WazirX Exchange And WRX Coin
Many cryptocurrency enthusiasts believe that digital currencies have successfully disrupted the traditional payment systems and transformed the digital economy. After seeing the worldwide adoption of virtual currencies, over a thousand cryptos have entered the market. Since cryptocurrencies are decentralized, hundreds of best crypto exchange platforms have emerged to handle the vast amount of transactions resulting from day-to-day purchases and trading activities.
WazirX is a popular cryptocurrency exchange from India. Open to traders from all countries, the platform is powered by blockchain technology and goes through a regular security audit, making it the most trusted crypto exchange in India.
The exchange lists all leading digital currencies, including Bitcoin, Ethereum, Ripple, and Litecoin, that people can buy, sell, or trade with its simple yet efficient interface. It also takes pride in developing the world’s first peer-to-peer (P2P) auto-trade matching engine to scale up transactions.
Like a few crypto exchanges, WazirX has its native coin, WRX. Created with a maximum supply of one billion, WRX aims to promote community involvement in helping grow the platform.
Crypto traders can earn WRX coins through the WazirX signup and referral reward program and use them for further transactions. The biggest benefit of owning WRX is to get a significant discount of up to 50% on trading fees for all crypto trades made using WRX coins.
Explain – WazirX Trading Fees
Trading fees for buying or selling cryptos at WazirX are based on the maker-taker model, where makers place market orders to be filled and takers place limit and conditional orders.
At the time of launch, WazirX proposed a flat fee of 0.1% to makers and 0.25% to takers that was revised to 0.2% for both on February 28, 2020.
The buy and sell trades occur in three different markets – Spot, P2P, and Smart Token Fund. A trading fee of 0.2%, 0%, and 25% applies to exchanging cryptocurrency pairs in these markets, respectively.
In addition to receiving discounts, users will pay a flat trading fee of 0.1% for using WRX coins to pay fees on the platform.
Uses Of WRX Coin – Overall
WRX is a crypto coin or token based on the Binance blockchain. Just like most cryptos, WRX has a limited supply that causes liquidity and determines its value. Although WRX works similar to Bitcoin and Ethereum, users can leverage it to pay a reduced trading fee. However, WazirX has pre-set the instant trading fees discount to 50%, 25%, 12.5%, and 6.25% for four years since the coin launched.
While WRX can be used to pay trading fees for swapping cryptos, WazirX uses a trick here to keep the coin circulating in the markets. Traders holding WRXs are required to spend one-third of their WRX coin balance to pay trading fees, which means only three-fourths of the coin stock can be withdrawn or sold by a user ever. Other uses of WRX include paying:
- Listing fee for listing other crypto coins or tokens on WazirX
- Margin fee for margin trading on WazirX
How to Use the WRX Coin To Pay Trading Fees On WazirX?
You can use WRX to pay trading fees on WazirX with the following steps:
- Login into your trading account with WazirX using a browser or the mobile app.
- Locate and click on the ‘Account Settings’ sub-menu on the top-right of the trading home page. It will lead you to the profile page, where you can edit your details and preferences.
- Scroll down the ‘Account Settings’ menu list on the left and click on the ‘Fees’ option
- A dialog box will appear next to the ‘Fees’ option asking you to enable or disable the ‘Pay Trading Fee With WRX’ feature.
- Turn on this feature to allow the platform to deduct all the trading fees from your WRX coin balance.
Final Words
Rolling out WRX coins proved to be a revolutionary step for WazirX. Initially, it was an effort to gain the crypto community’s trust by rewarding them for contributing to the crypto exchange’s success. But now, it plays a crucial role in encouraging traders to dive into crypto trading and creating convenience for users who can use it to pay trading fees.
