Wazirx Review in India
As the popularity of cryptocurrency grows more and more in India, crypto exchanges across the world are competing to offer their services to Indian users. This makes it hard for local exchanges to outcompete crypto-giants like Coinbase and Binance.
However, there’s one exception – WazirX.
To say that WazirX is India’s fastest growing crypto exchange would be an understatement.
In 2018, when other crypto exchanges like ZebPay and Unocoin shut their operations in India, WazirX stood the RBI ban and continued its services with their #IndiaWantsCrypto campaign. This puts WazirX ahead of its competitors both in terms of development and media outreach.
In this WazirX review, I’ll give you a comprehensive overview of the WazirX exchange, including WazirX features, its advantages and disadvantages and a step-by-step guide on how to deposit, trade and withdraw fiat and crypto currencies.
Once you’ve read this, you’ll have all the information to decide if WazirX is the right exchange for you. I’m sure many of you might want to jump into crypto trading with both feet!
Pros / Cons
- Wide range of cryptocurrencies
- Offers spot exchange, P2P and STF markets
- Binance partnership
- Native token (WRX)
- Flexible payment methods
- Limited charting tools
What is WazirX
WazirX is an Indian cryptocurrency exchange where you can buy, sell and trade cryptocurrencies like Bitcoin, Ethereum, Cardano and much more.
WazirX was launched in 2018 by the visionary Indian trio Nischal Shetty, Sameer Mhatre and Siddharth Menon. Based out of Mumbai, the WazirX team boasts an impressive array of hardcore traders and blockchain developers.
With over 6,00,000 registered users, WazirX is growing at an exponential pace.
WazirX’s goal is to make crypto accessible to everyone in India.
In November 2019, Binance, the global cryptocurrency exchange and blockchain ecosystem, acquired WazirX. The acquisition not only boosts India’s crypto ecosystem but also erases national boundaries between players in the crypto world.
So, what does the Binance–WazirX integration mean to its users?
Since WazirX is part of the Binance ecosystem, the exchange is available for the global audience. This enables Binance users to use Indian Rupees (INR) to buy and sell cryptocurrencies via the Binance Fiat Gateway.
WazirX users now enjoy an advanced trading interface and features that rivals all other crypto platforms. In addition to that, they have access to 80+ crypto tokens.
Now, millions of users can now move their funds between their Binance and WazirX accounts instantly.
In alignment with their vision of freedom of money, WazirX and Binance launched a $50 million USD ‘Blockchain For India’ fund. The Binance-backed fund will be used to strengthen the blockchain startups in India.
WazirX is the only crypto exchange in India that offers three different trading options to its users.
WazirX Spot Exchange
A “spot exchange” is the traditional crypto exchange where you can buy and sell cryptocurrencies “on the spot.”
In WazirX spot exchange, you can trade over 80 cryptocurrencies. The exchange has four trading markets: INR, USDT, WRX and BTC. Each of these markets has a dedicated basket of crypto trading pairs.
For example, let’s say you want to buy TRON (TRX). You can go to any of these four markets and purchase TRX, provided it is listed as a trading pair in that market: TRX/USDT, TRX/INR, TRX/WRX, TRX/BTC.
This is particularly convenient because you can buy cryptocurrency using any of the four currencies.
WazirX P2P Market
Peer-to-peer (P2P) trading is an alternate way to buy cryptocurrency: instead of purchasing crypto from the exchange, you buy it from another person.
WazirX P2P has a unique auto-order matching engine that matches your order with the seller. These P2P operations are offered and operated by Binance.
Similar to LocalBitcoins, WazirX uses the escrow system and acts as a facilitator. Once the matching is done, you’ll have to transfer the money directly to the seller. When the seller confirms the receipt of your payment, WazirX will release you the escrowed USDT.
To ensure high liquidity and low price fluctuation, WazirX P2P only supports USDT. The platform is currently available for eight different fiat currencies, i.e., you can buy/sell USDT using INR, IDR, EUR, RUB, UAH, NGN, SAR and TRY.
WazirX has gone above and beyond any other crypto exchange to help its users grow their cryptocurrency portfolio.
The Smart Token Fund is a means for investors to find expert traders who can manage their crypto portfolio. STF is an innovative way to democratize crypto trading experience to everyone.
I’ll discuss the smart token fund in detail, in a different review. If you’re really curious, you can find more about this on WazirX STF.
WazirX Coin (WRX)
WRX has a total supply of 1 billion coins, of which 240 million are in circulation. The current WazirX Coin price is ₹7.28 and is projected to grow in value.
WRX holders will have various benefits on the WazirX exchange like trading fee discounts, token airdrop and much more.
While it’s not possible to earn WRX tokens through referral programs anymore, there are other ways to obtain them. You can buy WRX on active trading markets like Binance or Poloniex with fiat currencies. Or, you can trade WRX against other cryptocurrencies like BTC and USDT.
How to Trade in WazirX
WazirX offers four trading markets to Indian users: INR, USDT, BTC and WRX. To utilize this, you need to set up an account on WazirX.
WazirX has made it easier for Binance users to log in to WazirX using their Binance account. No separate sign up required. One account, two global exchanges – how awesome is that?
And to those who want to create a new account on WazirX, here’s a step-by-step guide that you can follow.
Creating your WazirX Account
Step 1 | Registration Details: Head over to the WazirX website and click on the Sign Up button. Enter the email that you will use to login. Create a strong password and click Sign Up.
Step 2 | Email Verification: You’ll receive a verification email to your email address. Click on the Verify Email button in the email. You’ll be redirected to the WazirX website with a “email verified successfully” message.
Step 3 | Mobile Number Verification: Next, enter your mobile number and click Send Verification Code. Enter the OTP that you received and tap Verify.
That’s it – your WazirX account creation is successful!
Note: I highly recommend that you enable app-based two-factor authentication (2FA) for your account. This adds an extra layer of security to your WazirX wallet. To change the 2FA from your mobile number to app-based authenticator, navigate to Profile > Account Settings > Two Factor Authentication and select Authenticator App. (You can use Microsoft Authenticator – it’s simple to use and highly secure!)
WazirX KYC Verification
To enable withdrawal and deposit options, you have to complete your KYC.
Select country as India, Type of KYC as Individual (i.e., if it’s a personal account) – and click Complete KYC.
Step 1 | Personal Details: Next, you’ll need to enter the following personal information:
- Full Name
- Date of Birth
- Address (including State, City and Pin Code details)
Note: The details you enter here should exactly match the government document that you’re attaching.
Step 2 | Upload Selfie: You can also continue this step on your mobile by clicking on the link sent via SMS.
Step 3 | Upload Documents: First, enter the PAN Card details and upload the images of PAN (front and back.) Then, select one of the three accepted government documents (Aadhar Card/Passport/Driving License) and enter the details along with its images.
Once this is done, you will receive a notification from the WazirX team regarding your KYC verification status within 24-48 hours.
Note: If you logged in WazirX using your Binance account, you’ll be prompted to verify your KYC on the Binance platform.
How to Deposit INR in WazirX
WazirX wallet supports two payment methods to deposit INR.
- Instant Deposit (IMPS/NEFT/RTGS)
- UPI Deposit (Google Pay, Paytm, PhonePe, etc.)
The minimum deposit amount is ₹100. And there is no maximum deposit limit.
Option 1: Deposit INR using IMPS/NEFT/RTGS
- Navigate to Funds in the top bar, and under Rupee (INR), click Deposit
- Link your bank account by entering the Bank details (The name must match the name on your WazirX account)
- Choose the Instant Deposit IMPS/NEFT/RTGS option to get WazirX bank details
- Log in to your bank account’s net banking and enter WazirX bank details. Choose any of the three payment systems (IMPS/NEFT/RTGS) and enter the amount you want to deposit.
Deposit Time: The amount will be credited to your WazirX account within one hour. But in some cases, it might take up to one business day.
Note: If you have an ICICI bank account, then kindly follow – Transfer funds from ICICI Bank account to WazirX.
Option 2: Deposit INR using UPI
- Navigate to Funds in the top bar, and under Rupee (INR), click Deposit
- (Skip this step if you’ve already linked your bank account to WazirX.) Link your bank account by entering the Bank details. (The name must match the name on your WazirX account.)
- Choose the Instant Deposit with UPI option to get WazirX UPI details and copy the UPI ID
- Open any of the UPI apps like Google Pay, Paytm or PhonePe and select Pay. Paste the UPI ID and enter the amount you want to deposit to complete the transaction.
Deposit Time: If the UPI status is successful, your deposit will be credited within 15 minutes.
How to Buy Bitcoin in WazirX
Before you can buy Bitcoin or any other crypto, you need to have INR balance in your WazirX Funds.
Although you could buy BTC using the WazirX P2P market, here, I’ll show you how to buy bitcoin on their Spot Exchange market.
So, let’s dive right in!
Step 1: Navigate to the WazirX Exchange page and choose the market you want to buy BTC from: INR, USDT, BTC or WRX.
Step 2: After you’ve selected the BTC trading pair (in this example, it’s BTC/INR), choose the Buy option and enter the amount of INR you want to purchase BTC.
Step 3: Once you click the Buy BTC button, your order will get executed and you will receive your BTC in your WazirX wallet.
You can follow the same process to buy other cryptocurrencies from any of the four markets.
How to Withdraw INR from WazirX
If you want to withdraw your available INR funds from WazirX, just head over to the Funds page and then click on the Withdraw button under Rupee (INR).
On the other hand, let’s say you’ve made some decent profit with your cryptocurrencies and you’re looking to cash out cryptos – well, there’s a way to convert your cryptos to INR instantly.
Here’s what you need to do:
By doing this, you can convert all your cryptos to INR and cash them out.
If you have any queries regarding this, you can refer to how to sell USDT on WazirX P2P.
Trying to assess the different types of fees an exchange might charge can be a bit overwhelming. That’s why I categorize them into four buckets: membership fee, deposit fee, trading fee and withdrawal fee.
So, how much does WazirX charge their users? Well, let’s start with the membership fee.
Unlike its local competitors, WazirX doesn’t charge any membership fee or any other maintenance fee.
The deposit fee is nominal and depends on the payment method used.
WazirX charges a mere ₹5.9 deposit fee if you use their Instant deposit method (NEFT/IMPS/RTGS). And the deposit fee gets even lower if you use the UPI payment method – which is roughly around ₹4 per transaction.
WazirX adopts the maker-taker model to determine its trading fees.
WazirX charges a flat trading fee – meaning, both the makers (crypto sellers) and takers (crypto buyers) are charged the same fee: 0.20%.
So in comparison with other exchanges, the WazirX fee is slightly lower than the industry average crypto trading fee of 0.25%.
And, there’s no trading fee in WazirX P2P.
WazirX Withdrawal Fees
If you plan to cash out or decide to move your funds to a different wallet or an exchange, you have to pay a withdrawal fee.
The withdrawal fee varies depending on the crypto asset. The withdrawal fee is not percentage-based like the trading fee; but rather a fixed amount of that crypto.
So, if you want to withdraw BTC, the fee is the same for withdrawing 0.001 BTC as it is for withdrawing 3 BTC. WazirX charges 0.0006 BTC for BTC withdrawals, which is in line with the industry average.
Also, there’s a network fee that’s included during the withdrawal process. This fee is charged by the blockchain network behind that crypto asset.
You can check the deposit and withdrawal for other cryptocurrencies on the WazirX fees page.
Note: For those tokens listed under “Rapid Listing,” the deposit and withdrawal options are limited. Check the Rapid Listing Initiative to know more.
Is WazirX Safe?
WazirX has taken every measure to ensure its users’ security by employing many security features, including 2FA. In addition to that, WazirX’s strong KYC norms safeguard their users from any bad agents.
Also, their escrow system (in P2P) creates a safe platform for their users to buy and sell USDT with ease.
WazirX customer support is fast and responsive. So, if you face any issues, their team will try to resolve them within one day.
That said, WazirX is definitely one of the safest cryptocurrency exchanges in the world.
Is WazirX Legal in India?
WazirX is a legally operating crypto exchange in India – where you can buy, sell or trade cryptocurrencies on both the WazirX exchange and P2P platform.
The IndiaWantsCrypto movement is just one of many examples that highlight WazirX’s involvement in shaping India’s crypto community.
Although there are some grey areas in the crypto market, there will be an updated legislation in 2021 that will clarify the fundamental aspects of crypto trading.
Conclusion: Is WazirX for You?
WazirX platform is intuitive and easy to use. The wide range of cryptocurrencies and different payment options will help beginners explore various trading markets.
WazirX trading charts and tools would immensely help traders to analyze the market price and trade cryptocurrencies on the go.
Advanced traders could utilize the spot exchange and P2P market to diversify their portfolio.
Additionally, WazirX STF is a great feature for investors who want to build their crypto portfolio.
In my opinion, WazirX is simply the best exchange for anyone in India. It offers a clean, minimal and simplistic interface that caters to all types of traders.
|Founders||Nischal Shetty, Sameer Mhatre, Siddharth Menon|
|Supported Countries||All Countries|
|Users||6,00,000 registered users|
|Trading Volume||$150 million per month|
|Accessible Platforms||Desktop (Windows, MacOs), Mobile (Android, iOS), Web Interface|
|Customer Support Helpline||N/A|
|Email Support||Submit request|
|Social Media Community||Telegram, Twitter, Facebook, Instagram, YouTube|