Today, crypto trading has taken the world by storm, with over 4000 cryptocurrencies being traded. WazirX has primarily become synonymous with Bitcoin in the Indian market.
The platform has been operating in the crypto world since 2018. However, the common question every investor asks before investing with the platform remains – Is WazirX Safe? So we analysed the platform’s security features and have created an in-depth WazirX review.
What Is WazirX?
Founded in 2018 by Nischal Shetty and Siddharth Menon, WazirX is India’s Most Trusted Crypto Exchange with an advanced trading interface and features which allow users to buy, sell & trade cryptocurrencies conveniently. In addition, the exchange’s Live Open Order Book system allows you to trade digital currency like Bitcoin, Bitcoin Cash, Litecoin, Dash & many more.
WazirX is India’s largest centralised crypto exchange, with over 6 million registered users and a monthly trading volume above $5B. WazirX has 225+ cryptocurrencies on offer with an impressive auto-matching P2P machine that makes crypto-fiat conversion easy and fast.
It also allows users to trade in fiat currency to invest in a variety of cryptocurrencies. Although based in India, the exchange now offers services to the rest of the world with fiat deposits (P2P) available for users in 7 different countries.
The exchange offers secure and easy-to-use platforms that provide strong security. Integrated with Binance, the introduction of a utility token – WRX and WazirX’s innovative P2P trading exchanges helped the platform gain widespread adoption.
The company says the web-based trading platform has the potential to appeal to both experienced investors and professionals in both the crypto and traditional markets.
WazirX & Binance Partnership:
Binance is the world’s largest cryptocurrency exchange, with a monthly trading capacity of over 1.8 billion transactions. Meanwhile, WazirX works with the intention of providing crypto services to Indian investors.
Binance purchased WazirX in 2018, which opened a global marketplace for investors around the world. The platform now allows you to buy/sell over 500 cryptocurrencies and build your own crypto investment portfolio using Indian Rupees.
WazirX Crypto Coin
WazirX also offers a crypto coin – WRX developed to help build a crypto community and reward initial users. The token has a total supply limit of about one billion. Approximately 235.635.396 WRX tokens have been traded with volumes averaging $157.50 million as of today. The current market price for WRX coins is $0.222242.
Is WazirX Safe? Read Before Trade?
Since its inception, WazirX has grown to become one of the most trusted and secured crypto exchanges in India to buy, trade, and sell over 100 digital currencies.
Binance, the world’s largest and most trusted crypto, acquired the platform in late 2019. When it comes to safety, it is better to give top priority to your funds’ security.
Here are some security features of WazirX:
- Uses Google Authenticator and Mobile OTP-based authentication to secure the transaction process.
- WazirX stores 95% of the funds in cold storage, keeping it safe from any hacking activities.
- Two-factor Authentication
After considering all these above points, we think you have got your answer – Is WazirX Safe? Next, let’s discuss other offerings and aspects of the exchange platform.
How Many Cryptocurrencies Does WazirX Support?
WazirX provides 225+ different cryptocurrencies to buy, sell or trade. It contains all major digital currencies of the crypto market, including midcaps and microcaps.
Users can trade many cryptocurrencies and coins using their national currency in WazirX. However, the P2P market offers only eight currencies paired with USD Tether (USDT).
The platform offers the following crypto coins, among others:
- Bitcoin (BTC)
- Ethereum (ETH)
- Polygon (MATIC)
- Solana (SOL)
- Fantom (FTM)
- Coin Binance (BNB)
- Polkadot (DOT)
- Shiba Inu (SHIB)
- Dogecoin (DOGE)
- Gala Events (GALA)
What Are WazirX Trading Fees?
Here’s a quick overview of WazirX Fees:
- WazirX charges a 0.2% commission on every trade, which is the lowest according to the organisation.
- The platform also charges a trading fee in the taker/maker model, i.e. 0.2% for both buyers and sellers.
Deposits & Withdrawals
The platform offers several depositing and withdrawing money options. WazirX users can deposit money into the exchange platform and buy cryptocurrencies with that fund. The money will be added to the WazirX wallet, which can be used to buy various cryptocurrencies. U
The WazirX deposit fees for BTC are very reasonable compared to industry averages. However, credit card deposits are not allowed on the platform. The WazirX withdrawal fees are relatively lower than those of other exchanges.
Users should also keep in mind that you may have to spend money when you deposit money on the platform. For example, when WazirX users deposit money via bank transfer, it will cost $0.11, while when users withdraw money from the app costs between $0.5-$0.10, depending on the method of withdrawal.
Accepted Payment Methods
WazirX allows depositing money in INR and cryptos. Select the cryptocurrency you want to deposit and transfer it to your WazirX wallet address.
To deposit INR, you can try any of these WazirX payment methods:
- NEFT/ RTGS/ IMPS
- Net Banking
- Bank Transfer
How To Open An Account on WazirX?
After analysing – Is WazirX safe? It’s time to open an account on the platform. To open an account on the WazirX platform, an individual needs to follow these steps. Let’s start.
- Make sure to visit the official site and click on the signup button.
- To submit the registration information, you need to provide your name and email address and set the password.
- Once the submission completes, WazirX will send you a verification email to proceed further.
- Now, you need to click on the verification process 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. We recommend using Authenticator App.
- 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. You’ll also need to provide the bank account details.
However, without the KYC option, you can trade and deposit on your WazirX account. But to enable the peer-to-peer trading and withdrawal facility, one must need to complete their KYC verification.
How to Deposit Funds On WazirX?
Making a deposit on WazirX is simple. You can follow these steps to get started:
- Click on the ‘Funds’ icon, available on the website.
- Next, click on the deposit button and choose the asset you want to deposit.
- Now, you can choose to instant deposit through any of the payment methods available. You’ll need to enter your bank account number to link your bank account to the platform.
- In case of crypto deposits, copy the destination address or scan the QR code and deposit funds.
How to Withdraw Funds from WazirX?
Follow these simple steps to withdraw funds from the platform:
- Click on the ‘Funds’ icon, available on the exchange website.
- Now, click on the ‘withdraw’ icon.
- In the case of INR, you can choose an option between ‘instant withdrawal’ and ‘NEFT withdrawal.’
- In case of a crypto withdrawal, you can send the coins to your secure wallet address or scan the QR code to make a transfer.
WazirX Review: Available Trading Options
Spot Trading:
The spot trading offered by WazirX is effortless, and you can begin by clicking on the ‘Exchange’ icon. In addition, WazirX enables users to place orders for trade quickly by using advanced trading tools. Then, when the market meets the requirements of your order, the system automatically executes them.
Peer-to-Peer Trading:
WazirX also offers a Peer-to-Peer exchange crypto service. However, you can only make exchanges with USDT. The platform has unique buyer and seller matching software that automatically matches you with the right seller when you place an order as a buyer.
How to Buy/Sell Crypto on WazirX?
After getting an answer for – Is WazirX safe? It’s time to start trading on the platform. Follow these simple steps to start trading on the platform:
- First, click on the P2P icon at the top of your screen. You’ll need to enter the amount of USDT you want to buy.
- Click on the ‘Place Buy Order’ icon. Now, the platform will search for the sellers for your respective order.
- You can see several matches from multiple sellers. Next, make payments to each of the sellers and click on ‘I have paid ‘.
- Now, wait for the seller to confirm your payment. Once the payment is confirmed, the crypto will be credited to your WazirX account.
- Similarly, for selling cryptos, you need to place a sell order and after receiving the payment, click on ‘Yes, I have received the payment ‘.
WazirX Review: STF Trading (Smart Token Fund)
As Crypto markets are highly volatile and crypto investments are at risk, a smart token fund in WazirX is a method to connect seasoned traders and not-so-experienced traders.
They help each other build a portfolio. It is similar to copy trading as if you’re buying a professional investor portfolio. However, this does not limit you from the market risks as cryptos are highly volatile asset classes.
WazirX Review: Mobile Application
Apart from the WazirX website, the exchange offers an intuitive mobile application, which offers almost all the features, like spot trading, P2P, deposit, withdrawals, etc. The WazirX app has a simple user interface, and you can download it from App Store and Play Store.
Is WazirX Safe For Buying and Selling Cryptocurrency?
WazirX is a crypto trading platform that provides users with an easy way to buy, sell or trade cryptocurrencies. It is seen as an efficient platform with multiple competitions across all continents.
But sometimes, when there’s much more traffic, it can’t handle people’s needs, and the app keeps crashing. According to many WazirX reviews, this is probably a significant reason that users delete accounts. The latest WazirX crash took place on April 19, with the application seeing more users than ever before.
WazirX Review: Customer Service
WazirX provides users with a variety of contact channels for resolving issues. In addition, there are several pre-set answers to many topics under the FAQ page.
There is also a chatbot that offers you a list of possibilities. If you have any other queries, you can contact the WazirX team through the WazirX customer care number – 0124-6124101 / 0124-4189201 or their toll-free number 1800-309-4499.
WazirX often responds to inquiries via social media, although it does not always do so. Although the chatbot is quick and effective, its customer service has received negative feedback on websites like Trustpilot.
Despite being a safe Crypto trading platform, WazirX lacks at some points, including user interface, platforms and fee structure. However, XBO.com – an upcoming crypto exchange, aims to bridge this complexity gap by providing a simplified user interface, intuitive trading platform and industry-best fee structure. Additionally, XBO.com’s generous loyalty programs and exclusive offerings are its plus pointers.
Conclusion:
As we are wrapping up the topic – Is WazirX Safe? Here’s a quick summary: WazirX features like auto-order completion and STF investment are the plus pointers. It is a beginner-friendly platform with a great referral program and one of the best mobile apps. If you are thinking of getting started with this platform, then this WazirX review can be your saviour.
FAQs:
What Is Minimum Account Deposit on WazirX?
The minimum deposit amounts for WazirX accounts are $100. There are no limits for maximum deposits.
How to Buy Bitcoin on WazirX in India?
To buy bitcoin on WazirX in India, you’ll first need to open an account with the exchange.
Can WazirX be Trusted?
WazirX has been operating since 2018 and has a strong track record for trading crypto in India. The platform keeps 99% of its funds offline to prevent hacking.
Is Trading on WazirX Legal in India?
Yes, it is legal to trade on WazirX in India. However, you are subject to pay 30% tax on each transaction.
Who Is The Founder of WazirX?
The founders of WazirX are Nischal Shetty and Siddharth Menon.
