WazirX is a centralized cryptocurrency exchange in India created by Sameer Mhatre, Nischal Shetty, and Siddharth Menon in 2018 to allow Indians to buy, sell or exchange their crypto holdings in Indian currency. However, since November 2019, the Indian crypto exchange was acquired by Binance Exchange, one of the largest cryptocurrency exchanges in the world in terms of trading volume. Following this acquisition, WazirX became globally available to traders all across the globe.
How to use WazirX?
Using WazirX is very simple. Users who want to buy or sell crypto coins on WazirX need to first create an account on the exchange. The users need to visit the exchange’s official homepage and click on the ‘signup’ button. After that, they will be directed to a ‘signup’ form where they need to fill in their active email id and phone number and agree to the terms and conditions for signing up. Then comes the verification process, where users are sent an OTP via email or SMS that they need to use to verify their email and phone number. Now submit the KYC details, without which you cannot withdraw any fund from the exchange. After the security verification comes to the final page, you need to feed some personal details like your full name, address, date of birth, and country. Click on the ‘Submit’ tab, and your account will be created. Now you will be asked about your next operations on the exchange, whether you want to buy, sell, or exchange cryptocurrencies. If you want to buy cryptocurrencies, select the ‘buy’ option, and the platform will automatically find a matching seller for you.
For buying cryptocurrencies on WazirX
- Converting your INR into USDT will give you more crypto options to select from. INR opens up only 10 cryptocurrencies. Click on the P2P button to directly buy USDT from a seller.
- Select your preferred volume of USDT that you want to buy, then click on the “Place Buy Order” button. Ensure that the volume is more than 14.5 USDT; otherwise, it will not be accepted on the exchange.
- The WazirX algorithm automatically starts finding a matching seller for you, and once it finds anything suitable, you will receive a notification via email or SMS.
- Select the payment mode from the options available with the seller. You will be directed to the seller’s bank account details, where you need to make the payments. After you pay the exact amount, click on the “I have paid” button to confirm. Thus, your order is placed, wait for confirmation from the seller.
For selling cryptocurrencies on WazirX
The selling process is just the opposite of the buying process.
- Click on the exchange tab and select your preferred USDT.
- Click on the “sell order” button and sell your crypto at the current price. But before this, you need to fill in your bank account details where the buyer will pay you.
- The same auto-matching screen will pop up as in the crypto buying process. After you get your payment from the buyer, confirm by clicking on the “Yes, I Have Received” tab. Thus, you have successfully sold your USDT for Indian Rupee.
Is WazirX legal in India?
Yes, WazirX is legal in India. Users can buy, sell or exchange their preferred cryptocurrency on the platform in a secure way.
Does WazirX P2P Solve a Problem?
After WazirX was banned in India for 3 months by the country’s financial authority for allegedly depriving Indians of the Blockchain revolution, WazirX quickly launched WazirX P2P to solve the fiat currency-cryptocurrency problem that existed in the country. WazirX P2P became the world’s first auto-matching system that allows users to convert their money to cryptocurrencies instantly. With the help of WazirX P2P, buyers’ requirements are matched with the sellers automatically with zero transaction fees.
Is the WazirX exchange safe to trade cryptocurrencies in India?
Absolutely. WazirX is an innovative and one of the top crypto exchanges that ensures users’ security by implementing a two-factor authentication system. After each completed transaction, users receive an OTP via SMS or email by which they can authenticate that the transactions were made by them.
Thus, WazirX has earned the reputation of being one the fastest and reliable cryptocurrency exchange platforms, not only for the Indians but also for the entire world. Its innovative P2P auto-matching systems have made crypto trading easier. To know more, visit WazirX Review.
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