WazirX App Review

This article talks about WazirX, its features, business model, fundings, and competitors.

· 4 min read
WazirX App Review

In this Article:1. About WazirX2. Why should you choose to Invest through WazirX App?3. Business & Revenue Model of WazirX4. Funding and Investors of WazirX5. Competitors of WazirX6. Conclusion

Cryptocurrency investment is gaining popularity in India. Investors are looking at crypto as an option to diversify their portfolios. Though there are still no proper regulations in India with regards to crypto trading and taxation, it is completely legal to trade and invest in them. A large number of platforms and Apps had started offering services in relation to crypto trading in India. Despite this, WazirX has emerged as India’s largest and most popular cryptocurrency exchange with millions of users.

About WazirX

Founded in 2018, by Nischal Shetty, WazirX is an Indian cryptocurrency exchange that supports trading and investing in cryptocurrencies by investors. The primary objective of WazirX was to bring cryptocurrencies to individuals who do not have any access to them. WazirX is widely known to be a trusted and secure platform that facilitates buying and selling of 200+ cryptocurrencies including Bitcoin, Ethereum, Litecoin, Binance Coin, etc. WazirX has served more than 10 million users through its platform. WazirX makes crypto trading and investing simpler for Indians as it allows the use of Indian Rupees (INR) to complete the transaction. To get started with WazirX, investors need to download the WazirX App, create their accounts, and complete their KYC verification. WazirX has a great user interface with features like stop limit, continuous open request books, TradingView charts, etc. In 2019, WazirX was officially acquired by Binance, which is the world’s largest crypto exchange, to establish Multiple Fiat-to-Crypto Gateways. Owing to this acquisition, investors on WazirX can directly link their profile on Binance and transfer certain crypto coins between these platforms. WazirX uses a specialized P2P system through which buyers can be directly connected to the sellers, eliminating the need to go through order books. Under this, WazirX just acts as an Escrow ensuring the smooth transfer of funds between all the parties involved.

Why should you choose to Invest through WazirX App?

WazirX is one of the fastest-growing cryptocurrency exchanges with over 10 million users. WazirX offers over 200 cryptocurrencies and is the most trusted and secure platform for crypto trading in India. You can buy Bitcoins or any other cryptocurrency available on the App depositing INR simply through UPI or IMPS. Some of the features of WazirX that makes it one of the best cryptocurrency platforms in India are as follows:

  • Crypto Trading: As mentioned earlier, WazirX offers a large number of cryptocurrencies for trading. Its platform is easy to use and operate even for amateur and inexperienced investors. Furthermore, WazirX offers multiple trading options to its users like putting limits and stop-limits. It gives you an option to put up your trading price in the option listed and add the desired quantity of coins.
  • Deposits & Withdrawals: You need to create your account and complete your KYC verification process before you can deposit or withdraw money from WazirX. You also need to add your bank account details and UPI ID on the platform. Once you have completed the verification process, you can freely add money into the WazirX wallet and begin trading in crypto. Through the UPI and P2P deposit options, you can deposit money on the platform within seconds. Although the process for depositing and withdrawing money is very simple, you are charged Rs. 5.9 for every deposit via bank transfer while for withdrawal anywhere between Rs. 5 and Rs. 10 is charged depending on the method of withdrawal.
  • Real-Time Market Analysis: WazirX offers you real-time market analysis by providing you with crucial information about different cryptocurrencies in real-time. WazirX also uses graphs and ratios to help you understand the price movements and trends of specific crypto, which assist you in your trading.
  • Security Assurance: WazirX is undoubtedly the safest cryptocurrency platform available in India. WazirX allows you to activate two-factor authentication on the App to ensure that no one can access your personal account without the help of an OTP sent to your registered mobile number. This avoids unauthorized access to your account and thus protects your account from fraud.
  • Advanced Options & Features: WazirX offers some advanced features on its platform including advanced chart trading, stop-limit orders, etc. It also boasts to have the best auto-matching P2P system which facilities high liquidity. WazirX allows you to log in through the Binance option, and you can move funds and coins freely between WazirX and Binance wallet instantly without any charges.

Business & Revenue Model of WazirX

WazirX operates as a P2P Cryptocurrency Exchange. Under this system, trading takes place end-to-end with an automated matching engine. On WazirX, any investor can easily buy or sell cryptos listed on it through depositing money from their bank accounts or UPI. The role of escrow wallet becomes very vital in P2P Crypto Exchanges. WazirX acts as the Escrow account between any transaction taking place on its platform.

The Revenue Model of WazirX is based upon the trading fees that it charges on each transaction. WazirX charges 0.2% on every transaction. This charge is auto-debited from your wallet. The 0.2% trading fee remains constant for all the crypto coins. In addition to the trading fee, WazirX also charges certain fees on deposits and withdrawals, as mentioned earlier. As the revenue of WazirX is highly dependent on the trading fees collected by it, the penetration and trading volume play a critical role in its success and profitability.

Funding and Investors of WazirX

WazirX was acquired by Binance, which is the world’s largest cryptocurrency exchange, in the year 2019. With this acquisition, Binance has allowed users to buy and sell crypto with Indian Rupees (INR) on the Binance Fiat Gateway. The full details of the deal between WazirX and Binance were not disclosed to the public.

Competitors of WazirX

The awareness and popularity of cryptocurrency are growing at a rapid pace in India. Many new startups have come up to render their services in this segment. Though WazirX still remains the largest cryptocurrency exchange in India, it faces intense competition from firms like Coinswitch, Coinbase, CoinDCX, Bitbns, Zebpay, etc.

Conclusion

Despite the growing popularity and awareness around crypto, it remains highly volatile and risky in nature. Investors need to be entirely sure of the market before putting their money in it. WazirX cannot reduce this volatility from the crypto market, but it makes sure that investors do not have to worry about their safety, difficulty of the process, or any other factor while trading in crypto. WazirX has emerged as the best exchange for conversion of Fiat to Crypto and vice versa. With the talks around regulating the crypto industry in India, exchanges like WazirX may profit from this move in the coming years.