With over 2 million registered users and more than 200 different coins accessible for trade, WazirX is a rising star in the Indian crypto market. With direct pairings to the Indian Rupee (INR) and a user-friendly platform, WazirX, led by a knowledgeable team of specialists, makes it simple to navigate the cryptocurrency world.
What distinguishes WazirX is its peer-to-peer trading platform, which we will discuss in this WazirX review, where you can directly trade cryptocurrencies with other users without incurring additional fees. Also, the WazirX mobile app allows you to trade, deposit, and withdraw funds on the go.
And let’s not forget about the WazirX coin (WRX), which, despite not being profitable at the time, has a number of advantages when bought through the WazirX platform, including lower trading fees. Continue reading this review to learn more!
What Is WazirX?
WazirX, which debuted in 2018, has quickly become one of the best places to buy and sell Bitcoin and more than 200 different cryptocurrencies. WazirX website is intuitive and beginner-friendly with direct pairings to the Indian Rupee (INR), making it easier to navigate the world of crypto.
WazirX takes pride in being a reliable Bitcoin and crypto exchange in India, led by skilled staff. Therefore it’s simple to understand why WazirX has emerged as a preferred platform for crypto investors across the nation with competitive fees of just 0.2% per transaction.
WazirX’s peer-to-peer cryptocurrency exchange, which enables users to trade, buy, and sell cryptocurrencies with other users directly, is one of the most interesting features of the platform. And trading on the go has never been simpler, thanks to a mobile app that is accessible for iOS and Android devices.
That’s not all, though. In order to provide even more trading alternatives and utility tokens, WazirX has also integrated with Binance, one of the best cryptocurrency exchanges in the world. WazirX takes security seriously and has gold-standard safety measures in place, making it a reliable and trustworthy platform for all your crypto needs.
How to Open a WazirX Account?
To assist you in getting started, we’ve broken down the process of creating an account on WazirX into these simple steps:
- Step 1: Signing Up – To get started, click “Sign Up” at the upper right corner of your screen. You will be asked to enter your email address and pick a secure password. We advise using a password with at least 10 characters, a mixture of capital letters, digits, and special characters. After providing your information, click “Sign Up.”
- Step 2: Email Verification – A verification email will be sent to the email address you provided. To verify your email address, click the “Verify Email” button in the email. Be mindful that the verification email is only valid for 15 minutes, so confirm your email as soon as possible.
- Step 3: 2FA Setup – Our WazirX exchange review found that it is advisable to enable Two-Factor Authentication to increase the security of your account. For 2FA, you have the option of using an SMS or authenticator app. You must enter your mobile number and the OTP you receive by SMS to validate it if you select SMS.
- Step 4: KYC Details – You have the choice to enter all of your KYC (Know Your Customer) information now or save it for later. You can trade, use the peer-to-peer platform of WazirX, deposit or withdraw your cryptocurrency, and more after completing your KYC. If you decide to finish your KYC, you must provide your name, birthdate, and address exactly as they appear on your KYC paperwork. Also, you must upload a selfie and a scanned copy of your KYC document.
- Step 5: Verification – WazirX will start the verification process as soon as you submit your verification information. Depending on the number of signups, this could take up to 72 hours, although WazirX makes every effort to finish verifications as soon as possible. You will get an email confirming your account activation if your application is accepted.
What Are WazirX Features?
WazirX’s exchange, referral program, mobile app, P2P trading platform and its native coin, WRX, are some of its distinguishing features. Moreover, more than 250 cryptocurrency pairs and more than 200 crypto coins are currently available for trading. The best coins that are available include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Cardano (ADA)
- Solana (SOL)
- Tether (USDT)
- Polkadot (DOT)
- Polygon (MATIC)
- WazirX Coin (WRX)
Let’s go over other notable features:
With peer-to-peer trading, you may directly bargain with other users to discover the best price for the cryptocurrency you wish to buy or sell. WazirX serves as the trusted middleman, connecting buyers and sellers and keeping funds in an escrow account until the deal is finished.
The fact that there are no exchange costs when using WazirX’s P2P platform is one of its main advantages. You can easily buy or trade USDT without having to worry about any additional fees. Furthermore, you can trade whenever it suits you because the P2P market is accessible around-the-clock.
So, how does it work? Simply transfer funds to the seller’s bank account listed on the WazirX exchange whenever your buy order matches. The P2P platform is an excellent option to begin trading cryptocurrencies in India, even though it only supports USDT trading at the moment.
Even if WRX currency, also known as WazirX coin, is not currently profitable, it has a good chance of becoming so in the future. The company is working hard to increase the value of the WRX coin and make it an essential part of any cryptocurrency portfolio.
Furthermore, purchasing WRX through the WazirX platform comes with a number of benefits, including reduced trading fees and potential access to airdrops.
2023 WazirX App Review
Users can buy, sell, deposit, and withdraw funds using the WazirX mobile app for iOS and Android. The app has accumulated positive reviews from consumers, garnering more than 10 million downloads and a 4.1/5 rating on the Android market.
Unfortunately, recent one-star reviews have called attention to problems like crashes and poor functionality. Despite this, the app is still a practical choice for customers who want to access the WazirX platform on the go.
WazirX distinguishes itself from other exchanges with a special referral program. You and the person you recommended each receive 50% of the trading fees when they sign up for the platform. Regardless of trade volume, this encourages users to refer others to the website and promotes long-term crypto usage.
What Are WazirX Fees?
You’ll be glad to know that there is a way to reduce your trading costs and save money on your cryptocurrency trades if you are a WazirX trader. And WRX holdings hold the key to enabling these cheaper fees.
Based on yearly evaluations and initiatives to enhance WRX usability, WazirX revised its trading charge slab. Also, your trading costs will decrease the more assets you own.
The following is how it works: If you hold up to 500 WRX, you will be charged a 0.2% trader/maker fee. However, if you have up to 10,000 WRX in your possession, your trade cost drops to just 0.17%. If you have between 10,000 and 50,000 WRX, your trading fee drops to 0.15%. And those who own more than 50,000 WRX will benefit from the lowest trading fee of just 0.1%.
|WRX Holdings||Trading Fee|
|0 – 500 WRX||0.2%|
|500 – 10,000 WRX||0.17%|
|10,000 – 50,000 WRX||0.15%|
To put this into perspective, let’s say you’re holding 750 WRX and you buy ₹2,000 worth of BTC in the INR market. You’ll pay a trading fee of just 0.17%, which comes out to only ₹3.4.
There are WazirX withdrawal fees to consider when moving your crypto or cash out of WazirX. The amount you’ll pay is determined by the currency you’re using, and there are minimum and maximum limits to be aware of, which are all listed on the official website. For example, here are the withdrawal fees for Bitcoin:
|Bitcoin withdrawal fees||0.0006 BTC|
|Bitcoin minimum withdrawal amount||0.0012 BTC|
|Bitcoin maximum withdrawal amount||3 BTC|
On the other hand, according to WazirX, there are no deposit fees and no minimum deposit amount for crypto deposits. The minimum deposit amount for Indian Rupees is ₹100.
According to its regulations on Virtual Digital Asset (VDA) transfers, the Indian government will levy a Tax Deducted at Source (TDS) of 1% (or 5% in extraordinary situations) on every trade done on WazirX as of 2022.
Is WazirX Safe?
Despite the fact that WazirX has not really disclosed its security practices, it’s evident that it emphasizes the protection of its users’ accounts and funds, as evidenced by the site’s extensive recommendations on how to further secure user accounts.
We’ve found that WazirX has put in place several security measures to ensure that user funds are handled safely and that all transactions are encrypted due to the continued risk of online wallet hacking attempts.
For instance, WazirX keeps approximately 95% of its users’ assets in cold storage, which keeps them offline and shielded from potential hacker attacks. That way, your funds will be protected almost as well as they might be.
To further strengthen the safety of your account, WazirX also employs extra security measures like 2FA (Two Factor Authentication). Users then receive OTP (One Time Password) via email or SMS to authenticate transactions.
To top it all off, all transactions made in the WazirX mobile app are protected by Google Authenticator’s verification shield.
It’s worth noting that there’s no mention of money being insured as a fallback option in the event of any potential security breaches. Even though WazirX has taken significant steps to secure its platform, it’s still recommended that you take additional precautions, such as limiting the amount of money you keep in online wallets and enabling 2FA for all accounts.
Although WazirX may not have a stellar reputation for its customer service, It does offer a customer service number and a toll-free number, with its phone support team available from 9 a.m. to 6 p.m. daily.
Numbers: 0124-6124101 / 0124-4189201
Toll-free number: 1800-309-4449
Let’s review the other ways for traders to get their questions answered.
You can express your concerns and receive a prompt response via the traditional ticketing system, or you can contact the company via email. It also offers a 24-hour live chat service where you can get immediate assistance. Despite the fact that you may initially speak with a robot, a real agent will eventually take over to answer your questions.
There is a thorough FAQ section on the WazirX website as well, which might offer quick responses to commonly asked questions.
If social media is your preferred method of communication, WazirX is present on a number of well-known platforms, including:
You may connect with other members of the crypto community on these pages, which also offer a wealth of information and updates on the most recent developments.
WazirX Reviews - What Do Customers Think?
WazirX has hit a few bumps in the road when it comes to customer reviews and assistance. The exchange has a poor overall star rating of 1.8/5 based on 122 customer reviews on Trustpilot. Recent comments mention lengthy verification processes, missing deposits, and a subpar user experience.
There are some positive comments as well, so it’s not all bad news. Users have appreciated the platform’s user-friendliness and clear UI, and they appear to be generally happy with their transactions.
That being said, it’s important to take customer reviews for exchanges with a grain of salt. While negative feedback should be taken seriously, it’s also vital to keep in mind that people are more likely to leave reviews when they have a bad experience than a good one.
2023 WazirX Exchange Review: Is WazirX the Right Choice for You?
All in all, the India-based WazirX is a legit and reliable cryptocurrency exchange with a user-friendly website that provides direct pairings with the Indian Rupee (INR). It’s a sensible option for investors in India with over 200 best cryptocurrencies available for trade, a Binance integration, a handy mobile app, and a lucrative referral scheme.
How trustworthy is WazirX?
WazirX is a legitimate cryptocurrency exchange that is licensed and regulated by the Indian government.
Can we make money in WazirX?
Absolutely, trading cryptocurrencies on WazirX can bring in money.
Which is better: WazirX or CoinDCX?
WazirX and CoinDCX are two famous Bitcoin and other cryptocurrency exchanges in India. Even though they provide comparable services, there are some significant distinctions between the two, so you will have to decide which one is best for you.
Is WazirX good for beginners?
As our 2023 WazirX review found, WazirX is one of the best options for newbies because it features a user-friendly website, with direct pairings to the Indian Rupee. The exchange also provides 24/7 live chat support and a useful FAQ section on its website.