WazirX Review: Is It Safe & Trustworthy?

Updated: Dec 23rd, 2021
Kevin Groves
Kevin Groves
WazirX Review: Is It Safe & Trustworthy?

With the recent legalization of investing in Bitcoins in India, investors can use a fiat to crypto exchange to invest in Bitcoin and other altcoins with Indian Rupees (INR). In this review, we take a look at WazirX which is a cryptocurrency exchange that was acquired by Binance to offer an innovative platform to buy and sell digital assets from India. The methodology used to assess WazirX will include creating an account, depositing funds, purchasing Bitcoin and withdrawing funds.

Wazirx

Trading Fees:0.2%
Country:India
Currency:INR
Promotion:None available at this time

Key Features

  • Trusted Bitcoin & cryptocurrency exchange that is available in India
  • Beginner-friendly, clean and simple user-interface to buy/sell crypto
  • Competitive 0.2% spot trading fee
  • High liquidity order-book with low spreads
  • Ranked #26 for exchange traffic, spot volume and liquidity
  • Intuitive and responsive mobile app for iOS and Android devices

WazirX is a cryptocurrency exchange in India that allows users to invest in several cryptocurrencies by trading in fiat currency. The exchange was launched in March 2018 and is based in Mumbai, India. The team is led by an experienced group that comprises of Nischal Shetty, Sameer MhatreEx and Siddharth Menon.

Key Features

  • Trusted Bitcoin & cryptocurrency exchange that is available in India
  • Beginner-friendly, clean and simple user-interface to buy/sell crypto
  • Competitive 0.2% spot trading fee
  • High liquidity order-book with low spreads
  • Ranked #26 for exchange traffic, spot volume and liquidity
  • Intuitive and responsive mobile app for iOS and Android devices

WazirX is a cryptocurrency exchange in India that allows users to invest in several cryptocurrencies by trading in fiat currency. The exchange was launched in March 2018 and is based in Mumbai, India. The team is led by an experienced group that comprises of Nischal Shetty, Sameer MhatreEx and Siddharth Menon.

Ease of useStarStarStarEmpty StarEmpty Star
ReputationStarStarStarEmpty StarEmpty Star
Deposit methodsStarStarStarEmpty StarEmpty Star
FeesStarStarStarStarEmpty Star

This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

Before getting started, it is recommended to find a trusted crypto hardware wallet before exploring any exchange or trading platform. Hardware wallets, such as the Ledger Nano X is one of the best choices for storing crypto-assets. 

Quick Overview

WazirX was founded to provide a safe and trustworthy crypto exchange in India to buy and sell Bitcoin with direct pairings to the Indian Rupee. The exchange has branched out to support over 165 different altcoins that can be traded on the exchange or Peer-to-Peer platform.

WazirX is one of the most popular options to buy crypto in India due to the wide variety of deposit methods and competitive fees of 0.2% per transaction. However, the exchange has received poor reviews and ratings from its customer in recent months.

Exchange NameWazirx
Fiat CurrencyINR
Deposit MethodUPI, IMPS, NEFT & RTGS
Cryptocurrency165+
Trading Fee0.2%
INR Deposit FeeBetween 4 to 5.9 INR per deposit
Mobile AppYes

Pros & Cons

WazirX is a great option for individuals within India to convert their local currency into Bitcoin or other digital currencies. There are plenty of deposit methods to transfer INR to a WazirX account and is an excellent platform for first-time crypto buyers. However, the exchange lacks advanced features and tools for serious crypto traders.

Wazirx Compared

Advanced features, intuitive user interface and a mobile trading app are important features on WazirX. This comparison table lists other top rated crypto exchanges that offer world-class features.

ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
Binance Logo

Binance

3970.1%
Overall 4.8/5StarStarStarStarEmpty Star
20% off trading feesVisit BinanceBinance Review
Coinbase Logo

Coinbase

1460.5%
Overall 4.8/5StarStarStarStarEmpty Star
$5 BTC bonus (USA only)Visit CoinbaseCoinbase Review
FTX

FTX

2580.02% / 0.07%
Overall 4.7/5StarStarStarStarEmpty Star
5% off trading feesVisit FTXFTX Review
wazirx logowazirx logo

Wazirx

165+0.2%
Overall 3.9/5StarStarStarEmpty StarEmpty Star
None available at this timeVisit WazirxWazirx Review

Is Wazirx Trustworthy?

Launched in 2018, Wazirx has become a trustworthy and safe trading platform for customers in India and internationally to buy, trade and sell over 100 digital assets. Wazirx was acquired in late 2019 by the largest cryptocurrency exchange in the world, Binance which is a reputable and trusted exchange in the blockchain space. The partnership between Wazirx and Binance allows users to log into WazirX via Binance and use the trading platform or P2P (no fees) to cash in and cash out of crypto back into INR.

wazirx and binance partnershipwazirx and binance partnership

Getting Started

To create an account with WazirX, the process is very straight forward and only takes a few minutes. To start, follow these steps:

  1. Visit WazirX.com
  2. Click on the 'Sign Up' button at the top right-hand corner
  3. Enter in your email and set a strong password
  4. Agree with the terms of service and click 'sign up'
  5. Verify your email address
  6. Login using your credentials

When you log in to WazirX for the first time, it is recommended that you set up your account security. There are two options available to protect your funds:

  • Google Authenticator App
  • Mobile SMS

We recommend that you choose the authentication app as it's more secure. In contrast, SMS messages are not encrypted by phone providers and can be susceptible to security threats such as port forwarding or interception. There have been several of user funds secured with Mobile SMS verification that have been hacked using a method called SIM card jacking or swapping.

wazirx 2fawazirx 2fa

Identity Verification Requirements

To withdraw funds and trade on the WazirX P2P exchange, you need to submit the following information to complete the KYC process:

  • Basic personnel information (date, date of birth, address etc)
  • PAN card details
  • Upload identity document (e.g. passport or drivers license)

The process is partially automated and only takes a few minutes to complete. It is to protect the exchange and investors against anti-money laundering and counter-terrorism financing.

Supported Cryptocurrencies

WazirX supports over 165 different types of cryptocurrencies that can be bought and sold against USDT, BTC or INR. The list of available coins include:

  • Bitcoin
  • Ripple
  • Ether
  • EOS
  • Bitcoin Cash
  • Litecoin
  • Ethereum Classic
  • Stellar Lumens
  • Icon
  • OmiseGO
  • Tezos
  • MATIC
  • WazirX Token
  • And many others...

User Interface

Taking a look at the user-interface, below is a screenshot of the charting platform on WazirX. It is clean, minimal and simplistic that will suit beginner traders and investors. Unlike your traditional margin crypto trading exchanges, there are no advanced charting tools or indicators.

If you are familiar with technical analysis, using the WazirX charts is probably not the right option for you. In this case, you would be better off using WazirX in conjunction with a reputable crypto charting sites to analyse the live crypto prices.

We did observe there is only limit and stop limit orders. This is one area of improvement that should be considered to offer advanced order types to appeal to advanced crypto traders. Overall, the WazirX user interface is suited to beginners or users that just prefer a simple and easy to use crypto exchange to buy Bitcoins.

wazirx interfacewazirx interface

Wazirx Fees

WazirX charges maker fees and taker fees that depending on the type of order placed by the user. WazirX fee is 0.02% for limit and conditional orders (Taker) and 0.02% for market orders that fill (Maker).

The deposit fees for transferring fiat currency into WazirX depends on the selected deposit method. If you choose to use the fast deposit method UPI, there is no deposit charge and takes approximately 15 minutes to process. 

Users should be aware that crypto withdrawals from WazirX will carry a network fee that is charged when you withdraw from the exchange. This fee is determined by the blockchain load. You can check out the withdrawal fees on the WazirX fees page for each cryptocurrency.

Is Wazirx Safe?

Keeping your funds safe on a crypto exchange should be a top priority. On review of the WazirX security page, there are a number of recommendations to keeping your funds secure such as:

  • Set a strong login password
  • Activate enhanced account security (e.g. Google Authenticator and SMS verification)

While these are important recommendations for all users, there is little information on what security practices WazirX employs to secure the site, online wallets and process withdrawals. In the absence of this information, users that use WazirX should move their cryptocurrency to a hardware wallet instead of storing it on the exchange.

In fact, Wazirx should consider moving to a cold wallet solution that is secured by multi-layer encryption and kept on offline digital hardware storage devices. This would go a long way to demonstrating to WazirX's users it is a safe and legit crypto exchange.

Customer Support

WazirX has poor track record when it comes to providing customer support. The exchange has an overall star rating of 1.7/5 based on 108 customer reviews on Trustpilot. The recent comments refer to the terrible level of service provided by the support team on issues such as missing deposit, lost funds and terrible user experience (UX). There are no responses by WzirX support team to each individual comment which is also a red flag.

WazirX customer reviewsWazirX customer reviews

Conclusion

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 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 the poor customer service and overall experience using the platform is a major concern.

Visit Wazirx
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Kevin GrovesKevin GrovesKevin Groves

Kevin is the founder and chief editor at HedgewithCrypto that he started in 2019 which has reached over 1.5 million visitors worldwide. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space. An experienced trader growing his portfolio since 2016, he has a strong understanding of investing in the crypto market using exchanges, brokers and derivatives platforms.

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