WRX Coin: Is India’s Crypto Exchange a Sound Investment?
WazirX (WRX) token made its foray into the Indian cryptocurrency market in February 2020. The exchange platform was launched in the year 2018. Nischal Shetty, the CEO and Founder of WRX, has been in the Bitcoin realm for over a decade. From the year 2019, the prominent crypto exchange platform Binance holds the acquisition of WRX, allowing the selling and buying of crypto tokens in Indian currency. The WRX token is built on the Binance Blockchain, and it is the utility token of the WazirX exchange. Get more in-depth information regarding WazirX features, fees, and more here at WazirX reviews.
WazirX token holders get compensations, like token airdrop, trade fee discounts, and margin fees. The WRX token has capped a total supply of 1 Bn.
Assuring its growth, the current market records that the WRX coin is at a value of INR 232.51 and USD 2.94. CoinMarketCap has titled the token as the top crypto exchange at a global scale and has ranked WRX 27th amongst other crypto coins.
What Are WRX Coins?
WRX coin is a BEP-2 token of the WazirX exchange platform. Its core purposes are to produce token airdrops in alignment with the amount of WRX the users possess and lower the trading fee. The usage of WRX garners a 50 percent discount on trading fees. The total supply of the WRX token has been capped at 1Bn.
The hallmarks of this token are that it is the world’s first auto-matching P2P engine producing a high liquidity volume. With this distinct feature, miners that are trading can earn and unbar WRX tokens.
Additional peculiarities include:
- Access through the Binance website
- A token crypto investors can earn profit from
- Accessibility of withdrawal and instant fiat INR deposits.
- Voting power on innovations that have to be incorporated in the exchange and coin listings.
Is WRX Coin a Good Investment?
With Binance acquiring WRX, the level of the token is a trustworthy asset. The track history of WRX showcases potent breakthroughs. The current value of the token is at INR 232.51, and as per CoinMarketCap, its value is USD 2.94.
So far, 150 million to 200 million WRX tokens are in circulation. These circulating WRX tokens provide several benefits to their holders, such as discounted fees and free surprises based on the number of tokens held by an individual at the time.
Through the investment of WRX coins, a user gains access to the exchange platform WazirX. The core components of the exchange platform allow users to acquire greater ROI while trading. The token uses Coin Burning, in which tokens are extracted from circulation to reduce the number of tokens that are distributed. This Coin Burning process that takes place quarterly guarantees that the price does not drop, making it a valuable asset.
How to Buy a WRX Coin?
A step-by-step guide to purchasing WRX coins:
- Enroll on the exchange platform WazirX app or website and complete the KYC process.
- On your WazirX account, deposit INR reserves from your bank account; Details of your name, contact information, bank account number, and IFSC code will be required to carry on with the transfer.
- WazirX exchange also allows for cryptocurrency deposits from another exchange with no fees imposed or from the users’ digital wallets.
- Then, the users gain access to buy WRX coins through the funds you deposited.
- By entering the INR amount, the users can buy WRX coins.
WRX Coin: Future and Scope
The marketing objectives of the WRX coin have worked wonders. The amount of WRX coins the investor possesses depends on mining, referrals, and trading contests they achieved by doing a task. The token has testified exceptional growth since its launch in the crypto market and has recorded a soaring 300% gain for investors. In March 2021, the WRX coin price value stood at USD 0.82. Alongside its growing reputation in the crypto market on a global scale, the WRX coin has a golden future.
For the Indian market, the WRX token has unlocked the intent to scale when it comes to being an instant crypto-exchange platform. The coin shows a clear upward trend for traders investing in WazirX.