WazirX

WazirX is a centralised exchange that has been operating since 2018, registered in India. CoinGecko tracks 149 assets across 241 trading pairs here. Its trust score is 5 out of 10, ranking it 100th of the exchanges CoinGecko scores. That score blends order book depth, bid-ask spreads, reported volume against web traffic, and whether the venue holds recognised licences — it is a liquidity and transparency measure, not an audit or a safety rating.

Across the 100 busiest pairs on this venue, 28.1% of the volume runs through just three of them — USDT/INR, SHIB/INR and XRP/INR. Volume is spread across enough markets that the smaller pairs are still worth checking individually rather than assuming they inherit the exchange's overall liquidity.

The median bid-ask spread on these pairs is 2.595%. Spreads that wide are a real cost. On a round trip you pay it twice, which can matter more than the exchange's trading fee.

By quote currency, 28.8% of this volume is priced in stablecoins and 71.2% in government currencies. A venue with that much fiat volume is generally usable as an on-ramp: you can move money in from a bank rather than arriving with crypto already in hand.

One caveat about the volume figures on this page: 3 BTC of 24-hour volume is what WazirX reports, not an independently measured number. Reported volume and real volume are not always the same thing across the industry, which is precisely why the trust score exists. Custody is a separate question again — where the exchange holds your coins, under which jurisdiction, and what happens if it fails are not captured by any of the figures above.