WazirX Review: Is WazirX The Right Crypto Exchange for You?

With nearly 270 million expected crypto users in India this year, the importance of reliable trading platforms has never been greater.

WazirX promises a secure, reliable, and user-friendly platform aimed at positioning India at the forefront of the crypto revolution. Since its inception in 2018, WazirX has grown to over 16 million users, listing more than 350 cryptocurrencies.

In this review, we’ll explore every aspect of WazirX to see if it truly lives up to its promises.

Let’s get started!

Overview:

WazirX is a leading cryptocurrency exchange based in India, offering a platform for trading a wide range of cryptocurrencies.

Founders: Nischal Shetty, Sameer Mhatre, and Siddharth Menon

Founding Year: 2018

Funding: Yes

Platforms: PC, Mobile

Available as an Android App: Yes

Available in iStore: Yes

In November 2019, WazirX was acquired by Binance, one of the world’s largest cryptocurrency exchanges.

This partnership provides WazirX users with improved trading features, as well as access to extensive liquidity and global network of Binance.

Features Of WazirX:

• Wide Range of Cryptocurrencies: Over 350 cryptocurrencies are available for trading.
• Low Spot Trading Fees: Only 0.2% for both makers and takers.
• No Deposit Fees: Free deposits through bank transfers and UPI.
• Quick Withdrawals: Fast processing times for bank transfers.
• Staking Opportunities: Earn rewards by staking select cryptocurrencies.
• Native WRX Token: Reduced fees and additional benefits when using WRX tokens.
• Zero Commission on P2P Trading: Users can trade USDT in INR with no fees.
• Referral Program: Earn up to 50% commission on every trade made via referral.

What Verification Steps Are Required For New Users?

Registering on WazirX is designed to be quick and straightforward.

Ease of Sign-Up:

Visit WazirX’s website and you can sign up using your email address or mobile number.

The process starts with creating an account by providing basic personal information, such as name, email, and a strong password.

A verification link is sent to the provided email, and clicking on it completes the initial registration.

Know your customer (KYC):

To comply with regulatory requirements and ensure security, WazirX mandates a thorough KYC (Know Your Customer) process.

You need to provide the following:

• Identity Proof: A clear picture of either a driver’s license, passport, or UID card along with its number.
• PAN Card: A picture of the PAN card along with its number.
• Selfie: A recent selfie for identity verification.

Common Issues During Registration:

While the registration process is generally smooth, you may encounter issues. Common problems include delays in KYC verification due to high demand, and occasional email verification link errors.

WazirX provides detailed guides and a responsive customer support team to assist you in resolving these issues.

How User-Friendly Is The WazirX Interface?

WazirX has a no-fluff, easy-to-navigate interface.

You can access all the assets, their price charts (which can be annotated and customised with various indicators), and manage your orders, all on a single screen.

The Dashboard feels like you’re viewing the entire exchange at once. For beginners, many trading platforms can be overwhelming, crammed with too much information and too many options, which make it difficult to know where to start and how to find the necessary tools.

WazirX solves this problem with its all-in-one dashboard, which consolidates essential features into a single, user-friendly interface. This allows you to easily find and use the options you need without feeling lost or overwhelmed.

Other options, such as adding or withdrawing funds and Peer-to-Peer (P2P) trading, are also easily accessible from the Dashboard.

Which Trading Tools And Features Are Offered By WazirX?

WazirX offers a comprehensive suite of tools to help you make informed trading decisions and place orders efficiently.

1. Advanced Charting Tools

Advanced charting tools are essential for analysing market trends. These tools include detailed charts with annotation capabilities and various indicators. Whether you’re looking at moving averages or Bollinger Bands, these features help you analyse the assets and identify trading opportunities.

2. Technical and Fundamental Data

WazirX provides access to comprehensive data, crucial for understanding market dynamics.

• Candlestick Charts: Allow you to visualise price movements over time, offering detailed insights into market trends.
• Order Book Data: Shows real-time buy and sell orders, helping you gauge market depth and liquidity.
• Trading Volume Insights: Reveal the level of activity in the market, helping you assess market sentiment and potential volatility.
• Historical Price Data: Provides a record of past price movements, helping you identify long-term trends and make informed predictions.

3. Price Alerts

Price alerts keep you updated on market movements by notifying you when specific price points are reached. You may set price alerts on WazirX to stay informed and react promptly to market changes without constantly monitoring the market.

4. Market Orders

Market orders allow you to quickly buy or sell at the best available price. This feature is useful when you need to enter or exit a position rapidly without worrying about specific price levels.

5. Limit Orders

Limit orders allow you to set your buy or sell price and execute trades only when your target price is reached. This feature helps you control the price at which you enter or exit the market, ensuring you trade at favourable levels.

6. Stop-Limit Orders

Stop-limit orders help you place a buy or sell order that triggers only when the price reaches a specified stop level. For example, if you want to buy BTC for INR, you can set a stop price and a limit price. When the market reaches the stop price, a buy order is placed at the limit price.

These tools and features offered by WazirX can help you make informed decisions and execute trades efficiently.

How Can You Deposit And Withdraw Funds On WazirX?

You can deposit funds into WazirX using 3 different methods:

• Instant Bank Transfer (IMPS/NEFT/RTGS)
• Standard Deposits (NEFT/RTGS/IMPS)
• WazirX P2P: Buy USDT using INR through UPI, IMPS, NEFT, or RTGS

What about withdrawals?

Withdrawing funds from WazirX is straightforward and user-friendly, with options for bank transfers and cryptocurrency withdrawals.

Are There Any Limits or Restrictions on Deposits and Withdrawals?

Minimum deposit and withdrawal limits on WazirX:

• Cryptocurrency Deposits: No minimum limit.
• Cryptocurrency Withdrawals: Limits vary by coin (e.g., 0.001 BTC for Bitcoin).
• INR Deposits: ₹100 minimum for instant bank transfers, ₹1,000 minimum for standard deposits.
• INR Withdrawals: ₹1,000 minimum with a ₹10 fee per transaction.

What Are The Transaction Fees And Costs On WazirX?

WazirX’s fee structure is competitive and transparent, ensuring no hidden costs. WazirX charges a 0.2% fee for both makers and takers in spot trading. However, when trading INR pairs such as BTC-INR or ETH-INR, the trading fee starts at 0.4% and decreases as your trading volume and WRX holdings increase.

P2P trading is free, making it cost-effective for direct trades. Withdrawal fees vary by cryptocurrency; for example, Bitcoin withdrawals cost 0.0005 BTC, and Ethereum withdrawals cost 0.005 ETH. Deposits via bank transfers are free, while other methods may incur charges.

Additionally, a 1% TDS (5% in exceptional cases) on trade value is deducted on each trade as per government guidelines on Virtual Digital Asset (VDA) transfers. This TDS can be claimed when filing your Income Tax Return (ITR).

For detailed information, you may check out the WazirX fee page.

What Range of Cryptocurrencies Is Available On WazirX?

WazirX supports over 350+ cryptocurrencies and tokens, offering a broad selection to cater to various trading preferences. WazirX regularly updates its platform with new cryptocurrencies, keeping pace with market trends and user demand. This ensures that you have access to a wide range of digital assets.

Beyond widely recognised cryptocurrencies, WazirX also lists unique and less common tokens, providing opportunities to explore niche markets. For instance, on WazirX, you can trade niche cryptocurrencies like:

• Chainlink (LINK),
• VeChain (VET), and
• Basic Attention Token (BAT)…

These niche cryptocurrencies might help you diversify your portfolio and discover emerging projects in the crypto space.

How Reliable And Accessible Is WazirX Customer Support?

Disclaimer: The information about WazirX customer support is based on research and reviews from other users, as I personally did not experience any issues.

WazirX provides customer support through email, live chat, and a comprehensive help center. The support team can assist you with issues ranging from account management to transaction queries. The live chat feature provides instant assistance, making it convenient for urgent matters.

Research and other reviews suggest the support team is highly responsive, and typically resolves queries within 24 hours. WazirX also offers a wealth of educational resources, including detailed blogs, step-by-step tutorials, informative webinars, and a robust FAQ section. WazirX also has an active community forum where users can share experiences and seek peer support.

What Security Measures Does WazirX Implement To Protect User Funds And Information?

To ensure the security of user funds, WazirX uses two-factor authentication (2FA), cold storage for the majority of funds, regular security audits, and stringent Anti-Money Laundering (AML) checks. WazirX claims to have strategic partnerships with blockchain analytics providers, which further strengthens its anti-money laundering and anti-fraud measures.

To maintain transparency, WazirX does not handle cash transactions. They follow the Prevention of Money Laundering Act, 2002 (PMLA), with advanced transaction monitoring. WazirX ensures data privacy by encrypting user information and adhering to GDPR guidelines. Additionally, as a registered entity with the Financial Intelligence Unit – India (FIU-IND), WazirX emphasizes that compliance and transparency are foundational to its operations.

What Are The Strengths And Weaknesses of WazirX?

If you’re still unsure whether WazirX is the right exchange for you, let’s break down the strengths and weaknesses of WazirX to help you make the right decision.

Strengths of WazirX

• Exclusive P2P Trading Option: WazirX offers a unique Peer-to-Peer (P2P) trading feature, allowing you to buy and sell cryptocurrencies directly with other users using fiat currency.
• Wide Range of Cryptocurrencies: WazirX supports over 350 cryptocurrencies, offering one of the broadest selections in the market. This wide range allows you to diversify your portfolio and explore various investment opportunities.
• Educational Resources: WazirX provides a wealth of educational resources, including blogs, webinars, and tutorials, to help you understand the intricacies of cryptocurrency and trading. Competitors offer educational resources as well, but the extensive library of WazirX stands out.
• User-Friendly Interface: The interface of WazirX is easily accessible for beginners. The clear layout helps you quickly understand how to perform trades, view balances, and track market movements. WazirX is particularly recognized for its simplicity and ease of use.
• Reduced Trading Fees with WRX Token Discounts: By paying trading fees with WRX tokens, you can receive a 50% discount, effectively reducing fees from 0.2% to 0.1%. This might significantly lower your costs and incentivizes the use of WazirX’s native token.

Weaknesses of WazirX

• No Margin or Futures Trading: WazirX is limited to spot trading, which makes it less suitable if you are looking to engage in Margin or Futures trading or more complex trading strategies.
• Comparatively High Withdrawal Fees: WazirX’s withdrawal fees, such as 0.0005 BTC for BTC withdrawals, are higher than some competitors. This can be a drawback if you are someone who frequently withdraws funds, especially using cryptocurrency.
• Customer Support Issues: Users have reported mixed experiences with WazirX’s customer support, indicating that response times and issue resolution can be inconsistent.

Final Takeaway

WazirX stands out for its P2P trading, extensive cryptocurrency selection, user-friendly interface, and cost-saving features like WRX token discounts. A balanced combination of advanced trading tools as well as a beginner-friendly interface and resources make WazirX a suitable choice for a wide range of traders.

However, keep in mind that WazirX doesn’t offer margin or futures trading, which might be a limitation if you’re looking to engage in more advanced trading strategies.

That’s it!

Give WazirX a try and see how it fits your trading needs.

If you want to know how WazirX compares to its biggest competitor, CoinDCX, you should also check this out:

WazirX Vs CoinDCX: Which Crypto Exchange Is Better?