How to Withdraw from WazirX

Withdrawing funds from WazirX—whether crypto or fiat—is an essential part of managing your trading activity. Whether you’re cashing out profits, rebalancing your portfolio, or simply moving assets to a safer wallet, understanding how to withdraw properly helps you avoid mistakes and delays. This article explains the withdrawal process for educational purposes only; it is not financial advice.

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What Is WazirX?

WazirX is a cryptocurrency exchange founded in India that allows users to buy, sell, and trade a wide range of digital assets. It offers spot markets (for example, BTC/INR, ETH/INR) and supports both fiat (Indian Rupee) and cryptocurrency deposits and withdrawals. Over time, it grew in popularity among Indian crypto users for its user-friendly interface, mobile app, and integration with peer-to-peer (P2P) trading.

However, it’s important to note that WazirX has faced challenges: in July 2024, the platform was hit by a major cyberattack, leading to halted withdrawals and a restructuring process.

Why Withdraw from WazirX?

There are several common reasons why users might want to withdraw funds from WazirX:

• Cashing out (fiat): After selling crypto for INR, you may want to transfer that balance to your bank account.
• Transferring crypto to another wallet: You might want to move your digital assets to a personal (cold) wallet, another exchange, or a DeFi address.
• Risk management: Keeping funds on an exchange exposes you to counterparty risk or operational issues; users sometimes withdraw to reduce exposure.
• Redeployment: You may wish to use your funds elsewhere, for example, in other platforms, investments, or savings.

How to Set Up an Account

1. Sign up: Go to the WazirX website or download the mobile app and register an account using your email address.
2. KYC verification: To enable withdrawals, you typically need to complete “Know Your Customer” (KYC) verification. This means uploading government-issued ID and sometimes a selfie.
3. Link your bank account: If you plan to withdraw fiat (INR), provide your bank details in your WazirX account. Make sure the name on the bank account matches your WazirX account.
4. Enable security measures: Turn on Two-Factor Authentication (2FA) for your WazirX login and withdrawals. This helps prevent unauthorized access.

How to Withdraw from WazirX

Fiat (INR) Withdrawal to Bank Account

1. Log in to WazirX and go to the Funds tab.
2. Under Indian Rupee, click or tap Withdraw.
3. If you have not yet linked a bank account, you will be prompted to do so. Make sure to use a bank account with the same name as your KYC profile.
4. Enter the amount you want to withdraw and (optionally) add remarks. Confirm the withdrawal.
5. The withdrawal will be processed. IMPS (instant) withdrawals are usually near-instant, while NEFT transactions may take a few hours (up to 72 hours depending on the bank).

Crypto Withdrawal to External Wallet

1. In WazirX, go to the Funds tab and select the cryptocurrency you want to send out.
2. Click or tap Withdraw, then Select Address → Add Address.
3. Enter or paste the destination wallet address from the external platform or wallet. For some coins (such as XRP, XLM, and EOS), you may need to enter a Destination Tag or Memo.
4. Label the address for your own reference. Enable 2FA, then enter the amount you want to withdraw (you can use “Withdraw All” if desired).
5. Confirm the details carefully—especially the address. Withdrawal requests cannot be cancelled once submitted.
6. Complete the withdrawal by entering the OTP (one-time password) sent to your phone, then confirm via an email link.
7. Once confirmed, WazirX aims to process crypto withdrawals within 30–60 minutes, though in some cases it may take up to 24 hours.

Common Withdrawal Methods

• Payment channels: For fiat, WazirX supports IMPS and NEFT transfers to bank accounts.
• Network options for crypto: The network used depends on the specific coin being withdrawn. Make sure you select a compatible network and wallet address.
• Fees:
  • INR withdrawals carry a fixed fee; as of the latest update, the near-instant withdrawal fee is ₹10 per transaction.
  • Crypto withdrawal fees vary by asset. For example, the BTC withdrawal fee is 0.0005 BTC.
• Limits: There are minimum and maximum withdrawal limits depending on the coin or amount.
• Processing times:
  • INR: Instant for IMPS, up to 72 hours for NEFT.
  • Crypto: Usually 30–60 minutes, though sometimes up to 24 hours.

Withdrawing from WazirX involves a few clear steps: setting up and verifying your account, linking a bank for fiat, or carefully adding a wallet address for crypto. While the process is straightforward, it requires attention to detail—especially around address accuracy, security, and network selection. Withdrawal costs and processing times depend on the method, and there are some operational risks to be aware of. As with any platform, it’s wise to do your own research (DYOR) and proceed carefully when withdrawing your assets.