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Here’s all that you Need to Know About WazirX’s WRX Token

By September 17, 2020May 9th, 20233 minute read

WRX is WazirX’s native utility token. It is programmed to serve as the backbone of the entire WazirX ecosystem. The token’s circulation and issuance is on Binance Chain, Binance’s native blockchain.

With a total supply of 1 billion, WRX tokens make for a compelling use case. WazirX users can leverage WRX to avail a 50 percent discount on trading fees. However, discounts will follow a halving model just like bitcoin over a period of 4 years:

Year 1: 50% trading fee discount
Year 2: 25% trading fee discount
Year 3: 12.5% trading fee discount
Year 4: 6.25% trading fee discount

Along with the above, WRX will come in handy for paying listing fees for tokens on WazirX, voting in favor/against the listing of projects, payment of fees on margin trades. Users can earn WRX through mining, P2P trading, and airdrops.

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How to Unlock WRX Tokens?

You receive WRX when you sign up on Wazir. Or your friend signs up using your referral code. When your friend signs up using your referral code, you get 25 WRX tokens.

These you can unlock only when you or your friend make a transaction worth 100 USDT. Currently this scheme is not in action since 28th January 2020. WazirX might resume it in the future. 

You can also unlock more WRX by extensively trading on WazirX. The more the numbers of trades (specifically in the USDT, BTC, and INR markets), the more WRX coins you stand to earn. Your WRX earnings will be calculated based on the volume of your daily trades.

How to Buy the WRX Cryptocurrency?

To buy WRX through WazirX, you need to register on the platform first, then finish a super quick KYC process and finally deposit funds for the purchase. Here’s how it goes:

Step 1: Account Creation

  • Download the WazirX app or visit the website. Then hit the Sign Up button
  • Fill in your email address (one that you use frequently), and your desired password
  • Click on the Terms of Service checkbox, but go through it once before checking
WazirX-Signup
  • Then press the Sign Up button
  • You will be sent a verification email after hitting the sign-up button. If you have received it, click on Verify Email to complete the process.. If you haven’t, check your spam folder. Or hit Resend Here. On successful verification, you should see this message:
WazirX-Signup-Process

Securing Your Account

For security purposes, we highly recommend enabling 2-factor authentication (2FA). You can do so by downloading the Google Authenticator app and connecting it to your account.

WazirX Signup Process

KYC Verification

The last stage in the account set up process is KYC verificationSelect your country from the list:

WazirX Signup KYC Verification

Then verify your KYC and finish the process. After that, you are all set to buy XRP from WazirX!

Step 2: Depositing Funds

Depositing INR

You can deposit INR funds from your bank account to your WazirX account via UPI/IMPS/NEFT/RTGS.

Just submit details like bank name, account number, IFSC code, etc of the bank account with which you wish to transact, and then you are good to go.

In case the INR deposit is rejected, check out the WazirX support page for such issues.

Depositing Cryptocurrency

Depositing cryptocurrencies into your WazirX account, either from your wallet or another exchange is an effortless process. It’s also free – with no fees charged on any deposit!

Start by obtaining your deposit address from your WazirX wallet. Then, share this address on the ‘Send Address’ section of your other wallet for transferring your cryptocurrencies.

For more details, check out the WazirX Support page on depositing cryptocurrencies.

Step 3: Buy WRX

With all the necessary steps covered, you are now ready to buy WRX with your deposited funds. Here’s the process:

Log on to the WazirX app or website to view the latest WRX/INR prices.

Buy XRP on WazirX

On the app, press the WRX/INR price ticker. After that, scroll down a bit, and you will find the BUY/SELL  button amongst the ‘Charts’, ‘Orders’, ‘Trades’, and ‘My Orders’ options at the bottom.

Enter the INR amount with which you want to buy WRX. Note that this amount should be less than or equal to the INR funds deposited in your WazirX account.

Hit BUY, and wait for the order to execute.

Once the transaction is executed, you should find the WRX bought added to your WazirX wallet.

Also, you can download the app and Start Trading Now!

Android App – Bitcoin Exchange

iOS App – ‎WazirX

Frequently Asked Questions

Is WRX a fast stock?

Firstly, WRX is not a stock. It is a Crypto token that can be traded on WazirX's platform. Cryptos are not the same as stocks, even though they can be bought and sold on exchanges like stocks. So, we can't say whether WRX is a fast stock.

Can WRX reach $1,000?

If you are considering a short or mid-term period, there is very less possibility for WRX to reach $1000.

Is WRX a safe investment?

Yes, WazirX can be considered a good investment. Various Crypto-oriented websites show a bullish trend on WRX and believe it is a good investment. So, if you are considering investing in WRX, you can go ahead. You can also directly trade WRX here.

What is WRX price today?

The price of WRX keeps changing depending on various market indicators. To check the current price, you can click here.

What Is The Use Of WRX Token?

WRX token is used to power the WazirX exchange and can be used for trading fees,and other features on the platform.

What Is The Future Of WRX Token?

The future of the WRX token looks bright due to the success of the WazirX exchange and the growing popularity of cryptocurrency trading in India.

Is WRX A Good Investment?

WazirX can be considered a good investment for long and short-term investments. It is more likely to go up than down because of the excellent use case, well-designed tokenomics, active community, and a strong team behind it.

What is the future of WRX crypto?

You can forecast the value of a Crypto by using both on-chain and off-chain variables and technical indicators that consider WRX's past price performance. You can also analyze market sentiment to determine if investors are bullish or pessimistic about the token. However, remember that no one can forecast the future with 100% accuracy, and past performance is no guarantee of future outcomes.

How to convert WRX to INR?

Various websites are available where you can check how much 1 WRX equals INR. However, you can check the current price of WRX in the INR market here.

What is the WRX coin?

WRX is a utility token of WazirX with a total supply of 1 Billion. Token holders receive various benefits on the trading exchange, including trading fee discounts, WRX trade mining, token airdrop, margin fee, and more. It is supported by Indian entrepreneurs with over a decade of expertise in building and scaling global products.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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