WazirX Review 2023
By:C, FionaWazirX Review: Our rating for WazirX exchange is 3/5.
WazirX is a renowned Indian exchange offering user-friendly simplified trading experiences with plenty of exciting features.
WazirX Overview
| Official Website | https://wazirx.com/ |
| Headquarters | India |
| Found in | 2018 |
| Native Token | WRX Coin |
| Listed Cryptocurrencies | 200+ |
| Trading Pairs | 250+ |
| Supported Fiat Currencies | EUR, INR, RUB, & 5 more |
| Minimum Deposit | 100 INR |
| Trading Fees | 0.20% Taker Fee / 0.20% Maker Fee |
| Withdrawal Fees | 0.0006 BTC |
| PC/Mobile Application | iOS, Android, Windows |
| Customer Support | Live Chat |
| Download App for Android | Download App for iOS |
What is WazirX?
Launched on March 8, 2018, WazirX is a renowned Indian crypto trading platform, which is open to worldwide customers for trading now. WazirX platform is not only perfect for professional and seasoned traders but also for beginners who are testing the waters in the crypto market.
WazirX exchange offers user-friendly simplified trading experiences with plenty of exciting features, but it is more than just a cryptocurrency exchange. The platform offers a unique solution to bridge the gap between the world currently run by fiat currency and the ever-evolving cryptocurrency with WazirX P2P, the world’s first auto-matching P2P engine.
Further, by integrating with Binance, its native utility token, WRX, was introduced to reward the WazirX community adequately for their efforts in bringing it up. All these has contributed to the exchange’s popularity and extensive adoption.
WazirX was initially opened to Indian crypto investors, but on March 27, 2019, they opened their doors to the entire world of crypto traders. On November 21, 2019, WazirX announced its acquisition by the world’s leading cryptocurrency exchange, Binance. WazirX is accessible via its web app and even via desktop and smartphone apps.
WazirX Review – Pros & Cons
Pros
- Crypto exchange based in India with rapid KYC
- Reasonable liquidity across INR trading pairs
- Variety of INR payment options using a bank account
- Competitive spot trading fees
- iOS and Android supported mobile app
Cons
- Not suitable for experienced or professional traders
- Lack of features such as dollar cost averaging and staking
- Does not appear to be adding new features regularily
- No leveraged markets available for traders
- Terrible customer support and negative reviews
| Download App for Android | Download App for iOS |
Key Features of WazirX
- User-Friendly Trading Platform: WazirX is a user and beginner friendly crypto 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.
- Best-In-Class Security: 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.
Range of Coins
At present, WazirX users 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)
For a full list of the cryptocurrencies available on WazirX, see the company’s Markets page.
| Download App for Android | Download App for iOS |
WazirX Fees
- 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.
| WRX Holding | Trading Fee Payable |
| 0-10 WRX | 0.2% |
| 10-200 WRX | 0.17% |
| 200-1000 WRX | 0.15% |
| More than 1000 WRX | 0.1% |
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.
| Markets | Crypto/INR | Crypto/Crypto | P2P | |||
| Order Type | Buy | Sell | Buy | Sell | Buy | Sell |
| TDS Rate | NA | 1% | 1% | 1% | NA | 1% |
| TDS Rate (If ITR not filed in last two years) | NA | 5% | 5% | 5% | NA | 5% |
WazirX Review: Is WazirX Safe?
One of the most important questions that traders want to know about a crypto exchange is whether it is safe. We know all too well the consequences of using an untrustworthy or insecure exchange.
The security score of the WazirX trading system from India has a high rating, and the sale and other transductions of instruments are fully safe with the usual encryptions. Account security is taken very seriously, and security audits are carried out at regular intervals.
The order book and the volume of trades and exchange of money are above average, and users can safely carry out trades on this platform. WazirX is the gold standard in the security aspect. The WazirX mobile app is also fully secured, and all transactions have the verification shield from Google authenticator.
| Download App for Android | Download App for iOS |
Alternatives to Consider
If you want to trade on a regulated exchange supporting crypto futures trading: BTCC has a decent selection of crypto futures and offers high leverage up to 100x for perpetual futures. The platform’s trading fees are extremely low. BTCC is also a good choice if you want to diversify your investments to include stocks, commodities, and crypto.
Founded in 2011, BTCC is one of the world’s longest-running and best known exchanges with over 12 years of stable and secure operating history focused on the Bitcoin and Ethereum trading. BTCC offers trading service in US, Canada, and many other countries in Europe.
Sometimes, users feel more comfortable working with an exchange if they know that the exchange has a footprint in the industry. BTCC has over 1 million registered users, and it has a trade volume (24H) of $12.99 billion.
Here are some key reasons why BTCC is also a good choice for you:
Low fees
One of the biggest advantages of BTCC is its highly competitive fees.
Safe & Secure
BTCC places strong emphasis on security, offering multiple strict measures to ensure the safety of user assets, with no reported hacks or security breaches to date.
High Liquidity & Volume
One of the largest crypto futures exchange by volume and open interest, dominating the derivatives sector with huge market share.
High Leverage for Crypto Futures Trading
BTCC offers a wide range of popular trading pairs such as BTC/USDT, ETH/USDT, ADA/USDT with high leverage up to 100x.
User-Friendly
Simple user-friendly interface and intuitive trading platform, ideal for both beginners and advanced users. It also offers a range of educational resources and market updates to help users expand their understanding of the crypto and trade more easily.
One-Stop Trading Platform
Apart from large crypto selection, BTCC also supports tokenized futures, allowing users to trade stocks and commodities futures with USDT. With the integration of spot and futures markets, BTCC offers a complete ecosystem to fully utilize crypto/stock/commodity assets and manage portfolio risks.
If you want a U.S. based full-service crypto exchange: Headquartered in the U.S., Gemini is easy to use and offers a good range of cryptocurrencies, trading features, staking, and rewards.
WazirX Review: Final Verdict
To summarize our review, WazirX has made it easier for Indians to purchase Bitcoin and other cryptocurrencies. It has a strong list of features and an excellent peer-to-peer trading exchange to make it easy to buy, trade and sell Bitcoins using the local INR currency. However, the recent comments on reputable websites on poor customer service and overall experience using the platform are a major concern.
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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
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