Review on WazirX by Stephen Toluwani
WaziriX is a great exchange but KYC limits users from using it's services
The WaziriX Crypto exchange is still relatively new to the industry but has scaled a lot of heights probably because of its affiliation with Binance. The exchange has been recording increased volume, users and liquidity on its platform. My first interest into this exchange was taken up when I came across a feature it's supports called the Smart Token Fund STF which allows new users to get helped by expert traders in trading thier portfolio for a percentage set at 25% of profits earned by the user. This is really a high price and needs to be worked upon. The exchange being supportive by both Web And Application has a good and easy to navigate User Interface. All the major features like trading and withdrawal required me to undergo it's KYC procedures and hindered me from exploring the exchange further.
WaziriX also slacks in it's trading fees charged which is set to 0.2%. The exchange has its own native token which I the users would probably use to cut trade fees by 50%. Its mandatory KYC isn't really to my likings and a little stretch should be allowed to the least so new users can get a feel of the exchange before taking the risk of handing them their personal details. Its security features isn't really that handy in my opinion and more should be done in that regards. I really hope to be seeing more from this exchange so I can update my review as I believe this exchange really has a lot to offer
Pros
- WaziriX comes with a good User Interface that is easy to navigate for any new user
- It supports the trading of over a 120 coins with good liquidity paired to most of its major cryptocurrencies
- The exchange is affiliated with Binance and this gives WaziriX a good edge in the market
- WaziriX supports Smart Token Fund STF feature which helps newbies get into cryptocurrencies and limit losses of trading
Cons
- It's major features which can be pointed out as a selling point requires users to do KYC
- The trade fees charged against the market makers and Takers is on the high side.
- The percentage taken out from users profits from it's STF is also high
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Comments (1)
February 05, 2021
Wazirx is currently best option to trade digital assets for Indian traders. Binance bo fees transfers has helped traders to use Waxirx and Binance with ease. Wazirx does require KYC as per Indian norms but that is relatively easiest option to go through. Only concern is suspension of dogecoin and Bch deposits
