WazirX review India 2022

by madhav joshi digital markting expert

WazirX, arguably India’s leading cryptocurrency exchange, is a preferred place for crypto enthusiasts to trade at. Its user-base ever-growing, WazirX provides more than 100 cryptocurrencies to trade, including WRX tokens.

Binance, the leading crypto exchange globally, acquired WazirX in 2019. The exchange’s platform is compatible with Mac, android, windows, iOS smartphones. The platform handles millions of transactions with great efficiency.

What are cryptocurrency exchanges?

Cryptocurrency exchanges are platforms facilitating trading cryptocurrencies for various assets, including digital and fiat currencies. Moreover, these act as intermediaries between a buyer and seller, earning thru transduction fees and commissions.

Generally, cryptocurrency exchanges permit $100 to be traded for Bitcoin of equivalent value and the other way round. Likewise, Bitcoin of $100 worth may be exchanged for Ethereum of equivalent value.

Types of cryptocurrency exchanges

There are two types of crypto exchanges under consideration here - centralised and decentralised.

Centralised cryptocurrency exchanges act as the third party between buyer and seller. Given that they are run and controlled by a company, centralised exchanges provide more reliability. Close to 99% of all crypto transactions go via centralised exchanges.

Decentralised cryptocurrency exchanges permit users to execute peer- to peer transactions. There’s no need for a third-party intermediary. Owing to some problems associated with centralised exchanges, decentralised exchanges are favored by some.

Centralised crypto exchanges: advantages

User-friendly:

Centralised crypto exchanges provide beginner investors with a certain security assurance. Compared to crypto wallets and peer to peer transactions, while using a crypto exchange, all the user has to do is log into his account, view account balances, and make transactions via applications.

Reliable

Centralised exchanges provide an extra security layer. They are more reliable when it comes to trading and transactions. Such exchanges provide more reliability and comfort by facilitating the transaction thru a centralised platform.

Centralised crypto exchanges: disadvantages

Risk of hacking

Centralised exchanges are run by companies responsible for their customers’ holdings. Larger exchanges generally hold billions of dollars worth of Bitcoin, making them a desirable target for hackers.

Mt. Gox , the crypto exchange, was racked with the theft of 850,000 Bitcoins.

Transaction fees

Dissimilar to peer to peer transactions, centralised exchanges frequently charge high transaction fees for services, which may be as high as the trading volume is large.

What does a good crypto exchange offer?

Crypto selection

The number of currencies you may trade with varies wildly from exchange to exchange. For instance, Counmama has ten currencies on its platform. Others may offer hundreds. If you are a beginner trader, you are likely looking for Bitcoin. A bigger platform might confuse you. On the other hand, seasoned crypto traders would be looking for exchanges that offer lesser-known coins likely to rise in future ;

Security

Crypto may seem sketchy due to the lack of government regulation and its black market use. The majority of platforms like Kraken realise this. These take well-considered measures to keep your info safe and your holdings secure. There Are security features like two-factor authentication, encryption, and cold storage ;

Fees

With the decrease in risk, industry fees are likely to standardise and then start descending. Forte the time being, there’s a wide variety. You will generally face a trading fee and extra commission costs on strong exchanges. Among these, Binance is the most affordable amongst the famous providers. Exchanges like Voyager provide commission-free trades. ;

Availability

If the exchange is located in your region, that’s a distinct advantage. Rules and regulations might impact an international crypto-exchange outside your country. ;

Buy/trade options

To fund your account and buy crypto, you may link your bank account to the exchange. Conversely, you may use a credit/debit card. Some platforms may permit crypto-to-crypto trades, while clothes may not ;

Wallet

It might sometimes be convenient to have a cold wallet in addition to the one supplied y the exchange;

Interest or rewards

Some accounts in certain exchanges can yield up to 10% interest if you keep aminium balance;

Mobile apps

Crypto trading via mobile apps makes for speed. Exchanges with these features are obviously more favored ;

Customer service

Customer Support staff has to be prompt and accessible;

Debit card

Crypto exchange debit cards aid you in making purchases directly from your crypto account.

Can WazirX be trusted? Or Can we trust WazirX?

Yes, WazirX can be trusted. They are a centralised crypto exchange that’s close to Binance. That assures state of the art, cutting edge online trading security.

Besides, WazirX enables you to make deposits in Indian Rupees as well as for cryptocurrencies.

For the depositing of INR, feel free to use any of the following methods:

NEFT/RTGS/IMPS;
UPI;
NetBanking;
Bank Transfer.

WazirX stores close to 95% of trader funds in offline cold storage, keeping it safe from hacking attempts. Nonetheless, you can take a couple of measures yourself for added security -

Enable two-factor and OTP authentication;
Use the official website and the app downloaded from the Google Play Store or App store to login and order trades.

Conclusion

WazirX tends to be more expensive than its closest rivals. However, that is more than offset by textbook quality features. Security is the number one concern of all clients, and WazirX does not disappoint in that department. InvestBy offers global quality crypto trading.