Please note: In July 2024, the Indian crypto exchange WazirX experienced a significant security breach, resulting in the loss of approximately $230 million in various cryptocurrencies, including Shiba Inu (SHIB), Ethereum (ETH), and Tether (USDT). The attacker used Tornado Cash to obscure the movement of the stolen funds. Users are advised to exercise caution when using WazirX due to this security breach and potential ongoing risks.
Pros
Cons
Quick Summary
| Headquarters Location | Mumbai, India |
|---|---|
| Fiat Currencies Supported | INR |
| Total Supported Cryptocurrencies | 284+ |
| Trading Fees | 0.10% - 0.40% |
| Deposit Methods | Bank Transfer, Cryptocurrency, Mobikwik |
| Support | Facebook, Twitter, Instagram, Live Chat, Help Center Articles, Support Ticket |
| Mobile App | Yes - iOS, Android |
Welcome to our review of WazirX Exchange in India, an innovative platform known for its accessible trading environment and wide array of crypto offerings.
WazirX was an important milestone in India’s cryptocurrency landscape when it debuted, offering both novices and veterans alike an easy entryway into digital currency trading. Since it opened, over one million traders have made use of WazirX’s platform – providing both beginners and experts alike a reliable trading environment for cryptocurrency trading.
As the crypto market evolves with Bitcoin, Ethereum, and Ripple at its center, WazirX has successfully navigated these changes by adapting and expanding its offerings in response to user demands. We explore here how WazirX has navigated the volatile trading scene while impacting both traders and the overall market at large.
About WazirX
WazirX was established by Nischal Shetty, Sameer Mhatre and Siddharth Menon in 2018 as an Indian cryptocurrency exchange platform. While initially operating independently from Binance, later being purchased by them under Changpeng Zhao’s guidance propelled its growth even further.
WazirX provides access to multiple cryptocurrencies, with an aim of providing an accessible yet advanced trading platform that meets both beginner and expert trader needs.
WazirX has experienced numerous key moments in the crypto industry that have defined its course. After starting as an exchange in India during a time of regulatory instability, WazirX has expanded alongside global growth of crypto markets.
WazirX’s development has been heavily shaped by industry developments like increased adoption of crypto assets and changes to regulatory bodies’ attitudes toward cryptocurrency exchanges, with industry visionaries such as Nischal Shetty, Sameer Mhatre and Siddharth Menon’s vision leading its efforts from inception. After initial difficulties faced during launch and initial challenges met by WazirX early on proving invaluable to its survival as it rose to become one of India’s premier cryptocurrency exchanges.
WazirX has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Reddit, Telegram, TikTok and YouTube.
WazirX has a mobile app on both the Apple App Store and Google Play.
WazirX Supported Cryptocurrencies
WazirX supports trading on over 284 cryptocurrencies on their platform. This exchange currently supports 25 of the top 30 market cap cryptocurrencies.
Download full list of cryptocurrencies WazirX supports
Trading Experience
WazirX offers an efficient design that appeals to both novice and seasoned traders alike. Advanced trading charts, various trading pairs, and an easy deposit process all contribute to creating an experience that is both dynamic and satisfying for traders of any experience level.
WazirX offers a tailored trading experience designed to suit the needs of its diverse audience of traders. Its platform was specifically created to accommodate both advanced traders’ actual speed requirements as well as those seeking their first experiences in crypto trading, while still remaining user-friendly for newcomers.
WazirX Trading Platform ensures safe trading by offering a selection of cryptocurrencies and trading pairs within an efficient design. Featuring advanced trading charts and an efficient deposit process, it provides users with a dynamic trading environment while helping them develop trading strategies to manage market risk more effectively.
WazirX Fees
WazirX offers an accommodating fee structure designed to accommodate traders with various transaction volumes, using a maker-taker fee model that aligns with industry average. Fees charged to makers tend to be lower – an incentive to ensure liquidity provision on the platform.
Understanding fee structures is vitally important for cryptocurrency traders. WazirX’s fee model offers a competitive environment that encourages both makers and takers.
This model incentivises liquidity through Maker fees that aim to create an active trading environment. Taker fees on exchanges should remain average so as to balance out ecosystem, encouraging healthy turnover across many cryptocurrencies.
Users can find a detailed list of fees on the platform, providing transparency that allows them to plan without incurring unexpected costs.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | 0% |
| Trading Fee | 0.10% - 0.40% |
| Withdrawal Fee (Bank Transfer) | 15 INR - 25 INR |
WazirX supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0005 BTC. The average across all other exchanges that we've reviewed is 0.000380 BTC. This means WazirX charges above the industry average by 31.52%. This is worth noting because it likely means they are also charging higher fees and spreads across all cryptocurrencies on their platform.
WazirX has a maker/taker fee schedule which you can see below.
|
30D TRADING VOLUME
IN INR PAIRS**
|
TRADING FEES BASED ON WRX HOLDINGS ON WAZIRX* | |||
|---|---|---|---|---|
| 0 – 500 WRX | 500 – 10,000 WRX | 10,000 – 50,000 WRX | 50,000 + WRX | |
| ₹ 0 – 5 LACS | 0.40% | 0.34% | 0.30% | 0.20% |
| ₹ 5LACS – 1CR | 0.35% | 0.30% | 0.26% | 0.18% |
| ₹ 1CR – 2CR | 0.30% | 0.26% | 0.23% | 0.15% |
| ₹ 2CR – 3.5CR | 0.25% | 0.21% | 0.19% | 0.13% |
| ₹ 3.5CR+ | 0.20% | 0.17% | 0.15% | 0.10% |
Security - Is WazirX Safe?
WazirX takes comprehensive security measures seriously, such as conducting regular security audits and using multi-signature wallet systems. Furthermore, two-factor authentication provides another layer of protection for users while some digital assets are held cold storage to safeguard them from online threats.
Digital finance demands maximum security, and WazirX recognizes this by employing multi-signature wallet systems and stringent security measures to protect users’ assets even after trading has stopped.
WazirX Exchange has demonstrated its dedication to protecting digital assets from network attacks through regular security audits and adoption of advanced security features, including two-factor authentication. Their multilayered approach shows their commitment to maintaining a safe wallet ecosystem for both novice and professional traders who conduct millions of transactions each month.
WazirX Customer Support
WazirX offers its users an effective customer support framework through an exhaustive FAQ list, customer care number and responsive social media accounts that ensure their queries are addressed efficiently to ensure high levels of customer satisfaction.
Customer support is the foundation of any service-oriented industry, and WazirX is no different. This exchange offers a robust customer care framework designed to address user queries and concerns.
No matter the query – WazirX offers responsive customer care service via their responsive social media presence and customer care number to answer every inquiry about its trading fees or withdrawal requests. Their comprehensive list of FAQs also helps provide clarification to common issues; and should further support be required, WazirX reserves the right to engage in public communication to address larger issues; all part of their commitment to maintaining an honest, customer service experience.
WazirX Support Channels
How to Sign Up on WazirX
- Create Account - Visit the WazirX website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
WazirX Alternatives
Binance
Total Supported Cryptocurrencies
391+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
282+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
333+
Trading Fees
-0.005% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
WazirX stands out for its commitment to offering an efficient platform for trading cryptocurrencies, and has attracted users with its range of features and user-friendly interface.
WazirX FAQs
WazirX is a well-known cryptocurrency exchange that implements standard security measures to protect its users’ accounts and transactions. However, as with any online platform, users should practice good cybersecurity habits and remain vigilant against potential threats.
It is advisable to use strong passwords, enable two-factor authentication, and be cautious with your personal information.
As of writing, WazirX was not banned. Nonetheless, the regulatory environment for cryptocurrency exchanges can change, so it is recommended to stay updated with the latest information from relevant authorities.
Yes, WazirX allows users to withdraw cryptocurrency to their personal wallets or other addresses. It is essential to follow security protocols during the withdrawal process to ensure the safety of your assets.
WazirX’s KYC (Know Your Customer) process is designed to comply with regulatory requirements and to prevent fraud. The information collected during KYC is typically protected by the platform’s security measures.
WazirX’s trading fees vary depending on the type of trade and the volume. Users can find the most current fee structure directly on the WazirX website or by contacting their customer support.
WazirX employs security measures to protect its platform from unauthorized access and potential hackers, but no system can be deemed entirely impervious to cyber threats. Users should also take proactive steps to secure their accounts.
WazirX operates as a cryptocurrency exchange in India, but for the most current information regarding its registration and compliance with Indian regulations, one should refer to the latest updates from regulatory bodies or the WazirX platform itself.
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Methodology
At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
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His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
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