Since the great bull run of 2017, which put the cryptocurrency industry in the spotlight and finally raised awareness high enough for people who aren’t tech experts to start paying attention, cryptocurrencies have exploded worldwide.
Around the same time, many people in India started getting access to the internet for the first time. This was thanks to the onboarding process of India’s local internet providers, who began offering cheap deals to get more people online.
Since the country is known for its financial problems and the general poverty of its 1.3 billion people, many were immediately interested in digital currencies and how they could be used to make money and help people.
India’s use of cryptocurrencies went through the roof. At first, the country’s financial authorities tried to ban them, but they were eventually allowed to own, buy, sell, and trade them. Because of this, the country was an untapped market of new internet and crypto users, which led to the creation of WazirX, a dominant new exchange.
What Is WazirX?
WazirX is a well-known cryptocurrency exchange in India that facilitates the buying and selling digital assets. Nischal Shetty, the creator of WazirX, established the company in the year 2017, and within two years, the WazirX app had one million users.
As of 2022, WazirX has more than ten million downloads and a rating of 4.1 in the Play Store. Payments can be made from person to person or between peers using WazirX because it supports P2P, also known as peer-to-peer transactions.
People in India are choosing to participate in the cryptocurrency industry to make money through trading and DeFi at an increasing rate. This is in addition to the growing number of people in India taking advantage of other cryptocurrency-related opportunities, such as NFTs, the metaverse, blockchain gaming, and more.
WazirX will be there to assist them as they investigate the cryptocurrency market, assist them in developing their trading talents, and help them capture the full potential of the cryptocurrency business as they expand in tandem.
How Does It Work?
About half a million people use the cryptocurrency exchange WazirX, making it the largest and most rapidly expanding of its kind in India. It is a component of the Binance ecosystem, and together, the two companies have established a Blockchain For India Fund worth fifty million dollars.
The exchange, on the other hand, does not limit its services to users located in India but rather makes them accessible to people located all over the world.
It comes with several key features that were mentioned above, such as 80+ available tokens, instant INR deposits and withdrawals, the world’s first auto-matching P2P engine with high liquidity, a smart token fund that is aimed at assisting crypto investors in finding expert traders and having them manage their crypto portfolios, and more.
How To Use WazirX
- To buy cryptocurrency through the WazirX app, you must first put money into the app.
- You can deposit money in WazirX apps through UPI, Net banking, and P2P.
- After that, choose the cryptocurrency you want to buy, type in how much you want to spend on it, and click the “Buy” button.
- It will be added to your wallet when you want to sell your cryptocurrency for a good price.
- If you want to sell your cryptocurrency at a certain price, you can set a target in the WazirX app. When that cryptocurrency crosses that target, your cryptocurrency will be traded automatically.
- You can easily start your bank account when you withdraw from the WazirX app. You won’t have any trouble drawing.
- Aside from this, you can do more cryptocurrency-related work in WazirX. You can see the chart of any cryptocurrency, find out which cryptocurrency coin gives you a good account, and do any other job related to cryptocurrency.
- Order history, details, and everything else you can see lives in your WazirX app when you order for which coin.
Advantages Of WazirX
Now, let’s look at the benefits of using WazirX’s platform and token. There are many to talk about, such as:
- Putting in and taking out INR
If you choose to use WazirX, the exchange will let you use your INR without converting it to dollars, euros, or other major currencies often paired with cryptocurrencies.
- Auto-matching P2P engine
. In a P2P setting, users usually have access to the open market, where they need to find another user selling enough cryptocurrency they want to buy. WazirX does the matching by itself, which makes things go much faster.
- Over 80 tokens are available.
WazirX also has a wide range of tokens supporting over 80 cryptocurrencies. This means that there are hundreds of trading pairs between these 80 tokens and fiat currencies.
- Being able to sign in through Binance
Due to its WazirX effectivness decided to make it part of its ecosystem. Now, users can log into the exchange with their existing Binance account.
Why Did Wazir X Become So Popular?
- A Clever Token Fund
WazirX developed a Smart Token Fund to assist crypto investors in locating skilled traders and entrusting them with managing their crypto portfolios in response to the proliferation of crypto users nationwide. Therefore, this would increase their chances of profiting from the difficult cryptocurrency market.
- Promoting Cryptocurrency And Blockchain Usage In India
WazirX secured its position in the Indian cryptocurrency market by being among the first exchanges and starting at the optimal time. Moreover, by providing its services and continuing to disseminate information and highlight the capabilities of digital currencies, the business is promoting crypto and blockchain adoption in India.
- Facilitating Crypto Usage
WazirX had to make cryptocurrencies easy to access, buy, sell, and use to convince users to switch to cryptocurrencies. Its platform is extremely user-friendly and secure, with a simple and effective design. Blockchain believers and enthusiasts developed it, so it is not surprising that it appeals to individuals who are beginning to have similar attitudes about the world of virtual money.
- Accessibility On All Platforms
India has never shied away from technological advancements, and its people have become highly adaptable. This is why WazirX provides a streamlined and robust trading experience on all major platforms, including Windows, Mac, Android, and iOS. There are specific apps for all of these platforms and an online version that enables users who prefer other devices to access it via their browsers.
- Very Rapid Transactions
Lastly, the platform delivers lightning-fast transactions, allowing it to process millions and scale as needed to meet the ever-increasing demand. With 1.3 billion people, India, in particular, needs a solution like this, and the exchange wants to be able to handle the transactions of all of them if necessary.
Conclusion
It is generally agreed that WazirX is quite risk-free. Not only does it offer two-factor authentication, but it also allows you to store your cryptocurrency in a cold wallet. WazirX has very strong Know Your Customer (KYC) regulations, which ensures additional safety.
In addition, they have a specialized customer support team to address user complaints as quickly as possible. The WazirX cryptocurrency exchange has earned a reputation as one of the most reliable platforms in the world in a relatively short time.
The P2P platform, as well as the cryptocurrency exchange, can be accessed by users either through a web browser or a mobile app. In addition to supporting digital asset trade, WazirX allows its users to purchase and sell cryptocurrencies using Indian rupees (INR).
