Is Wazirx Safe? Is it Legit or Scam?
Crypto is booming, and more and more people are hopping on the train– either because of the hype, because they believe in the vision, or just out of pure curiosity. To meet the demand, exchanges pop up every day.
One of the newer kids on the block is WazirX, India’s leading and widely-used crypto exchange and trading platform. But is it legit? Don’t worry, we’ve done the research and legwork for you. Here’s our honest review so you can know if WazirX is right for you.
Is WazirX Safe? Key Facts You Should Know
WazirX is a cryptocurrency exchange and trading platform founded in 2018 and later acquired by Binance in 2019. This allows WazirX users to also trade and buy cryptos on the Binance platform as well.
The site offers some of the most popular cryptos, such as Bitcoin, Ethereum, Litecoin, Ripple, and many more. They also have their own coin called WRX, which can be traded for other cryptos and assets. WazirX also created a proprietary trading terminal available on both PC and mobile devices.
WazirX supports withdrawals and deposits in fiat currency, but it’s only available to Indian citizens and in the Indian rupee. In January 2023, they came under investigation by Indian authorities due to suspicions of tax evasion.
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💰 Account currency:
Cryptocurrencies, INR
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🚀 Minimum deposit:
1$
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⚖️ Leverage:
1:1
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💱 Spread:
Market
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🔧 Instruments:
Cryptocurrencies, INR
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💹 Margin Call / Stop Out:
No
Is WazirX Safe? How is WazirX Protecting Your Money?
WazirX is one of the most trusted exchanges in India and is now backed by Binance. They protect your funds by keeping 95% of their assets stored in offline data centers to help keep them safe from hackers and data breaches.
In 2021, CertiK conducted a security audit of WazirX. They didn’t find any major security issues and certified the exchange as “safe.” Observatory tests carried out by Mozilla gave the site a “C,” which is average throughout the industry.
Users also say they have a responsive customer support team. So, if you run into any issues, they quickly help resolve your problems.
How is WazirX Regulated by Governments?
Currently, WazirX doesn’t fall under the regulations and laws of any government entity. This is due in part because India doesn’t have any laws regulating cryptocurrencies in the country.
Has WazirX had Any Security Compromises?
Since its inception in 2018, WazirX hasn’t had any security breaches, hacks, or any other form of compromise.
Is WazirX Available to me in My Country?
At the time of writing, WazirX is available to users in most countries and nations throughout the world. However, there are some exceptions. If you’re a resident or citizen of the following countries, you will not be able to trade, sell, or buy crypto using WazirX:
American Samoa
Angola
Bosnia and Herzegovina
British 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
Sierra Leone
Slovenia
Somalia
South Sudan
Sudan
Svalbard and Jan Mayen
The United States of America
Western Sahara
Yemen
Zimbabwe
According to their site, they are working hard to be accessible in more countries.
How Do I Register for WazirX?
If not in one of the countries listed above, then here are the steps you should follow to get registered on the site.
First, go to their website at WazirX.
Enter your email address, password (create a strong one), and referral code if you have one.
Go to your email and click the link to verify it.
Next, WazirX will need to conduct its KYC verification. Provide them with required documents, including name, address, and ID. They also require a photo of you holding said ID.
Once submitted, verification should be quick but can take up to 12 hours.
Voila! Once you’re verified, you have full access to the exchange and can make your first deposit and start trading.
WazirX - Supported Coins
WazirX allows people to buy, sell, and trade over 100 different cryptos. Chances are, you can find whatever coin you’re looking for. Here are some of the most popular ones available on the WazirX exchange:
Bitcoin (BTC)
WazirX (WRX)
Ethereum (ETH)
USD Coin (USDC)
Bitcoin Cash ( BCH)
Bonfid (FIDA)
EOS (EOS)
Litecoin (LTC)
Chainlink (LINK)
IDEX (IDEX)
Ethereum Classic (ETC)
Maker (MKR)
Cosmos (ATOM)
Yearn.Finance (YFI)
Alogrand (ALGO)
Compound (COMP)
Polygon (MATIC)
Shiba Inu (SHIBA)
Internet Computer (ICP)
Tether (USDT)
What are WazirX Security Rules?
WazirX uses 2-factor authentication to protect accounts. The default setup uses an SMS/Email to send your authentication code so that you can log in. They also offer the option to use an app-based 2FA through applications such as Google Authenticator or Authy.
WazirX also stores 95% of its assets and crypto in cold storage, meaning it’s not connected to the internet and susceptible to online attacks. And they also use SSL/TLS certificates to encrypt data sent back and forth between users and the site.
To ensure they stay safe and secure, they also invest in regular audits to find any security flaws and vulnerabilities that might have been missed.
To help users further protect themselves, they created a handy guide for best security practices.
WazirX Pros and Cons
👍 Pros
• Supports a wide array of cryptos (100+)
• You can add fiat (INR) directly to your account
•Quick deposits and withdrawals
• WRX, the platform’s coin, can be traded without commission
•Easy-to-use interface for novices
• Orders are executed quickly
👎 Cons
• Doesn’t offer discounts for large-volume trades
• Funds are uninsured
• High commissions
Is WazirX Good For Beginners?
Yes, WazirX is great for beginners, especially if you reside in India. It’s easy to register and set up an account, offering speedy KYC (know-your-customer) verification. They also provide a robust knowledge base to help new users learn the ropes of crypto and the site itself.
Summary
WazirX is an excellent platform for crypto beginners, especially those living in India. They have a plethora of cryptos and tokenized assets to buy, sell, and trade. It’s secure, however, users should be wary of the lack of regulations and insurance to cover losses if they are ever compromised. But one thing to note is that even though the funds aren’t insured, WazirX has reimbursed people who fell victim to bugs and other issues.
Now that WazirX is owned by Binance, it makes it even more attractive because you can use both platforms seamlessly. All-in-all, WazirX can be considered a trustworthy and reliable exchange to use.
FAQs
What’s the Minimum Amount You Can Deposit on WazirX?
The minimum deposit for WazirX is 100 INR. This works out to a little over $1 USD at the time of writing. This deposit can be made after the account is set up.
What’s the Minimum Amount You Can Withdraw from WazirX?
The minimum withdrawal amount for WazirX is 1,000 INR. It works out to about $13 USD. They also offer near-instant withdrawals, meaning you don’t have to wait for funds. However, they do say it could take up to 72 hours to post depending on what bank you have.
How Much Does it Cost to Transfer Funds to Binance?
It’s free and instant! Funds can easily be moved to your Binance wallet by simply clicking the “Transfer Funds to Binance.” This is one advantage thanks to the takeover.
Can I Change My Name on WazirX?
You cannot change your name once fully verified. Because of KYC banking regulations, the name you give must match the one on the ID provided to the company. The only name change is if you legally change your name (like through marriage) and have supporting documents
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Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Also, Andrey is a member of the National Union of Journalists of Ukraine (membership card No. 4574, international certificate UKR4492).
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
