WazirX Review 2023: Is it safe for Crypto Investment in India?

WazirX was founded in 2018 and became India’s biggest and most trustworthy cryptocurrency exchange. 

WazirX’s founder Nischal Shetty announced on Twitter on 7th May 2021 that WazirX added 2 million customers in 3 years and half of the customers joined WazirX in April 2021 alone. 

That’s crazy growth of crypto investors in India, isn’t it? 

WazirX became popular in India because of

• WazirX’s super easy-to-use interface
• Easy to deposit and withdraw funds 
• Mobile and Web for crypto trading 
• Integration with Binance app for investment into global currencies
• Low trading and transfer fees

WazirX is popular for crypto investments in India, similar to how Zerodha is popular for stock investments. 

WazirX even has its own token WRX that you can use for paying transaction fees (and save 50% on trading fees).

You can start investing in cryptocurrencies by buying Bitcoins using Indian Rupees. Bitcoin is currently priced at around INR 20,00,000. But you can buy 0.0001 Bitcoin for Rs. 200 also.

You can buy bitcoins from your Android smartphone. I have explained the step-by-step process in the later section of the article.

Cryptocurrency Trading in India (is WazirX Safe in India)

Crypto exchanges were in existence prior to 2018.

RBI came out with a “Statement on Developmental and Regulatory Policies” in 2018. And directed banks to stop dealing with entities dealing in virtual currencies, i.e. cryptocurrencies. 

With the recent Supreme Court Judgement of March 2020, chances are that there will be more crypto exchanges like WazirX coming up in India.

Banks are still hesitant to deal citing a lack of clarity. Like the recent news of ICICI Bank blocking net banking transactions for crypto trades. 

Presently, there is no regulation that stops an individual from investing in cryptocurrency at his own risk.

Means, you can legally invest in cryptocurrencies as long as you are paying taxes on your profits. 

But in case WazirX was asked to stop the operations, we would expect Binance to take care of our portfolio assets that we can sell in the global market.

I am not expecting a complete ban on cryptocurrencies in India but the government may regulate the exchanges which is good for the investors.

Government also wants that the people of India should not lose money into virtual currencies which are not backed by any assets.

Stay away from scammers and invest in strong cryptocurrencies.

How to Open Account With WazirX

#1. Sign Up on WazirX 

Click in “sign up” tab to start free WazirX account opening process.

#2. Fill Details to Start Creating Account

You need to provide your email address and create a strong password to start creating your WazirX account. 

#3. Email Verification and Account Security Setup

WazirX sends you an email for account verification on the email address provided by you. Just click on the verification received to proceed ahead with account creation.

Next, you need to set up your account security. WazirX offers two options for your account security. 

• Google Authenticator App
• Mobile SMS service

You can choose either of the options. But the authenticator app is safer as compared to mobile SMS which is prone to delayed receipt and the possibility of SIM card hacking.

#4. Select Country and Choose Account

In the final step, you need to select your country. You have the flexibility to open your account with or without KYC. You can only deposit and trade on your WazirX account without KYC.

I suggest you to complete KYC as it may take some time for the documentation review and approval. You can withdraw money only after completing KYC.   

For completing KYC you need to enter 

• Full name as appearing on KYC document
• Date of birth
• Address as per the KYC document

Then you need to upload the scanned copy of your KYC documents and selfie. After which the account gets verified within 24-48 hours from WazirX. 

A lot of people are signing WazirX after the recent price surge in bitcoins. Due to which the verification process may take time.

You can contact WazirX using Telegram or Twitter in case of further delays. 

How to Buy Bitcoin on WazirX in India 

You can buy Bitcoin (BTC) using your WazirX Account using Indian Rupees deposited in your WazirX account.

#1. Buy Bitcoin Using the “QuickBuy” Option on WazirX App

The “QuickBuy” option is available only on the WazirX app. You can purchase bitcoin or any other cryptocurrency in 3 simple steps. 

Tap on Bitcoin or any other crypto that you want to buy. And select the “QuickBuy” option at the left-hand side bottom of the app.

 Next, enter the amount for which you want to buy Bitcoins. 

Slide the round button to the right to complete the transaction. 

You will get a message as below once the purchase transaction is complete.

#2. Buy Bitcoin Using Exchange on WazirX Website

For buying Bitcoin login to your account and click on INR under section “Exchange”. This is a spot market for all the cryptocurrencies paired against INR.

On the screen, you will get all BTC/INR price charts, the order book details and the order entry form on the right-hand side as shown below.

Fill in the buy order form and click on “Buy BTC”. The order gets placed instantly and you will receive Bitcoins as soon as the order gets traded. 

The order may take a few minutes to get executed depending on the sellers. You need to keep patience.

Once your order is complete, you will receive a 26 to 35 character bitcoin address. You will not receive any physical coin or an e-coin. The address is proof of your bitcoin ownership. 

The address consists of the alphabet and numeric characters that begin with “3”, “1” or something like “bc1”. 

For example, the bitcoin address may look like.

Different Ways to Transfer INR into WazirX

You can deposit a minimum of Rs. 100 in your WazirX account. There is no upper limit to the money deposit. 

WazirX wallet allows INR deposits via IMPS, UPI, RTGS and NEFT.

For depositing INR in your wallet you need to login and click “Funds”. WazirX allows you to deposit and withdraw different cryptocurrencies. 

Select the option “Rupee INR” and click on deposit. Then you will need to link your bank details with your WazirX account.

WazirX verifies your bank account details automatically. So that all the future deposits and withdrawal transactions happen smoothly. 

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. 

Next, you will be prompted for “Instant deposit using IMPS/ NEFT/ RTGS” and get WazirX bank details. 

Note – that the screen shows an account number from HDFC Bank. This is the current account of WazirX maintained with HDFC Bank’s Mumbai branch.

You can safely transfer the money to the above account number. 

Your money (in INR) will be credited to your WazirX account in a couple of hours if you have used UPI. 

Money deposited using IMPS/ NEFT or RTGS may take 72 working hours (3 days) at the maximum. 

WazirX charges deposit fee as under –

WazirX Fees

Presently, WazirX collects two types of fees; Trading fees and Deposit & Withdrawal fees.

#1. WazirX Trading Fees

You can trade cryptocurrencies in two different markets, namely the spot market and P2P market. 

Trading fees for spot market transactions

The trading fee is 0.20% for both the buyer and seller of the cryptocurrency pairs.

You would get a 50% discount on trading fees when you enable the option to use WRX token to pay translation fees.

Enable from Settings-> Fee Settings-> Pay Trading fees with WRX. 

Trading fees for P2P market transactions

Presently, the P2P market has only eight currencies paired against USD Tether (USDT). 

• Euro (EUR)
• Indonesia Rupee (IDR)
• Indian Rupee (INR)
• Nigerian Naira (NGN)
• Russian Rouble (RUB)
• Suadi Riyal (SAR)
• Turkish Lira (TRY) 
• Ukrainian Hryvnia (UAH)

In India, you can enter only USDT/INR transactions. 

The buy and sell fees are 0%.

#2. WazirX Deposit & Withdrawal Fees

Apart from the trading fees WazirX also charges withdrawal fees when you move your crypto or money. The withdrawal fees vary from currency to currency and are subject to minimum and maximum amounts. 

But WazirX has not listed any deposit fees on the website. Only cryptocurrency-wise minimum deposit amount is mentioned.

For example, in case you wish to withdraw Bitcoin (BTC) then 

Likewise, withdrawal fees for Tether USD is 5.57 USDT, and for WazirX is 1 WRX.  

3. WazirX order cancellation charges

WazirX does not charge the trading fee upfront, meaning the fee amount is deducted after the trade is executed.

No order cancellation charges are mentioned on WazirX website.

WazirX Minimum & Maximum Investment

The minimum deposit amount is Rs. 100 in your WazirX account. There is no upper limit to the amount of money that you can deposit. 

You can invest in a few of the cryptocurrency that costs less than Rs. 100. For example, TRON is presently priced at Rs. 5.72.

WazirX Crypto Coins

WazirX crypto coins (also called as WRX tokens) was launched to build a crypto community and reward the initial subscribers. 

The total supply of the WRX coin is restricted to 1 billion. There are around 381,856,872 WRX coins in circulation with volumes of $2,536,454 traded in the last 24 hours as of 17 Feb 2023.

The current price of one WRX coin is approximately Rs. 16.40.

You can use WRX coin to pay trading fees for all your crypto trades.

Presently, WazirX offers a 50% trading fee discount if you use WRX coin to pay fees. The discount will be halved next year and will be removed after the fourth year.

WazirX & Binance Partnership

Binance is the largest cryptocurrency exchange with an average daily trading volume of $28 billion. 

WazirX is an Indian bitcoin exchange based out of Mumbai. Binance acquired WazirX in 2019 creating a global market for WazirX investors.

This also means that you can now use the Binance platform to buy/sell hundreds of cryptocurrencies and create your own crypto assets portfolio using Indian Rupees. 

You can fund your WazirX account and use it to purchase USD Tether. Then you can shift your UDST to Binance wallet and invest in global cryptos.  

WazirX Features

#1. Accessible Across Platforms

WazirX trading platform can be accessed on Web, Android smartphones, Apple iOS mobiles, Windows and Mac systems.  

You simply need to download the app from the Google Play Store or Apple Stores and get started. You can even directly login to the trading platform of the WazirX from their website.

#2. Range of Cryptocurrency

You can trade in over 100+ cryptocurrencies paired with USDT. USDT is a Tether USD currency that is 1:1 backed by US dollars.  

As per Tether, the USDT is 100% backed by Tether’s reserve of US dollars. The conversion rate is 1 Tether USD equals 1 USD. But the price fluctuates depending on the demand and supply. 

The last four months price movements of USDT in comparison to US Dollar is under

Apart from USD Tether crypto pairs, you can also trade in Bitcoin (BTC) pairs, WRX coin pairs and INR pairs.

Crypto/INR pair helps you buy more than 50 cryptocurrencies directly with INR without first converting into BTC or USDT

#3. Speed Transaction 

The platform has the capacity to handle millions of transactions smoothly but still sometimes WazirX platforms stop responding in the peak trading hours.

In case you see the platform not working, you can wait for some time or check their Twitter handle to get the latest status of ongoing issues. 

In general, you get a super-fast trading experience that is at par with global standards.

#4. Access to Advanced Trading Tools

WazirX is built by a team of hardcore traders & passionate blockchain professionals. The exchange integrates all the features and charting tools of TradingView.

You can analyze prices and historical data using powerful graphs, indicators right from your mobile apps.

How to Buy Different Currencies Through WazirX

You can use two methods to buy cryptocurrency of your choice.

#1. Using Spot Exchange

You can use your WazirX account to access the Spot exchange market and look for the cryptocurrency that you want to buy.

On the WazirX platform, there are over 100 cryptocurrencies available for trading.

Before you buy you need to check the currency pairs. There will be two possibilities.

1. Currency paired with INR – Here you can directly place the buy order using the buy form and get the cryptocurrency of your choice.

For example, if you are looking to purchase Ethereum then you can directly fill the buy order form and get Ethereum because it has an INR pair.

2. Currency does not have an INR pair – In such cases first you need to look for the currency pairs. Most of the cryptocurrencies have a USDT pair.

You first need to purchase USDT. Once you have received USDT in your account you can use it to buy your much-needed currency. 

For example, if you want to buy an Aion Coin (AION). The coin does not have an INR pair but has a USDT pair. 

So first, you have to buy USDT and then use those USDT to purchase an Aion Coin. 

#2. Using P2P Market

P2P (peer-to-peer) is a WazirX auto-order matching engine (market place) where you can buy and sell USDT (Tether) using INR.

Here WazirX acts as an escrow in the whole transaction so that your transaction is safe and honored. 

You need to transfer money in the seller’s bank account registered with WazirX once your buy order is matched.

The P2P market is open 24×7. You can buy any amount of USDT and can pay in INR to the seller instead of routing it through WazirX. 

You need to –

• Be an existing user registered with WazirX having an active account eligible for deposit and withdraw funds.
• Your KYC is complete
• Your bank details are verified 

Buy USDT by Depositing INR in P2P

You need to directly pay to the seller after the buy order gets matched on the P2P marketplace.

Before you place a buy transaction, make sure that you have your IMPS linked bank account registered with WazirX ready. 

Because as soon as the order is matched you get 60 minutes to make a payment and the next 30 minutes to confirm if you missed confirming the same in the first 60 minutes. 

If you miss then the order will be canceled by WazirX and your account may get banned or penalized for a bogus transaction. 

Steps to use the P2P Market

Step 1 – Log in to your WazirX account and select P2P marketplace. Place a USDT buy order using the order form as shown below.

Step 2- Wait for order matching

After the order gets matched below is how you will receive an order completion message

Step 4 – Initiate Money Payment to Seller

You have to deposit the amount directly into the seller’s account using the IMPS details shown by WazirX on your screen.

Pick the account number & IFSC code of the seller for IMPS payment. Remember to use the description exactly as shown on the screen. 

Note – You have to pay the exact amount as reflected on your screen. Otherwise, the amount will get into a dispute.

Important – Do not round off the amount.

For example – I placed an order for 15 USDT but the order matched was of 14.88 USDT requiring payment of Rs. 1249.92.

Make sure that you pay the exact 1249 rupees and 92 paise only otherwise there will be a difference and the transaction will land into dispute.   

Step 5 – After the payment is complete from your side.  Confirm the payment to the seller & WazirX by clicking “I have paid” green button.

Once the seller receives the payment in his bank account he will confirm receipt of the same to WazirX. 

WazirX will then transfer the escrowed USDT into your account. 

It may take up to 4 hours for the fund transfer to the seller in the banking system. The seller will only confirm when he receives payment. 

If he does not confirm then the order will automatically move to dispute. And you will get an email from the WazirX dispute team asking for the payment proof via email. 

You need to supply the proof as requested within 15 minutes and the decision of the dispute team will be final.

WazirX has an escrow system where neither party can cheat. USDT will not get transferred into your account unless the seller confirms receipt of payment.

Buyers face penalty or account suspension if they wrongly confirm sending the money.   

To have a robust P2P system WazirX also verifies KYC details of all the persons using the platform so that you can trade with ease. 

Remember –

• You need to make the payment within 60 minutes to make the payment
• Additional 30 minutes to confirm the payment. 
• Use IMPS related only to the bank account registered with WazirX

After you receive USDT, you can use them to purchase any other cryptocurrency.

How to Trade in WazirX

In order to trade on WazirX, you need to visit the exchange and select the base currency. WazirX has four base currencies segmented under USDT, BTC, WRX and INR.

Choose the currency that you want to buy/sell and get started by entering the order form on the platform itself. 

For example, you can buy 1 Dogecoin at Rs. 54.4005 and later wait for the price to increase and then you can sell them at Rs. 56 and earn Rs. 2 profit per coin.

Trading in cryptocurrency goes 24 hours round the clock but the market is not as liquid as compared to shares trading.   

Your buy or sell order may take some time to get completed. Till such time your order will show as an “open order”. 

Open orders wait for an appropriate match in terms of price and quantity in the exchange books for that particular cryptocurrency. 

Once both the price and quantity criteria get fulfilled your open order matches and the order gets executed. 

For quick execution, you can place buy/sell orders near to the last traded prices. 

How to Check Profit & Loss in WazirX

Go to the “Download Trading Report” option under the Account settings. Select the period for which you want to check profit.

Request trading report to check profit in WazirX.

FAQs

Final Words 

WazirX crypto exchange is a safe, fast and convenient crypto platform available on smartphones, Windows and Mac.

The platform lets you access 100 plus global cryptocurrencies through P2P, and spot exchange mechanisms.

WazirX crypto exchange helps you diversify your investment portfolio. Crypto enthusiasts in India should open WazirX account and definitely give it a try.

About Pardeep Goyal

I talk about saving & investing money. You would love my articles related to Credit Cards, Travel, Shopping, Tax Saving. I share transparently how I am making passive income from multiple sources online.