WazirX Crypto Exchange Review 2025: Is It Safe to Use After the Hack?

WazirX Crypto Exchange Review 2025: Is It Safe to Use After the Hack?

In 2021, WazirX was India’s biggest crypto exchange - 16 million users, $5.4 billion in monthly trades, and seamless INR deposits. Today, it’s a ghost of itself. After losing $230 million in a single hack in July 2024, the platform shut down for 16 months. Now, it’s slowly coming back. But here’s the real question: Should you trust it again?

If you’re an Indian trader looking to buy Bitcoin or Ethereum with rupees, WazirX still has some advantages. But if you care about safety, speed, or getting your money back, the story gets messy. This isn’t just another exchange review. It’s a look at what happened, what’s changed, and whether WazirX can ever truly recover.

What Happened to WazirX?

WazirX didn’t collapse because of bad tech or slow growth. It fell because of one massive security failure. In July 2024, hackers stole $230 million from a multi-signature wallet. That’s not a small mistake - it’s one of the biggest exchange hacks in history.

Before the hack, WazirX was running on Binance’s infrastructure. That meant deep liquidity, fast trades, and tight spreads. Users loved it. But the security setup? It wasn’t built for a $230 million target. The wallet keys weren’t properly isolated. The audit schedule? Once a year. No real-time monitoring. No biometric logins. Just a standard setup that worked fine until it didn’t.

After the breach, WazirX went silent for months. Users couldn’t withdraw. Customer support vanished. Reddit threads filled with posts like: “Lost 2.3 ETH. No updates in 8 months.” Trust evaporated. Trading volume dropped from $5.4 billion a month to nearly zero.

The Recovery Plan: 85% of Your Money, Over 2 Years

In January 2025, the Singapore High Court approved WazirX’s recovery plan. That’s right - Singapore, not India. Why? Because Binance is based there, and the legal structure of the exchange ties back to Singaporean law.

The plan? Return 85% of user funds over 18 to 24 months. That means if you had $10,000 locked up, you’d get back $8,500 - slowly, in installments. The remaining 15%? Gone. No explanation. No legal recourse. Just accepted as a loss.

Is this fair? No. Is it common? Unfortunately, yes. In emerging markets, exchanges often use partial recovery as a way to stay alive. But it sets a dangerous precedent. If you’re investing in crypto, you expect full custody. WazirX’s plan says: “We messed up. We’ll give you most of it back - if you wait.”

Some users are accepting it. Others are suing. CryptoSecurity Insights called it “a dangerous precedent for user protection.” And they’re not wrong.

Security Now: Has WazirX Fixed It?

Here’s the one thing WazirX did right after the hack: they rebuilt their security from the ground up.

• Cold storage now holds 98% of assets (up from 95%)
• Quarterly security audits by Cure53 (before, it was annual)
• Real-time AI monitoring of all transactions
• Mandatory withdrawal whitelisting + 2FA
• Biometric login on mobile apps
• Quantum-resistant encryption for data
• Delayed processing on large withdrawals (24-48 hours)

Cure53, the audit firm, called these changes “one of the most comprehensive overhaul efforts among compromised exchanges.” That’s high praise. But here’s the catch: you can’t audit trust. You can’t measure confidence with code. Even with perfect security, users remember the $230 million loss.

WazirX now publishes monthly transparency reports. That’s new. And good. But before the hack, they never did. So why trust them now? Because they have to? Or because they’ve changed?

Trading Features: Still Strong, But Limited

WazirX still has one of the cleanest interfaces in India. Whether you’re new or experienced, the app works. Fast. Smooth. No lag. Traders Union tested execution speed at under 100ms - faster than most local rivals.

It supports over 295 cryptocurrencies. Minimum deposit? Just $1 (around ₹83). You can trade INR only - no USD, EUR, or GBP. That’s a dealbreaker for international users, but fine if you’re in India.

Spot trading fees? 0.2% for most users. Lower if you hold WRX tokens or trade more than $100,000 a month. P2P trading? Zero fees. That’s rare. Most exchanges charge 0.5% or more for peer-to-peer trades. WazirX doesn’t.

Referral program? Up to 50% commission on trading fees your friends pay. That’s the highest in the market. If you know people who trade crypto, this could be a real income stream.

But here’s what’s missing: margin trading. No leverage. No futures. No options. You can’t short Bitcoin. You can’t hedge. You can only buy and sell. That’s fine for beginners. Not enough for serious traders.

Compared to CoinDCX, ZebPay, and Bitbns

WazirX used to dominate India. Now, it’s fighting for survival.

WazirX’s only real edge? Binance integration. That means deeper liquidity, tighter spreads, and faster order fills. But CoinDCX and ZebPay have caught up in speed and features. And they didn’t lose your money.

Who Should Use WazirX Today?

Here’s the truth: WazirX isn’t for everyone.

Use WazirX if:

• You’re in India and want to trade INR to crypto
• You’re a beginner and want a simple, fast app
• You’re okay with waiting 18-24 months to get your money back (if you had funds locked)
• You’re using it for small, spot trades - not big investments
• You’re confident in Binance’s backing and WazirX’s new security

Avoid WazirX if:

• You’re an international trader (no USD/EUR support)
• You want margin or futures trading
• You lost money in the 2024 hack and want full repayment
• You need instant customer support - response times are still 72+ hours
• You’re putting in more than you can afford to lose

Final Verdict: A Shadow of Its Former Self

WazirX is not dead. But it’s not the same.

Technically, it’s stronger than ever. The security upgrades are impressive. The interface is still top-tier. The P2P and referral programs are unmatched. And Binance’s backing gives it a lifeline no other Indian exchange has.

But trust isn’t built with encryption. It’s built with time, transparency, and full accountability. WazirX offered none of that after the hack. Now, it’s asking users to wait two years for 85% of their money back.

Some will return. Many won’t. The market has moved on. CoinDCX and ZebPay are now the default choices for Indian crypto traders.

If you’re new and want to buy your first Bitcoin with rupees? WazirX still works. But if you’re serious about crypto? Go somewhere that didn’t lose your money.

Frequently Asked Questions

Next Steps

If you’re thinking about using WazirX:

1. Check their monthly transparency reports - look for audit results and asset balances.
2. Start with a small deposit - under ₹5,000 - to test withdrawals.
3. Enable 2FA and withdrawal whitelisting immediately.
4. Never keep large amounts on the exchange - move coins to a hardware wallet after buying.
5. Consider alternatives like CoinDCX or ZebPay if you need full fund access or multi-currency support.

If you lost money in the 2024 hack:

1. Log in to your WazirX account and confirm your claim status.
2. Subscribe to their email updates - recovery payments are sent in batches.
3. Join user forums on Reddit or Telegram to track progress and share experiences.
4. Don’t expect a full refund. Plan your finances around receiving only 85% over two years.