Set up in 2018, the WazirX crypto exchange has grown rapidly to be India’s most trusted crypto exchange with over 2 million users.
WazirX now commands over $58 million 24 hour trading volume and 1.7 million people visit WazirX on a weekly basis making it one of the top 30 crypto exchanges in the world.
Below are the five criteria that we will be using to evaluate WazirX –
- Easy to use Intuitive Platform
- Lower Trading Fees
- Easy Money Exchange
- Responsive Customer Service
With an exchange rank of 5.8, WazirX is listed among the top 30 crypto exchanges of the world by Coinmarketcap (a global website that tracks the price of cryptocurrencies and stats). Ranking details can be found here.
Binance (the biggest crypto exchange in the world) is the holding company of WazirX.
WazirX is completely safe. In case of any ban on cryptocurrency by the Indian government or RBI then you are not shut off from accessing cryptos.
The WazirX account will be held securely at Binance, from where you can trade in cryptocurrencies.
Nischal Shetty (founder of WazirX) is a serial founder and a blockchain influencer on Twitter. He is a public figure and serious about bringing blockchain to common people.
WazirX crypto exchange is accessible on the website and mobile apps. WazirX can be reached using their social media platforms like Twitter, Telegram, Facebook, Youtube, Linkedin and Instagram.
WazirX attracted 2 million users because –
- The exchange has a clean, intuitive and easy to use trading platform
- Banking and UPI channels to support easy fund withdrawal & deposit
- Backing of global crypto exchange – Binance
- Exchange available on iOS and Android compatible devices and Web interface
#2. Easy to Use Intuitive Platform
WazirX offers straightforward, easy-to-understand market places. Exactly what is needed for both beginners and experienced crypto traders to get investing/ trading immediately.
You have access to –
#1. Spot exchange – is a marketplace that allows the direct purchase and sell of cryptocurrencies. The spot exchange is the first marketplace that pops up auto on your laptop or mobile screen.
The spot exchange is common with all the crypto exchanges in India.
WazirX avoids difficult crypto or technical exchange terminology on the screen. Even novice crypto investor can locate –
- The chart – powered by Trading View
- Crypto pairs – over 200+ pairs available
- Order book – simple to understand
- The buy/ sell order form – 2 click order placement
That’s how clean and easy the user interface is.
You have only 4 base trading pairs with whom other cryptos are matched. The 4 base pair are –
- INR / Crypto pair
- BTC / Crypto pair
- USDT / Crypto pair
- WRX / Crypto pair
WazirX offers 70 cryptos paired against INR, one of the largest pairs as compared to any other crypto exchanges in India.
You can buy 70 cryptos directly using the rupee amount deposited in your account.
#2. P2P Market place – is a marketplace where you can buy/ sell only USDT using INR directly from other traders through WazirX acting as custodian.
P2P marketplace proved a unique solution to the recent crisis when banks suddenly stopped INR deposits to crypto exchanges.
WazirX was the only crypto exchange in India with a fully operational P2P marketplace where trading was possible even when you cannot deposit INR funds through banks into your crypto exchange account.
Once you have USDT into your account you can trade in 200+ coins and tokens of your choice. No other crypto exchanges in India provide such a large number of crypto trading pairs.
#3. Smart Token Fund (STF) – WazirX exchange allows experienced crypto traders to help beginners grow their portfolio in return for a certain percentage of profit earned.
A unique healthy ecosystem for both the new and experienced crypto community. Beginners have an opportunity to be guided and get insights on cryptos trading.
Experienced traders have a means to earn an additional income – a win-win situation for everyone.
#3. WazirX Trading Fees
Trading fees table for Spot exchange of the top 5 crypto exchanges in India is under –
|Maker Fees||0.2%||0.11% to 0.001% based on the 45-day cumulative trading volume.||0.15%||0.5% to 0.7% to buy/sell Bitcoin, depending on the 60 day transaction volume.|
0% on crypto-to-crypto exchange
|0.03% to 0.25% based on 30-day trading volume and BNS holding|
|Taker Fees||0.2%||0.11% to 0.001% based on the 45-day cumulative trading volume.||0.25%||0.5% to 0.7% to buy/sell Bitcoin, depending on the 60 day transaction volume|
0% on crypto-to-crypto exchange
|0.03% to 0.25% based on 30-day trading volume and BNS holding|
WazirX charges a fixed percentage base fee which is easy to understand and calculate especially in the beginning.
You get a unique referral program where you can earn WRX coins. WRX coins are similar to bitcoins and other cryptocurrencies with a maximum cap of 1 billion tokens.
You have two choices –
- Use WRX token to lower trading fees
- Sell WRX coin received as referral rewards and get returns
WRX coin was built to involve and reward the community in the WazirX success.
Rewards come in the form of a flat 50% discount on the trading fee if you pay using WRX coin. Which means you need to pay only 0.1% as trading fees.
WRX tokens are also listed on various crypto exchanges and have grown in value over time, delivering passive returns.
#5. WazirX Money Deposit & Withdraw
You will be able to only deposit money and buy cryptocurrencies and do trading without KYC.
You need to complete the KYC verification and bank verification to use your account in full like withdrawing money.
Presently, WazirX allows INR deposit (minimum Rs. 100) and withdrawal using banking channels like –
- IMPS – for smaller amounts less than Rs. 2 Lakhs
- NEFT & RTGS – for larges sums of money
- UPI – for money deposits using apps like Mobikwik
WazirX charges some Rs. 5.90 for deposit fees. There can be some time lag of up to 3 days to get the money deposit in a random case.
But most of the time WazirX keeps track of your money and has a support team to help you to carry out deposits and withdraw smoothly.
#6. WazirX Customer Service (Is Responsive?)
You can contact WazirX customer support using their website request form and social channels.
You are sure to find a proactive tweet from Nischal Shetty updating community and crypto traders of the likely disruptions and the remedy actions Wazir is taking to resolve the same. A rare step hard to find with other crypto exchanges.
You may have heard the news of WazirX being criticized for delayed money deposits and trading disruptions.
But they have openly accepted the fact and are ramping up their teams and infrastructure to meet the expectations of the crypto investors and traders.
Also read – Upstox Review in detail
How to Open a WazirX Account
Step 1 – You Need to Sign Up for Creating Account
Visit WazirX website and click on the sign-up tab to start the account opening process.
Step 2 – Submit email ID and set your Password
Keep a strong password having a combination of Capital letters, small letters, numbers and special characters that is hard to guess.
Avoid using your date of birth, name or password like 123456 that can be easily cracked.
Step 3 – Undergo Email Verification and Choose Verification Mode
You will receive an OTP number in this step on your email for account verification. Click on the link sent by WazirX to verify yourself.
After which you get two options for setting your account security.
- Google Authenticator App and
- Mobile SMS service
You are free to choose one of the options.
In my opinion, the authenticator app from Google is safer when compared to mobile SMS because the SMS is prone to delays.
Step 4 – Select Country and Choose Account
Finally, you have to select the country and choose to open your account –
- with KYC or
- without KYC.
Remember WazirX allows only deposit and trade facility if you opt for a without KYC account.
If you want to proceed for KYC, you need to enter the following details. And upload the scanned copy of your KYC documents and selfie.
- Full name as appearing on KYC document
- Date of birth
- Address as per the KYC document
Deposit Rupees into Your WazirX Account
You can deposit/ withdraw INR and different cryptocurrencies like Bitcoin, Ethereum, Dash, and Ripple from your WazirX account.
First, you need to deposit Rupee for a minimum of Rs. 100 into your account. There is no maximum limit.
Log in and click “Funds” as shown above.
Next, select “Rupee INR” and click on the green deposit button. Afterwhich, you will be prompted to link your bank details with your WazirX account.
Steps to add bank account –
- Go to WazirX Account Settings
- Open tab – Payment Options
- Click – Add/ Remove Bank & UPI
- Enter Bank Account Number, IFSC Code and Account Type and save.
Immediately after which you get the current account number of WazirX maintained with HDFC Bank’s Mumbai branch.
Transfer the money to the account number. Rupees deposited using IMPS/ NEFT or RTGS will reflect into your account in some time.
In case of banking delays, this can go up to 72 working hours (3 days) at the maximum to reflect in your account.
The deposit related charges are –
|IMPS, NEFT, RTGS||Rs. 5.90 per transfer|
|UPI||Rs. 4 per transfer|
Check out – 5paisa Review
Steps to Buy Bitcoins, or Trade Different CryptoCurrencies on WazirX
WazirX exchange offers over 100 cryptocurrencies for trading.
70 of them have direct INR pairs. That means you can directly buy them with the rupee funds into your account.
In the case of cryptocurrencies that do not have an INR pair, you first need to buy USDT and then use USDT to buy your desired crypto.
Below you can find details of both the methods.
#1. Buy Cryptocurrency that has an INR pair
Go to the Spot exchange market and look for the cryptocurrency that you want to buy.
For example, if you are looking to purchase a Dogecoin (DOGE) then you can directly fill the buy order form (on the bottom right) and get Doge because it has an INR pair.
Fill the buy order form with the amount of Dogecoin that you want to purchase.
On clicking “Buy Doge” the order will get placed on the exchange. In sometime your order will get matched and the Dogecoin will reflect in your WazirX account.
Once your order is complete, you will receive a 26 to 35 character crypto address.
You will not receive any physical coin or an e-coin. The address is proof of your Dogecoin ownership.
For example the crypto address may look like –
#2. Buying Cryptocurrency does not have an INR pair
Here, first you need to look for the cryptocurrency pairs. Most of the cryptocurrencies have a USDT pair.
First buy USDT and then you can use it to buy the coin that you want.
For example, if you want to buy an Algorand coin (ALGO). You will find that there is no ALGO/INR pair.
But ALGO has a USDT pair.
So first, you have to buy USDT and then use those USDT to purchase an ALGO coin.
Advantages of WazirX
- Super easy trading platform to grow crypto assets
- Integration with Binance to rescue from any ban
- WRX coins to reduce trading fees
- Easy withdraw and deposit options
Things That can be Improved
- Customer services needs improvement
- Better IT support in scenarios of heavy market fluctuations
Also read – Best Forex Trading Apps in India
WazirX’s clean, intuitive and super easy to use interface clubbed with low 0.1% trading fees using WRX coins makes it way ahead of the rest of the crypto exchanges in India.
In my experience – the backing of Binance in overall operations and tech support is a game-changer for WazirX.