WazirX Review 2024: Is It A Legit Crypto Exchange?
WazirX Overview
| Attribute | Information |
|---|---|
| Coinweb Rating | ⭐⭐⭐⭐ (4.1 stars) |
| Founders | Nischal Shetty, Sameer Hanuman Mhatre, and Siddharth Menon |
| Top Features | P2P trading, mobile application, QuickBuy, and referral program |
| Native Coin | WRX Coin |
| Origin | India |
| Registered users | 6 Million+ |
| Supported currencies | 300+ coins, including BTC, LTC, ETH |
What is WazirX?
Launched in March 2018 as a crypto exchange for the Indian market, the WazirX trading platform is part of the Binance group. This Indian crypto exchange is founded by Nischal Shetty, Sameer Hanuman Mhatre, and Siddharth Menon.
In July 2018, WaxirX launched its P2P trading feature, which helped streamline the buying and selling of cryptocurrencies in India. In the next few years, WazirX continued to refine its platform by adding features like the WazirX widget and QuickBuy.
In 2021, WazirX faced a show-cause notice for violating the FEMA Act 1999. However, despite these controversies, WazirX announced its success and operates as a fast-growing exchange in India.
What Are the Advantages of WazirX?
Multiple INR Deposit Methods
As a crypto trading platform created for Indians, WazirX has ensured that users can easily deposit INR into their accounts. They offer deposit methods like wire transfer deposits via bank account, UPI, IMPS, and RTGS. All these methods are available around the clock. Another great feature of WazirX is that it offers many INR trading pairs, allowing users to trade directly in INR without having to purchase a stable coin like USDC or USDT.
Excellent security features
The exchange offers a two-factor authentication feature to all its users, making it safe to buy and sell crypto on the WazirX platform. It is registered with the FIU, positioning itself as a trustworthy platform for crypto trading.
In addition, WazirX provides a multi-signature wallet system, making it a secure platform. To strengthen its safety and security further, WaizrX also has tight KYC regulations.
WazirX is a transparent exchange, as evident by its Proof of Reserves report. The report shows that WazirX has a higher reserves-to-liabilities ratio than 1:1.
Smooth and fast trading experience
From signing up to trading crypto, WazirX proves to be a smooth platform. The KYC for the platform only takes a few minutes and is often approved within a day. After that, trading on the platform is extremely quick with low latency.
Furthermore, WazirX is popular for its stable Blockchain infrastructure, which scales up in seconds to meet the rise in user demand.
It doesn’t charge a deposit fee
Like its competitors CoinDCX and ZebPay, WaxirX does not charge a fee for depositing funds into your WazirX trading account. That’s a relief for many traders who look for cost-effective exchanges to deposit money.
WazirX Fees
- Maker and taker Fees: WazirX charges 0.2% for both.
- WazirX Trading Fees: The lower your fee will be depending on how much WRX you hold in your wallet and your 30-day trading volume. For example, if your last 30-day trading volume is 0 to 0.5 Million INR and you hold 0-500 WRX, your fee will be 0.4%. With higher trading volumes and WRX token holdings, the fee can go as low as 0.1%.
- Withdrawal Fees: WazirX does not have fixed withdrawal fees. Instead, it dynamically calculates the withdrawal fees based on your withdrawing currency. Additionally, it has separate minimum and maximum withdrawal fees for each cryptocurrency. You can find the list of WazirX withdrawal fees on their fees page.
- Deposit Fees: WazirX doesn’t charge a fee on crypto deposits made to your account.
| 30D Trading Volume in INR Pairs | 0-500 WRX | 500-10,000 WRX | 10,000 – 50,000 WRX | 50,000+ WRX |
|---|---|---|---|---|
| 0 – 0.5 Million INR | 0.40% | 0.34% | 0.30% | 0.20% |
| 0.5 – 10 Million INR | 0.35% | 0.30% | 0.26% | 0.18% |
| 10 – 20 Million INR | 0.30% | 0.26% | 0.23% | 0.15% |
| 20 – 35 Million INR | 0.25% | 0.21% | 0.19% | 0.13% |
| 35+ Million INR | 0.20% | 0.17% | 0.15% | 0.10% |
How to Get Started with WazirX?
Here’s how you can sign up for and start trading with WazirX.
More details
WazirX is a safe and transparent Indian crypto exchange with over 300 cryptocurrencies. They set themselves apart by publishing a yearly transparency report and are one of the few Indian exchanges that maintain a Proof of Funds report. We recommend this exchange for all beginner and advanced crypto investors in India.
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Offers 300+ crypto such as BTC, LTC, and ETH.
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User-friendly interface.
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P2P transactions and advanced trading tools.
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Offers quick funds replenishment and withdrawals.
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Excellent multilingual support.
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No withdrawals without KYC.
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No crypto lending is available.
Step 1: Sign Up
Visit the WazirX homepage and choose the option to [Sign up].
To sign up, you can create a new WazirX trading account via email or continue using a Google or Apple account.
Step 2: Set Security Preferences
On the next screen, pick your security preference.
We recommend choosing the authenticator app, after which you can set up 2FA using an app like Google Authenticator. Once done, click [Next].
Now, complete your KYC form and submit it. You can skip your KYC now; however, you cannot deposit, withdraw, or trade digital assets without it.
Step 3: Get Started
Once your application has been verified, you will be welcomed to the dashboard, where you can start trading crypto.
WazirX Review: Key Features
Trading pairs with Indian rupees
Currently, WazirX offers more than 300 crypto coins and 250 crypto pairs. A great feature of WazirX is that you can trade directly in INR. This means you can purchase currencies like Bitcoin without converting funds into USD or first getting a stablecoin like USDT.
WRX Token
The exchange runs its own WazirX token, WRX, that can be traded without commissions. Additionally, the platform offers discounts and reduced fees to users with higher WRX amounts in their wallets.
You can also use the WazirX token to pay any listing charges or commissions. WazirX has a maximum coin supply of one billion.
Peer to Peer Trading
You can use this feature to P2P trade INR and USDT. Simply put, this feature allows you to transfer your INR via bank or other means to a private person and receive USDT from sellers on WazirX.
What separates WazirX’s P2P trading feature apart is that it is “automatic”; after you input the amount of crypto you’d like to buy and the price you’d like to buy it for, WazirX will automatically pair you with a relevant seller that accepts those terms. This saves time and effort spent finding and vetting a reliable seller for Peer-to-peer trading.
WazirX acts as an escrow and settles disputes between buyers and sellers if they arise.
QuickBuy
The integration of QuickBuy with WazirX allows you to buy your preferred crypto instantly. Also, you can get your coins at reasonable rates, with no hidden charges involved.
Besides, WazirX’s high liquidity and trading volume ensure that QuickBuy offers cheap rates for crypto buy orders in India.
Referral or affiliate program
WazirX’s referral program helps you earn extra by referring the exchange to family and friends. You can earn up to 50% of the total trading fee the referral pays.
All you have to do is share your unique referral link and promote it to relevant people. The reward is earned in WRX tokens. However, to join the affiliate program, you need to trade at least INR 10,000 in the last month.
WazirX mobile app
The application has a decent 4-star rating on Android and iOS. The WazirX mobile app offers easy navigation with a clean design.
Who Should Use WazirX?
Novice Indian traders
Many beginner traders do not have access to USD. Since WazirX allows users to invest in crypto directly using INR, it proves to be a great option for Indians. This feature and a clean user interface make this trading platform simple.
Expert crypto traders
WazirX offers many advanced features for trading, like P2P trading, making it easy to convert fiat currency to crypto. Although WazirX’s trading fee starts at 0.4%, it can be as low as 0.1% for higher trading volumes. This reduced fee makes the cryptocurrency exchange suitable for many expert traders who invest in large volumes.
Indian Expats
Indian expats can use WazirX to buy crypto assets using money from their Indian bank account. By doing so, they can invest their INR in crypto while living abroad. This can have potential tax benefits by ensuring the funds stay in India.
Drawbacks
- Compulsory KYC: Due to regulations in India, WazirX has stringent KYC regulations. This is a drawback for investors looking for a more anonymous trading experience.
- No Crypto Lending is Available: Unlike its competitors, WazirX cryptocurrency exchange doesn’t offer crypto lending. Similarly, it doesn’t offer other features like margin trading and staking.
WazirX Review: Alternatives
Here are the top three cryptocurrency exchanges and WazirX alternatives.
Bybit
Bybit charges a comparable trading fee to WazirX (0.15% maker fee and 0.2% taker fee). Additionally, it offers options trading as well.
More details
Bybit is a leading futures trading platform globally, offering up to 100x leverage and attracting users who prefer to remain anonymous. With a presence in 180+ countries, it is renowned for its efficiency and unique features in cryptocurrency derivatives trading.
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The platform offers up to 100x leverage trading.
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Strong educational resources.
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Diverse markets for traders, spot, perp, and futures.
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Risk-free demo accounts to explore all key features.
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TradingView integration.
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The platform is difficult for beginners to navigate.
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It does not offer a quality spot trading feature.
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The NFT marketplace is limited in terms of options.
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Security is of the gold industry standard.
Crypto.com
Crypto.com charges a much lower trading fee of 0.075% maker and taker fees, less than half of what WazirX charges. Moreover, it offers over 250 cryptocurrencies.
More details
Crypto.com offers a straightforward approach to cryptocurrency trading. Opening an account with crypto.com is quick and easy. It includes state-of-the-art safety measures that make it safe for users to buy and sell crypto quickly. This crypto exchange is highly recommended for anyone looking to securely trade large amounts of cryptocurrency!
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250+ cryptocurrencies to choose from.
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Firm and unparalleled security to users.
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Earn interest in crypto.
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Top-rated mobile app.
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Low fees on trading and trading fee discounts.
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Slow identity verification.
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Customer service could respond faster.
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Lack of educational resources for new users.
Our Verdict
WazirX is one of the most secure crypto exchanges for Indian traders. It offers many features including advanced P2P trading and local payment methods that integrate well with the Indian crypto market.
One thing in particular that we liked about WazirX is its transparency. It is a trustworthy exchange with a yearly Proof of Funds report and a Transparency Report. We recommend trading on WazirX for all Indians looking for an easy crypto exchange.
WazirX was founded by Nischal Shetty, Sameer Hanuman Mhatre, and Siddharth Menon.
You can withdraw up to 0.1 million INR in one day with a maximum limit of 0.1 million using NEFT (National Electronic Funds Transfer) and 0.1 million using IMPS (Immediate Payment Service) for every transaction.
Yes, it is a safe exchange. The platform features safety measures such as two-factor authentication, SSL encryption, and email verification. It has a high security score.
CoinDCX, ZebPay, and Unocoin are some of the top cryptocurrency exchanges in India and WazirX’s top competitors.
Windows, Android, iOS, and Mac apps all offer a seamless trading experience with WazirX.
Suchet D. Salvesen
WazirX Review [CurrentYear]: Is It A Legit Crypto Exchange? WazirX Overview AttributeInformationCoinweb Rating ⭐⭐⭐⭐ (4.1 stars)FoundersNischal Shetty, Sameer Hanuman Mhatre, and Siddharth MenonTop FeaturesP2P trading, mobile application, QuickBuy, and referral program Native CoinWRX CoinOriginIndiaRegistered users6 Million+Supported currencies300+ coins, including BTC, LTC, ETH What is WazirX? Launched in March 2018 as a crypto exchange for the Indian market, the WazirX trading platform is part of the Binance group. This Indian crypto exchange is founded by Nischal Shetty, Sameer Hanuman Mhatre, and Siddharth Menon. ...
