Overview of WazirX
WazirX was launched in 2018 in India and acquired by Binance in 2019. As a result of the takeover, users of the WazirX exchange can access and trade on the Binance marketplace. WRX is the utility token of WazirX.
WazirX has an array of cryptocurrencies on offer with ease of trading across different platforms. WazirX supports the deposit and withdrawal of fiat, but the feature is only available for the Indian rupee. India’s anti-tax evasion authorities investigated WazirX in January 2022 on suspicion of tax evasion.
- If this is your first exchange: The WazirX interface is quite complex and navigation could be difficult for a first-time user. Fiat deposit via bank transfer is available for Indian users to deposit INR. The P2P platform matches users automatically and quickly.
- If you are switching exchanges: WazirX offers a faster way to convert fiat to crypto with its auto-matching P2P platform. It offers 50% of the fees charged to traders you refer to the exchange.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Pros and cons of WazirX
- Auto-matching P2P platform with high liquidity
- Rewards for referring users
- Presence of Smart Token Funds (STF) marketplace helps novice traders stay profitable
- Restrictions on fiat deposit and P2P trade volume
- Fiat deposit is only available to users in 8 countries
- The exchange does not have a futures trading feature
Verdict: Is WazirX any good?
WazirX is a complex exchange, but when you become used to the interface, trading is easy. The exchange offers diverse cryptocurrencies from different sectors of the crypto markets including Web 3.0 and the metaverse. Its integration with Binance gives you access to a larger, more liquid market. Its Smart Token Funds (STF) are unique and help rookie traders find more experienced traders to manage their assets. The exchange presently has no feature for crypto loans, a feature available on most exchanges. There are other means of earning passively on WazirX, such as token mining, airdrops and its referral program.
What to know about WazirX
WazirX is India’s largest centralised crypto exchange with over 6 million registered users and a monthly trading volume above $5B. WazirX has 225+ cryptocurrencies on offer with an impressive auto-matching P2P machine that makes crypto-fiat conversion easy and fast. Although based in India, the exchange now offers services to the rest of the world with fiat deposits (P2P) available for users in 7 different countries.
A unique feature of WazirX is its STF, which lets you connect to expert traders who can help you manage your assets. In return, these expert traders receive a 25% commission on the profits you make. In December 2021, India’s Goods and Services Tax (GST) authority unveiled alleged tax evasion by WazirX to the tune of 40.5 crore ($974,000). WazirX received a fine of 49.2 crore ( $1.18M). 95% of WazirX’s cryptocurrencies are stored on a cold wallet. The exchange requires you to complete its KYC (Know Your Customer) procedures before you can access most services like P2P.
Finder ratings for WazirX
|Transferring money or assets|
|Fees and costs|
|Ease of use|
WazirX offers a large number of cryptocurrencies (225+). It has cryptocurrencies from every niche in the crypto space, including midcaps and microcaps. Some of the cryptocurrencies it offers include the following:
Transferring fiat and cryptocurrencies
WazirX accepts fiat deposits for different currencies but accepts only the Indian rupee (INR) for bank transfers. The remaining 7 fiat currencies are only accepted for P2P transactions. Deposits for cryptocurrencies attract no fees but withdrawal fees depend on the cryptocurrency. WazirX processes transactions quickly, but delays sometimes arise depending on the network used.
Fees and costs
WazirX does not charge any fees for crypto deposits to the platform. Fiat deposits attract fees depending on the method used, but the lowest fee is 5.9 rupees ($0.08). Withdrawal of fiat attracts fees depending on the method used; however, P2P trades are completely free. The crypto withdrawal fee depends on the coin or token. Cosmos (Atom) is free to withdraw while 1INCH costs 13 units of the coin.
Fiat withdrawal and deposit fees
Crypto withdrawal and deposit fees
What is it like to use WazirX?
WazirX has an interface that will be easy for experienced crypto traders to navigate, but it could prove challenging to newcomers. The button for depositing fiat is labelled “Funds”, which you could assume means your wallet balance. The homepage has buttons for P2P, exchange and fiat deposit (Funds). WazirX does not have a futures trading option for now. Leverage traders may not find much use for the exchange. Spot traders have 225+ coins with over 280 pairs to trade.
Does WazirX have good customer support?
WazirX offers customers a number of channels to resolve queries. The FAQ tab has detailed responses to a number of questions. There is also a chatbot with a list of options for you to choose from. If you have further questions, there is a toll-free line for direct contact with an agent.
WazirX also uses social media to occasionally respond to questions, but it doesn’t respond to all of them. The chatbot is fast and efficient but there have been poor reviews of its call agents on sites like Trustpilot.
List of services on WazirX
WazirX offers different services to its users, which are unique to the Southeast Asian market. The exchange offers a fast P2P platform, NFTs, earning and promotions.
Signing up on WazirX
Compare WazirX against other exchanges
Frequently asked questions
Can WazirX be trusted?
Cryptocurrencies are volatile and much of the market is still unregulated, so trusting cryptocurrencies or exchanges that offer them is up to you. Due diligence should be applied when investing in cryptocurrencies or using an exchange like WazirX.
Is WazirX owned by Binance?
WazirX was acquired by Binance in November 2019.
How many coins are on WazirX?
There are over 225 cryptocurrencies available on WazirX.
Is WazirX costly?
WazirX charges 0.2% on transactions, which is similar to transaction fees of other centralised exchanges.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.