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

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

Jan, 15 2026

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.

Split view: modern secure WazirX app vs. empty vault with recovery receipt and long wait timer.

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.

Indian P2P crypto traders in market, child holding Bitcoin toy, ghostly hack reflection in mirror.

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.

Is WazirX safe to use in 2026?

WazirX has improved its security significantly since the 2024 hack, with quarterly audits, 98% cold storage, and AI monitoring. But safety isn’t just about tech - it’s about trust. Many users still won’t return because the exchange lost $230 million in user funds and only promises to repay 85%. If you’re new, treat it as high-risk. If you had funds locked before, wait for the recovery plan - don’t deposit more.

Can I trade USD or EUR on WazirX?

No. WazirX only supports Indian Rupees (INR) for deposits and withdrawals. You cannot trade with USD, EUR, or any other fiat currency. This makes it unusable for anyone outside India or anyone wanting to avoid INR exposure.

How long will it take to get my money back from WazirX?

If you had funds locked during the July 2024 hack, WazirX plans to return 85% of your balance over 18 to 24 months in installments. The Singapore High Court approved this plan in January 2025. The first payouts began in late 2025. You won’t get your full amount back, and there’s no guarantee the timeline will be met.

Does WazirX still work with Binance?

Yes. WazirX remains a Binance subsidiary and still benefits from Binance’s liquidity, order book depth, and infrastructure. This gives it faster trade execution and tighter spreads than other Indian exchanges. But Binance doesn’t guarantee user fund safety - only technical support. The hack happened under Binance’s ownership.

What’s better than WazirX for Indian users?

CoinDCX and ZebPay are stronger alternatives. Both support multiple fiat currencies, offer higher leverage, have no history of major hacks, and have faster customer support. ZebPay has lower withdrawal fees. CoinDCX has better mobile UX and more educational resources. Neither lost $230 million. For most Indian users, they’re safer and more flexible choices.

Can I use WazirX for margin trading or futures?

No. WazirX only offers perpetual contracts with 1:1 leverage. There is no margin trading, no shorting, and no higher leverage options. If you want to trade with leverage, you’ll need to use CoinDCX, ZebPay, or an international exchange like Binance or Bybit.

Is WazirX regulated in India?

Yes. WazirX is registered with India’s Financial Intelligence Unit (FIU-IND) and complies with the country’s 30% crypto tax law. It also follows KYC and AML rules. But regulation doesn’t mean safety - it just means it’s legally allowed to operate. Many regulated exchanges have still been hacked or failed.

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11 Comments

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    Bill Sloan

    January 15, 2026 AT 13:40
    I don't care how many audits they do. $230 million gone? That's not a hack, that's a circus. 🤡
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    Alexandra Heller

    January 16, 2026 AT 20:43
    Trust isn't a feature you can audit. You can't encrypt loyalty. You can't TLS-encrypt the fact that people lost their kids' college funds. This isn't a tech problem-it's a moral failure dressed in whitepapers.
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    ASHISH SINGH

    January 18, 2026 AT 01:32
    85%? Lol. I bet the rest went to the CTO's offshore yacht. Binance knew this was a dumpster fire and just waited for the PR to cool down. They're not rebuilding-they're rebranding a crime scene.
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    Vinod Dalavai

    January 19, 2026 AT 14:50
    bro i had 20k in wazirx... i got 17k back over 2 years. still better than nothing. i use it now for small p2p buys only. no big sums. chill vibes 😌
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    Bharat Kunduri

    January 21, 2026 AT 09:56
    wazirx? lol i still remember when my usdt just dissapeared like my ex's text messages. nope. not going back. even if they give me 100% i still wont trust them. its like dating someone who cheated with your best friend
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    Andre Suico

    January 21, 2026 AT 22:29
    While the security upgrades are objectively robust-quarterly audits, 98% cold storage, biometric locks-the psychological barrier to re-entry remains the dominant variable. Financial institutions fail not because of code, but because of credibility. That’s the real metric.
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    Callan Burdett

    January 22, 2026 AT 05:32
    I get why people are mad, but honestly? If you're in India and you want to buy BTC with UPI, WazirX still works better than most. The interface is smooth, the P2P is instant, and the fees? Not terrible. Just don't park your life savings there. Use it like a bus stop, not a bank.
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    Christina Shrader

    January 23, 2026 AT 11:22
    I used to hate crypto exchanges after my first loss. But then I learned: it's not about avoiding risk-it's about managing it. WazirX isn't safe. But it's not the only option. And if you're careful? It can still be useful. Just don't go all in.
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    myrna stovel

    January 24, 2026 AT 05:17
    To everyone who says 'never trust them again'-I hear you. But I also know people who lost everything and are still trying to rebuild. Maybe WazirX isn't perfect. But maybe they're trying. Let people have a second chance, even if it's a shaky one. Just don't deposit more than you can afford to lose.
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    Anthony Ventresque

    January 25, 2026 AT 03:20
    I'm curious-how many of the 3 million users now are actually returning users from before the hack, versus new Indians just learning crypto? If it's mostly newbies, that's kind of sad. The platform's reputation is still a ghost. They're rebuilding on haunted ground.
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    Chris O'Carroll

    January 27, 2026 AT 02:02
    They hired Cure53? Cool. So did Theranos hire Nobel laureates. Does that make it safe? No. It makes it fancy. And fancy doesn't pay back your rent money. I'm not mad-I'm just disappointed. This whole thing was a slow-motion train wreck with a nice app UI.

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