WazirX Exchange Review: Is it safe or scam to buy in India

WazirX Review, exchange, cryptocurrency

WazirX one of the most popular platforms in India to buy, sell, and exchange (trade) bitcoin and cryptocurrencies in the Indian rupee.

But the question is it safe, what its review, what rules regulations, and how to use it so don't worry here I bring you WazirX review in which I have covered all the important things that you want to know. So without wasting your time, let's start.

WazirX Review - Is WazirX Safe To Buy Bitcoin In India.

What is WazirX?

Wazirx Exchange is a centralized (Yes, it is not decentralized) bitcoin and cryptocurrency exchange platform that allows us to buy, sell, and exchange (trade) across India. 

WazirX launched in 2018 and the headquarter is located in India and running by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. 

But in November 2019 WazirX announced that it has been acquired by Binance exchange to attract customers across the world, so now WazirX is available for all countries traders.

Update (05/August/2022) - Binance CEO Changpeng 'CZ' Zhao denied suggestions that Binance owns WazirX. Zhao said that deal was never completed. Read here.

In Which countries is WazirX available?

American Samoa, Angola, Bosnia, and Herzegovina, Indian Ocean Territory, Croatia, the Democratic Republic of the Congo, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Ivory Coast, Lebanon, Liberia, Libya, Macedonia, Mali, Montenegro, Netherlands Antilles, North Korea, Rwanda, Serbia, Serbia and Montenegro, Sierra Leone, Slovenia, Somalia, South Sudan, Sudan, Svalbard and Jan Mayen, United States, Western Sahara, Yemen, Zimbabwe.

Listed coins.

Total over 100+ coins listed for trading on WazirX including all popular coins so you don't have to be worried about the coins limit list. Here, see all lists.

Limit & Fees.

As I said, a vast number of coins have listed on WazirX because the majority of listed coins lead to different deposit and withdrawal limits. The minimum deposit and withdrawal limit is extremely low, especially for popular coins such as BTC, ETH, USDT,  XRP. 

For trading, the minimum order size is also reliable. If we go to fees the deposit is free but withdrawal seems costly as it charges for BTC 0.0006, ETH 0.01 so on.

The trading fee is 0.20% for both makers and takers where other trading platforms for takers charge below 0.10% but WazirX charges more, but I think it is affordable.

Accepted local fiat currencies.

It was available only for India and accepted Indian rupees but after being acquired by Binance now available for all countries. At the same time, local fiat currency deposits are available only for 8 countries such as INR, IDR, RUB, UAH, SAR, EUR, NGN, TRY.

WazirX Exchange Review - Is WazirX Safe To Buy Bitcoin In India

Fiat deposit method.

Not much fiat deposit method, only Wire Transfer and cryptocurrencies. But if you are from India, you can deposit Indian rupee from UPI, IMPS, NEFT, RTGS.

How To deposit INR?

  1. On the Home Screen, Click on the Funds tab 
  2. Tap on Indian Rupee and tap on the Deposit button
  3. Link your bank account by entering your Bank details from which you will deposit the funds. The name you enter MUST match the name on your WazirX account.
  4. Tap on the UPI/IMPS/NEFT/RTGS
  5. Next, you will see the WazirX bank details. Follow the steps to deposit INR to the WazirX bank account via UPI, IMPS, NEFT, or RTGS.
  6. Do not forget this step - Come back to WazirX and click on the Add Transfer Details button
  7. Enter the Deposit Amount & Transaction ID and tap Proceed.

Is KYC Available?

Yes, for more activity KYC is necessary, otherwise, you can only deposit your crypto in it. The KYC documents are different based on the country you have chosen for Indian users Adhar Card or PAN Card is necessary to complete the KYC process.

You can complete your KYC by selecting your country from the drop-down & click on Complete KYC. You'll then be taken to the next step to enter your details and upload KYC documents for verification.

  • Name - Enter your name as it appears on your KYC document. For eg - If the name is Rahul Tukaram Shettigar on your document, please enter Rahul Tukaram Shettigar in the form too.
  • Date of Birth - Enter your DOB in DD/MM/YYYY format. For eg - If your DOB is 1st April 1989, enter 01/04/1989. You must be 18 Years and above to apply for a WazirX account.
  • Address - Enter your full address as it appears on your KYC document. Do not enter the City, State & PIN Code in this box as there are separate boxes for that.
  • Documents - Depending on the country you’ve chosen, you’ll need to upload a set of KYC documents. Carefully fill in the details in the respective fields & upload a scanned copy or a photo of your KYC document & your selfie as illustrated in the Sign-Up form.

WazirX coin.

WazirX has its own coin call WazirX coin (WRX), a utility token backed by WazirX, which forms the backbone of the WazirX ecosystem. They launched WRX tokens to involve their community in helping them build out WazirX and reward them accordingly for contributing to their success. This helps them stay true to the ethos of cryptocurrency and blockchain.

WazirX Trading Chart View.

Like every WazirX has a simple trading view chart that is clearly understandable to users. The views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto, and order history.

Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. Below is a picture of the trading view at WazirX. 

WazirX Exchange Review - Is WazirX Safe To Buy Bitcoin In India

WazirX Referral Program.

WazirX is known for the highest paying referral program user can earn 50% commission. The earnings are truly unlimited! You get 50% of the fees WazirX charge each trade of your referral friends. The more your referred friend's trade, the more you earn. So help your friend make more trades every day and you will earn more commissions every day.

Trust Pilot Review.

WazirX Exchange Review - Is WazirX Safe To Buy Bitcoin In India
Trust Pilot Review (Unofficial).


WazirX Exchange Review - Is WazirX Safe To Buy Bitcoin In India
WazirX Team.

Security Features.

Like every wallet and exchange, it also has powerful security features like 2FA, PIN lock, and email alerts. The security score received by this Indian cryptocurrency exchange site is C when performing the test at Observatory by Mozilla.

What do you think about WazirX tell us your WazirX review if you are using it. If you think I missed something important, then don't forget to tell me I will definitely improve my statement.

Note - This is for information purposes Cryptoswami does not force you to invest in cryptocurrencies.

Go To WazirX.

If you are from another country then read this.
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