The largest crypto exchange in India is growing at a phenomenal rate. It took the exchange 3 months between Jan and March 2021 to reach from 1 million consumers to 2 million. And now, in April alone, they have added 1 million new customers. The exchange eyes an overall user base of 10 million by the end of June. This means in just two months, WazirX is aiming at a 3x increase in the size of its user base. I think that the speed with which crypto is getting popular in India, WazirX could outdo its targets.
Why WazirX has a lot of scope for growth?
Being the largest crypto exchange in India, their app is also one of the best. It is comparable to Kite by Zerodha, which is a stock app. There are all the necessary features from limit orders to stop limits, p2p trading, and a lot of coins. They are also working continuously to bring new coins to their platform. For example, they listed CAKE/USDT just a day or two back. But many users complain that the UI of WazirX is too complex to understand and has a learning scope.
This has made many shift to simpler apps like Coinswitch kuber. To tackle the situation, WazirX has added a quickbuy option that is really easy to use for new users. It lets you purchase the listed coins with just a single tap for the amount you want to. At present, not all coins are available in this feature, but WazirX will surely add more coins to the list.
In order to bring in more users and make the usability of the app better, they have now added two UPI options due to the overwhelming response. Not everyone has the option to do RTGS, IMPS, and NEFT. So, having the option of UPI to add funds is really important. This feature gives any app an edge over the other. Just take my example. I don’t have any other method other than UPI to add funds, and therefore, I used Coinswitch because it has UPI enabled while WazirX didn’t at the time. And now I am holding my coins in the same.
WazirX has also got immense traffic due to the popularity of the WRX tokens. From trading under a dollar, it surged to more than $5 in a matter of few days. And this has brought in a lot of new users to invest in the same. Heck, even the app crashed due to the kind of response they received due to the same. It took them almost 12 hours to have a temporary fix for the issue, and the errors lasted for almost an entire week. WazirX has ironed out the issue, and the app is functioning perfectly fine now.
Are you a WazirX user, or are you planning to? And do you think that WazirX will be able to reach the milestone of 10 million users by June 2021? let us know in the comments below. Also, if you find our content informative, do like it and share it with your friends.