Challenge #3 | The best exchange | Wazirx

Hello everyone! So far I have seen several entries coming in for Binance which is undoubtedly one of the best crypto exchanges out there. I would want to highlight one of the Indian exchanges that have won my heart for the services that they have offered over the past year.

In this article of min, we will have a closer look at Wazirx which is also a sister exchange of Binance, and understand why I feel this is the best cryptocurrency exchange for Indian users.
PS: Wazirx is also open for users worldwide now.

Wazirx Overview:

Src: https://www.wazirx.com

Wazirx is one of the cryptocurrency exchanges that has been widely popular in India. This exchange came into existence back in 2017 during the last crypto bull run. This was also the same period when Binance was released. While Binance took off to a great start, Wazirx took a hit due to the nationwide banking ban on cryptocurrency exchanges, introduced by the Reserve Bank of India.

While some of the exchanges moved to other nations to continue operations, Wazirx bootstrapped and started adding more features to make the platform more lovable.

Numerous strategies such as using third-party wallets to fund accounts using USDT were all introduced to counter the bank ban in the country.

In November of 2019, Wazirx was acquired by Binance and this gave this Indian exchange a much-needed boost. Soon, the platform started to scale and bring in new users. The sheer number of cryptocurrencies supported by this exchange was unmatched by any other exchange in the country.

Once the banking ban was lifted, Wazirx took off. It overtook many other Indian exchanges that were in the spotlight before its existence. If you are looking for a pure cryptocurrency trading experience in India, then Wazirx is the place to be.
While features such as margin trading are still not part of this exchange, the pace of development definitely makes me feel like these features will be added very soon.

Let us now have a look at some of the most loveable features that Wazirx has to offer.

Most useful features of Wazirx:

1- Instant deposit: In India, we are all used to waiting for several days before the funds finally arrive in our exchange wallets. This is not the case anymore. Wazirx has added the feature of instant deposit on their exchange.

Using net banking, you can now deposit funds into your account instantly. No more waiting for a week for the funds to arrive. If you see a great trading opportunity, deposit fiat currency instantly and start trading on this exchange.

If you want to deposit funds instantly, you will have to pay a nominal fee of INR 10. This is a very small fee that anyone would be willing to pay for the level of convenience that it has to offer.

If you really want to avoid this fee, you can opt to deposit fiat currency using the standard deposit method. Till now, the standard deposit has not taken more than 10 minutes to reflect in my account. So, I usually choose the standard deposit option itself as it is close to the same speed as the instant deposit.

Pro Tip: Ensure that you deposit fiat currency into your Wazirx account using only the bank account that is linked with your exchange account. Depositing from other banks would be considered invalid and you would need to contact customer care to get the money refunded.

2- Extremely low trading fees: One of the main reasons for us Indians to choose a foreign cryptocurrency exchange is the low fees that they have to offer. This is no longer the issue. With Wazirx you just need to pay a 0.2% fee for both maker and taker.

This is in line with the fee charged by most of the other popular cryptocurrency exchanges out there.
Pro Tip: Wazirx fees can be reduced by 50% if you opt to pay the fees using Wazirx token. This is a setting that you can enable on your account. So, holding a few Wrx tokens would always help you reduce the overall trading fees that you would need to cough up.

3-Direct integration with Binance: While Wazirx is a great exchange, it still does not nearly have all the features that Binance has to offer. Normally, you would end up transferring cryptocurrency over the blockchain to Binance. Using Wazirx, you can transfer popular cryptocurrencies such as Bitcoin and Tether directly into your Binance spot wallet. This feature is currently available at no extra cost. However, you can expect a small nominal fee charged in the future.

This feature allows you to buy cryptocurrency quickly using fiat on Wazirx and then transfer it to Binance to utilize the other features that Binance has to offer. This feature also makes it easy for you to move funds from Binance to Wazirx and then withdraw it into your bank account.

Overall, this is a feature that I find myself using very often.

Src: https://www.wazirx.com

4- Mobile Application: Wazirx is by far the best Indian cryptocurrency exchange mobile app that I have used. The app is extremely fluid and responsive. Due to the user-friendliness of the app, it is very easy for even a new investor to get around using it on a regular basis.

All features that you can find on the Wazirx website have been bundled into this application. This allows you to trade on the go directly from your mobile phone.

5- Wazirx tribe: While this is not directly part of the exchange itself, the Wazirx tribe is the community of traders who use Wazirx. This is an extremely active community on all social media platforms. If you have any doubts about using this platform, you can always post a question on the telegram group and someone would guide you to the solution.
This community of traders is something I really liked about Wazirx.

6- High Liquidity: Indian exchanges usually suffer because of the low liquidity. This is not the case with Wazirx. The assets listed over here are extremely liquid. Thus, allowing you to make quick trades on the platform.

Let us now have a look at the amazing Customer care team that Wazirx has.

Customer Support:

I have been in the crypto space for over 4 years now and by far Wazirx customer support blew my mind. To explain why I speak so great about them, let me tell you an incident that took place back in 2017.

Once I had transferred money into Shapeshift which is an instant crypto exchange platform. However, I didn’t receive any funds in return. When I contacted the customer care, they offered to refund only part of my funds and withheld 90% of it claiming it to be their refund policy.

Recently on Wazirx, I transferred my money from the bank. However, while providing the transaction details, I entered the wrong details.

To my surprise, the Wazirx customer care team proactively contacted me and told me the steps I needed to follow to fix this. Once I did this, the funds were deposited in my account within a few minutes. Usually, it would have been me who had to contact the customer care to get the issue resolved.

When Wazirx contacted me to resolve the issue themselves, I felt privileged. This definitely makes the Wazirx customer care service, the best I have come across so far.

Bonus:

Wazirx constantly runs several contests throughout the month. Trading contests such as Highest trader Kaun and quiz contests helps to keep the community of users very engaged on the platform.

Holding Wrz tokens in your wallet is also very beneficial. From time to time, this platform airdrops cryptocurrency to top token holders. So, this is another incentive to buy the WRX token.

Final Thoughts:

For the most part, Wazirx feels like the Indian version of Binance with the support for fiat transactions. If you are new or even an experienced trader looking for a great Indian cryptocurrency exchange, then you don’t have to look any further than Wazirx.

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