With the recent legalization of investing in Bitcoins in India, investors can use fiat to crypto exchanges to invest Bitcoin and other altcoins with their local currency. We expect Bitcoin in India to gain momentum rapidly, so it could be a great time for you to buy Bitcoins if you reside in this region.
We have reviewed one of India's most well-known crypto platforms, WazirX which is a cryptocurrency exchange that allows users to purchase Bitcoin in India (and also worldwide). In this Wazirx review, we will discuss our findings on the platform's features, ease of use, fees and security.
What Is Wazirx?
WazirX is a legal cryptocurrency exchange in India that allows users to invest in several cryptocurrencies by trading in fiat currency. The company is based in Mumbai and led by an experienced team that comprises of Nischal Shetty, Sameer MhatreEx and Siddharth Menon.
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.
4.8 / 5
4.1 / 5
4.0 / 5
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WazirX Key Features
Here is a summary of the best features on WazirX (with our commentary):
- Simple and beginner friendly-user interface
- Rapid Know-Your-Customer (KYC) verification
- Buy and sell crypto instantly via bank account
- Low spot trading fees to buy crypto instantly
- Peer-To-Peer (P2P) crypto trading with zero trading fees
- Mobile app available on supported devices
WazirX & Binance Partnership
WazirX was acquired in 2019 by Binance, the world’s largest cryptocurrency exchange. Millions of Binance users can now connect their Binance and WazirX accounts.
So, what does this mean? Users can now 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.
To buy crypto in India using WazirX:
- Log into WazirX via Binance
- Buy USDT with INR on WazirX P2P
- Move USDT to Binance wallet instantly
WazirX Registration & Login
To create an account with WazirX, the process is very straight forward and only takes a few minutes. To start, follow these steps:
- Visit WazirX.com
- Click on the 'Sign Up' button at the top right-hand corner
- Enter in your email and set a strong password
- Agree with the terms of service and click 'sign up'
- Verify your email address
- 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.
Verifying Your WazirX Account (KYC)
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.
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.
So, 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 site to analyze 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 feels more suited to beginners or users that just prefer a simple and easy to use crypto exchange to buy Bitcoins.
WazirX Crypto Coins
WazirX has an extensive offering of cryptocurrencies to buy, trade and sell against USDT, BTC or INR. There are well over 50 different crypto coins such as:
- Bitcoin Cash
- Ethereum Classic
- Stellar Lumens
- WazirX Token
- And many others...
WazirX uses a maker and taker model for determining buy and sell trading fees. Depending on the type of order placed by the user, WazirX will determine the trading fee to be applied as follows:
- 0.02% fee applies for limit and conditional orders (Taker)
- 0.02% fee applies 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.
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.
Frequently Asked Questions
Q: Is there a KYC process to buy Bitcoin with WazirX??
Yes, there are KYC procedures to withdraw funds and use the Peer-To-Peer exchange on WazirX. Users will need to upload personal identification documentation to access these features.
Q: Is there a WazirX mobile trading app?
Yes, WazirX has a trading app for iOS and Android devices to allow users to buy, trade and sell crypto from their devices. The web version of the platform is also mobile friendly and can be used on smartphones.
Q: Does WazirX have an affiliate program?
WazirX has an affiliate program that rewards 50% of the referred users trading fees.
Q: Is WazirX legal in India?
Yes, using WazirX is a legal way to buy, trade and sell cryptocurrency in India. The Supreme Court of India removd a crypto ban that was previously imposed by the Central Bank which banned regulated financial institutions from providing services to crypto businesses.
Q: How Safe is WazirX?
It is safe exchange to buy and sell cryptocurrency. There have been no major hacks or security breaches to date. Although, it's always best to store Bitcoin on a hardware wallet for safety.
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.
Through its partnership with Binance, the worlds largest crypto exchange, we can expect to hear more good things from the WazirX team in the near future.
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If there are other cryptocurrency exchanges that you want us to review, leave us a comment.
It's important to use a global and trustworthy crypto exchange to buy, trade and sell Bitcoin and cryptocurrencies. There are several exchanges that have been hacked or had client funds stolen. The following cryptocurrency trading exchanges - in addition to the above exchange - are well known and trusted to provide a safe and secure way for beginners and professional crypto traders to deposit fiat currency and purchase digital assets.