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What Is WazirX?

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Dec 27, 2022
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3 min read
what-is-wazirx

This blog post will cover:

  • About WazirX (WRX)
  • Where did WazirX (WRX) come from?
  • What are the advantages of WazirX (WRX)?
  • What are the disadvantages of WazirX (WRX)?
  • How to buy WazirX (WRX) on SimpleSwap?

About WazirX (WRX)

WRX is a utility token of the Indian exchange WazirX that is based on the Binance blockchain. WRX is an important component of the WazirX ecosystem, its main purpose is to increase community engagement, increase its contribution to the development of the platform, and be the reward. Token holders are rewarded with various benefits on the WazirX exchange. For example, WazirX users can take advantage of a 50% discount on their trading fees using WRX. The trading commission discount changes every year. In addition to trading, WRX tokens can also be used to pay listing fees on the WazirX exchange, pay commissions on margin transactions, etc.

Where did WazirX (WRX) come from?

Nishal Shetty, founder and CEO of WazirX, is also the founder of the Crowdfire platform (a marketing bot that plans and executes the right marketing techniques needed for growth). Around the end of 2017, Nishal decided to create a cryptocurrency exchange for India. WazirX was founded in 2018 by three programmers: Nischal Shetty, Siddharth Menon, and Sameer Mhatre.WazirX claims to be the fastest growing cryptocurrency exchange in India with over 400,000 users. Binance acquired WazirX in November 2019. In February 2020, the WRX token IEO was held in a lottery format on the Binance Launchpad. It sold 100,000,000 WRX (10% of the total cap) at a price of ~ $0.018.

What are the advantages of WazirX (WRX)?

  • Good prospects for WRX price growth
    
    As the Indian crypto market is not yet very.
  • Regular updates to WazirX increase the security level of exchange users
  • Legitimate
    
    Since WazirX was bought by Binance, this proves that WazirX is legitimate.

What are the disadvantages of WazirX (WRX)?

  • High risks of losing funds
    
    Due to the ban of cryptocurrencies in India.There is complete uncertainty regarding the regulation of the cryptocurrency industry in this country now.
  • Excessive WRX price volatility

How to buy WazirX (WRX) on SimpleSwap?

The fact that WRX tokens are supported on Binance is a significant step for the platform. If you want to join it and become an owner of this cryptocurrency here are some easy steps to get a WRX token on SimpleSwap:

  • For example, you want to swap BTC for WRX. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select WRX in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. WRX will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to WRX exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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