Introduction
If you have even a little understanding of Cryptocurrency, then you must have heard about WazirX . But perhaps you will not have complete knowledge about WazirX, because it is a very new cryptocurrency exchange, and it is now in the development stage. But now it is quite ready for trading.
Like other countries, cryptocurrencies have attracted a lot of us Indians too. You talk about any currency, whether it is Bitcoin or Ethereum, all have attracted people to themselves only because of their features.
In recent times, WazirX is one such cryptocurrency exchange that has been well-liked by Indians. This is because in a very short time its amazing features have attracted everyone’s attention and together it is very easy to use it or its services. The basic objective of this company is how it can become India’s most trusted Bitcoin exchange. The best part is that they are also succeeding in their objective.
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For this, along with their plans, these people have also launched a full crypto exchange that supports many different types of cryptocurrency pairs, WazirX has also started its own token, which they named WRX Coin . is kept.
And which users can use in their platform, along with other currency. So that’s why today I thought why not provide you people with information about what is Wazirx and how it works so that you too can get some information about it.
What is WazirX – What is WazirX
Wazirx is a very popular cryptocurrency exchange in India, using which any user can trade cryptocurrencies in it. At the same time, not only Indians, any user of the world can do crypto trading in it.
It is the first and only cryptocurrency exchange in India that allows Peer to Peer crypto transaction . The three co-founders of this company are Nischal Shetty, Sameer Mahatre , and Siddharth Menon . These three are from programming background.
Also, perhaps you know these three from their other social media management app which is Crowdfire , which was created by these people in 2010 and it has been a very successful app. According to their website, their head office is located in Navi Mumbai.
According to their cofounders, Indian cryptocurrencies exchanges are in a very bad condition and they are not even providing the service as per the requirement. That’s why he believes in providing better service to the cryptocurrency enthusiasts of the country by starting Wazirx.
WazirX has many features such as real-time open order books, charting, trade history, deposits and withdrawals , allowing a user to trade and invest in some of the best performing digital assets in the world.
Along with this, user-friendly and easy to use user interface UI has been provided to the users so that they do not face any problem to use this platform.
Some Stats of WazirX Platform
- More than 2,50,000 users are registered on this platform.
- There are 100000+ downloads of Android and iOS apps
- Their average app rating is 4.44, which is quite good.
What are the Key Offers of WazirX Exchange?
If we talk about their main features, then the offers given below are the main ones.
- Having Peer 2 Peer Transaction
- Cryptocurrency Exchange
- WRX Mining
But is Cryptocurrency banned in India?
Yes, it is true that the Government of India has banned cryptocurrency exchanges from transacting with banks. Due to which the major existing exchanges such as Zebpay and Unocoin are now closed. But the concept of WazirX’s P2P model is different, according to them, they are not doing any transactions with banks, but according to their model, a person can exchange currency with another person as well.
In this, the job of Wazirx is just to see that both the parties are not manipulating their transaction. So Indian people can easily cash in and cash out their cryto and it is completely legal as per Indian Law 2018.
Note : – Now according to the Supreme Court trading cryptocurrency is completely legal in India.
Some Features of WazirX
Let us know about some features of WazirX.
- Deposit and Withdraw are done in INR in this exchange.
- You can use WazirX P2P to buy/sell crypto. This service is provided 24×7 to the users .
- The transaction in this exchange is the fastest in the whole of India, which is 1 trade per minute.
- It has Automated P2P open order book.
- Along with it there is also zero transaction fee .
- Its Dispute Resolution is completely robust.
- It provides the highest liquidity in the USDT market.
- No one offers the cheapest prices for crypto from all over India.
- It has the lowest maker fee : 0.1%
- These are available on all three platforms such as Android, Web, and iOS.
- Its UI is so simple that any user can use it easily.
How to do Signing Up and KYC Verification?
Signing up in WazirX account is a very simple process.
1) For this, first you have to go to the Signup page .
2) For which you can click on the Sign-Up button located in the top right screen.
3) After that you have to follow 4 step process to create login and in which you can submit your details for verification.
Step 1 – Email ID और Password
The first step of the sign-up process is to select the login email address and password.
1. Email – Enter your complete email address. This will be the same email address that you are going to use to login later and to receive any communication messages. You cannot change this email address later.
2. Password – Always use a strong password that you can remember later. Try to use alphanumeric characters.
Step 2 – Email Verification
After you have filled email, password then you have to click on sign up, after which you will receive verification email in your registered email id.
Once you receive the verification email, you have to click on the verify email button.
By doing this you will be taken to the WazirX website where your verification is confirmed. Note that the verification email is valid only for 30 minutes. And if you did not login within that 30 minutes then you have to click on Resend verification email button again .
Why haven’t I received the verification email yet?
In some cases, it takes some time for the verification mail to go through. In this case you have to have some patience. If it has not come even after 10 to 15 minutes, then you should check the spam/junk/promotions folder of your email, because after some time it does not come in the inbox and goes to spam/junk.
Step 3 – Mobile Verification
Once your email was verified the next step is to verify your mobile number.
1. Mobile number – In this you have to enter your 10 digit Indian mobile number. After entering, you have to choose the option of send otp.
2. Verification OTP – You will get an OTP via SMS. This OTP has to be entered in the verification box and click on verify. Sometimes it takes some time for OTP to arrive, so be patient.
Step 4 – KYC details
Once your email and mobile number have been verified then you will have to upload the KYC documents by filling your details for verification.
- Name – You have to fill your full name which is in the PAN card.
- Address – In this also your full address will have to be written which is in the Aadhaar card.
- Date of Birth – In this, DOB has to be filled in DD/MM/YYYY format.
- PAN Card Number
- PAN Card Front Upload – In this you have to fill a scanned copy of the front of the PAN Card.
- Aadhaar Card Number – In this you have to fill Aadhaar Card number.
- Aadhaar Card Front Upload – In this you have to fill the scanned copy of the front of the Aadhaar Card.
- Bank Details – In this, the details of your bank account will have to be filled. Remember, you will also receive funds in the same account from which you are depositing funds. So don’t change it frequently.
Before submitting the final, check everything once more, this reduces the chances of making a mistake.
What happens once the verification details are submitted?
Once you have submitted all the verification documents properly, your verification process starts in the backend. This verification takes 24-48 hours to complete.
If for some reason your account is not approved, you still get a mail with the reason for being rejected. After reading which you can apply for verification again.
WazirX P2P – How does it work?
With the help of WazirX P2P you can easily Buy and Sell USDT in INR directly with other Buyers and Sellers. It is available 24×7, safe and 100% legal!
Two simple things that you can do in WazirX P2P –
1. Cash In – If you can use INR to trade cryptos, Buy USDT via P2P and then use that USDT to buy other cryptos on WazirX!
2. Cash Out – If you want to move INR to your bank account, you can sell your cryptos in the form of USDT and then sell that USDT in exchange for INR via P2P!
If you want to understand in details then let us know how WazirX P2P works –
1. WazirX matches people who want to buy USDT for INR, and those who want to sell USDT for INR.
2. WazirX escrows USDT during transactions for safekeeping.
3. Buyer can use IMPS / UPI to transfer INR .
4. When the seller confirms the payment then WazirX releases USDT to the buyer.
Why WazirX P2P only has USDT?
It is used to make the transaction simple and high liquidity. USDT is a stable coin. This means that it is a cryptocurrency whose value is mostly stable and the price fluctuation is very less. The value of 1 USDT is only about $1.
So when you sell any crypto: Then you have to convert crypto into USDT first and then sell that USDT for INR using WazirX P2P. And the way of buying is just the opposite.
WazirX is the only Indian exchange in which USDT pairing takes place and according to them they are going to bring many more crypto pairing in it.
Is WazirX P2P Safe?
suddenly. WazirX has an escrow system which takes special care that no party cheats any other party. In this system, WazirX holds the seller’s cryptos until the transaction is successfully completed and the payment is confirmed.
If you are a seller – then WazirX will not release the crypto to the buyer until you confirm the receipt of the INR.
If you are a buyer – then WazirX will not release the seller’s crypto until you pay the seller.
If due to any reason there is a dispute between buyer and seller then Wazirx has a robust dispute resolution system.
What are some positive points of WazirX?
WazirX P2P exchange is very unique. This is because no rule of the government works on it. Together this exchange provides enough liquidity, security of funds and a good support system which is a basic requirement of an exchange.
In this exchange you can deposit and withdraw in INR. These are available in almost all the platforms which facilitate the users to use them.
What are some negative points of WazirX?
When a user places a buy order, the buyer cannot place a new buy order until that order is completed. Also, sometimes it takes a little delay in matching the bar transaction, in which both the buyer and the seller have a little trouble.
In the end, 24 hours are taken to resolve the dispute, which is actually a little more time.
Where is Wazirx Head Quarter located?
Wazirx Head Quarter is located in Navi Mumbai.
What platforms can WazirX run on?
As of now, WazirX can run on Android and iOS platforms.
Who is the founder of WazirX?
Nischal Shetty is the founder of WazirX .
Is WazirX Legal in India?
Yes absolutely WazirX is completely legal in India. The Supreme Court itself has confirmed this.
Final Thoughts
According to me, the definition of cryptocurrencies transactions from Wazirx has been changed. The model of P2P really deserves praise. Like many developed countries have legalized cryptocurrency, in the same way it should be legalized in India so that the fire of crypto is always burning.
This is because we want that India should also move ahead of other countries by using Blockchain technology and I believe that very soon this is also going to be true.
Hope you like this article What is Wazirx P2P Crypto Exchange and tell us by writing a comment. This will also let us know about your thoughts. If you liked this article, then do share it on social media.
