WazirX is this a scam? Review and Customers Reviews

WazirX – is the largest cryptocurrency exchange in India. The platform is growing rapidly – more than 400 thousand clients already work with it, and 130 altcoins are available for trading.

In this material we will examine whether it is possible to trust crypto exchange WazirX and isn’t it a scam?

 

Why WazirX?

The WazirX crypto exchange was created in 2018. Despite a population of almost a billion people, India, at the time, was not considered a promising market for the cryptocurrency industry. The reason was government bans and a low level of attention to digital assets. However, as Bitcoin and other coins grew in popularity, Indians became more interested in blockchain projects. At the same time, the country’s government has given the freedom to cryptocurrencies. More clients came, and WazirX quickly grew from a modest startup to a big business.

The project was founded by Nishal Shetty, Samir Mhatre, and Siddharth Menon. Shetty and Menon were also the founders of Crowdfire, a news aggregator for entrepreneurs. Business experience multiplied by growing demand did the trick. As early as November 2019, the company announced that WazirX had been bought out by cryptocurrency giant Binance. Thus, the exchange became the first Indian crypto startup to be sold internationally. However, Shetty, Mhatre and Menon remained in office to continue developing the platform.

The company’s mission is to create an exchange that allows everyone who believes in cryptocurrencies to join the digital revolution. The first steps have been taken and WazirX has already become the largest exchange in the region with ambitions to expand. The exchange has its own token, WRX. It is used as an intermediary token, to exchange altcoins without a cross rate. Issuance is limited, no more than 1 billion WRX will be created. Daily trading volume on the exchange is in the neighborhood of $100 million. The three most popular pairs are WRX/INR, BTC/INR, USDT/INR. INR is the Indian rupee. The platform allows you to make deposits in fiat currency.

What’s on WazirX

In addition to cryptocurrency exchange, the site wazirx.com offers:

• P2P transactions. Customers do not have to go out to bid to buy or sell digital assets. In the P2P section, it is possible to leave an order for a transaction or choose from existing offers. The payment goes directly from the bank account to the account, and the cryptocurrency is credited to the wallet. The exchange provides an escrow account, which makes the exchange safe.
• STF. In this section, exchange clients can transfer funds under the management of professional traders. Each manager receives a token. The value of the token depends on the success of the trader. Accordingly, if the manager made a profit of 8% per day, the value of the token increases by 8%, minus the commission. The list of managers is available on the left side of the section, menu Markets. By opening the token page, clients can read the manager’s story, see his statistics and graph.
• The exchange has internal WRX token mining. In order to get the coins, it is enough to meet the standard of monthly volume. Then tokens are automatically added to the account. For example, by creating a transaction volume of 1 BTC per month, a trader receives 1,875 WRX. But the allocation of tokens is not constant, but periodic. The first phase closed in March 2021. The timing of the next window has not yet been announced.

Stacking was also active on the site. Users could earn yield percentages by freezing certain altcoins on their balance sheets. Yields were below the market average. Locking Tron earned about 7% p.a., while staking Tezos earned 6%. By comparison, having invested in Tezos on the platform Kraken, traders receive 12%. In October 2020, the staking section was closed. The management of the exchange decided to focus on the exchange service.

 

How to exchange cryptocurrency on the WazirIx platform?

The exchange takes place in the Exchange section of the site wazirx.com. There is no division into professional or simplified interface, all traders work in one window. In the center of the page there is a chart from the vendor TradingView. It has built-in indicators for analyzing quotes. On the left side there is a section with available crypto pairs. For convenience, all assets are placed in tabs – pairs with rupees, with Bitcoin, WRZ or USDT.

Below the chart, there is an order book and a history of completed trades. On the right is a small order form. It has two tabs: Buy if you buy one currency for another and Sell if you sell. For example, suppose a user is buying bitcoins for USDT. Then in the At Price line you must enter the value at which he wants to make a deal. The Amount field specifies the number of coins to buy. In the Total field the system will calculate how much USDT the user will have to pay for the declared amount of BTC.

With the percentage buttons, the client can quickly enter a part of the deposit, from 25% to 100%, into the order. In the form you can also set Stop Limit. This tool allows you to open or close an order when the “trigger” is reached. Due to the trading volume of $100 million, WazirX has good liquidity and high exchange speed. Execution of orders by the system is also fast. As soon as the trade is executed, the purchased cryptocurrency is credited to the corresponding wallet (How to Make Money on Cryptocurrency?).

 

Verification on the wazirx.com platform

Without verification, the client’s options are seriously limited. For example, you will not be able to withdraw funds, even in cryptocurrency. Therefore, it is better to confirm the identity even before the first deposit. Before proceeding to the KYC procedure, users must specify their phone number and connect two-factor authentication. You can choose SMS or Google Authenticator as a 2FA tool. After that, go to Account Settings and select Verify KYC. A questionnaire will appear and must be completed as follows:

• In the Country drop-down list, select the country of citizenship, and in the Type of KYC select the type of identification. Individual if the account is created for yourself and Corporate if the transactions will be performed on behalf of a company.
• On the First Name, Middle and Last Name line, enter the first and last names. Fill in the Latin alphabet. As indicated in your passport or driver’s license. Just below, select your date of birth.
• In the State list, you must select the region, city, address, and zip code. This section must also be filled out in Latin script.

In the Document Type section, select the type of document to be verified. It can be a passport, driver’s license or ID-card, if you have one. Specify the document number in the Passport Number and Re-Enter Passport Number lines. Below there are three buttons to upload three scans of the document: front side, back side, and selfies of the client with the same document in hand. After completing the form and uploading the files, you just have to click on Submit for Verification and wait for the verification. It takes up to three working days.

 

Deposit and withdrawal

All wallet management is placed in the Funds section of the site wazirx.com. This shows wallets for available altcoins. It remains to find the necessary cryptocurrency and click on Deposit. The system will automatically create a deposit address. This identifier must be copied and pasted in the form to send coins from a third-party wallet. For convenience, there is a QR-code. It can be scanned with your smartphone, if you use mobile storage.

To withdraw assets, you need to click on the Withdraw button next to the desired cryptocurrency. A form will appear, where you need to specify the address to send and the number of coins. For some altcoins, like Ripple or Stellar, an additional identifier will be required. Under Funds, deposits in fiat currency – Indian rupees – are available. But you can only make a deposit from an Indian bank account. If you have one, you will first have to link it to your account on the exchange. To do this, click on Deposit next to INR and specify the account details. Then you will see the exchange details for deposit. Go to your online banking and make a transfer to the details of WazirX.

Wazirix.com Crypto Exchange Commission

WazirX has fixed commissions: 0.20% per trade for makers and 0.20% per trade for takers. This rate is charged on all contracts on any pairs except WRX. If you trade pairs with an internal token, no commission is charged. The only exception is the WRX/ADA pair – here you have to pay the standard 0.20%. P2P trades are not covered by commission. In section STF exchange takes 25% from the profit, when selling the manager’s token.

How do I get a discount on commissions?

Most cryptocurrency exchanges give customers discounts on commissions, if they meet the monthly volume requirement or if they store internal tokens. Wazirx.com has no such thing. The only way to get a discount is to trade through a WRX token. For example, if you trade BTC/XRP, the platform will charge 0.20% on each order. But if you exchange BTC/ WRX first and WRX/XRP after that, the commission will be 0%. But this approach has a disadvantage – the volatility of WRX.

Withdrawal fees

Commissions on payments from the exchange depend on the specific cryptocurrency:

• Bitcoin: 0.0006 BTC per payout.
• Ethereum: 0.02 ETH.
• Bitcoin Cash: 0.002 BCH.
• Litecoin: 0.01 LTC.
• Ripple: 0.25 XRP.
• Dogecoin: 1000 DOGE.
• Stellar: 0.05 XLM.
• Cardano: 3 ADA.

Payouts in Bitcoin here are slightly more expensive than the market average of 0.0005 BTC. Ripple, on the other hand, is cheaper. Most platforms charge about 2 XRP per withdrawal. Dogecoin withdrawals are very expensive. For comparison, a withdrawal on Phemex will cost 20 DOGE, on Thodex it will cost 2 DOGE.

 

WazirIx bonuses

WazirX regularly runs contests to support listed cryptocurrencies.

Contests

Such events are arranged according to the same algorithm:

• A new asset appears on the exchange. For example, the token 1INCH, from the aggregator of the same name.
• Organizers record traders conducting transactions on altcoin and record the volume of transactions on pairs with 1INCH.
• The winner of the contest is the trader with the largest volume on the contest pairs for the allotted period.

In the case of 1INCH, the first place winner in the traders’ contest received 600 1INCH tokens. This is approximately $2,700. For the second place in the competition 360 coins are accrued, the third position is rewarded with the amount of 210 1INCH tokens. In parallel, WazirX rewards active subscribers in social networks. The SMM department of the company conducts quizzes and contests on the official pages. Usually these events are also timed to coincide with the listing of new assets.

Referral program

Crypto exchange offers its clients to participate in an affiliate program and get additional income. To do this, go to Referral section. The system will create a unique link for the client. It can be distributed among friends, subscribers in social networks or blog readers. The program participant receives up to 50% from commission referrals. WazirIx highlights the benefits of their “affiliate” program:

• The high rate of remuneration is 50%. This is higher than the market average.
• Payments once a day. Some exchangers make referral payments once a month.
• Easy tracking of statistics. The indicators can be viewed in the Referral section.
• The income of the referral program participants is not limited – it all depends on the number of clients brought in and their trading volumes.

 

Complaints against WazirX

This platform has already accumulated many positive reviews. After WazirIx was bought out by Binance, the credibility of the platform has only improved. Having analyzed the reviews on forums and special sites, we noticed that most of the comments are positive. According to customers, the strengths of WazirX are:

• A large number of cryptocurrencies in trading.
• The ability to replenish the balance in fiat currency.
• Fast operation of the exchanger, the speed of processing orders.
• Quick credits and payments from the account.
• Simple interface, the site is suitable for beginners.
• Availability of a P2P platform.
• An interesting product – investments under the management of professional traders.

As for the disadvantages, it is not without them. Users complain about high commissions for payments in some cryptocurrencies. Also, negative feedback is associated with the lack of a loyalty program: there are no discounts on commissions for high trading volumes.

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Crypto exchange regulation

WazirX is entirely based in India. The management company is registered here. The head office and the main staff are located in the city of Mumbai. Therefore, the platform is fully subject to the legislation of the Republic of India. The exchange works directly with the banks, which means that it is under the supervision of the local tax authorities and regulators.

Management is responsible for complying with the law and financial regulations. WazirX is obliged to identify all clients, so passing the KYC procedure is mandatory to work with the platform.Also, the crypto-exchange is committed to comply with global anti-money laundering standards. Therefore, customer transaction data can be transmitted to tax and law enforcement agencies at their request.

View the user agreement at wazirx.com

Wazirx.com User Agreement

The agreement is posted on the exchange’s official website. All clients opening an account on the platform must read and agree to this document. The agreement states that only an adult person over the age of 18 can become a client of the platform. Using the service, the user automatically accepts the obligation to comply with the tax laws at the place of residence. That is, he must calculate and pay all necessary taxes from cryptocurrency transactions himself.

Actions violating the law, connected with deception or input of false information are forbidden on the platform. The company forbids users to trade using technical errors of the exchange or other clients. It is forbidden to trade on behalf of a third party and transfer the profile to another person for management. If the trader works as a representative of a legal entity, he must register a corporate account and verify it. The fourth paragraph separately talks about the work of the Smart Token Funds service. The exchange only acts as an intermediary for the transfer of funds from the client to the trader. The user who buys STF tokens accepts the possible risks and undertakes not to make any claims, in case of financial losses.

Customer Service

WazirX has an active support team, which accepts requests via Submit Request and email. Users can also leave a request via a mobile app. It is available for Android and iOS. The Exchange is widely represented in social networks. There are active pages on Twitter, LinkedIn and Facebook, Telegram. There is its own YouTube channel with news of the site, the cryptocurrency industry and educational materials.

 

WazirX is a Scam?

Blockchain projects from India are not popular. It is a relatively new market, unknown in Russia, Europe or the United States. That is why companies with Indian origin often arouse suspicion. After studying the project WazirX, we can say that it is not a scam. The management of the platform has done a lot of work to create a simple and reliable place for cryptocurrency trading. Their successes have been noticed. Soon Wazirx.com moved under the wing of Binance, the largest crypto exchange in the world.

The company is completely open. It is not registered in offshore zones, and the executives are known. At the same time, the founders of the firm have already gained credibility in the business community by creating Crowdfire. Nishal Shetty even made Forbes’ list of the thirty most promising entrepreneurs under the age of thirty. Having moved to the Binance ecosystem, the WazirX exchange has received additional investment and continues its planned development.

 

Conclusion

Wazirx has not yet reached the global level. Little is known about this platform outside of India, especially in Russian-speaking countries. Unfortunately, the site has no Russian language and no possibilities to deposit funds in rubles. Therefore, the functionality is somewhat limited for clients from the CIS. The trading and exchange functions on Wazir cannot be called unique – a similar service is available on most exchanges.

P2P exchange is also not interesting for those who do not have an Indian bank account. STF can be considered the original product. Trustee services are already available on other crypto-platforms, but on WazirX they are implemented simply and clearly for users. This “chip” of the platform looks interesting for investors.