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 the popular Binance Exchange to offer an innovative platform to buy and sell digital assets from India.
While we aim to provide you with accurate and the latest information in this Wazirx review, we strongly suggest that you visit the website to keep updated with any changes that may occur afterward.
Key Features:
OVERALL
Ease of use
User interface
Fees
Security
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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.
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 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.
Quick Overview
Exchange Name | Wazirx |
Fiat Currency | INR |
Deposit Method | UPI, IMPS, NEFT or RTGS. |
Cryptocurrency | 165+ |
Trading Fee | 0.2% |
Deposit Fee | Between 4 to 5.9 INR per deposit |
TP/SL Orders | No |
Mobile App | Yes |
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.
Exchange | Trading Fees | Rating | Review | Promotion | Website |
|---|---|---|---|---|---|
Binance | 0.1% | 4.8/5 | 10% off trading fees | ||
Coinbase | 0.5% - 3.99% | 4.7/5 | $5 BTC bonus (USA only) | ||
FTX | 0.02% / 0.07% | 4.6/5 | 5% off trading fees | For USA, visit FTX.US |
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
Can Wazirx Be Trusted?
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 usersto 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.
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.
ID Verification & 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.
WazirX 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.
Supported Coins
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...
WazirX Fees
Trading Fees
WazirX charges maker fees and taker fees that 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)
Deposit Fees
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.
Withdrawal Fees
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.
WazirX Security
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.
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.
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.
If there are other cryptocurrency exchanges that you want us to review, leave us a comment.
You Might Also Be Interested In:
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.
Wazirx
PROS
- Partnership with Binance
- Rapid KYC process
- Simple and easy to use
- Buy crypto via bank transfer
- Competitive fees
CONS
- Limited charting features
- No information on security measures
