Everything You Need to Know about WazirX Cryptocurrency Exchange in 2020
When it comes to cryptocurrency exchanges India is not very far. In fact, India’s one of the most famous cryptocurrency exchanges WazirX is creating a lot of buzzes already.
Do you know WazirX has recently announced its DeFi project with Matic?
We have dug deeper with the WazirX crypto exchange platform and gained all the amazing factual information you should know about WazirX in 2020. Let’s begin!
What is WazirX?
So, what is WazirX?
WazirX is the world’s first P2P auto-matching cryptocurrency exchange system based in Mumbai, India. It is the most trusted and highest-rated crypto exchange in India co-founded by Nischal Shetty along with Sameer Mhatre and Siddharth Menon.
What makes WazirX stand out in the competition with other crypto exchanges, is its amazing features and those are:
- Peer-to-peer crypto trading
- Simple and easy-to-access design
- Fast know-your-customer verification
- Buying and selling cryptocurrency through a bank account
- Available on 5 platforms such as android, iOS, web, Windows, and Mac.
Also, the latest reports by Coinmarketcap shows the total volume of WazirX is $3.37 million.
WazirX & Binance Tie-up
WazirX was acquired by Binance in 2009.
Did you hear about Binance? I am sure you did as this is the largest crypto exchange in the world.
Well, this WazirX-Binance synergy made WazirX a global exchange platform.
Also, users all over the world can easily transfer their funds from the WazirX wallet to their Binance wallet. Interestingly, this internal transfer is completely free.
How WazirX P2P is Unique
So, how is WazirX P2P unique? How is WazirX P2P creating a difference? Before going to that let us take you to the Fiat-crypto conversion issue.
I am sure you have heard of fiat currency. People had to face problems in converting fiat to any cryptocurrency and vice versa all over the world.
Now let us come to WazirX P2P. The P2P or peer-to-peer trading method of WazirX has brought a solution to the above problem. On this particular exchange platform, you need to face the fiat-crypto conversion issue.
Not only that, but 30% of transactions take less than 5 mins and trade takes approximately 19.4 mins to complete without any hassles also. Yes, you heard it right.
How to Sign Up with Your Account
Are you wondering how you can sign up on the exchange platform? Do not worry. Follow the below steps to get yourself registered.
Go to WazirX.com. Can you see the Sign-Up button on the top right corner? Click on it. Enter your email id and a password of your choice. The password needs to be strong. Click on Agree with the service terms and conditions.
Finally, click on Sign-Up. It will ask you to verify your email address. Once your email address is verified you can Log in with your details.
And, Welcome to WazirX!
How to Buy & Sell Crypto in India through WazirX
WazirX P2P allows its users to buy and sell cryptocurrencies for Indian rupees. Here WazirX acts as an intermediary. It connects the buyers with their respective sellers and vice versa.
For selling, deposit the cryptocurrency of your choice with WazirX. WazirX holds the fund temporarily until buyers buy them.
On the other side, the buying procedure takes place in the following way. The buyer makes a payment via their wallet with Indian rupees. The seller confirms the receipt of the payment. WazirX releases the cryptocurrencies the buyer has bought.
WazirX Trading Procedure
All of the trading experts out there might be waiting eagerly to know how you can trade on WazirX exchange, right? Now let us take you to that part.
To trade on WazirX you are required to submit some information. You will be asked for your date of birth proof, address proof, and other basic information, PAN card, and any identity proof, such as a driving license or passport.
Once all the documents are submitted successfully it will take some minutes further to update your KYC information on their site. This step is needed to be done to save investors from counter-terrorism and anti-money laundering threats.
WazirX trading works on a cash-in-cash-out method. To bring Fiat while trading via cryptocurrencies you need to buy USDT and then using USDT you can buy other cryptos. This is called a cash-in.
Well, the cash-out is just the reverse. In cash-out Fiat is moved to your bank account by selling cryptocurrencies for USDT and then selling USDT for Fiat.
WazirX trading fees is 0.20% of the amount of trade.
WazirX Crypto Funds Withdrawal Procedure
Through the withdrawal method, you can transfer crypto from the WazirX account to other wallets. To do this, get the deposit address from the receiving wallet where you want to deposit your funds. Next, follow the steps mentioned below using any computer.
Click on funds at the top right corner. Select a coin and click Withdraw. Enter the correct destination address. Give the amount of coin you want to transfer. Click on Proceed.
As you get a One Time Password or OTP on your phone enter that. Don’t forget to click on Confirm! Also, approve the withdrawal via confirmation mail sent to you from the WazirX team. The withdrawal process takes around 24 hours.
Note that, WazirX will charge a network fee baked on the blockchain load whenever you withdraw on its P2P. To know more about the fees, check here.
To withdraw Ripple(XRP), Stellar(XLM), and EOS cryptocurrency you have to add destination tag or memo along with destination address. Get this from the receiving exchange. To withdraw Indian Rupees check support.wazirx.com
How to Deposit Cryptocurrency to WazirX Wallet
Using the deposit method you can transfer crypto from other wallets or exchanges to the WazirX wallet. Let’s go to that process.
Get the deposit wallet to add the same to the withdrawal procedure. Click on the Funds button at the top right corner of your computer screen. Choose the coin you want to deposit. Click Deposit.
Can you see your destination address here? Copy the address and paste on the withdrawal section of the exchange via which you are transferring the coins. It takes 12 hours in the deposit method. There are no deposit charges involved.
If you deposit XRP you will see a Destination tag as well. Well, in that case, you have to add a destination tag along with the destination address to the wallet from where you are transferring XRP.
To deposit Indian rupees to WazirX wallet check here.
Crypto Coins Supported by WazirX
WazirX supports around 50 cryptocurrencies to buy, sell, and trade through its platform.
Let me name a few of them for your convenience:)
So the currencies are Bitcoin, Bitcoin Cash, Ripple, Ether, Litecoin, EOS, WazirX Token, Icon, OmiseGO, Tezos, MATIC, Stellar Lumens, Ethereum Classic, and others.
All of the above cryptocurrencies along with many other crypto coins are supported by WazirX to do transactions against INR, BTC, and USDT. Isn’t it awesome?
When it comes to security, WazirX is undoubtedly the best-ranked crypto-exchange in India.
Observatory by Mozilla gave a security score ‘C’ to this cryptocurrency exchange. You can check its score here. No other crypto exchange from India has acquired as high as this score so far. When it comes to global performance, it is an average score.
However, more security information should be available on the site of WazirX. To enhance security WazirX should enable a cold wallet solution having a secure multi-layer encryption facility. This will build trust in WazirX among its users.
Besides that, it should be your priority as well to activate advanced account security and set a strong password.
Now let us come to the climax :)
Should you trust WazirX P2P or not? How safe is WazirX? These questions might be popping up in your mind while reading the review. We have an answer to that.
WazirX P2P has recorded 0% fraud cases until the present. So, you can say it is quite a safe and secure exchange platform.
WazirX has a record of the highest liquidity in India and it is a top-rated app. It has opened a new horizon for Indian traders especially after its partnership with the Binance. I would recommend WazirX to the new traders to get facilities at the cheapest prices.
Don’t expect the returns immediately though. Remember patience is the key.
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