Launched In 2018, WazirX Claims To Be The Fastest Growing Cryptocurrency Exchange In India With Over 400,000 Users And An Average App Rating Of 4.6. WazirX Is Part Of The Binance Ecosystem. WazirX And Binance Have Launched A $50 Million "Blockchain In India" Fund. Open To A Global Audience, The Exchange's Key Features Include:
- Instant Indian Rupee (Fiat) Deposit And Withdrawal Options
- The Smart Token Fund Helps Cryptocurrency Investors Find Expert Traders And Let Them Manage Their Cryptocurrency Portfolios
- The World's First Highly Liquid Automated Matching P2P Engine
- 80 + Tokens
- Login Via Binance Option
WRX Is A Utility Token For WazirX. WRX Tokens Are Based On The Binance Blockchain. Its Total Supply Is 1 Billion. Token Holders Will Receive Various Benefits On The Trading Platform Such As Discounts On Transaction Fees, WRX Trade Mining, Token Airdrops, Margin Fees And More. WRX And WRX Are Backed By Indian Entrepreneurs With Over 10 Years Of Experience In Manufacturing And Scaling Global Products In India. WazirX Was Also Acquired By Binance In November 2019. WazirX Aims To Make Cryptocurrencies Available To Everyone In India.
Pros And Cons
Pros Revealed
- Ultra Fast KYC: WazirX Offers A Fast And Hassle-free KYC (know Your Customer) Process That Allows Users To Quickly Start Trading Cryptocurrencies.
- Support For P2P And NFT: WazirX Supports Peer-to-peer (P2P) Trading, Enabling Users To Trade Cryptocurrencies Directly With Other Users. In Addition, It Facilitates The Trading Of Non-fungible Tokens (NFTs), Which Are Unique Digital Assets.
- Instant Deposit: WazirX Offers An Instant Deposit Option That Allows Users To Quickly Add Funds To Their Accounts For Trading.
Disadvantages Revealed
- Lack Of Regulation: Currently, Many Countries, Including India, Do Not Have Strict Regulation Of The Cryptocurrency Industry. This Lack Of Regulation May Pose A Latent Risk To Users As There May Be Limited Legal Protections In Case Of Problems Or Disputes.
- US Restrictions: WazirX Does Not Currently Accept Users From The US, Which Limits Accessibility For Individuals In The Region.
Regulatory Compliance
Currently, WazirX Does Not Have Effective Regulation, Which Means There Is No Government Or Financial Institution Group Oversight Of Its Operations. This Makes Investing With Them Risky.
If You Are Considering Investing With Wazirx, It Is Important To Do Thorough Research Before Making A Decision And Weigh The Latent Risk Against The Potential Return. In General, It Is Recommended To Invest With A Well Regulated Exchange To Ensure Your Funds Are Protected.
Is WazirX Safe?
WazirX Takes The Security Of User Accounts Very Seriously And Provides Multiple Measures To Ensure The Protection Of User Information.
- Two-Factor Authentication (2FA):
WazirX Strongly Recommends That Users Enable 2FA On Their Accounts. This Will Provide An Additional Layer Of Security, Requiring A Second Verification, Such As OTP, When Logging In Or Performing Specific Actions.
- Application-Based Two-Factor Authentication (2FA):
WazirX Recommends The Use Of An Application-based Two-factor Authentication (2FA) Method, Such As Google Authenticator, Which Generates One-time Passwords (OTP) Offline. This Adds An Extra Level Of Protection Compared To OTP Sent Via SMS Or Email.
