7 Features And Benefits Of WRX Token For Indian Traders

By September 3, 2021March 29th, 20225 minute read
Features and benefits of WRX token for Indian traders_WazirX

The WRX Utility token is the backbone of the WazirX ecosystem, the fastest-growing crypto exchange in India. The token has been issued and is circulated over the Binance Chain, the native blockchain of the Binance crypto exchange. WRX tokens have a limited supply of 1 billion, 10% of which would be burned in the future to strengthen its dynamics. WRX was introduced to involve the WazirX community in helping to build the platform and get rewarded accordingly for contributing to the platform’s success. The founders intend to evolve the use-cases of the native coin to enhance its worth further and, consequently, benefit the WazirX trading community. 

Using WRX tokens for trading cryptocurrencies, you earn discounts and add to the token’s utilities and its overall worth. Since the more a token is in circulation, the more is its worth.

WRX tokens come with their bagful of utilities and benefits that can help a trader earn direct returns from holding and trading in it, discount in fees, and various other utilities:

1. Pay in WRX to Earn Discounts

The most fundamental use case of WRX i.e. paying trading fees as and when you trade using the WazirX platform, brings you ample discount of up to 50% on the trading fees. If you are paying trading fees on the WazirX platform using the WRX token, you will get a 50% discount for the first year, 25% for the second, 12.50% for the third, and 6.25% discount for the fourth year. 

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WazirX currently charges 0.2% trading fees from its traders, which is the minimal fee of any exchange charges in India. If you use WRX tokens to pay the same, you get an additional 50% discount on trading fees. Thus, you are practically trading for free if you use WazirX tokens already reserved for trading fees.

2. Mine your Way to More WRX

Indian traders can mine, unlock and earn up to 10,000 WRX tokens daily by trading on WazirX to buy cryptocurrencies using USDT, BTC, and INR. As you trade more, the more WRX tokens you unlock. Based on your trading activity, the platform will decide what trading slab you have achieved. As you climb up the trading slabs, every consequent slab gives you a boost, and you are unable to unlock more WRX. WRX mining is currently the most rewarding way to earn WRX. Phase 1 of the WRX mining program ended on 12th December 2019. 

Every trader has access to the mining tracker page built powerfully to give you real-time status of the trades and the WRX tokens you have unlocked, along with a complete daily history of the unlocked WRX tokens by you. The tracker page can be accessed on the web or the app at any time.

3. Gains via P2P Trading of WRX

WRX token being a listed token, can be bought, sold, and traded like any other altcoin or bitcoin. WazirX is the most trusted and go-to exchange for traders in India. WazirX, being a P2P platform, auto-matches the buyer to the seller to invoke a trade by acting as an escrow. Being the native token of the largest cryptocurrency exchange in India by volume, WRX token has a lot of potentials to grow in the near future. It currently stands strong at the #117 rank at $0.9. At one time, WRX gave a whopping 300% percent gains to the traders! By trading WRX tokens, you as a WRX community, add to the existing utilities of the token and the platform. The two-way model is beneficial to both the trader and the platform, which in turn benefits its members. 

4. WRX as an Investment Avenue

As crypto adoption gains traction in India, the future of the trailblazers of the Indian crypto scene such as WazirX looks bright and that of exponential growth. If you are thinking of buying WRX tokens for the long term, it is not a bad idea, given the token’s sound ergonomics and the further developing use cases to which WRX is intended to be put to use in the future. 

You mustn’t forget either that WRX tokens are in limited supply and 10% of the entire supply will be burned to boost their worth eventually. Every quarter WazirX burns WRX tokens based on the trading volume witnessed on their crypto-to-crypto platform. 

5. From Dust to WRX

Many a time, owing to varied minimum trading limits for different cryptos on a platform, small amounts of crypto remain unspent in our wallets. Traders call it ‘crypto dust’ as the amounts lying in the wallets are of different cryptos and are practically untradeable. What to do with the dust then? WazirX has an answer in another exciting use case of WRX token. 

You can convert your crypto dust into WRX tokens! How?

Simply, go to the funds’ section on the website and select convert to crypto. If you are using the WazirX app, visit the account settings and select the option convert to WRX. The USP of this use case lies in its multifunctionality. You may convert multiple coins at the same time or in case you want to keep aside some crypto, you may deselect it and carry on. 

Once you click on the Convert to WRX option, the market price of the dust would be taken into consideration and the exact amount of WRX tokens would then reflect in your balance.  

6. Use WRX to Buy NFTS

This feature of the native token is the most recent addition to its use-cases. WazirX recently launched an NFT marketplace on the Binance blockchain that will cater to the Indian as well as the South Asian art entrepreneurs, artists, and collectors. The collectors can purchase NFTs on the marketplace using WRX tokens. WazirX has also announced a bonus of 50,000 WRX tokens to be rewarded as giveaways to all those who engage on the NFT platform that is currently in its beta phase.  

7. WRX Rewards from Airdrops

If a company agrees to provide tokens to WazirX users in return for listing on WazirX or if some company wants to incentivize the users as a way to be promoted to all WazirX users,  airdrops take place. The platform distributes such airdrops to you, in case you are a WazirX member, based on the amount of WRX you hold.

Conclusion

As more Indians gain awareness about cryptos, more prominence will be granted to the WRX token being the native coin of the most trusted crypto exchange in India. Indian traders can benefit significantly by making WRX a part of their portfolio.

Can I Invest In Cryptocurrency?

Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.

What Is The Safest Cryptocurrency To Invest In?

Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.

Is Cryptocurrency Safe To Invest In?

Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.

What Are The Best Cryptocurrencies To Invest In?

The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.

Is Mining Cryptocurrency Legal?

Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.

Is Ethereum Safe To Invest?

The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.

How To Invest In Cryptocurrency Stocks?

Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.

How Safe Are Cryptocurrencies?

Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.

Is Bitcoin And Cryptocurrency The Same Thing?

Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.

Are Cryptocurrencies A Good Investment?

Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.

Who Invented Cryptocurrency?

Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.

Are Cryptocurrencies Legal In India?

In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.

Is Pi Cryptocurrency Safe?

Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.

What Is Virtual Currency?

Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.

What Is The Meaning Of Crypto?

A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.

Which Cryptocurrency Is Best To Invest Now?

Litecoin has an 84 million coin limit and a 12.5 LTC block reward, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes. Because of its increasing popularity, Litecoin is the best of all the altcoins. At WazirX, the current price of Litecoin is ₹12,410.22.

Which Cryptocurrency Is Best To Invest In 2021?

Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.

Is Cryptocurrency Banned In India?

No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.

What Is Crypto?

Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.

Is Crypto Legal In India?

Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India

How Many Cryptocurrencies Are There?

There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.

How To Invest In Cryptocurrency In India?

There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.

How Cryptocurrency Works?

Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.

How To Invest In Cryptocurrency?

There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.

Is Cryptocurrency Legal In India?

In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India

What Is Cryptocurrency?

A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.

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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