WazirX Exchange Review 2024

WazirX is one of the fastest growing cryptocurrency exchanges of India with more than 60 lakh registered users and an average app rating of more than 4 stars. Despite the launch of many new crypto exchanges and amidst all the controversies, WazirX still provides one of the best and widest range of offerings in terms of coins and tradable pairs such as USDT/INR, ETH/INR, and BTC/INR.

This platform is also known for its user-friendly interface and advanced trading charts and thus, it is preferred by both beginners and seasonal traders. WazirX runs a referral program, which can make the users earn rewards up to 50% commission on every trade. If we talk about the safety and security features, WazirX tops the chart with gold standard safety measures.

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WazirX Exchange

3.5

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Maker/Taker Fee

0.2%/0.2%

Minimum Account Balance

INR 100

Coins Available

200+

Maker/Taker Fee

0.2%/0.2%

Minimum Account Balance

INR 100

Coins Available

200+

Pros & Cons

• India’s first automated P2P trading platform with high liquidity.
• Instant price alert and quick buy feature on WazirXApp.
• 95% of the funds are stored in cold storage.
• Robust customer-service with live-chat feature.
• Multilingual website support.
• Superior security feature with 2FA authentication and cold storage.
• Wide range of educational material via WazirX tutorial blogs.

• Negative brand image.
• No practice trading with a demo account.
• Does not offer margin trading, crypto lending and staking.
• P2P platform only supports eight coins paired with USD Tether.
• Charges trading and withdrawal fee.
• No insurance fund back-up in cases of hacks and frauds.

However, there are few concerns over the limited options of depositing the funds into a WazirX account which is either done via a bank account or peer-to-peer (P2P) transactions. The exchange also lacks features such as crypto lending, staking and margin trading features on its platform;all of these are very much available on their competitors’ platform.

• User-Friendly Trading Platform: WazirX is a user and beginner friendly cryptocurrency exchange platform with high trading volume. The exchange has very smooth navigation features and is enabled with multilingual support. It seamlessly functions on all the app devices as well.
• Advanced Trading tools: WazirX offers advanced trading charts, powerful graphs and various tools for spot trading to their users. It has also launched first-of-kind peer-to-peer transactions (P2P) which is the first ever automated machine that auto matches the buyer and seller instantly. Then, WazirX transfers the escrowed USDT to the buyer’s secure wallet and thus the whole transaction takes place.
• Transaction Speed: WazirX boasts of a strong and robust blockchain infrastructure, which is scalable and able to handle millions of transactions in just a frame of time.
• Security Features: The exchange follows a two-factor authentication (2FA), which further provides an extra layer of security to your account. It also has a multi-signature wallet system with strict KYC/AML guidelines. WazirX also stores 95% of the funds in cold storage.
• Trading and Investment Products: At present, the user can trade in more than 200 crypto coins and more than 250 cryptocurrency pairs. Some popular available coins include:
• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Cardano (ADA)
• Solana (SOL)
• USD Coin (USDC)
• Polkadot (DOT)
• Dogecoin (DOGE)
• Polygon (MATIC)
• Uniswap (UNI)

The exchange also has its own utility native token, WRX, which constitutes a very crucial part of the entire WazirX ecosystem. The maximum coin supply of WazirX is fixed at one billion. WRX can be purchased by using INR and can be exchanged for other cryptocurrencies such as Bitcoin, Ethereum or Dogecoin. The token holders of WRX get various benefits such as discounts on trading fee, trade mining, token airdrop, margin fee, and more.

WazirX has also launched the concept of smart token fund (STF), which helps new investors or beginners to get trading strategies from expert trading groups in return for a 25% commission on profits made by the newbies.

Referral Program: The users of WazirX can refer and earn 50% of trading fee as reward for every trade done via the user’s referral code. All rewards earned for a day will be credited to your account at once in the next 24 hours.

Following are the steps which will guide you to start trading in cryptocurrencies with WazirX:

1. Visit WazirX and create an account on the website. One can also download the app on your iOS and android mobile devices. Then start the process of sign-up with email id and password. Once the sign-up process is completed, you will receive a verification mail on your registered id.
2. Now all the major security options have to be set up. WazirX has strict security measures which have been built up to protect users’ data and privacy. Once all the security measures are in place, the user has to fill in their personal information such as country and KYC type.
3. Post the setup, the user can start trading on the WazirX app. The exchange dashboard is very user-friendly and offers their users with multiple options to purchase BTC, WRX, ETH, and many more. They can easily make deposits that can be made via IMPS or NEFT or WazirX own P2P option.
4. However, if a user is planning to buy any cryptocurrency, they will have to deposit funds first with as little as INR 100. They can transfer the funds from the bank account to the wallet by clicking on the “Funds” tab or by using the P2P option.

Deposit or Receive Cryptocurrency to your WazirX account

WazirX does not charge anything for making deposits into the exchange’s account. So, if the user wishes to move their deposited cryptocurrency from one exchange or wallet to another, then they have to follow the deposit process at the exchange, which is as follows:

1. On the home screen, tap on the funds tab.
2. Select the coin you want to deposit.
3. Tap on the deposit button at the bottom.
4. You will see your destination or deposit address from the WazirX wallet and now you can add it to the withdrawal process in the wallet/exchange you are sending the coins from.

Withdraw or Send Cryptocurrency from your WazirX account

If the user wishes to move their cryptocurrency from one exchange or wallet to another, then they have to follow the deposit process at the exchange:

• Click on the funds tab on your home screen.
• Select the coin you want to withdraw.
• Click on the withdraw tab.
• Type the destination address and enter the coin amount you want to move. Always click on “withdraw all” if you want to move the full coin balance from your wallet.

WazirX customer care number is 18003094449, which is also available on their website. Users can also use the live chat support or can raise any concerns via email. The website also has a huge list of FAQs on account opening, deposit, withdrawals, P2P, among others. Besides, WazirX also features support tutorials which are available on their youtube channel.

• Maker Fee: 0.2%
• Taker Fee: 0.2%
• P2P Transaction Charges: Nil
• STF Trading Fees – Earn 25% of the profits for STF trading.
• Withdrawal Fee: 0.0005 BTC
• Trading fee depends upon your WRX holding, the more WRX in your account, the less trading fee would be charged.

It is to be noted that from July 1, 2022, TDS (tax deducted at source) of 1% (5% in exceptional cases) of the trade value has to be deducted on each trade as per the recent Government’s guidelines issued on virtual digital asset (VDA) transfers. However, this TDS can be claimed while filing your ITR.

• In June 2021, the Enforcement Directorate (ED) issued a show-cause notice to the exchange for violating FEMA Act, 1999 for transactions involving cryptocurrencies of INR 2,790.74 crore.
• There are allegations that the huge sum of money got diverted by the Chinese-backed fintech companies to purchase crypto assets and then laundered them abroad to unknown foreign wallets.
• On August 5,2022, ED conducted searches on one of the directors of Zanami Lab that owns WazirX and froze his accounts by blocking money amounting to INR 64.6 crore.
• On August 6, 2022, with this whole spat brawling up, Binance CEO Changpeng Zhao, tweeted that Binance does not own Wazir X and hold any equity in Zanami Lab. It only provides wallet services to WazirX.

While evaluating and analyzing the WazirX, Forbes Advisor India reviewed on the basis of the following parameters:

• Ease of Access: While reviewing WazirX, we analyzed that the platform has a very smooth sign-up process, easy to use and minimal user interface, which makes it one of the most user-friendly cryptocurrency exchange platforms.
• Features and Advanced Tools: WazirX has the most sophisticated chart features with advanced tools. But it still does not offer crypto lending and staking features to its users in India. However, for spot trading, it supports a wide range of cryptocurrencies and tradable pairs.
• Trading Fees: WazirX fees structure is quite transparent and much explained on its website. They have no hidden charges. However, WazirX charges trading and withdrawal fees.
• Safety and Security Measures: WazirX has got our best rating in safety and security measures. The only thing it lacks is that the exchange has no funds in insurance as a back-up.
• Educational Material: If you want to know any features about WazirX such as P2P, STF or quick pay, it is well-explained via their blogs and youtube tutorials. They also have blogs on general stuff related to the crypto universe and blockchain technology.
• Mobile Application Usage: WazirX enjoys good ratings (more than 4 stars) on both iOS and android platform. It runs smoothly and efficiently with easy navigation on the mobile devices. However, certain user-based complaints have been made on the P2P option, deposit and withdrawal issues and slow customer care approach.

For detailed analysis on the cryptocurrency exchanges of India, read our article on the best of cryptocurrency exchanges of India.