WazirX Review

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Bottom line:

WazirX is one of the few compliant fiat to crypto exchanges for residents of India; it offers only basic features, poor customer service, and the mobile app is not well-liked by its customers. It also charges deposit and withdrawal fees using INR and does not have great liquidity for experienced traders. WazirX may be the only option for some users, but it is not one of the best exchanges to use as the exchange lacks advanced features and tools for serious crypto traders. Moreover, Wazirx was hacked for $235 million from its wallet this year.

How We Rated Wazirx

Review Criteria	Hedge With Crypto Rating
Features	3.5 / 5
Supported Fiat and Deposit Methods	3.2 / 5
Supported Crypto & Trading Pairs	4.2 / 5
Fees	4.5 / 5
Ease of Use	4.6 / 5
Customer support	2.9 / 5
Security Measures	4.3 / 5
Mobile App	4 / 5

WazirX At A Glance

Exchange Name	Wazirx
Fiat Currency	INR
Deposit Method	UPI, IMPS, NEFT & RTGS
Cryptocurrency	Bitcoin, Ethereum, Tether and 200 others
Trading Fee	0.2%
INR Deposit Fee	Between 4 to 5.9 INR per deposit
INR Withdrawal Fee	10 – 20 INR per withdrawal
Mobile App	Yes (Android and iOS)

Review of the Top Features on WazirX

WazirX User Interface & Trading Platform

WazirX offers a clean, minimal, and simplistic user interface that will suit beginner traders and investors. Unlike your traditional margin crypto trading exchanges, there are no advanced charting tools or indicators. For those who are familiar with technical analysis, using the WazirX charts is probably not the right option. In this case, traders are better off using WazirX in conjunction with a top crypto charting site to analyze the live crypto prices.

When it comes to placing orders, there are only limit and stop-limit orders available. This means users can’t buy at market price (probably due to liquidity issues), and the order books are basic, at best. Overall, the WazirX user interface is strictly suited to beginners or users who just prefer a simple and easy-to-use crypto exchange to buy Bitcoins. Advanced traders will not find the tools they seek and should seek an alternative such as Binance.

Peer-to-Peer (P2P) Trading

WazirX offers P2P trading, where users can trade directly with other users. This allows users to find the best price for the crypto they wish to purchase and negotiate and trade directly with other users. WazirX acts as a matching engine to match buyers and sellers and as the escrow for the trade, ensuring both parties honor the transaction.

Related: What is Bitcoin escrow and how does it work?

P2P trades are not charged any fees by WazirX, and prices are set by the sellers directly. The only crypto currently available for P2P trading is USDT, making it a very limited use case when compared to the better crypto P2Ps in the industry.

WazirX Token (WRX)

The WazirX token (WRX) can be purchased without trading fees on the WazirX platform. It has a few benefits, such as trading fee discounts and potential access to airdrops, but the utility was never expanded beyond that. There were promises of WRX mining rewards, margin discounts, and other benefits, but this is no longer the case since the crypto winter has set in.

Wazirx Compared

WazirX offers advanced features, an intuitive user interface, and a mobile trading app. This comparison table lists other top-rated crypto exchanges that offer world-class features.

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
Coinbase	241	0.4% (maker), 0.6% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	$5 BTC bonus (USA only)	Visit Coinbase	Coinbase Review
KuCoin	806	0.1%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.6 / 5	Up to 500 USDT in bonuses	Visit KuCoin	KuCoin Review

Io a long way to demonstrating to WazirX's users it is a safe and legit crypto exchange.

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 personal information (date, date of birth, address etc)
• PAN card details
• Upload identity document (e.g. passport or driver's license)

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

Fiat Deposits & Withdrawals

WazirX only allows deposits of Indian Rupees (INR), which makes sense as the exchange is only available to Indian residents. Users can deposit funds via UPI, IMPS, NEFT, and RTGS from supported banks. Due to regulations, transfer fees may be applied to deposits, which can vary.

Withdrawals can be made from the platform but carry a fee of 10 – 20 INR, depending on the method used. The minimum withdrawal is 500 INR. No other fiat currencies are supported.

Wazirx Fees

WazirX charges maker fees and taker fees that depend 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). Purchasing the native token, WRK, comes with zero trading fees.

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

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

WazirX Mobile App

WazirX has a mobile app available for both Android and iOS. Users can trade on the app, as well as deposit and withdraw INR. The app has a lot of downloads and high ratings, but due to the low trading volume on the platform, it’s safe to say most users are not still using the app. On the Android marketplace, the WazirX mobile shows over 10 million downloads and 641,000 reviews, at an average of 4.1 / 5 rating. However, the latest user reviews show many one-star reviews and complaints that the app crashes and simply does not function well.

Customer Support

WazirX has a poor track record when it comes to providing customer support. The exchange has an overall star rating of 2.0/5 based on 123 customer reviews on Trustpilot. The recent comments refer to the terrible level of service provided by the support team on issues such as missing deposits, lost funds, and terrible user experience (UX). The WazirX support team does not respond to each individual comment, which is also a red flag.