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About WazirX

If you have a little understanding of Cryptocurrency then you must have heard about WazirX. But perhaps you will not have full knowledge about WazirX. This is because it is a very new cryptocurrency exchange, and it is now in the stage of development.

Like other countries, cryptocurrencies have attracted a lot of us Indians. Whether you talk about any currency, whether it is Bitcoin or Ethereum, everyone has attracted people towards them only because of its features.

Nowadays, WazirX is one such cryptocurrency exchange that has been very much liked by Indians. This is because in a very short time, its amazing features have made everyone’s interest 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.For this, these people have launched a full crypto exchange. They have plans to support many different types of cryptocurrency.

WazirX has now started its own token called WRX Coin. Users can use WRX Coin in their platform. So I am going to explain detailed information about So today I thought why should you be provided information about WazirX.

What is WazirX?

Wazirx India’s first and only cryptocurrency exchange that supports Peer to Peer crypto Transaction. The three co-founders of this company are Nischal Shetty, Sameer Mhatre , and Siddharth Menon.

All three are from a programming background. You probably know these three from one of their other social media management app which is Crowdfire. This App was developed by them in 2010 and it has been a very successful app. According to their website, they have their head in office Navi Mumbai.

Current Situation

According to their cofounders, Indian cryptocurrencies exchanges are in very poor condition. They are not able to provide the services according to the requirement. They believed in giving better service to the country’s cryptocurrency enthusiasts by starting Wazirx.

WazirX has many features such as real-time open order books, charting, trade history, deposit and withdrawals. A user can trade and invest in some of the world’s best performing digital assets. Users have been provided with user-friendly and easy to use user interface. They do not have any problem to use this platform.

Some Stats About WazirX Platform

  • Around 2,00,000 users are registered on this platform.
  • 35,000+ downloads of Android and iOS apps are available
  • Their average app rating is 4.44, which is quite good

What are the major offers of WazirX Exchage?

The following points are main Offers of WazirX Exchage

  • Peer 2 Peer Transaction
  • Cryptocurrency Exchange
  • WRX Mining

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Features of WazirX

  • Deposit and Withdraw are done in INR in this exchange.
  • You can use WazirX P2P to buy / sell crypto. 24×7 is provided to this service users.
  • This transaction in exchange is the fastest in India, which is 1 trade per minute.
  • It contains an Automated P2P open order book.
  • It also has a Zero transaction fee
  • Its Dispute Resolution is completely robust.
  • It provides the highest liquidity in the USDT Market.
  • Nobody offers the cheapest prices for crypto from all over India.
  • It consists of 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.

Signing Up and KYC Verification

Sign-up in a WazirX account is a very simple process.

wazirx-coin

Access website from here. You have to click Sign-Up button in the top right screen in the top right screen. You need to access Signup page . After that you have to follow the 4 step process to create login and in which you can submit your details for verification.

Step 1 – Email ID and Password

The first step of the sign-up process is to choose the login email address and password.

Email

Enter your complete email address. This will be the same email address that you are going to use to login later and receive any communication messages. You cannot change this email address later.

Password

Always use a strong password that you can remember later. Try to use alphanumeric characters.

Step 2 – Email Verification

Once you have filled the email, password, then you have to click on the sign up, after which you will receive the verification email in your registered email id. Once you receive the verification email, you have to click the verify email button.

After doing this you are 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 will have to click on Resend verification email button again.

Step 3 – Mobile Verification

Once your email was verified, the next step is to verify your mobile number.

Mobile Number

In this, you have to enter your 10 digit Indian mobile number. After entering, you have to select the option to send OTP.

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 is verified, then you will have to upload your details and upload KYC documents for verification.

  • Name – Fill your full name which is in the PAN Card.
  • Address – In this also your complete address has 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 You have to fill the Aadhaar Card number.
  • Aadhaar Card Front Upload – In this, you have to fill a scanned copy of the front of Aadhaar Card.
  • Bank Details – In this, you have to fill your Bank Account details. Remember that you will also receive funds in the same account from which you are depositing the fund. So do not change it again and again.

Before final submitting, check everything once again, this reduces the chances of making a mistake.

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, is safe and is 100% legal!
Two simple things that you can do in WazirX P2P –

Cash In

If you can use INR to trade cryptos, Then buy USDT via P2P. Finally use that USDT to buy other cryptos on WazirX!

Cash Out

Cash Out – If you want to transfer to bank in INR, then for this you can sell your cryptos in the form of USDT and then sell that USDT in exchange for INR. via P2P.

  • WazirX escrows USDT during the transaction for safekeeping.
  • Buyer can use IMPS/UPI to transfer INR.
  • When Seller confirms the payment, WazirX releases the USDT to the buyer.

Is WazirX P2P Safe?

The WazirX has an escrow system that takes special care of everything. In this system, WazirX holds the cryptos of the seller till the transaction is successfully completed and the payment is confirmed.

  • For seller – Then WazirX will not release the crypto to the buyer until you confirm the receipt of INR.
  • If you are a buyer – Then WazirX will not release the crypto of the seller until you have paid the seller.

When any dispute arises within the buyer and seller, then Wazirx has a robust Dispute Resolution system.

What are Positive Points of WazirX?

WazirX P2P exchange is very unique. This is because no government rule works on it. Together this exchange provides enough liquidity, security of funds and a good support system which is the basic requirement of an exchange.
In this exchange you can deposit and Withdraw in INR. These are available in almost all platforms that allow users to use them.

What are Negative Points of WazirX?

When a user places a buy order, then the buyer cannot enter a new buy order until the order is completed. Also, sometimes there is a slight delay in matching the Kabar transaction, in which there is a little trouble to both buyer and seller. In the final, 24 hours is taken to resolve the dispute, which is actually a little longer.

Conclusion

According to me, the definition of transactions of cryptocurrencies from Wazirx has changed the crypto world. The model of P2P really deserves praise. Just as many developed countries have legalized cryptocurrency.

Similarly it should be legalized in India so that the fire of crypto will always be burning. This is because we want India to move ahead of other countries by using blockchain technology and I am sure that this will soon be true.

FAQ’S

Why haven’t I received the verification email yet?

In some cases verification mail takes some time to go. In such a situation, you have to be a little patient. If it does not come after 10 to 15 min then you should check the spam / junk / promotions folder of your email, because sometime it does not come in inbox and goes into spam / junk.

Has cryptocurrency been banned in India?

Yes, it is true that the Indian government has banned cryptocurrency exchanges from transacting with banks. Due to which major exchanges like 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. The work of Wazirx is just to see if both parties are not manipulating their transactions.
In conclusion, Indian people can easily cash in and cash out their cryto and it is completely leagal according to Indian Law 2018

What happens once Verification Details are submitted?

Once you have properly submitted all the verification documents, your verification process starts in backend. This verification takes 24-48 hours to complete.

If for some reason your account is not approved, you still get a mail with reason to be rejected. Which you can read and apply for verification again.

Why WazirX P2P only has USDT?

Transaction is used to make it simple and high liquidity. The USDT is a stable coin. This means that it is a cryptocurrency whose value is mostly stable and the price fluctuation is very low. 1 USDT is worth about $ 1.
So when you sell a crypto: then you have to convert the crypto to USDT first and then sell that USDT for INR using WazirX P2P. And the opposite of how to buy is the opposite.
WazirX is the only Indian exchange that has USDT pairing and according to them they are going to bring more crypto pairing in it.

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Raushan Kumar
A Cook, Software analyst & Blogger.

2 COMMENTS

  1. Worth reading this article as it gave insight about this new cryptocurrency in market. I was a bit sceptical about the investment in crypto post RBI banned bitcoin to operate in Indian market however the ban has been lifted and cryoto is again gaining the popularity among Indians. This new crypto aka swadeshi crypto will surely attract potential traders/investors.
    This article explicitly covers both pros and cons about it and it also tells why and how we can enter into this world by putting our money in WazirX and start trading to get the maximum out of it. Thanks Raushan for covering this topic and providing plethora of information about it.

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