WazirX Review 2021 | Is it safe and Legal? [Read This First]

Estimated reading time: 13 minutes

In this review article, you’ll know about all the features that WazirX offers, and by the end of it, you’ll also have a guide to begin trading on WazirX.

WazirX is India’s one of the most popular Indian crypto exchange platforms and a go-to place for Indian crypto investors. With an ever-growing user base, WazirX offers 100+ cryptocurrencies to trade, including its WRX tokens.

Summary

  • WazirX is an Indian crypto exchange platform with the maximum number of users.
  • You can start trading by completing a few simple steps like sign-up, KYC completion, depositing INR, and placing an order.
  • WazirX allows you to use UPI to make a deposit apart from NEFT/ RTGS/ IMPS/ bank transfer.
  • You can also transfer crypto assets to your WazirX wallet.
  • WazirX lets you buy or sell USDT through P2P exchange and does not charge you any fee.
  • You can expert traders maintain your portfolio by paying them a percentage of your profits.
  • WRX coin is a wazirx token, and you can use it to trade and pay your trading fee at wazirx.
  • You can withdraw INR directly to your registered bank account. In the case of a crypto asset, you can transfer it to your wallet. 
  • The fee charged by WazirX is a bit higher as compared to its market competitors.
  • WazirX offers a simple trading app, and you can download it from the Play Store or App Store. (Use ad4e888q referral code to get a discount on the fee)
  • You can earn 50% of the trading fee as a commission through their referral program.
  • They offer a 24×7 support system. However, you can only submit a request through mail, and wazirx will revert.
WazirX exchange
WazirX exchange

Binance is the world’s biggest crypto exchange platform, and it acquired WazirX by the end of 2019. This increases the future aspects of WazirX in India and the crypto market.

How to begin trading on wazirx?

It might take less than five minutes to begin trading on WazirX. All you have to do is create an account, complete your KYC, deposit funds, and you’re all set to make your first trade.

Create an account on WazirX

Creating an account is the very first step in your crypto trading journey. You can follow these steps to create an account on WazirX:

  1. Visit the official WazirX website and click on sign-up.
  2. Enter your email address and password.
  3. Click on the account activation link in your mail.
  4. Now log in, and you’re all set.
WazirX Signup
WazirX Signup

Complete KYC

You need to complete your KYC in order to deposit funds in INR or crypto. Follow these steps to complete your KYC:

  1. Click on your profile tab and then click on complete verification.
  2. Enter all the details as per the government-approved ID cards.
  3. Now enter your bank details. WazirX will use this bank account for all withdrawals in the future.
  4. Upload images of PAN, Aadhar, and a selfie in JPG or PNG format.
  5. Once all the details are verified, you can then deposit funds to begin trading.
WazirX KYC
WazirX KYC

Deposit and start trading on WazirX

You need to make deposits so that you can start investing in cryptocurrencies. You can deposit INR through any of the accepted payment options. However, you can also deposit cryptocurrencies (if you own any).

WazirX deposit
WazirX deposit

WazirX Accepted payment methods

WazirX allows you to make deposits in INR as well as for cryptocurrencies. In crypto assets, choose the cryptocurrency you wish to deposit and transfer it to your wazirx wallet address.

To deposit INR, you can use any of the following payment methods:

  1. NEFT/ RTGS/ IMPS
  2. UPI
  3. Net Banking
  4. Bank Transfer
WazirX Payment Method
WazirX Payment Method

WazirX Review: Deposit INR or Crypto

Depositing INR is simple. However, you can follow these steps to make a deposit:

  1. From the header on the website, click on the ‘Funds’ tab.
  2. On the next screen, click on the deposit button across the asset you wish to deposit.
  3. Now, in INR, you can choose to deposit through any of the payment methods above.
  4. And in case of a cryptocurrency, copy the destination address or scan the QR code and deposit funds.

Spot Trading on WazirX

Trading at WazirX is effortless, and you can begin by clicking on the ‘Exchange’ tab on the header of the website. WazirX allows you to place orders of a trade beforehand. When the market meets your order requirements, the system automatically executes them.

Trading on WazirX
Trading on WazirX

The list of crypto assets is on the left side of the exchange screen, and you can even star the assets of your choice.

WazirX P2P

WazirX also offers a Peer-to-Peer exchange service. However, in the case of P2P, you can only make exchanges in USDT. WazirX has one of its kind buyer and seller matching software that automatically matches you with the right seller when you place an order as a buyer.

WazirX p2p
WazirX p2p

WazirX Review: Supported cryptocurrencies

WazirX supports over a hundred crypto assets such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE), Binance coin, etc. 

WazirX Coin (WRX)

WRX is a token based on the binance blockchain with a maximum market supply of 2 billion coins. You can trade WRX coins on WazirX, as recently, there has been a rise in its value.

WRX Coin
WRX Coin

If you use WRX to pay the trading fee, then you’ll be getting a discount. You can also use WRX coins to buy other crypto assets on WazirX. Users owning WRX coins are also enlisted to airdrops on WazirX and many other benefits.

WRX mining

You can unlock WRX coins by merely trading in BTC, INR, and USDT markets. You can unlock WRX coins based on the below table:

WRX mining
WRX mining

However, WRX mining phase 1 has ended, and you can only wait for further announcements of phase two.

WazirX STF: Smart Token Fund

A smart token fund is a way to connect skilled traders and not-so-experienced traders, who, in a way, help each other build a portfolio. It is similar to copy trading in a way as if you’re buying a professional investor portfolio; he makes all the trades for you.

However, this does not exempt you from the market risks as cryptocurrencies are highly volatile asset classes. 

Who should invest in STF?

People who do not have time or skill to manage their portfolios. STF allows you to buy a smart token that lets you pass on your portfolio to skilled investors. Then this professional investor makes all the trades in your place.

WazirX STF
WazirX STF

STF for Skilled Trader

Skilled traders create their smart tokens and put them up for sale. The investors buy these tokens, and when the professional trader makes a profit on the investors’ portfolio, then the value of the token rises.

A skilled STF trader gets a 25% commission on the profits they make for an investor.

WazirX Fees

WazirX charges a maker/ taker fee of 0.2% on spot trading. There is no fee for making a P2P exchange, and you’ll have to pay 25% of your profit to skilled traders on STF trading.

If you make an INR deposit through a bank transfer, you’ll have to pay INR 6.7 as a transaction fee. However, there is almost no fee for depositing through UPI.

You’ll have to pay a withdrawal fee as mentioned in the below table or here on withdrawing a crypto asset.

WazirX Deposit and Withdrawal Fee
WazirX Review: Deposit and Withdrawal Fee

Note: WazirX has a high trading fee when compared to exchanges like CoinDCX or Bitbns.

WazirX Withdrawal

You can make a withdrawal in INR as well as a crypto asset on WazirX. You can follow these steps to make a withdrawal:

  1. Click on the ‘Funds’ tab from the header.
  2. Now, click on the ‘withdraw’ button in front of the asset you wish to make a withdrawal.
  3. In the case of INR, you choose an option between ‘instant withdrawal’ and ‘NEFT withdrawal.’
  4. And in the case of a crypto asset, you can send the coins to your wallet address or scan the QR code to make a transfer. 
WazirX Review: Withdraw
WazirX Review: Withdraw

WazirX Review: Security

WazirX stores almost 95% of your funds in offline cold storage, keeping it safe from any hacking attempts. However, you can keep track of a couple of things to secure your assets:

  1. Only use the official website or app downloaded from the play store or app store to login and order trades.
  2. Enable two-factor and OTP authentication.
  3. Never share your account details with anyone, not even with people working at wazirx.
  4. Never use public wifi to access your data.

WazirX Mobile App

Apart from the website, WazirX has its app. The app provides almost all the features, like spot trading, P2P, deposit, withdrawals, etc. 

WazirX Apps
WazirX Apps

The app has a simple user interface, and you can download it from the links below:

You can also learn about getting started on the app and read our article on how to buy ethereum using the Wazirx app here.

WazirX Referral Program

WazirX has an exclusive referral program that lets you earn 50% commission on fees of every trade. All you need to do is share your unique link or referral code.

WazirX Referral Program
WazirX Review: Referral Program

WazirX Customer Support

You can access WazirX support by submitting a request for your problems and attaching necessary documents explaining your concerns. The support team will revert to you as soon as possible.

WazirX Customer Support
WazirX Customer Support

You can raise a support request on WazirX, follow these steps:

  1. Click on the help center at the bottom of the home page of WazirX.
  2. Now, you can try searching your problem in the search bar on the screen and check if the solution is available.
  3. If not, click the ‘contact us’ button on the support page’s top right corner.
  4. Enter your email address, subject, problem description, and attach any necessary documents.
  5. Click on the submit button when you’re done.

WazirX Review: Pros and Cons

ProsCons
The website as well as the app both have a beginner-friendly user interface.They do not provide high liquidity.
STF enables investors with no time to make a portfolio by paying a percentage of their profits.They do not have a crypto lending feature as of March 2021.
It is affiliated with Binance, the world’s biggest exchange.They charge a high fee on withdrawing crypto assets.
You can deposit using UPI.

WazirX Review: Conclusion

WazirX is an Indian exchange platform offering features like auto-order completion and STF investment. It is beginner-friendly with a great referral program and one of the best mobile trading apps. If you are looking to start your crypto investment journey, then WazirX can be your destination.

Frequently Asked Questions

Is WazirX trusted?

Yes, WazirX is a registered exchange platform and has more than a million users.

Is WazirX a bitcoin wallet?

WazirX is an Indian exchange platform that connects buyers and sellers. However, it also offers a secure wallet to store your crypto assets. You can then use this wallet to store your bitcoin.

What is STF in WazirX?

Smart Token Fund (STF) is similar to copy trading and allows you to buy smart tokens and let expert investors carry out trades in your place. In exchange, you’ll have to pay them 25% of the total profits you make.

Is trading on WazirX risk-free?

WazirX is a crypto exchange platform and takes all the necessary precautions to safeguard your funds. However, you must realize that every type of investment is subject to market risk, especially crypto assets, as cryptocurrencies are highly volatile.

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