Everything you need to know about the WazirX exchange

WazirX is the most extensive and most entrusted cryptocurrency exchange in India. Launched in March 3 years. So far, the application has over 2018 200,000 downloads; and the average score is 4.4 / 5.

From the very beginning, the goal of WazirX was to solve the problem of Crypto-FIAT conversion. It is what they see as a significant obstacle to the spread of cryptocurrencies. Moreover, the platform is also known for its automatic P2P engine.

According to the official document, the name of the site “WazirX” means the chess queen. This alone is enough to see the ambitions of the founders of the site.

What is WazirX P2P?

It is a P2P transaction platform with auto-matching technology they call P2P 2.0. The platform becomes the solution to the fiat -> crypto problem when India enforces the ban.

But the purpose of the word does not stop with India. They will also open in the future and provide ports for less developed countries. So they can easily access crypto.

How does WazirX P2P work?

For P2P transactions that perform many new operations, it is possible to buy crypto. But the P2P 2.0 system works in just 3 easy steps.

For example: When you buy USDT. You just need to place a purchase order. The USDT system will automatically connect you to the seller.

For now, you only need to send money to the seller. The seller has confirmed that he received the money, Wazirx will transfer USDT to you.

What problem does WazirX solve?

They solve the problems of cryptocurrency ownership. Only 44 million people use electric wallets worldwide. It accounts for 0.6% of the world’s population.

The problem is, why is the number so little? Because most of the population is concentrated in developed and developing countries. In these countries, people may not be able to gain access due to a ban, difficulties in transactions, or opening an account.

So WazirX was born to solve this problem. A solution that turns paper money into cryptocurrencies. There is currently a solution in India for 1 billion people to have their cryptocurrencies.

Binance acquired WazirX

On November 21, 11 WazirX announced Binance floor has acquired the platform and the integration is expected to take place on February 13, 02.

This combination will form 3 new peculiarities:

  • Users can send or receive money at once between the two platforms;
  • Binance users without WazirX Wallet can still log into the platform with their Binance accounts;
  • Binance users looking to sell or buy USDT can do so through the WazirX P2P platform. More importantly, this will be done directly at Binance.

Nevertheless, this P2P feature will particularly be possible for users in India.

Liquidity

As far as liquidity is concerned, the word is still on its way. At the time of the update in this article (May 23, 05), WazirX’s 2020 hourly trading volume on CoinMarketCap is USD 4,520,335.

This trading volume is low and can be a problem for traders looking to make large trades.

Features of the WazirX 

There are several features listed on the official gender document:

  • Super Fast KYC: It only takes a few hours after the KYC registration process is complete;
  • High security: The exchange says it invests in periodic security checks to keep users safe;
  • Trading at the speed of light: the platform’s infrastructure allows you to process millions of transactions in a very short time;
  • Open on 5 Platforms: The WazirX Floor Standing App is open on 5 platforms Web, Android, iOS, Windows, and Mac;
  • Simple and user-friendly interface.

WazirX P2P engine

The P2P platform on WazirX is the next-generation P2P platform (generation 2.0) that has been greatly simplified for the input and output processes. Furthermore, the P2P system has been created to be more proper and fulfill orders in record time.

A feature of the WazirX P2P engine is automatic matching, which allows you to quickly match orders (from buyers to sellers) and complete them. Also, the exchange provides margin protection and releases money when both parties confirm that the transaction was completed properly.

Development team

  • Nishal Shetty (Founder, CEO of WazirX): He is also the founder of the Crowdfire website and one of the influencers of Blockchain in India.
  • Samir Mhatre (Co-Founder, CTO of WazirX): He is also co-founder of Crowdfire, ExNetwork 18, developer of ace (full stack).
  • Siddharth Menon (Co-Founder, COO of WazirX): He is also the co-founder of Crowdfire. He believes in embracing an open and decentralized economy.

Is WazirX safe?

It’s hard to say for sure that WazirX floors are 100% safe. However, this exchange was obtained by Binance – the biggest cryptocurrency exchange in the world. So you can be confident dealing with the above. Because if it happens to Binance, no one can argue with their security and transparency.