What is WazirX?
WazirX is the most popular and leading cryptocurrency exchange in India that permits its users to invest in cryptocurrency trading with fiat currencies. WazirX is based in Mumbai, and it is led by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. WazirX is a peer-to-peer platform that helps users buy and sell USDT for fiat currencies from other buyers and sellers directly. The platform operates 24×7, and it is completely safe. In November 2019, WazirX was acquired by Binance, the global cryptocurrency exchange platform; this changed the cryptocurrency ecosystem of India.
How Does WazirX Work?
WazirX is the most trusted and safest international cryptocurrency exchange operating in India. Here is how WazirX works –
- WazirX provides a platform for a person who wants to buy USDT with fiat and helps to identify with a peer who is planning to sell USDT for fiat.
- It escrows the USDT and keeps it safe during the transaction.
- The buyer needs to transfer fiat to the seller’s bank account through IMPS/UPI.
- When the seller confirms the payment, WazirX issues the USDT to the buyer.
Key Features of WazirX
- User-interface is simple and beginner-friendly
- It has a Mobile app that supports multiple devices.
- Quickest KYC( Know Your Customer) verification
- Zero trading fees for peer-to-peer crypto trading.
- Offers low spot trading fees to instantly purchase crypto
- You can buy and sell crypto instantly through a bank account.
- Using WazirX P2P, you can exchange INR to Crypto and Viceversa.
- Hassle-free trading experience
- Provides advanced charts to track price minute by minute
- Advanced security features
One of the topmost priorities is to keep your funds safe in a cryptocurrency exchange. There are several recommendations given on the WazirX security page, like adding a strong login password and activating enhanced account security measures like SMS verification and Google Authenticator. These are the important recommendations that are given to all users of WazirX. It implements high-security measures on its site, withdrawals, and online wallets.
- Trading Fees
WazirX has a maker and taker model for evaluating buy and sell trading fees. Based on the order type placed by the users, the platform determines the trading fees that are applied in this way –
- 0.02% taker fee applies for conditional and limit orders
- 0.02% maker fee applies for market orders that fill in.
- Deposit Fees
Wazir X deposit fees for transferring the fiat currencies into the WazirX account are based on the selected deposit option. If the user chooses to use the UPI method, there is no deposit charge, and it takes 15 minutes to process the transaction.
- Withdrawal Fees
You should know that cryptocurrency withdrawals from the WazirX platform will be charged a network fee that is charged when the user intends to withdraw from the exchange. The withdrawal fees are determined by the blockchain load; also, you can check the WazirX withdrawal fees on its fees page for every cryptocurrency.
How to Create an Account on WazirX?
WazirX has several options for the users to buy Bitcoin and other currencies according to their budget. To start, you need an account with WazirX. Here are the steps to open an account –
- First, you need to download the app, or you need to visit the website then click the sign-up button.
- Provide your email address and the password
- Before clicking on the checkbox of terms and services, you need to go through the terms and conditions.
- Then, click the sign-up button.
- You will receive a verification email after you have provided all the details when you are signing up. After receiving it, you need to click the verify email address to complete the process.
- For security purposes, you should enable two-factor authentication. This can be done by downloading the Google Authenticator app and connecting it to your account.
- The final stage of the account setup process is to go through KYC verification. After verifying the KYC, the process is completed. Next, you can start buying your favorite cryptocurrency from WazirX.
To sum up our review, WazirX has made the process easier for Indians to buy and sell Bitcoins and other cryptocurrencies. Its platform is easy to use, and it offers peer-to-peer trading that makes it easy to buy, sell and trade Bitcoins for users through the local INR currency. In 2019, WazirX entered into a partnership with Binance, the world’s largest cryptocurrency exchange, and in the future, we hope to see more interesting features from the team at WazirX.