WazirX is an Indian centralized cryptocurrency exchange (CEX). It was developed as part of the Binance financial ecosystem. Created in 2018, the WazirX crypto exchange offers spot and P2P trading, as well as cryptocurrency purchases.
The platform is KYC-compliant and requires ID verification. Users from the USA are prohibited from trading on the WazirX cryptocurrency exchange. The platform and its services are available on desktop and mobile devices.
Markets
WazirX supports crypto-crypto and crypto-INR trading. The Indian rupee is the main fiat currency available for trading. Additionally, stablecoins like Tether (USDT) are listed. In total, traders can access over 350 WazirX trading pairs and more than 200 digital assets.
WazirX (WRX) is the platform's native asset. It can be traded on the platform or used to cover the exchange fees. WRX token holders are eligible for discounts and special offers. You can learn more about the WazirX crypto price and token history here.
The WazirX spot market uses a live open order book system. The platform is known for its auto-matching P2P engine that eliminates the need for a middleman and enables direct interactions and transactions between the buyer and the seller.
The P2P platform is used for trading USDT pairs and supports crypto-fiat trading. Customers that use the P2P engine services are not subject to WazirX exchange fees. The service allows orders placed by buyers and sellers to be automatically matched. High-volume traders receive a unique ID known as the XID.
The base rate for the WazirX crypto fees for most trading pairs in the spot market is 0.2% for both makers and takers. The platform implements a minimum order size that is based on the quote currency. Please note that some pairs may be suspended. See the official website for the activity status.
WazirX trading pairs that list the WRX token as the quote currency are not subject to fees. Customers from India are also subject to TDS fees in compliance with national regulations that were established in 2022.
P2P traders are not subject to fees regardless of the WazirX trade volume. However, a minimum order size of 14.5 USDT applies to all P2P trading pairs. Transactions cannot exceed 2,000 USDT.
Withdrawal fees on the WazirX cryptocurrency exchange, as well as the minimum and maximum withdrawal amounts, vary based on the selected asset. Deposits are free. In some cases, incorrect deposits may be recovered, and a recovery fee is levied. Withdrawals to wrong addresses cannot be recovered.
About the Company
The WazirX crypto exchange was co-founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon in India in 2018. It's considered one of the country's biggest and fastest-growing cryptocurrency exchanges. Until 2022, the company was registered in Mumbai. The current headquarters are in Dubai, UAE.
According to the founding team, within a month of its launch, the platform amassed over 100 thousand registered users. In late 2021, the company reported that the number exceeded 10 million.
In November 2019, WazirX was acquired by Binance. In March 2020, the two companies established a Blockchain for India fund, which was set to support blockchain startups in the region. The Binance WazirX crypto price set aside for the fund was $50 million, with investments ranging between $100,000 and $5 million. The YTD WazirX volume in November 2021 was nearly $40 billion.
While the WazirX crypto exchange has been part of the Binance ecosystem since 2019, over the years, there have been disputes over the ownership status. In August 2022, Binance CEO Changpeng Zhao stated that Binance doesn't own WazirX and only provides wallet services. However, Shetty stated that Binance owns a stake in the company.
In April 2021, WazirX launched an NFT marketplace. It was considered the first platform of this kind in India. According to the project team, the NFT marketplace doesn't charge fees for creating and listing NFTs, and creators are able to earn royalties.
Following the implementation of crypto tax laws in India in early 2022, the exchange's performance was strongly affected. It was reported that the average daily WazirX trade volume dropped by more than 70%.
Nischal Shetty is the CEO of the WazirX crypto exchange. He's a software developer and crypto entrepreneur who has been involved in numerous blockchain projects over the years. In 2010, he also co-founded the social media management service Crowdfire. Since February 2022, Shetty has acted as the Committer at Shardeum.
Siddharth Menon is the COO at WazirX. He has been an entrepreneur for nearly two decades, focusing on Web3 technology in more recent years. Until December 2021, Menon was part of the Binance Fiat team, representing the WazirX crypto exchange. In 2022, he founded Tegro, a Web3 game asset marketplace.
Sameer Mhatre is the CTO of WazirX. He's a computer scientist and software developer. He previously worked at Infomedia18 Ltd as the front-end and back-end developer and directly participated in the team hiring processes. Alongside Shetty and Menon, Mhatre co-founded Crowdfire.
