If you are new to the Crypto world, this guide might just be the one you need to get started on with your journey. One of the biggest Cryptocurrency exchanges in India currently is undoubtedly WazirX. Well, there are tons of things you might not know about the platform. Hence, you can check out a detailed guide where we have reviewed WazirX and everything you need to know about it.
Well, Crypto is always one of those topics that you might never be sure of whether or not the Government put a ban on. However, as of now, the Indian Government has asked all the companies dealing directly with this virtual currency to disclose any sort of trading in regards to it.
Moving on, WazirX is perfect for beginners who are willing to understand all the terms related to the crypto world. You can trade, buy, sell, and keep an eye on the market directly through this app. Let us look at this WazirX review and learn more about it.
What is WazirX?
WazirX is a centralized Cryptocurrency exchange in India. The company was founded in 2018 and has gained millions of users over time. Even the future of Cryptocurrency in India might not be known, yet people across the country use the platform to buy and sell crypto coins. In fact, you can also trade some of the most highly valued coins in the market such as Bitcoin, Ethereum, Ripple, Litecoin, and others.
To start with the crypto trading along with buying & selling the coins, you simply need to create your profile. It does require a complete KYC verification to make it even more official that includes adding your bank account and verifying your identity.
WazirX was acquired by the world’s largest Cryptocurrency Exchange Binance thereby increasing the actual value of the platform since its launch. You can even deposit different coins from Binance to WazirX wallet and vice versa with zero fees. There are multiple ways to deposit money to the WazirX wallet using options such as P2P, UPI, and bank transfer.
Furthermore, WazirX has its own application for both Android as well as iOS platform making it easier for you to trade, buy, and sell coins within seconds. You can choose to use it directly from your system as well to keep an eye on the market and learn more each day.
What Makes WazirX The Biggest Cryptocurrency Exchange In India?
Well, since now we have an idea about WazirX and can move forward to learn more about it. There are multiple things that you are still unaware of apart from simply trading the coins on the platform. Here are the features that make it one of the largest Crypto exchanges in the country.
WazirX allows easy buying and selling of coins as well as Trading crypto of over 100 coins. You can find the coins at their best prices based on INR, WRX, BTC, and USDT. Moreover, WazirX has the highest Liquidity of the INR market in the country. You can use Spot trading, to begin with.
This allows you to set up a trading price based on how you read the market and likewise, your order will be processed if the price of the coin reaches that mark. This entire scenario helps you to learn more about more advanced trading options on multiple other platforms.
The most set up that you need to make to start trading Crypto is by connecting your bank account. You can then deposit and withdraw the fund directly to the wallet. The transaction process is highly robust and takes seconds for the money to transfer from your bank account to the wallet and vice versa.
You can use multiple options for this process. It can be either through UPI transaction which is the fastest mode, RTGS, IMPS, and NEFT. The money deposited or withdrawn will be in INR making it easier for you. Furthermore, the fees are different for different modes of depositing money.
Well, one of the biggest concerns for any user is always about security as there are various scams going around and getting access to your wallet. However, that is not the case for WazirX. It provides different security features such as two-factor authentication as well as in-app passcode. You can also play an active role in keeping all your coins and money safe by never sharing your OTP with anyone.
One of the biggest advantages and features that make trading a lot easier is the direct integration to an international Crypto platform, Binance. It acquired WazirX in the year 2019 and has made the transaction of coins from one platform to another very easy. You simply need to create an account on Binance and then connect it with a few simple steps to WazirX.
Apart from all the features, the one that makes it easier for every beginner and professional trader to keep track of their portfolio is through cross-platform integration. Well, you can not only use the app on your system. But also download the software on your macOS, Windows, Android, and iOS.
All the features available on the app are brought keeping all the newbies in mind along with every pro trader looking to use multiple advanced trading tools. You can even use the one-tap spot trading feature and make the buy order based on the market. It is highly secure and keeps you up-to-date with the market using advanced charts for every coin.
Registration and KYC Verification on WazirX
Since we have learned every single aspect of this application, we can now safely move over to create an account on the platform so that you can get started with it. The process is pretty simple that you can do it either on the desktop or on your smartphone.
- Visit the official site on your desktop or download the application on your smartphones.
- Sign up using your email id and set up a secure password.
- Head over to your mail inbox and click on Verify Email.
- For security, you will be asked to enable Two Factor Authentication.
- In the next step, you need to complete your KYC verification.
- Provide your Name, DOB, Address, and Documents.
- Tap on Submit for Verification.
Make sure to cross-check each data that you input in your verification process. It may take up to 24-48 hours for the officials to verify. Once done you can then start with depositing money in the wallet and trade crypto coins.
Types of Transactions on WazirX
Once you are done with creating an account on WazirX, you can head over to the various processes for transactions. Here is a list of all the transaction methods you will as soon as you get to the dashboard either on your desktop site or your smartphone apps.
On WazirX, you can use the Spot Exchange option to buy and sell Crypto by reading the market. There are hundreds of coins listed here and based on the currency pair, you can make your purchase or transaction. Also, the coins that you need to buy or trade depends on the currency pair you choose to go with.
There are four currency pairs that the coin might be associated with. These are INR, USDT, BTC, and WRX. If you have deposited the money in your wallet, you can directly place your buy order with the INR pair. There are multiple coins that do not have the INR pair and hence you need to buy USDT first and then follow the same process.
Furthermore, the Spot Exchange allows traders to place orders for any coin either for buying or selling beforehand. As soon as the market reaches that mark your order will be executed.
Here we have another very popular method for converting your fiat money to USDT in a much easier manner. Well, to save you the transaction fee, you can buy and sell USDT directly from the buyers and the sellers. As we spoke, there are multiple coins such as BNB that do not have an INR pair and hence you need to first buy USDT.
For this, you simply need to go for the P2P transaction method where WazirX acts as an Escrow here keeping your transaction safe. The reason that WazirX only has USDT in this method is because of the fact that it is highly stable and safe.
In the most general term, STF is a method by which small investors who might be skilled enough or simply starting out can connect to professional traders. As an STF Trader, creates their own token and then the investors buy them as a Portfolio. This is then managed by the trader and once the price increases overall of that token, they sell it for a good price to book profits.
You can choose the right token based on the strategy behind launching it and learn more about it. In fact, as a beginner, you need to know that all the process is highly secure and your money is always safely invested. The traders are added with complete verification and they can only trade using your portfolio but can never withdraw.
WazirX Trading, Deposit, and Withdrawal Fees
WazirX has different regulations for Trading, Deposit as well as Withdrawal. Each of these has a different fee structure based on multiple aspects as you can see below.
As we have learned in the types of transactions section that there are basically three methods by which you can trade crypto coins. Since all the coins have their certain minimum value that you can order. In the spot Exchange section, you will be charged a 0.2% fee for both the buyer and seller of the coins.
For P2P Transaction there is a 0% fee which is why you can easily get your fiat money converted to USDT and thus saves money. Similarly for the STF trading, WazirX collects around 25% from the total profit of the token.
Since you are already paying for both buying and selling of coins, you also need to pay if you are looking to withdraw your coins and money. There is a different fee structure for every coin along with a particular amount that you can withdraw.
There is no particular fee structure to deposit the money or the coins as well. It is different for every coin in your portfolio. For example, you can minimum draw 6 ADA, to begin with. Furthermore, a lot of coins are still on WazirX that might be not enabled for any deposit or withdrawal and are under Rapid Listing Initiative.
How To Transfer Money Into A WazirX Account/Wallet?
Once your account is verified, you need to add money in your wallet from your bank account to trade crypto. Here are few options you can try along with the fees you need to pay with each transaction.
The foremost option that you will come across to add money to your WazirX wallet is through a bank transfer. It involves the IMPS/RTGS/NEFT process whichever might seem safe and secure to you. The below method works for your desktop app as well as for your smartphones.
- Tap on Funds in the menu bar.
- Now, tap on the Deposit button beside the Indian Rupee.
- First link your bank account by adding the correct details as per your KYC details.
- Click on Instant Deposit IMPS/NEFT/RTGS.
- The next page will show you the WazirX bank details where all your money will be transferred for trading. Simply transfer funds here.
- Within seconds your money will be deposited.
Make sure all the details match your WazirX and only then will your bank details be verified and accepted. Also, you will be charged 5.9 INR per transfer for such transactions.
Next up we have an instant deposit with the help of UPI transactions. It is much faster and takes at most a few hours to credit the amount.
- Tap on Funds in the menu bar.
- Now, tap on the Deposit button beside the Indian Rupee.
- Click on Instant deposit with UPI.
- Link your UPI ID to this WazirX account.
- Enter the amount you wish to add to the wallet and then wait for the prompt from your UPI app.
- Make the payment and wait for the money to transfer to your wallet.
For both UPI and bank transfer the name must match the WazirX account details as same as that of the bank. Also, WazirX charges 4 INR per transfer for every UPI transaction you make.
Pros & Cons of WazirX
Is WazirX Safe?
A lot of users are still hesitant to trade on any crypto site and the same goes for WazirX as well. It is not only because they keep their security as their top priority but also because it serves all the norms even if the trading is banned in the country.
There are different security measures as well that makes it even more worthy. You can enable two-factor authentication based on your contact info. It even has millions of users trading every single day.
Here is everything you need to know about India’s largest Cryptocurrency Exchange platform. Hopefully, this WazirX review might help you learn every aspect of how to trade and buy different crypto coins. Before you can start trading, there are different sources on the internet that can help you learn more about the market and what might be the best coins to invest.
Once you learn more about the different coins and study them, it will become much more beneficial for you in the long run. Since Binance and WazirX are integrated, you can even start trading on the most popular crypt exchange in the world. It can be a little challenging but you will get there. If at all there is something that you wish to learn about WazirX, you can let us know in the comment section here.