WazirX Crypto Exchange Review 2026: Is It Safe to Return After the Hack?

WazirX was once India’s biggest crypto exchange - hitting 16 million users and processing over $5 billion in monthly trades. But in July 2024, everything changed. A security breach wiped out $230 million in user funds. The platform shut down. For 16 months, users waited. Now, in early 2026, WazirX is trying to come back. The question isn’t just whether it works anymore - it’s whether you should trust it at all.

What Happened to WazirX?

In July 2024, WazirX suffered one of the largest crypto exchange hacks in history. Attackers gained access to a multi-signature wallet and drained nearly a quarter of a billion dollars. The platform froze withdrawals immediately. Customer support went quiet. Users on Reddit and Trustpilot reported losing ETH, BTC, and USDT with no clear path to recovery. By August 2024, trading volume dropped from $5.4 billion to near zero. WazirX was no longer a platform - it was a cautionary tale.

The Singapore High Court approved WazirX’s fund recovery plan in January 2025. But here’s the catch: users won’t get all their money back. Only 85%. The rest is gone. And it’ll take 18 to 24 months to get even that back, paid out in installments. Many users feel this sets a dangerous precedent. If an exchange can lose hundreds of millions and still offer partial repayment, what’s stopping others from doing the same?

Is WazirX Safe Now?

WazirX claims it’s rebuilt its security from the ground up. After the hack, they hired Cure53 - a top-tier security audit firm - to conduct quarterly audits instead of just annual ones. They increased cold storage from 95% to 98% of assets. Withdrawals now require whitelisting, two-factor authentication, and biometric login. Large withdrawals are delayed by up to 72 hours. They’ve also added AI-powered transaction monitoring to flag suspicious activity in real time.

These are serious upgrades. In fact, security analysts at BTCC called them “one of the most comprehensive overhaul efforts among compromised exchanges.” But security isn’t just about tech - it’s about trust. And trust was broken. Even with better encryption and audits, many users still won’t return. Why risk your money again when other exchanges didn’t get hacked?

What Can You Trade on WazirX?

WazirX supports between 250 and 295 cryptocurrencies, depending on the source. That includes Bitcoin, Ethereum, Solana, Dogecoin, and dozens of Indian altcoins. It’s one of the widest selections among Indian exchanges. But here’s the problem: you can only trade using Indian Rupees (INR). No USD, EUR, or GBP. That makes WazirX useless for anyone outside India.

The platform offers spot trading, P2P trading, and perpetual contracts - but only with 1:1 leverage. No margin trading. No shorting. If you’re looking for advanced options, you’ll need another exchange. For most Indian users, though, spot and P2P are enough.

P2P trading is free. No fees. You can buy crypto directly from other users using UPI, NEFT, or IMPS. It’s fast, simple, and works well for beginners. The app is clean, responsive, and works smoothly on both Android and iOS. Execution speed is under 100ms - faster than many competitors.

Fees and Costs

WazirX uses a tiered fee structure based on your 30-day trading volume and how much WRX (its native token) you hold. Spot trading fees range from 0.10% to 0.40%. Most users pay around 0.2%. That’s slightly higher than CoinDCX or ZebPay, which charge as low as 0.1% for high-volume traders.

Withdrawal fees are another issue. While deposits are free, withdrawing INR costs ₹10-₹25 depending on the method. Crypto withdrawals vary by coin - BTC costs 0.0005 BTC, ETH costs 0.01 ETH. That’s more expensive than ZebPay’s flat ₹5 fee for INR withdrawals.

The referral program is still one of the best in the industry: you earn up to 50% of your friend’s trading fees. That’s huge if you’re bringing in new users. But with the platform offline for 16 months, most of those referrals are inactive now.

WazirX vs. CoinDCX, ZebPay, and Bitbns

| Feature | WazirX | CoinDCX | ZebPay | Bitbns | |--------|--------|---------|--------|--------| | Fiat Options | INR only | INR, USD, EUR | INR, USD, EUR | INR only | | Trading Pairs | 250-295 | 200+ | 150+ | 180+ | | P2P Trading | Free | Free | Free | Free | | Leverage | 1:1 max | Up to 1:10 | Up to 1:10 | Up to 1:5 | | Security Audits | Quarterly (Cure53) | Annual | Annual | Annual | | Fund Recovery Plan | 85% over 18-24 months | No hack | No hack | No hack | | User Base (2026) | ~3M (recovering) | ~5M | ~4M | ~2M | WazirX still has the edge in liquidity thanks to its Binance integration. Orders fill faster, spreads are tighter, and slippage is lower than on non-Binance exchanges. But CoinDCX and ZebPay offer multi-currency support, higher leverage, and no history of major hacks. For most users, those trade-offs matter more than speed.

Who Should Use WazirX Today?

If you’re an Indian resident and you had money locked in WazirX before the hack, you might have no choice but to wait out the recovery process. If you’re new to crypto and you only want to buy Bitcoin or Ethereum with INR, WazirX’s interface is still one of the easiest to use.

But if you’re looking for safety, flexibility, or long-term growth - skip it. There are better options. CoinDCX offers USD deposits and margin trading. ZebPay has a stronger customer support team. Bitbns has lower withdrawal fees. None of them lost $230 million.

The Binance connection is a real technical advantage. But it doesn’t make up for broken trust. Even if WazirX’s tech is better now, people remember what happened. And in crypto, memory lasts longer than code.

How to Get Started (If You Still Want To)

If you decide to try WazirX after the relaunch, here’s what you need to do:

1. Download the app from the App Store or Google Play.
2. Complete KYC with your Indian PAN card and Aadhaar.
3. Enable 2FA and biometric login immediately.
4. Only deposit what you’re willing to lose - no more than 5% of your crypto portfolio.
5. Use P2P for buying, not direct INR deposits - it’s faster and avoids bank holds.
6. Never keep large amounts on the exchange. Move funds to a hardware wallet after purchase.

WazirX’s knowledge base has over 147 help articles now. But don’t rely on them to fix your losses. The platform is still in recovery mode. Support response times average 72 hours. Don’t expect quick answers if something goes wrong.

The Bottom Line

WazirX isn’t dead. But it’s not the same platform it was in 2021. It’s a shell trying to rebuild. The tech is better. The security is stronger. But the human cost of the hack can’t be undone. Thousands lost life savings. Many will never return.

If you’re an Indian beginner looking for a simple way to buy crypto with INR, WazirX still works. But treat it like a temporary stop - not a long-term home. If you had money in WazirX before the hack, wait for the 85% payout. Don’t add more. And if you’re looking for safety, reliability, or growth - look elsewhere. There are exchanges that didn’t need to be saved. They just kept running.