WazirX is 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: is it safe, what its review is, what rules and regulations are, and how to use it? Don’t worry; here we bring you a WazirX review in which we 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 was launched in 2018, and its headquarters are located in India. It is run by Nischal Shetty, Sameer Mhatre, and Siddharth Menon.
But in November 2019, WazirX announced that it had been acquired by Binance Exchange to attract customers across the world, so now WazirX is available for all traders in all countries.
Update (05/August/2022): Binance CEO Changpeng ‘CZ’ Zhao denied suggestions that Binance owns WazirX. Zhao said that deal was never completed.
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.
There are over 100+ coins listed for trading on WazirX, including all popular coins, so you don’t have to be worried about the coin limit list. Here, see all lists.
Read: 5 Decentralized Video Sharing Social Media to Earn Cryptocurrencies.
Limits and fees.
As we said, a vast number of coins have been listed on WazirX because the majority of the listed coins have different deposit and withdrawal limits. The minimum deposit and withdrawal limit is extremely low, especially for popular coins such as BTC, ETH, USDT, and 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 BTC 0.0006, ETH 0.01, and so on.
The trading fee is 0.20% for both makers and takers; other trading platforms for takers charge below 0.10%, but WazirX charges more, but we think it is affordable.
Accepted local fiat currencies.
It was available only for India and accepted Indian rupees, but after being acquired by Binance, it is 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, and TRY.
Fiat deposit method.
There are not many fiat deposit methods, only wire transfers and cryptocurrencies. But if you are from India, you can deposit Indian rupees from UPI, IMPS, NEFT, and RTGS.
How To deposit INR?
- On the Home Screen, Click on the Funds tab
- Tap on Indian Rupee and tap on the Deposit button
- 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.
- Tap on the UPI/IMPS/NEFT/RTGS
- 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.
- Do not forget this step – Come back to WazirX and click on the Add Transfer Details button
- 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 An 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 called WazirX coin (WRX), a utility token backed by WazirX that 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, it has a simple trading view chart that is clearly understandable to users. What 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 Referral Program.
WazirX is known for its highest-paying referral program, in which users can earn a 50% commission. The earnings are truly unlimited! You get 50% of the fees WazirX charges for 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 WazirX Review.
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.
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