Introduction
WazirX has rapidly emerged as one of India's leading cryptocurrency exchanges, offering access to digital assets for millions of users. This comprehensive review explores its features, services, fees, and overall trading experience to help you make an informed decision.
Key Highlights
- Founded in March 2018 by Nischal Shetty (CEO) and co-founders Sameer Mhatra and Siddharth Menon
- Acquired by Binance in November 2019 with subsequent $50 million investment in Indian blockchain projects
- Native WRX token provides trading benefits and governance rights
- Offers spot trading, P2P marketplace, Smart Token Fund, and NFT platform
- Competitive 0.2% trading fee for most pairs
Services Overview
1. Exchange Platform
The WazirX exchange supports spot trading with multiple cryptocurrency pairs:
- INR, USDT, BTC, and WRX trading pairs
- Limit and stop-limit order types
- Quick Buy feature for instant purchases
2. Peer-to-Peer (P2P) Trading
- World's first P2P auto-matching engine
- Zero-fee trading for USDT purchases
- Supports eight fiat currencies including INR, EUR, and TRY
3. Smart Token Fund
- Copy trading platform for passive income
- Skilled traders earn 25% commission on profits
- Secure system prevents fund withdrawals
4. NFT Marketplace
- Beta platform for minting and trading NFTs
- Uses Binance Smart Chain for low gas fees ($1 per transaction)
- WRX-based transactions
Fee Structure
| Service | Fee Structure |
|---|---|
| Spot Trading | 0.2% for most pairs |
| WRX Pairs | 0% (except WRX/BTC at 0.2%) |
| Crypto Withdrawals | Variable by token |
| NFT Transactions | $1 gas fee |
Payment Methods
- INR deposits via UPI or wire transfer
- Minimum deposit: INR 100
- Minimum withdrawal: INR 1,000
Mobile Experience
- Available on iOS and Android
- Referral program offers 50% trading fee commission
- Regular promotions and giveaways
Security Measures
- Optional two-factor authentication (2FA)
- Google Authenticator and SMS/email options
- CertiK security audit completed (May 2021)
Regulatory Status
- Member of IAMAI cryptocurrency regulatory board
- Current investigation regarding money laundering concerns
- Recent 18% GST proposal on crypto trading in India
Pros and Cons
Advantages:
- User-friendly interface
- Multiple platform options (mobile/desktop)
- Copy trading through Smart Token Fund
- Competitive fees
Limitations:
- No leverage trading
- Limited staking options
- Regulatory uncertainties
Final Assessment
WazirX provides an excellent entry point for Indian crypto enthusiasts, combining competitive fees with diverse services. While regulatory concerns persist, its Binance affiliation and continuous development make it a strong contender in the regional market.
Frequently Asked Questions
Is WazirX safe to use?
Yes, with proper security measures like 2FA enabled. The platform has undergone security audits but users should remain vigilant.
What makes WRX token valuable?
WRX offers trading fee discounts, governance rights, and periodic token burns to maintain scarcity.
Can international users access WazirX?
Yes, the platform accepts users from multiple countries including the UK and USA.
How long do withdrawals take?
Processing times vary by cryptocurrency, typically completing within a few hours.
Does WazirX offer customer support?
Yes, through 24/7 live chat, email, and phone support.
What's the minimum investment amount?
You can start trading with as little as INR 100.
Top Alternatives
For traders considering other options, these platforms offer similar services:
👉 Compare exchange alternatives
- Binance - Global exchange with advanced features
- CoinDCX - Indian exchange with staking options
- KuCoin - International platform with leveraged tokens
Remember to evaluate your specific needs when choosing an exchange, considering factors like supported assets, fees, and regulatory compliance.