WazirX exchange profile: restarted trading, ZERO fees, INR restrictions and creditor claims

WazirX is operating after its October 2025 restart, with spot dealing, INR funding and a subsequently expanded futures service. Its current website footer reports more than 16 million registered users. That company figure measures registrations, not active traders, funded accounts or recovered creditor balances; it does not establish a current global volume rank.[2]

Web take-profit and stop-loss controls were added in July. The October update extends automatic margin top-ups to web: enabling the feature authorises additional margin from the available Futures Wallet as a position approaches liquidation. Turning it on for one position or as the default for new positions increases the balance committed to that instruction.[27]

Liquidation automatically closes a position when margin falls below the maintenance requirement. A stop order, a margin top-up and liquidation are different mechanisms. The inspected guide does not establish a guaranteed stop price or universal negative-balance protection. Contract size, maintenance margin and the liquidation level need to be read for the actual position.[15]

The subscription is a 30-day recurring expense, not a calendar-month tariff. It can renew without a new trade. Neither zero spot commission nor a promotional free pass removes spreads, tax deductions or withdrawal costs. A free pass moves into paid renewal under the published rules; the account should show the actual next charge date.[5]

This is the December 2025 schedule, updated on 4 March 2026 and still linked by the current ZERO FAQ. GST is additional; crypto-pair volume is excluded from this INR ladder and tiers recalculate daily. Published range boundaries overlap. Its temporary zero crypto-pair fee statement should not be treated as an unconditional permanent tariff.[6]

The May 2026 fee tool publishes a 0.02% maker rate and standard 0.04% taker rate for WazirX futures, with funding intervals depending on the contract. The dedicated current futures-fee page rendered only an application shell, so the complete live VIP grid could not be reconciled. The account tariff governs the selected tier; no competitor comparison from that tool is adopted here.[16][32]

Funding transfers value between perpetual holders: positive funding normally means longs pay shorts; negative funding reverses the direction. It is separate from entry and exit execution charges. For an illustrative ₹100,000 position at a hypothetical 0.01% funding rate, the payment is ₹10 for that funding event, before any change in notional or rate.[13]

WazirX’s TDS help describes a 1% deduction on INR-market sells and crypto-to-crypto buys/sells, with none on INR-market buys. This describes its published deduction process, not the customer’s final tax liability. The tax is separately identifiable in completed trades and the Exchange Trades report; the company says Form 26AS can lag the financial quarter by 45–60 days.[25]

The first INR deposit triggers a block on crypto withdrawals under the current help notice. The company gives no date for enabling them again. INR withdrawals and trading remain available. This is a material account restriction even when the requested outgoing crypto was originally deposited from an external wallet.[7]

Instant INR withdrawal is described as almost immediate, while NEFT can take banking hours and bank-side delays can reach 72 hours. The guide asks users to contact support if the stated period is exceeded. Submission, exchange processing and bank receipt are separate stages; retain the payment reference until receipt is confirmed.[8]

The current INR deposit instructions offer a choice of Spot or Futures Wallet. The separate futures starter guide still says direct bank funding into Futures is unavailable and instructs a free Spot-to-Futures transfer. These public instructions conflict; the actual account deposit screen must establish which route is enabled.[11][12]

A token appearing in the trading list does not establish that every network is accepted. Check the actual destination and network before sending; retain the transaction hash for a delayed deposit. The deposit guide directs unresolved cases to support after 24 hours. Any recovery of a mistaken-network transfer needs a separate assessment.[10]

Recovery Tokens and frozen historical INR are separate from ordinary spendable funds. The January recovery explanation says roughly 85% of approved creditor claims had been distributed by the scheme’s reference valuation; it does not mean 85% of every customer’s original coin units were returned. RT allocations represent pro-rata participation in later recoveries. Its quarterly buyback framework uses a USD 10 million unencumbered-value threshold, with insufficient amounts carried forward.[22]

The 7 September AMA says there was no specific RT buyback date or amount and no immediate plan to list RTs. It also says roughly 34% of historical INR remained frozen, with some small-balance releases underway and no general release date. These contingent claims should not be valued as cash available for immediate withdrawal.[28]

The October 2025 contract gives Zanmai legal and beneficial ownership of deposited crypto. Customers hold contingent unsecured monetary claims, not title to particular coins. Omnibus wallets may combine customer-related and proprietary assets; the contract disclaims a trust and an in-specie claim. A named external custodian does not change that contractual position.[1]

The H1 transparency report describes additional Fireblocks infrastructure, while the current company material also names BitGo custody. Those are company descriptions of infrastructure, not an independently inspected 2026 reserve audit or evidence of a recoverable insurance allocation for each customer. A usable per-client insurance cap, shared aggregate and deductible were not established from the inspected current material.[2]

The contract requires an adult Indian national accessing the service from India.[1]

The individual help page expressly says foreign-KYC applicants cannot currently sign up. A historic international ambition or a foreign-company section elsewhere in the help centre does not establish current access for a non-Indian individual.[30]

Individual KYC offers DigiLocker and manual routes, using PAN, Aadhaar, a selfie and an account-purpose declaration. Approval is communicated after review. Account registration and verification are different stages; a successful login alone does not establish that funding, futures or withdrawals are enabled.[18]

The corporate guide covers companies, LLPs, partnerships and Hindu undivided families, with entity PAN, incorporation/formation evidence, authorised-person documentation and additional beneficial-owner information. Its visible instructions still include legacy email and foreign-company steps. Follow the account’s current corporate workflow rather than treating every old upload field as current.[24]

A newer August update describes a guided digital corporate-KYC process.[27]

The public support pages do not establish a universal acknowledgement/final-response complaint clock or an emergency human dealing desk. Report an account incident through the authenticated help route and preserve the original ticket, timestamps and requested remedy. Support states that it will not ask for passwords, OTPs, 2FA codes or a recovery phrase.[31]

An API 5XX response does not prove that an order failed: the specification explicitly treats execution status as unknown. Reconcile the order before resubmitting. Futures supports an idempotent client request ID and lookup by request or order ID; use those records to distinguish a missing acknowledgement from a missing execution.[23]

The dated report guide permits a custom interval of up to 12 months per request and sends the selected report to the registered email. It includes trades, deposits, withdrawals, ledger entries and distributions. Its historic P2P/STF categories are record categories, not evidence those services are currently offered. Save needed exports before permanent closure; continued post-closure download access was not established.[26]

Zanmai states FIU registration VA00031068 in its agreement. This is an attributed reporting-entity claim; no firm-specific public register entry was independently established in this review. It is not evidence that the perpetual products are approved investments or that balances have deposit insurance.[1]

Zanmai Labs Private Limited is the current Indian operator. The contract distinguishes the Zettai scheme and a continuing Binance ownership dispute; it does not establish a completed new ownership settlement.[1]

The H1 report describes activity after the restart and an expanding service. The September AMA separately acknowledges thinner INR spot liquidity than USDT markets. Registered-user totals therefore should not substitute for the executable depth of a particular pair, and creditor recovery progress should not be confused with new trading-account liquidity.[2][28]

Operator

Zanmai Labs Private Limited

Exchange model

Centralised

Service scope

Spot markets and INR-funded perpetual contracts through web, app and API.

Client types

Retail clients; Institutional clients

Pricing publication

Public and quoted pricing

Pricing scope

ZERO subscription and published spot matrix; full live futures ladder was not readable.

Funding scope

INR bank routes and conditional crypto transfers. INR funding blocks crypto withdrawals.

Custody and asset handling

Hosted omnibus assets; contractual unsecured monetary claims.

Client eligibility

Indian onboarding; separate corporate verification and futures activation.

Support

Help-centre support daily, 08:00–24:00 IST; [email protected].

Authorisation and registration scope

Company-stated Indian FIU reporting registration; no product-approval inference.

Exchange metadata checked 20 Oct 2026Source 1Source 7Source 27

The September AMA describes WazirX AI as preparing research and a trade flow that still requires explicit user approval before execution. The telephone assistant is separately presented as explanatory voice support. Neither description establishes a discretionary copy-trading mandate or permission for an assistant to trade without confirmation.[28][29]

The updated referral page requires Indian KYC and at least ₹10,000 of the referrer’s trading in the preceding 30 days. Commission is based on the ₹99 fee before GST and paid monthly in INR, subject to the stated tax deduction. A 50% share is ₹49.50 before that deduction, rather than an exact ₹50. Refund-related reward reversals reduce future earnings. Published WRX band boundaries overlap; the account’s assigned tier should be confirmed.[21]

Deactivation and permanent closure are separate choices. The current closure flow asks RT holders to sign a waiver; its linked screenshot expressly says RT rights are permanently forfeited and cannot be reclaimed. It also requires additional documents where 34% historical INR is locked. Review the actual waiver and discharge before proceeding: closing an account is not simply hiding its trading screen.[20]