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WazirX Review – Is it Legit? (June 2023)
Popular Indian Crypto Exchange with Low Fees and 100+ Cryptocurrencies Available
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Account Minimum: 100 INR
Fees: 0.2% Maker & Taker Fee
Best For: Fiat/Crypto Trading
Warning: Trading in cryptocurrency is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
WazirX is an Indian cryptocurrency exchange that has been in operation since early 2018. Among the variety of available cryptocurrency exchanges, WazirX is one of only a couple that offers a good selection of cryptocurrencies to trade in. In 2019 the company was acquired by Binance. This makes it the only exchange in India to have been subject to international investment, and hugely boosts the credibility and trust factors for those trading through WazirX.
Here we will take a closer look at the key factors behind the exchange and examine why WazirX may be an ideal choice for you.
- Excellent range of cryptocurrencies available to trade
- Competitive trading fees
- Easy to use trading platform
- Fee-free fiat/crypto swaps
- Trading platform basic for advanced traders
- Support only available through ticketing system
Trading at any level, and with any kind of exchange or broker, trust is a non-negotiable factor. WazirX having only been around for a few years may still have some work to do on building their brand and reputation, but what they have shown to date has been excellent.
Since cryptocurrency is still a growing sector in India, the company has worked hard to ensure they stand out as being highly transparent and a very smooth operation. This open approach won them praise from traders and helped them quickly become a strong force among Indian crypto exchanges. Their founding team is well-known in the space from other projects, and the fact they have managed to gather a very strong base of traders, their mobile app has more than 1 million downloads, shows the seriousness with which they operate. The exchanges use all the most up-to-date encryption methods, and also provides 2-factor authentication for your protection as a trader.
Finally, the fact that the exchange was acquired by Binance in 2019 is a huge testament to their credibility. This also means you can trust in the backing of one of the most popular, and secure names in the industry worldwide.
There are over 100 different crypto trading pairs available through WazirX. This gives them one of the most varied asset selections in the Indian market. Of these pairs, you will find all of the major cryptocurrencies you would expect such as Bitcoin, Ethereum, Ripple, Litecoin, and others.
These are offered alongside a growing range of other cryptocurrencies including 1Inch, Dogecoin, Tron, and many more altcoins creating a very accessible trading environment for Indian and international crypto traders alike. You can also invest in funds called STFs directly through the WazirX and access their own native token the WRX.
Another important area of focus for WazirX is their P2P trading area which they say is the first in the world to feature auto-matching. This means you can quickly and securely be matched to a buyer or seller to enable you to swap fiat and crypto with no transaction fees at all.
Commissions & Fees
WazirX offers a good environment when it comes to fees on both sides of a trade as well as any additional non-trading fees. They provide a flat fee of 0.20% on both the maker and taker end of a trade.
This is in line with many of the top exchanges in the world and represents excellent value among other exchanges in India. The minimum withdrawal requirement, and withdrawal fee you incur will depend entirely on the crypto you are taking out but these remain reasonable.
If you are trading on the P2P area of the site, then there are no fees for transactions using this service, while investing in funds through the STF section you will incur a 25% fee on any profits only that you earn. All of the fees charged by the exchange are well within the range of others in the industry.
Trading through the WazirX exchange is extremely accessible and user-friendly to traders at all levels. This means that anyone from a complete beginner, to a professional trader, should find it easy to get started, and something of value from the trading platforms.
The company promotes access to trading across multiple platforms. This means you will have access to their web-based trading platform available on Windows or Mac devices, and their mobile app which is extremely popular and allows for trading on Android and iOS devices without any loss of functionality.
You will find a very simple but effective trading platform. The over complexities of some crypto trading platforms are done away with in favor of a well-laid out platform and efficient design that makes everything clearly available. Trading view charts that you can customize to your liking are the main focus, while all markets can be easily searched, and buy or sell orders activated very swiftly.
While it may appear relatively basic to some more advanced traders, it is a perfectly accessible starting point that still performs in all the key areas of any trading platform hence its popularity particularly in mobile form where it is light but powerful enough to conduct all your trades on the move.
The customer support area at WazirX is very well supported. As the first line of support, you will have access to a very well-resourced range of help topics through a dedicated help center. Here you can find not only access to most of the commonly asked questions but also useful, detailed information on a range of other areas especially useful to new traders.
Beyond that, help is available through a ticketing system where your query will be responded to in a quick and professional manner by a member of the exchange support team.
Overall, though WazirX is a relative newcomer in the sector, they have displayed an excellent level of capability in many areas. Not least of these is that they are a reliable, transparent operation that has quickly gained a great level of support in the Indian market.
They are also sure to appeal to the international market with the backing of Binance, some top quality product innovations, and the upcoming launch of their NFT marketplace which will be the first in India. If you are looking for a trustworthy, well-backed, and accessible place to trade crypto and more, then WazirX will be an excellent choice.