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

By September 17, 2020September 28th, 2020No Comments
All you need to know about WazirX's WRX Token

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.

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
  • 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:

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.

Why you Should Buy WRX?

  • WRX tokens are integral to the existence and success of WazirX as a crypto exchange. As WazirX grows in popularity in India, an investment in WRX will be a win-win for investors as wells as WazirX
  • Access to core features of WazirX along with an opportunity to reap profits through trading WRX
  • Quaterly WRX token burning is on the cards. The process will wipe out 10 percent of the 1 billion token supply ensuring that it’s price doesn’t slip. This will make WRX a great investable asset in the near future

Also you can download the app and Start Trading Now!

Android App – Bitcoin Exchange

iOS App – ‎WazirX

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