WazirX Review : India’s Leading cryptocurrency exchange

Introduction

Looking for an India-based crypto exchange? You might want to check WazirX, India’s leading crypto exchange. It was started in 2018 and now it has more than 15 million active users. In this review, you will understand the features, pros, cons, and overall rating of the WazirX Exchange

Overview

What is WazirX?

Wazirx is a leading cryptocurrency exchange based in India. It was founded in 2018 by Nischal Shetty who is the current CEO of the company. WazirX allows you to buy, sell and store cryptocurrencies in a faster way. It provides real-time market data, trading alerts, and a mobile app. The app can be secured using an authenticator app or by mobile number for 2FA. 

WazirX exchange had to face a legal battle when RBI (Reserve Bank of India) released a circular stating that Banks cannot support crypto start-ups. However, in 2020, The supreme court has given a green signal to crypto firms and the crypto community started to grow more in India. 

WazirX has currently more than 15 million registered users and 601k followers in India. It provides P2P trading and Spot trading. It provides more than 250 cryptocurrencies and has its own token – WazirX Token (WRX). 

The trading fee is 0.20%. If you are a first-time trader or a professional trader you will definitely like the trading interface provided by the exchange.

In 2019, Binance acquired WazirX. However, in 2022, in a blog post, Binance mentioned that it owns certain assets and intellectual properties of WazirX. It does not own/ purchased any equity in Zanmai Labs which runs WazirX. WazirX is still operated and managed by Zanmai labs. 

Features

• Trading options – Only Spot and P2P trading are available. In the Spot market, you can buy more than 250+ cryptocurrencies and In the P2P market, you can buy USDT directly from other sellers. 
• Trading Fees – 0.20% trading fees for both market makers and takers. No deposit fees or withdrawal fees are depending on each cryptocurrency. 
• WazirX Warriors – If you are a content creator or an influencer, you can apply for this program. If you are selected you will be given many rewards and commissions. As of now, there are more than 200+ WazirX Warriors in India. You do not have to promote the WazirX exchange but you need to educate the masses on cryptocurrency. 
• WazirX referral – You will earn about 50% of the trading fees as a commission for each successful referee registration. 
• Learn & Earn – They have currently only 1 learn and earn course where you can learn about P2P trading. On successful completion of the course and quiz, you can get up to 200Rs in WRX. It has a blog section where it writes about everything you need to know about crypto. If only this was converted into a course, more results could have been found. 

Cryptocurrencies Available on Wazirx

There are more than 250 cryptocurrencies on this exchange. It has its token WazirX Token. Some of the popular cryptocurrencies are

• Bitcoin
• Ethereum
• Litecoin
• Tether
• Matic
• Tron
• Dogecoin
• Shib
• Solano
• Cardano

How to Create an Account on Wazirx?

1. Log on to WazirX.com
2. Click on [Sign Up]
3. Enter your email address and enter the authentication code sent to the email
4. Enter your Mobile number and enter OTP sent to your mobile number
5. Click on KYC Verification. Recommended doing it from the mobile app
6. Capture your Selfie
7. Take a picture of your Pan Card
8. Upload your address proof. It can be an Aadhar card, Pan Card, Passport, or Driving License
9. Select your occupation, gender, and annual income
10. Select your crypto trading experience
11. You are now all set. Wait for some time till the KYC verification is completed. 

KYC verification typically takes 2-3 minutes but may take up to 24 hours depending on the queue. My KYC verification was done in 10 minutes

How to Buy Cryptocurrency on Wazirx?

To buy crypto on the WazirX exchange, you need to deposit INR first into your own WazirX account. Now let us learn how to buy bitcoin on WazirX

1. Log in to your WazirX account
2. Click on [Exchange] or [Quick Trade] based on your preference
3. Select the cryptocurrency you want to buy and click [Buy]
4. Enter the amount and the rate at which you want to buy your cryptos. 
5. The order will be executed within seconds and the cryptos will be added to your account. 

How to Sell Cryptocurrency on Wazirx?

Let us learn how to sell cryptocurrency on WazirX

1. Log in to your WazirX account
2. Click on [Exchange] or [Quick trade] based on your preference
3. Select the cryptocurrency you want to sell and click [Sell]
4. Enter the amount and rate at which you want to sell
5. Review the order, it will be executed and cryptos will be instantly sold from your account

How to Deposit Cryptocurrency on Wazirx?

Let us learn how to deposit cryptocurrency on this exchange

1. Log in to your account
2. Click on [Funds] and select the cryptocurrency you want to deposit
3. Click [Deposit]
4. Copy the destination address and paste it into the withdrawal section of the exchange you wish to withdraw
5. Select the right network and click withdraw
6. The cryptocurrency will be credited soon

How to Withdraw Cryptocurrency on Wazirx?

Let us learn how to withdraw cryptocurrency from this exchange

1. Log in to your account
2. Click on [Funds] and select the cryptocurrency you wish to withdraw
3. Click [Withdraw]
4. Paste the destination address and review it
5. Enter the amount you wish to withdraw
6. Add any remarks if you wish to add
7. Click on [Proceed]
8. You will get an OTP and enter that. Click [Confirm]
9. Open your email and click [Approve this withdrawal] 

Some cryptos like XRP, XLM, and EOS require a tag or memo. Make sure that you get these from the depositing exchange. Make sure you select the right address and right network, or else there is a high risk of permanently losing the funds. 

Withdrawal usually takes around 60-70 minutes. Some may require 24 hours. 

Exchange Fees and Supported Payments

There are no deposit charges for depositing cryptocurrencies. However, there is a minimum withdrawal amount and charges for withdrawing cryptocurrencies. 

There is no charge for P2P trading

For Spot trading, the maker and taker fee is 0.20%. 

The trading fee also depends on the number of WazirX Tokens you hold in your account. The more you hold, the less trading fee you will pay. 

Referral

WazirX gives you a referral program where you can earn up to 50% of the trading fees of your referees for successful account creation & KYC verification. All the rewards you earned in a day are credited the next day to your WRX account. This benefit is for a lifetime.  All you have to do is

1. Sign up on wazirx.com and get your referral link
2. Share your link with friends
3. Start earning 50% of their trading fees every time they trade.

Customer Support

The exchange has a dedicated customer support section where customers can find answers to their generic queries. 

In case you are finding difficulty finding the query topic, you can chat with the chatbot. It has got no phone support and is slowly transitioning from voice support to 24/7 chat support. We find it very annoying as emergency or urgent issues can’t be solved by chat support 

Mobile App

It has an easy on-eye mobile app available both on IOS and the google play store with a 4.1 rating. KYC verification is done on the mobile app. Placing trades and executing orders is easy on this app. It provides real-time market data and trading alerts which is very much necessary for a mobile trader. 

Recent Updates

It is recommended to follow the Twitter account of Wazirx exchange as they frequently announce airdrops every two weeks

May 2023 – WazirX expanded its QuickBuy feature by adding five new pairs ($ZIL/INR, $YFII/INR, $JASMY/INR, $GFT/INR, $ONE/INR) and also supported the Ethereum Shanghai Upgrade among other developments.

Dec 2022 – Wazirx will shortly release the Proof-of-Reserve. Currently, the team is working with a 3rd party vendor on it

Conclusion

Thanks to the YouTubers and content creators, Indians are learning more about Bitcoin and the crypto world. In this review, we find that WazirX has now become the most trusted platform in India to trade cryptocurrencies. The trading fee is 0.20% and has more than 250+ cryptocurrencies in its exchange.

The referral program is very attractive where referrers can earn up to 50% of their referee’s trading fees. INR deposits can be done through the bank. Currently, it is not accepting UPI, or debit/ credit cards for depositing INR. 

It has never been hacked and has industry-standard security features. The only drawback is that it has no insurance backup. It is a trustworthy platform and has more than 15 million active users. 

If you are Indian and are looking for crypto investment, we highly recommend this exchange for its ease of use, robust security features, and overall rating. 

FAQs