In recent years, cryptocurrency has gained immense popularity in India, and has emerged as one of the most trusted and beginner-friendly crypto exchanges.
Launched in 2018 and later acquired by Binance, WazirX is known for its robust platform, easy-to-use interface, and wide variety of crypto trading options.
Also, read – What Are AI Crypto Wallets? A Beginner’s Guide
For those wondering “What is WazirX and how it works for beginners,” this comprehensive guide will help you understand its core features, signup process, trading options, security measures, and more.
What is WazirX?
This Platform is India’s leading cryptocurrency exchange, offering a seamless platform to buy, sell, and trade cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and over 200+ crypto pairs.
Its user-friendly mobile app and web interface cater to beginners and experienced traders alike.
Key Facts About WazirX
- Launched: 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon
- Users: Over 15 million registered users
- Partnership: Acquired by Binance in 2019, enhancing liquidity and security
- Native Token: WRX, used for fee discounts and trading rewards
This platform offers multiple trading options like spot trading, P2P trading, and futures contracts, making it ideal for both beginners and advanced traders.
How Does WazirX Work? (Step-by-Step Guide for Beginners)
If you’re a beginner, follow this step-by-step guide to start trading:
Step 1: Sign Up
- Visit WazirX and click on “Sign Up”.
- Provide your email and create a strong password.
- KYC Verification: Upload government-issued ID, PAN card, and address proof. KYC approval usually takes 1-2 hours.
Tip: Enable 2FA (Two-Factor Authentication) for added security.
Step 2: Deposit INR to Your WazirX Wallet
To buy crypto, you need to deposit INR using one of the following methods:
- Bank Transfer: Instant NEFT/IMPS transfers.
- UPI Payment: Quick and convenient.
- P2P Trading: Zero-fee method to convert INR into USDT.
Tip: For faster deposits, use UPI or bank transfers.
Step 3: Buy Crypto
- Go to the “Exchange” section.
- Select the crypto you want to buy (e.g., Bitcoin).
- Enter the desired amount in INR and click on “Buy”.
- Your crypto will be credited to your WazirX wallet.
Tip: Start with small amounts if you’re a beginner to minimize risk.
Step 4: Trade or Withdraw Crypto
- Spot Trading: Trade between 200+ crypto pairs.
- Convert Crypto: Easily swap one cryptocurrency for another.
- Withdraw to Wallet: Move funds to an external crypto wallet for better security.
Tip: Always transfer long-term holdings to a hardware wallet.
Key Features
1. P2P Trading for INR Conversion
WazirX’s P2P (peer-to-peer) trading allows users to convert INR to USDT without any fee. It automatically matches buyers and sellers, ensuring a smooth and secure transaction.
2. Spot Trading with 200+ Crypto Pairs
WazirX offers spot trading with an extensive list of trading pairs like BTC/USDT, ETH/INR, and more. This feature is ideal for those looking to diversify their portfolios.
3. WRX Token for Fee Discounts
The native WRX token provides trading fee discounts when used for transactions. You can also earn WRX tokens through trading competitions and rewards.
4. High-Level Security Measures
- 95% Funds in Cold Storage: Ensures protection from cyber-attacks.
- Two-Factor Authentication (2FA): Adds an extra layer of security.
- Real-Time Monitoring: Detects suspicious activity.
Is WazirX Safe? Yes, WazirX follows strict security protocols and complies with Indian regulations.
Fees on WazirX (2025 Updated Fee Structure)
Below is a breakdown of trading fees and other transaction costs:
| Transaction Type | Fee |
|---|---|
| Trading Fee | 0.2% (maker/taker) |
| P2P Trading | Free |
| INR Deposit (UPI) | Free |
| INR Withdrawal | ₹5 (bank transfer) |
| Crypto Withdrawal | Varies by token |
Tip: Use WRX tokens to get a discount on trading fees.
Pros and Cons
Pros:
- User-friendly interface for beginners
- P2P trading with zero fees
- Wide variety of trading pairs
- Strong security measures
- WRX token rewards and discounts
Cons:
- Higher trading fees compared to global exchanges
- Occasional delays in INR withdrawals
- Limited advanced trading tools
WazirX vs Competitors
| Feature | WazirX | CoinDCX | ZebPay |
|---|---|---|---|
| Fees | 0.2% | 0.1%–0.25% | 0.15%–0.25% |
| P2P Trading | Yes (Free) | No | Yes |
| KYC Required | Yes | Yes | Yes |
| INR Deposits | UPI, Bank Transfer | Bank Transfer | UPI, Bank Transfer |
Is WazirX Safe?
Security is a top priority here.
Pro Tip: Always enable 2FA and move large holdings to external wallets for extra protection.
How to Trade Bitcoin on WazirX (Beginner’s Tip)
- Select BTC/INR trading pair.
- Analyze market trends using candlestick charts.
- Place a market or limit order based on your strategy.
- Monitor your portfolio and adjust your holdings as needed.
Tip: Avoid panic selling during market dips and hold for long-term gains.
Alternatives to WazirX for Crypto Trading
If you’re considering alternatives, here are the top 3 options:
- CoinDCX: Offers advanced trading tools and lower fees.
- ZebPay: Known for its simple interface and minimal withdrawal fees.
- Binance India: Best for global liquidity and extensive trading options.
Conclusion
To summarize, WazirX is an ideal platform for beginners in India due to its user-friendly interface, zero-fee P2P trading, and strong security protocols.
Whether you want to buy crypto or explore advanced trading options, it provides everything you need to get started in the world of cryptocurrency.
For beginners asking “What is WazirX and how it works for beginners,” this guide has covered everything from sign-up to trading and security tips. Start your crypto journey with WazirX today!
FAQs About WazirX
Is WazirX legal in India?
Yes, WazirX complies with Indian regulations and operates legally.
Can I withdraw crypto from WazirX?
Yes, you can withdraw your crypto to an external wallet securely.
What is the minimum deposit amount on WazirX?
The minimum deposit is ₹100 INR.
How long does KYC take on WazirX?
KYC verification usually takes 1-2 hours but may take longer during high demand.
