WazirX Review: Is This Indian Crypto Exchange Safe and Worth Using?

When you're looking for a crypto exchange in India, WazirX, a peer-to-peer crypto trading platform founded in India and later acquired by Binance. Also known as Binance India, it was once the go-to place for buying Bitcoin and altcoins with INR. But after Binance’s acquisition and India’s shifting crypto rules, many wonder: is WazirX still reliable?

WazirX lets you trade over 200 cryptocurrencies using Indian Rupees through UPI, NEFT, and IMPS. That’s a big deal if you’re in India and don’t want to use foreign exchanges with withdrawal limits. It supports popular coins like Bitcoin, Ethereum, Solana, and even obscure tokens like $SHIB and $PEPE. But unlike regulated exchanges, WazirX doesn’t offer FDIC-style insurance. If the platform gets hacked, you’re out of luck. There’s also no mobile app for desktop users, and customer support can take days to respond—something users complain about constantly.

One of the biggest red flags? WazirX used to run its own token, WRX, and offered staking rewards. But after Binance took over, WRX trading was moved to Binance’s main platform, and WazirX’s wallet became more of a gateway than a full exchange. You can still deposit and withdraw crypto, but the platform’s liquidity has dropped. Many traders now use WazirX only to buy crypto with INR, then move it to a more secure exchange like CoinDCX or ZebPay. It’s not a place to hold your assets long-term.

Security-wise, WazirX claims to use cold storage and two-factor authentication. But in 2021, it suffered a major hack where $230 million in crypto was stolen. The company reimbursed users, but the damage to trust stuck. Since then, they’ve added more monitoring tools, but there’s still no public proof of reserves. If you’re new to crypto, this isn’t the safest starting point. For experienced traders who know how to move funds fast, it’s still useful—but treat it like a temporary bridge, not a vault.

There’s also the legal gray zone. India doesn’t ban crypto, but it doesn’t regulate it either. WazirX operates without a license, which means you have zero legal recourse if something goes wrong. Compare that to exchanges like CoinSwitch Kuber, which is registered with India’s Financial Intelligence Unit. WazirX’s edge? Lower fees on P2P trades and faster INR deposits. But that convenience comes with risk.

Below, you’ll find real user experiences, hidden fees you might miss, and comparisons with other Indian exchanges. We’ve dug into what works, what doesn’t, and who should still be using WazirX in 2025—and who should walk away.