Steem Crypto Challenge Month #3 : The Best Indian exchange - WazirX
So many exchanges and its really hard to chose one for you. Let me introduce you to wazirX Exchange.
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Wazirx And it's background
Wazirx is an P2P Indian cryptocurrency Exchange that allows its users to Buying, selling and Trading Of Cryptocurrency assets like Bitcoin, Ethereum, Litecoin etc. and WazirX is the first exchange that came with bank transfer of funds after RBI's ban in India.
WazirX exchange was founded in March 2018,Founder Nischal Shetty Co- founders are Sameer Mhatre and Siddharth Menon.
Purpose
Wazirx was founded in march 2018 with the purpose of bringing cryptocurrency to individuals in India who did not have any means of buying crypto assets.
Binance Acquired WazirX
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Wazirx is growing crypto exchange in india. It was the first exchange aquired by binance (An international exchange) On 21st November, 2019. Now Wazirx in the biggest and successful Cryptocurrency in India.
P2P
WazirX P2P allows you to Buy and Sell USDT for Fiat directly with other Buyers & Sellers. WazirX technically uses a specialized P2P system where buyers are directly connected to the sellers. WazirX acts as the escrow and ensures that a smooth transfer of funds takes place between the parties involved. I find it easy to use because the P2P interface and experience are similar to regular trading.
Cryptocurrency supported
WazirX have 190 markets, with the most popular markets (trading pairs) being BTC/INR, USDT/INR, and BTC/USDT.
STF
STF refers to Smart token fund, Wazirx provide you this special future to help you grow your portfolio.
Basically STF is a way that connects Investors with professional Traders.
STF investor - It Is someone who doesn't have time or trading skills to manage their crypto portfolio, so they buy a STF token, So you let your investment being managed by the Professional trader.
STF Trader (collect an STF Investor's portfolio.) - it Is a skilled trader who create their own Smart Token on wazirx And let the investors buy it. The STF Trader will start to manage their investors' portfolio and when their trades make a profit, the price of the Smart Token increases. The investors can sell a Smart Token to book profits. The STF Traders will get 25% commission on the profits they make for investors.
WazirX Stake
You can earn crypto while you are asleep if you put these tokens into staking at Wazirx STAKE
| Coin/Token | Annual yield | Minimum holding |
|---|---|---|
| TRX | 4 - 9% | 500TRX |
| XTZ | 4 - 7% | 3 XTZ |
| ONE | 2.5 - 10% | 1000ONE |
| SXP | 4 - 12 % | 3 SXP |
Fees and Features
| Particulars | WazirX |
|---|---|
| Segments | Spot exchange, P2P and STF |
| Cryptocurrency supported | 70+ trading pairs |
| Own Coin | WazirX (WRX) |
| Account opening fees | NIL |
| Maker fees | 0.2% |
| Taker fees | 0.2% |
| Intraday Fees | N.A. |
| P2P | 0% |
| BTC withdrawal fees | 0.0005 BTC |
| STF (fee on profit) | 25% |
| INR withdrawal fees | 5 - 10 INR |
| Platforms | Web and Mobile apps |
WRX Deposit Dhamaka (BUSD)
In this program you can earn 1% intrest on your Crypto in flat 30 days. All you have to do is deposit BUSD and keep it in WazirX for 30 days. But there's a condition you can make trades as much you want, but you can't make withdrawals, if you made any withdrawal you will be excluded from earning 1% Intrest On your Crypto.
Availability
WazirX is the only crypto exchange in India that is present across multiple platforms right from browsers, to Android, iOS, Windows, and macOS platforms. Alternatively, WazirX is the most accessible crypto exchange in India.
WRX token
WazirX has a native cryptocurrency Named WRX. WazirX token is based on the Binance blockchain. Its total supply is 1 Billion. The token holders gets various benefits on the trading exchange like trading fee discounts, token airdrop, margin fee, and more.
Contests on WazirX
Wazirx always Provide contests on their platform, whenever they list a new coin /token they launches a Trading contest as well.
You can about all the contests Here
Conclusion
In my opinion WazirX is the best cryptocurrency exchange, Lower trading and withdrawal fees, available on various platforms, supports 150+ trading Pairs of major Cryptocurrencies, always provide various contests also support staking and deposits rewards given various opportunities to its users to Grow thier Portfolio Also with the STF features.
Refernces -
Get wazirx on Google play
Get wazirx on App store
Get wazirx on Mac OS
Get wazirx On windows
Wazirx Founder
Wazirx Fees
Thank You
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@steemitblog
@steemcurator01
@steemcurator02
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Shared on twitter - https://twitter.com/Rishabh99946/status/1317709595486253057?s=19
wazirX is really a good platform if you consider their liquidity and wonderful p2p trading option. During the banking ban days, p2p trade on wazirX was the only bastion for Indian crypto traders, there were many other options, but liquidity was not there, wazirX has no issue with liquidity at any given moment.
However, they must revisit their crypto withdrawal fee schedule, as they are Binance now as a company. After the acquisition by Binance, we consider wazirX as a niche of Binance to cater to Indian traders, basically a window for fiat trading. Therefore it is unfair to see higher fees in wazirX than Binance; as Binance charges only 0.005 ETH whereas wazirX charges 0.015 ETH. That is too much.
Further, there have to make all the popular coins interoperable. At the moment, BNB, USDT, BUSD and few others are interoperable with Binance, so withdrawing those coins from Binance to wazirX wallet does not incur fees.
They must have a timeline to enable deposit/withdrawal facilities of the rapid listing coins. Under rapid listing STEEM was added 1 year back, in fact more than one year now, but the deposit/withdrawal is not enabled yet.
Thank you.
#twopercent #india #affable
Yes you are absolutely right.
I'm also waiting for them to enable the steem deposit and withdrawal. I did wrote them on twitter about when rapid listing initiative will be finished they said they can't give ETA at the moment. So no idea when those coins will be enabled on wazirx.
A crypto exchange should ideally run an exchange node for every exchange pair if we go by the standards.
hi @rishabh99946 ,
Wazirx is the second most used exchange by me after bittrex. They are taking very less fees for crypto to INR transactions. and withdraw and deposit is instant. I also like it's p2p feature which is one of the most secured p2p feature i have ever seen. Thanks for covering this exchange here.
#twopercent #india #affable
Very true.
Definitely agree with the fact that Wazirx is the best cryptocurrency exchange in India. With great liquidity and a long list of features, no other Indian exchange even comes close to offering what Wazirx offers.
Yes, the staking feature that they introduced was really great. Was staking a bunch of tron myself. However, they did remove it and we won't be able to stake cryptos over here from October 1st. That's a bit of a bummer
#twopercent #india #affable
You have been upvoted by @sapwood A Country Representative from INDIA I am voting with the Steemit Community Curator @steemcurator07 account to support the newcomers coming into steemit.
Follow @steemitblog for the latest update on Steem Community and other writing challenges and contest such as The diary game Season 3, Steem Crypto Challenge, Better Life, etc. Also keep engaging with others to win #onepercent & #twopercent votes
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The Steemit Team
Thank you so much!!! Being a winner first time feels great, thank you so much @steemcurator01