WazirX is India’s latest addition to cryptocurrency trading solutions platforms. The exchange has been garnering more attention over the last few weeks – but does the service live up to the hype?
In this article, we’ll be taking a look at the different features of the exchange so users can decide for themselves whether to try their hand at WazirX trading.
WazirX offers a toned-down interface that’s simple and easy to follow. Users can monitor order books in real time as well as chart data and trading history.
WazirX currently supports Bitcoin, Ethereum, Litecoin, and Ripple as well as other lesser-known cryptocurrencies. Fiat-to-crypto is not available, as with most exchanges.
WazirX is launching with CrowdFire Company, a social media platform which has 19 million users.
The exchange has its own token which offers users a discount on trading fees, much like BNB token on Binance. BNB recently soared into the top ten cryptocurrencies on coinmarketcao even as other coins were performing badly, simply for the fact that trading was incentivized even during the bear market.
WazirX is giving new users 250 WRX tokens to reward user loyalty and help stimulate the in-exchange trading economy. Users also receive 100 WRX for each referral they send to the site.
In total, 150 million coins will be distributed, with the first 30,000 traders to sign up receiving the bonus.
Signup is relatively straightforward and involves KYC (know your customer) identity verification.
Users must visit the sign-up page and follow the instructions to enter email and set a password. Once terms and conditions have been checked, users receive an email link. They must also enter a mobile phone number at this time to activate the account.
AT this time they upload KYC documents as well as following a number of other on-screen instructions and taking a photo of themselves with ID.
The signup is not as streamlined as some exchanges, but is thorough and reportedly legally compliant – the KYC process only takes a few hours once submitted, which is faster than many exchanges currently operating in the space.
Today we reveal the most legal way to deal with cryptos in India after RBI restriction comes into effect. Do share it and help spread the word! https://t.co/upZk4iN7A3#blockchain #cryptocurrency #isupportcrypto
— Nischal (WazirX) ?? (@NischalShetty) June 27, 2018
Nishcal Shetty heads the team.
Shetty is the founder of Crowdfire and a prominent blockchain influencer on Twitter – he was also featured on Forbes’ 30 under 30 list.
Shameer Matre is thre co-founder and chief technical officer. The CTO is full-stack and designer.
Head of product is Siddharth Menon, another Crowdfire co-founder. Menon is an early adopter of cryptocurrency and an advocate of open, transparent economics.
#DidYouKnow We've had ?415 Crores of trades on WazirX till now! ?
— WazirX (@WazirXIndia) March 9, 2019
All in all, the exchange looks promising. Headed by a Forbes 30 under 30 awardee and modelling its tokenomics from the world’s most successful exchange while focusing on the massive Indian market seems like a solid head start in a space brimming with exchagnes of varying calibres.
WazirX is launching their sign-up initiative this month, and may be one to keep an eye on.