WazirX 101: WazirX Guide & Review
WazirX is the largest Indian crypto exchange, but you might have questions about fees, products, how to login to WazirX & more. Learn more in our WazirX complete guide.
Is WazirX safe?
WazirX is generally considered a safe crypto exchange in India and follows general best security practices. However, in July 2024, WazirX was subject to a cyber attack and has confirmed a loss of more than $230 million as a result.
Is WazirX legal in India?
Yes. WazirX is a registered crypto exchange that complies with Indian regulations and is therefore legal to use for Indian investors.
Who is the WazirX owner?
Nischal Shetty is the founder of WazirX. While he remains the CEO of WazirX, he’s also teamed up with former Zebpay CEO, Avinash Shekhar, to launch a new venture - Pi42. Pi42 is a crypto-INR futures exchange, aiming to help users invest in crypto tokens without worrying about paying tax deducted at source (TDS).
WazirX exchange review
WazirX is one of India's fastest-growing cryptocurrency exchanges, boasting over 6 million registered users and a well-reviewed app. It offers a wide range of coins and tradable pairs and is known for its user-friendly interface and advanced trading charts, appealing to both beginners and seasoned traders. Key features include:
User-friendly platform: Smooth navigation, multilingual support, and high trading volume.
Advanced trading tools: Offers advanced charts, powerful graphs, and tools for spot trading.
Transaction speed: Scalable blockchain infrastructure handles millions of transactions.
Security: 2FA, multi-signature wallet system, strict KYC/AML guidelines, and 95% of funds in cold storage.
Trading products: Over 350+ crypto coins and 250 cryptocurrency pairs, including popular coins like Bitcoin, Ethereum, Litecoin, Cardano, Solana, and more.
Native coin: WRX token offers benefits like discounts on trading fees and other incentives.
Smart token fund (STF): Helps beginners with trading strategies from experts for a commission.
Referral program: Earn up to 50% of the trading fee as a reward for referrals.
While WazirX is popular, it’s worth noting it lacks some products like crypto lending, staking, and margin trading. As well as this, the exchange has faced a couple of controversies including The Enforcement Directorate (ED) investigating WazirX for violating the FEMA Act of 1999, and laundering money. More recently, Binance CEO, CZ, clarified there was no ownership of WazirX.
Read next: Best Crypto Exchanges in India
WazirX fees
Wondering what the WazirX charges are. WazirX uses a tiered maker/taker fee structure based on your 30-day trading volume, with discounts available for WRX holders:
| 30D TRADING VOLUME IN INR PAIRS | 0 - 500 WRX | 500 - 10,000 WRX | 10,000 - 50,000 WRX | 50,000 + WRX |
|---|---|---|---|---|
| ₹ 0 - 5 LACS | 0.40% | 0.34% | 0.30% | 0.20% |
| ₹ 5LACS - 1CR | 0.35% | 0.30% | 0.26% | 0.18% |
| ₹ 1CR - 2CR | 0.30% | 0.26% | 0.23% | 0.15% |
| ₹ 2CR - 3.5CR | 0.25% | 0.21% | 0.19% | 0.13% |
| ₹ 3.5CR+ | 0.20% | 0.17% | 0.15% | 0.10% |
WazirX deposit fees and limits
WazirX does not charge INR deposit fees for IMPS/NEFT/RTGS payment methods and has a minimum deposit of RS1000 and a maximum deposit of up to 10 Lakhs. There is generally a minimum order size of 50 INR for most cryptocurrencies. Crypto deposit fees and limits vary depending on the network.
WazirX withdrawal fees and limits
WazirX charges 25 INR for instant withdrawals and 15 INR for NEFT withdrawals. There is a minimum withdrawal of 100 INR per transaction and a maximum withdrawal limit of 1 Lakh per NEFT/IMPS transaction.
WazirX supported banks
WazirX supports INR NEFT\IMPS/RTGS payments from the majority of large Indian banks including:
Punjab National Bank
Union Bank of India
IDBI
IDFC First Bank
Federal Bank
WazirX bank account verification
WazirX needs to verify your bank account and UPI ID in order to allow easy INR deposits and withdrawals and prevent transaction failures. The verification process is done automatically when you link your bank account with your WazirX account. You’ll be unable to withdraw INR from WazirX without bank verification.
To ensure your bank account verification is successful, make sure that the bank account or UPI ID linked is in your name only, as the WazirX account name and the bank account name must match. If your bank or UPI verification is processing for a while, the WazirX team will manually verify the request and notify you via email once there’s an update.
There are two main reasons why your bank account or UPI might not get verified: incorrect bank details linked (where the bank account number or IFSC is completely incorrect), or valid bank details but a name mismatch (where the name on WazirX and the bank account do not match). You can fix this by removing the incorrect bank account or UPI ID and adding the correct account again within WazirX.
WazirX login
It’s easy to log in to WazirX, just follow these steps:
Head to WazirX or open your WazirX app
Enter your email and password
Complete 2FA if enabled
Select log in
How to sign up for WazirX
If you’ve not got a WazirX account yet - it’s easy to create one, follow these simple steps:
Email & password: Head to WazirX and select sign-up in the top right of your screen or download the WazirX app. Choose a login email address and set a password. Your email address cannot be changed later.
Email verification: After entering your email and password, you'll receive a verification email which is valid for 15 minutes. Select verify email.
2FA: Once your email is verified, set up two-factor authentication (2FA) for enhanced security. You can use an authenticator app or mobile SMS. Enter your 10-digit Indian mobile number without the country code or '0'. You'll receive an OTP via SMS to verify your number.
KYC: You can complete your KYC immediately or skip it and do it later - but completing it immediately allows you to deposit or withdraw cryptos, trade, and use P2P. To complete KYC, select your country, enter your name as it appears on your KYC document, your date of birth in DD/MM/YYYY format, and your full address. Upload the required KYC documents and a selfie.
After submitting your details, the verification process begins, which can take up to 72 hours. You will receive an email once your account is approved. If your account is not approved, the email will explain the reasons and ask for necessary changes. Common reasons for KYC verification failure include details mismatch or duplicate accounts. WazirX also reserves the right to reject applications without providing reasons.
Read next: How to buy crypto in India
How to withdraw money from WazirX
Want to withdraw INR from WazirX? Here’s how:
Log in to WazirX
Select funds
Under INR, select withdraw
Select your linked bank account. If you haven’t done this, you’ll need to add bank details.
Enter the amount of INR to withdraw
Select withdraw
How to deposit money in WazirX
Want to deposit INR to WazirX? Here’s how:
Log in to WazirX
Select funds
Select INR
Select deposit
Select a payment method
Select show bank details
Enter an amount
Select deposit
Your account will be credited within 30 minutes to 3 hours depending on your payment method.
Read next: How to sell crypto in India
What is WazirX coin (WRX)?
WRX is the utility token of WazirX and is based on the Binance blockchain with a total supply of 1 billion tokens. WRX token holders enjoy various benefits on the exchange, such as trading fee discounts, WRX trade mining, token airdrops, and margin fee reductions. You can buy WRX on centralized exchanges like WazirX, Binance, and KuCoin, and check the WazirX coin price on CoinMarketCap.
Read next: Investing in Crypto in India
What is alias in WazirX?
When you’re registering your UPI on WazirX there are two sections - one is called UPI ID and one is called alias. Your alias is just another word for name/alternative name. You simply need to add your name as it appears on your ID into this section.
Some new WazirX users may face an 'alias' issue. To fix your WazirX alias, simply enter your name in the 'Alias' field and your UPI ID in the other. After registering, you can deposit funds instantly.
Wazirx Alias step-by-step
Open the WazirX app and go to 'Funds.'
Select INR at the top.
Choose 'Deposit' in the INR wallet.
Select UPI.
Enter your name under 'Alias' and your UPI ID.
Confirm with the OTP sent to your phone.
WazirX NFT
WazirX did launch a largely decentralized NFT trading platform - but closed this in February 2023, as the NFT hype died down. This was largely due to a lack of unique active wallets, low transaction and trading volumes and effectively failing to raise enough platform fees to justify the cost of running the servers to keep the NFT platform going.
If you used the WazirX NFT marketplace to buy, trade, or sell NFTs, then you still hold those NFTs in whatever decentralized wallet you used on the WazirX NFT marketplace and you can use other BNB blockchain NFT marketplaces like OpenSea.
WazirX support
Although WazirX may not be renowned for its customer service if you believe Trustpilot, it does provide multiple support options, including live chat, email support, and self-help content.
For those who prefer social media, WazirX is active on several popular platforms, including:
Telegram
Twitter
Facebook
Instagram
LinkedIn
YouTube
Reddit
CoinMarketCap
Does WazirX have a customer phone number?
WazirX announced on its blog and Twitter back in 2021 that it was introducing a WazirX customer care number - available from 9am to 6pm. They are:
Customer care number: 0124-6124101 or 0124-4189201
Toll-free number: 1800-309-4449
Are WazirX transactions taxed?
Yes. WazirX applies TDS to specific crypto transactions. As well as this, if you sell or trade crypto on WazirX, any profit is subject to a 30% flat tax.
For a detailed overview of crypto taxes in India, including the most up-to-date information on Income Tax on crypto profits, 1% TDS, and Schedule VDA filing in ITR, check out our Ultimate India Crypto Tax Guide.
WazirX FAQs
Is there a WazirX app?
Yes, WazirX has an app available on iOS and Android.
What’s a stop limit order on WazirX?
A stop-limit order is a type of limit order that helps traders protect profits and limit losses from market movements. To set up a stop-limit order, you need to set the stop price, the limit price, and the order volume.
Stop price: The price at which your limit order is triggered and placed in the order book.
Limit price: The price at which your order will be executed in the order book.
In simple terms, when the market reaches or surpasses the stop price, a limit order is placed at the limit price.
How to set up WazirX authenticator app?
2FA can help protect your account and crypto so it’s always advisable to set it up ASAP. Here’s how to set up 2FA on WazirX with the authenticator app:
Log in to WazirX and select profile
Select account settings
Select two-factor authentication then authenticator app
Enter the OTP then next
Open your authenticator app and follow the steps to add a new account
Enter the OTP in your authenticator app into WazirX
Save your recovery code in a secure place
Verify your 2FA request in your confirmation email
Does WazirX have a wallet?
Your WazirX exchange account is your WazirX wallet. It’s important to note that, WazirX doesn’t yet offer a non-custodial wallet and as such, you don’t own your private keys on WazirX.
Did WazirX fire all employees?
No. WazirX, like many other exchanges and crypto businesses, considerably downsized staff during the crypto bear market of 2022, laying off around 40% of employees throughout the bear market.
How to find Ethereum price (INR) in WazirX?
WazirX offers live ETH/INR pricing on its site.
Is Shiba Inu on WazirX?
Yes. You can buy, sell, and trade Shiba Inu (SHIB) on WazirX.
What does unable to fetch address mean on WazirX?
This error may occur if you select a payment method (i.e. UPI) that WazirX does not support. Additionally, there were many reports of this error when WazirX temporarily halted INR deposits in light of the introduction of TDS without clarification from the government on the operational requirements of exchanges. Some users also report this error occurring with specific banks.
What does INR deposit temporarily delayed mean on WazirX?
In most instances, you’ll receive your INR deposit on WazirX within 3 hours depending on your payment method. However, in some instances, INR deposits may be delayed and this will be flagged by an error message of ‘INR deposit temporarily delayed’. WazirX states users should be reassured that they will not lose these funds and that the platform has a 100% track record of users receiving money back to their WazirX account or bank account in reported cases.
Why is WazirX UPI not working?
WazirX does not support UPI deposits of INR. If you wish to deposit INR to your WazirX account use Transfer NEFT/RTGS/IMPS. Deposits made via UPI will fail and be automatically refunded within 7 days.
Is there a WazirX referral code?
You can find WazirX referral codes from WazirX affiliates or you can create your own WazirX referral code by signing up for the WazirX referral scheme.
Has WazirX been hacked?
WazirX confirmed a security breach had occurred with one of its multi-sig wallets on July 18, 2024. To attempt to ensure users’ funds were protected, INR and crypto withdrawals were temporarily paused, however, the cyber attack has resulted in a loss of around $230 million. WazirX is currently trying to trace and recover the funds.
