%
WazirX has low trading fees when compared to other trading platforms. The Maker fees are 0.1% and the taker Fees is 0.25%.
I know this doesn’t clarify any of the real world doubts related to trading fees of wazirX. Here is another detailed page from WazirX that will help you in learning more about the trading fees of wazirx.
When joining a trading platform, you need to take a look at transaction fees since you don’t want to give up your profits to the platform.
Good Email support
I have once contacted WazirX support team that my Bank account isn’t being approved because of a minor name difference. They responded to the Email in 4 hours.
Even though it may sound like a huge amount of time, it wasn’t any live chat or something. I have just sent them a query and they responded within 4 hours.
The best part is that They have helped me in setting up my account perfectly. Kudos to the WazirX support team. Support is a great aspect to know whether a service is legit or scam. So, it is again clear that WazirX is legit.
Readily Available mobile applications
WazirX has developed applications for Android, ios, Windows and Mac Os. The apps can be found on Playstore and Appstore for Android and ios respectively. I mostly use my android mobile to check whether I’ve got loss or profit ( Price changes ).
The mobile applications come in handy for checking out the price fluctuations and new announcements. I think Windows and Mac don’t need any special application since a browser is enough.
A good Affiliate program
Downsides of WazirX
Here are some of the things that I haven’t liked in Wazirx.
Minimum order amount
I have already mentioned this thing and I want to mention it again. If you are a college student who wants to learn cryptocurrency trading just like me, Then this one is going to matter a lot to you.
WaixrX has a minimum order amount on every cryptocurrency such as Bitcoin, Ethereum, Dash etc. Like, You cannot buy less than what they recommend.
Even though it is not a downside and many trading platforms do the same thing. I would say this is the only downside in this WazirX review.
I absolutely love WazirX more than any other trading platform in the market. I know this WazirX review might have been a bit biased, But I’ve tried my best.
I highly recommend WazirX as a good trading platform for beginners or even old traders. Start trading on WazirX in minutes by signing up, Verifying Email, KYC and Bank account.