WazirX, the Indian cryptocurrency exchange, has recently launched their much-awaited WRX Futures platform. The launch of this platform has been met with a lot of excitement from traders and investors alike. In this guide, we will be taking an in-depth look at what the WazirX WRX Futures platform is, how it works, and everything else you need to know about it. With a platform like Bitsoft360 app you can exchange your fiat money for this virtual currency.
What is WazirX?
Before we dive into the details of the WRX Futures platform, let’s first take a look at what WazirX is. WazirX is a cryptocurrency exchange that was founded in 2018 by Nischal Shetty, Siddharth Menon, and Sameer Mhatre. It is one of the largest cryptocurrency exchanges in India and has over 1 million users.
What are WRX Futures?
WRX Futures are a new type of trading product that WazirX has recently launched. Futures contracts are financial contracts that allow traders to buy or sell an asset at a predetermined price and date in the future. This allows traders to speculate on the price of an asset without actually owning it. WRX Futures are futures contracts that are based on the price of WazirX’s native token, WRX.
How do WRX Futures work?
To start trading WRX Futures, you first need to have a WazirX account. Once you have an account, you can deposit funds into your account and use those funds to trade WRX Futures. WRX Futures are settled in Tether (USDT), which is a stablecoin pegged to the value of the US dollar.
When trading WRX Futures, you have two options: long or short. If you believe that the price of WRX will go up in the future, you can go long on WRX Futures. This means that you are buying a contract that will give you the right to buy WRX at a predetermined price in the future. If the price of WRX goes up, you will make a profit. If you believe that the price of WRX will go down in the future, you can go short on WRX Futures. This means that you are selling a contract that will give you the obligation to buy WRX at a predetermined price in the future. If the price of WRX goes down, you will make a profit.
Why trade WRX Futures?
Trading WRX Futures has several advantages. First, it allows traders to speculate on the price of WRX without actually owning it. This means that traders can profit from the price movements of WRX without having to worry about the security and storage of the asset. Second, futures contracts are highly leveraged, which means that traders can control a large amount of assets with a small amount of capital. This allows traders to amplify their profits, but it also amplifies their losses. Finally, WRX Futures are settled in Tether (USDT), which is a stablecoin pegged to the value of the US dollar. This means that traders can avoid the volatility of other cryptocurrencies and trade in a more stable environment.
The launch of WazirX’s WRX Futures platform is a significant step forward for the Indian cryptocurrency market. It provides traders and investors with a new way to speculate on the price of WRX and adds to the range of trading products available on the WazirX platform. As with any investment, trading WRX Futures carries risks, and it is essential to do your research and understand the product before investing your money. However, if you are an experienced trader or investor looking for a new opportunity, WRX Futures may be worth considering.