WazirX is one of India’s oldest crypto trading apps and it was started on March 18 by Nischal Shetty. The online exchange platform has managed to gain a lot of popularity amongst traders. However, many people are asking questions like is WazirX safe in India? If you have been wondering about the same, then do not worry, here is all you need to know about it.
Is WazirX safe for buying and selling cryptocurrency?
WazirX is a crypto exchange platform in which you can trade various cryptocurrencies and coins using your national currency. It is considered to be one of the easy-to-use platforms with many competitors in India and worldwide. However, during high traffic, the app sometimes fails to cope up with the needs of the people and crashes. WazirX reviews often mention this factor as one of the main reasons why users tend to delete their account. The latest WazirX crash happened yesterday (May 19) when the app experienced 400% more traffic than the previous month as investors were trying to sell off or buy the dip from the platform due to the fall of cryptocurrency prices.
How does WazirX work?
WazirX users can deposit money into the exchange platform and buy cryptocurrencies with that money. The money is added to the WazirX wallet, which can be used to buy various cryptocurrencies. The organisation also started the Peer to Peer trading popularly known as P2P trading where people could exchange crypto with each other without the use of money. To start trading in WazirX, users must know that you will have to finish the KYC process before they can effectively start trading crypto.
WazirX charges –
- WazirX charges 0.2 per cent as commission on every transaction. The 0.2 per cent rate is one of the lowest crypto exchange commission rates in the world, as per the organisation.
- Users should also note that depositing and withdrawing money into the app can cost you money. Depositing money via bank transfer will cost Rs. 5.9 whereas withdrawing money from the app costs anywhere between Rs. 5 to 10 depending on the method of withdrawal used.