WazirX Review: Is it the best exchange to buy and sell Crypto in India?
WazirX is an Indian crypto exchange which lets Indian users buy and sell Bitcoin and other alts in India. We have reviewed WazirX for our readers so that you can first read and then decided whether WazirX is the exchange you would like to use to buy crypto in India or not.
Lately, Bitcoin has been reaching a new ATH almost everyday. Dawn of Alt Coins and crypto-enthusiasts just finding it hard to believe such a bull-run in the market. Crypto enthusiasts are also expecting a Bitcoin like alt run in 2021.
With all of these happenings going around in the crypto realm, even the disbelievers have started to think about cryptocurrencies. We are not only seeing new retailers, we can see big institutional players like Grayscale investments buying as many Bitcoins as possible. Not just BTC, Greyscale has also added Ethereum, XRP, XML and some more altcoins.
For new investors who would like to put their money in Bitcoin and other crypto, lack of knowledge sometimes stops them. Or they sign up with some fake crypto exchange sites and end up losing their money. I have built a community just to address the problem.
Join my Facebook community: Bharatafinance where you can ask your silliest queries on crypto. Absolutely FREE!
WazirX Company Details
|Type||India Crypto Exchange|
So, without any further ado, let’s just get started.
This article will help you in handling the exchange by performing different activities like signup, purchasing, buying, and step-by-step process.
Let’s buy some BTC, ETH, XMR, LTC today and start our passive income journey.
How to Open an Account at WazirX.com?
To open the account, an individual needs to follow these steps. Let’s start.
1# Signup on WazirX
Make sure to visit the site and click on the signup icon.
2#. Fill the Details to Create an Account
To submit the registration details, you need to provide your email address and set the password as given in the image.
3#. Account Security and Email Verification Set Up
Once you’re done with submission, WazirX will send you a verification email to proceed further. You need to click on the verification process received and go ahead with the account creation steps.
Also, make sure you also need to have a security setup. WazirX will show you two account security options.
- Mobile SMS services
- Google Authenticator App
The individuals are free to choose either option. However, it would be better if you have an authenticator app because it is much safer than another security app. After all, mobile SMS are prone to hacking.
You can download Google 2FA app from Play Store.
4#. Choose the Account and Country
This is the final step, and all you need is to select the country. Along with this, you also have the flexibility to open the account without KYC or with the KYC option.
However, without the KYC option, you can trade and deposit on your WazirX account. But to enable the trade P2P and withdrawal facility, one must need to complete their KYC verification.
For this, you need to have an Aadhar card, PAN card and your bank details. Enter the following details correctly:
- Name of the individual as on KYC document
- Date of Birth
- Address mentioned on KYC document.
Once you’re done with this, the individual needs to upload the scanned KYC document and image. The account will be verified within 24 to 48 hours from WazirX. Since the KYC takes time, it is highly recommended that you sign up right now.
Now that you are signed up with WazirX and waiting for the KYC to get approved, let’s have a look at other features of WazirX.
How to Buy Cryptocurrency on WazirX in India?
You can buy Bitcoin with your WazirX account by depositing INR in your WazirX account. It’s simple to buy any cryptocurrency from WazirX. Let’s first see how to add money to a WazirX wallet.
Add Money to WazirX INR Wallet
After KYC is approved, the first step before you start trading on WazirX, is to add money to your WazirX wallet.
You can deposit as much as you can. The wallet of the WazirX allows the Indian rupees deposits via UPI, IMPS, RTGS, and NEFT. One can start with a minimum amount of Rs 100. However, there is no bar limit to deposit money above this. I strongly suggest starting with the minimum.
To deposit the INR into the WazirX wallet, you need to login and then click on the Funds.
For this, select the given option, “Rupee INR,” and then click on the given deposit section as mentioned in the image. After that, you need to link your bank account details with your WazirX wallet.
Once you’re done with this, you’ll be allowed to Instant Deposit using the RTGS/IMPS/NEFT or UPI
Money will be instantly credited to the WazirX account and can even be withdrawn from the account. Now that money is added, and once the amount reflects in your WazirX account, we can now start buying any cryptocurrencies.
How to Buy Bitcoin in WazirX?
Before we learn to buy any crypto, let’s first learn how to buy Bitcoin with INR. Brace yourself! You are going to just buy your first Bitcoin in the next few seconds 🙂 To do this, click on the EXCHANGE section on the menu and select the INR pairing as you can see in the image BELOW.
On the right hand side, as shown on the image above, you will see BUY and SELL option. The price mentioned is the lowest price at which you can buy Bitcoin instantly.
Enter the amount of BTC you wish to buy. For instance, let’s say you have 50000 INR in your WazirX wallet and you want to buy 0.01 BTC, which would be worth 31877.27. You can a set a price below 31877.27 for which the transaction will not complete instantly.
The transaction will happen, only if the BTC’s price drops to your price. Let’s say you enter 30000 INR, then the transaction for 0.01 BTC will be processed only when Bitcoin hits 3000000 INR or below. The transaction will be completed in order of placing the buy orders.
Let’s say there are 2 buyers who want to buy at the same price. So whoever had requested to buy earlier, his or her transaction will process, and then the other person’s BITCOIN will be bought.
I hope the concept is clear. Once the purchase is successful, you will see it inside the COMPLETED orders in the right hand side of WazirX dashboard, on the same page. Go and buy some small amount of Bitcoin and try your hands.
At the time of writing, if I want to buy BTC with INR, it will cost me 3187727 INR.
Go, choose your own amount, and buy. Done? Congrats. Welcome to the Crypto club 🙂
Now that you have purchased Bitcoin in India, you also need to know how to sell your Bitcoins.
How to Sell Bitcoin in WazirX?
To sell Bitcoin, you have to follow the same process. Click on the SELL box, which you can see beside the BUY box. Set your own price or select the price shown. Click on the SELL button. Tada! You are done. You will now be seeing the INR funds in the WazirX wallet.
WazirX Video Tutorial in Hindi
If you are reading this from India, and you understand Hindi, and would like to watch how to buy Bitcoin in WazirX in Hindi, check out this video:
How to buy ETH, XPR or any other alt with INR in WazirX?
To buy any coin with INR, you have to follow the exact process we mentioned to buy and sell Bitcoins in India. Replace BTC with the altcoin you want to buy and you are good to go.
How Can You Trade Any Crypto in WazirX?
If you want to trade on the WazirX, you need to visit the section of exchange in the WazirX account. Then select the currency base. There are three base currencies available in WazirX segmented under BTC, USDT, and INR. Let’s say you have BTC and you want to buy ETH.
Instead of selling BTC to INR, and then buying ETH with that INR, you can directly trade ETH with BTC. Let’s see how we can do that. Select any of the BTC, USDT, or WRX coins that you have in your WazirX wallet. You will see a list of coins that you can buy with respect to the coin you are holding. For example, let’s say we have some BTC and we want to buy ETH with your Bitcoins.
Choose the BTC ETH pair as shown above.
Enter the ETH amount you want to purchase.
Click on the BUY ETH button. See image above.
Individuals need to fill the buy order form and then click on the place buy order. Your order will be placed immediately, and instantly you will get your cryptocurrency as it gets traded.
It may take a few minutes to execute, so keep patience. You can select the currency with which you want to sell/buy and start trading by entering the order form on the WazirX platform.
Now let’s understand about WazirX Fees.
WazirX Fees: How much are you paying to use WazirX?
Although there is no processing fee in WazirX, currently, WazirX collects two fees: Withdrawal fees and Trading fees
WazirX Withdrawal Fees
WazirX charges the withdrawal fees when you withdraw or move the cryptocurrency from your WazirX account to any other exchange or to your own wallet. However, this fee may vary from currency to currency and vary minimum to maximum depending upon the amount you withdraw.
Bitcoin Withdrawal Fee
For instance, if you wish to withdraw the Bitcoin then, you need to pay the fees given below:
|Particular Bitcoin Fees||Amount|
|Withdrawal Fees||0.0006 BTC|
|Minimum Withdraw AMOUNT||0.001 BTC|
|Maximum Withdraw Amount||3 BTC|
|Minimum Deposit Amount||0 BTC|
Details: Let’s say you want to withdraw 0.1 BTC, then you will get 0.1-0.0006 = 0.0994 BTC in your account. WazirX will deduct their fees and submit the rest in your account.
Similarly, it may vary if you use Tether USD. The withdrawal fees are around 150 USDT. I sincerely feel the withdrawal fee of WazirX is a let off. I hope they work on it and reduce the withdrawal fee. For now, I would suggest you connect your WazirX account with Binance and continue withdrawal from Binance.
Trading Fees on WazirX
The individual can trade with cryptocurrencies in three different markets: P2P market, STF trading, and spot marketing. All the trades are based on minimum order size. This means to buy or to sell; you need to pay a considerable amount of fees.
For Spot Market Transaction
The trading fee for the spot market transaction is 0.2 % for both sellers and buyers.
For P2P Market Transaction
The P2P market only has eight currencies that are nicely paired against the USD Tether, namely: Indonesia Rupee, Euro, Indian Rupee, Nigerian Naira, Suadi Riyal, Ukrainian Hryvnia, and Turkish Lira.
For Indian trade, the individual can only enter either INR/ USDT Transaction. However, the sell and buy fee is 0%. The minimum buy order value must be around 14.5 USDT, whereas the maximum buy order is 2000 USDT.
For Smart Token Fund Market Transaction
WazirX also provides a transaction facility for new cryptocurrency traders. However, the individual needs to pay the 25% fees on earning profit to WazirX. Also, WazirX is acquired by Binance, they charge ZERO fees to move coins between WazirX and Binance.
WazirX Crypto Exchange: Pros and Cons
Pros of WazirX Exchange: What I like about this Indian Crypto Exchange?
What I liked the most is they have both the app and the desktop version and both the places, the UI is amazing and user friendly. Multi Transaction facility Good volatility Highly secure and authenticated Zero fees on Binance to WazirX transactions.
There is a lot of liquidity for any coin that you want to buy. Of all the exchanges, the liquidity wrt INR pair for any coin is highest in WazirX.
Cons of Wazirx Exchange: What I do not like about this Indian Crypto Exchange?
WazirX Margin trading
There is no margin trading facility available on WazirX.
Slow KYC approval
KYC approval takes weeks time. 2-3 weeks is a lot of time to get KYC approval. I hope they make the process faster.
WazirX FAQs: Most Frequently Asked Questions about the exchange
Is WazirX Legal in India?
Yes, WazirX is a legal exchange in India.
Is WazirX a Safe crypto exchange in India?
WazirX looks safe to us. However, always use exchanges only to buy and sell and trade. Do not keep your coins on exchange for a long time. Moving them to wallet is the safest way to store your coins.
How much time does it take to reflect the money deposit in the WazirX dashboard?
With UPI enabled, the deposit is instant. In some cases, it may take upto 24 hours or more.
What is the minimum amount to get started on WazirX?
Minimum deposit amount on WazirX is 100 INR
How to contact the WazirX support team?
You can contact WazirX customer care on Twitter @wazirxindia or on their Telegram ID https://t.me/wazirx
Is WazirX Crypto Exchange a scam?
Lately, there have been a lot of questions on WazirX exchange and many of their customers have started calling the crypto exchange a scam. This is mainly because of a large number of opened unsolved tickets. The exchange saw a huge increase in the number of new signups and they failed to solve the issues of their users quickly. Most of the tickets were created due to the customer’s fault in choosing the right memo, or chain. In every post on Twitter, we could see angry users flood the thread with their ticket numbers.
Also, in the rapid SHIBA tokens listing, the price rose to a record price which was much more than the actual tokens price. Moreover, there was no way users could deposit the tokens and make use of the situation. Many WazirX users lost a lot of money, which is when investors started calling WazirX a scam.
Later, Nischal Shetty, in one of his twitter posts, announced they would be compensating some of the Shiba token traders with WRX tokens. When you run a company or any product, there are going to be support tickets. I agree that WazirX should have been better prepared for the situation. The customer handling was poor. Having said that, I do not think WazirX is a scam by any means.
Best WazirX Alternatives: Crypto Exchanges in India
It is always recommended to have an account in multiple exchanges. If things do not go well with WazirX, you can give a try to some other crypto exchanges. The best WazirX alternatives are mentioned below:
|CoinDCX||Sign Up Here||Read our Review|
|Giottus||Sign Up Here||Read our Review|
|BitBNS||Sign Up Here||Read our Review|
|Coinswitch Kuber||Sign Up Here||Read our Review|
WazirX Review: Is WazirX the best crypto exchange in India?
WazirX is one of the top crypto exchanges in India. I recommend you to use WazirX and share your reviews with us. Not just the platform, I love the way the founder, Nischal Shetty supported the Indian users during the 2018 crisis when RBI called for a ban on using banks as a medium of transaction to buy and sell cryptocurrencies in India. The ban was however lifted by the Supreme court of India, later in 2019. He was one of the crucial members who advocated for the exchanges. Some exchanges like Koinex had shut down their operations. Since then, WazirX has become one of the widely used Indian crypto exchanges. WazirX provides a safe, fast, and convenient platform for buying and selling cryptocurrencies in India.