A lot of crypto exchange platforms are available these days. We must admit – choosing the right one is a hard row to sow.
In search of the best crypto exchange platform, WazirX has probably struck your mind. Otherwise, you wouldn’t be reading a review about it?
Anyway, WazirX is one of the most trusted crypto exchanges across the globe because of its great history. It was first launched on March 8, 2018.
On November 21, 2019, the greatest global cryptocurrency exchange platform, Binance acquired it and changed the course of the Indian cryptocurrency ecosystem.
Are you ready to discover ins and outs of WazirX? Let’s begin!
I. How Does WazirX Work?
If you want to buy cryptocurrency, WazirX is one of the safest and trusted international exchange.
Once you click on the buy button, the platform will automatically find a matching buyer. Sounds confusing? Okay, let’s make it easy.
I.I How to Buy Cryptocurrency on WazirX (Best Method)
Before buying any cryptocurrency, you should convert your INR into USDT because INR exchange is limited to only 10 cryptocurrencies.
With USDT, you can buy any kind of cryptocurrency.
- To buy USDT, you need to click on the P2P button, which allows you to buy USDT directly from a seller.
2. Enter your preferred USDT volume. Please keep in mind that anything below 14.5 USDT is unacceptable. Once you finish filling the correct amount, you need to hit the “Place Buy Order” button.
3. The WazirX algorithm will start matching your requirement with sellers. It may take 2-30 minutes. Sit back and relax. Once the algorithm matches something suitable, you will get an email and SMS notification.
4. When the algorithm matches you with a seller, you will see various modes of payments. As you can see, the seller has only one mode of payment. In this case, we have to select the IMPS mode. However, if the seller had Paytm and UPI, we could choose alternatives.
5. Here we go! There you can see the bank account details of the seller. It’s time to send the exact amount via net banking. Remember! Never round off the amount, it should be as same as the system mentions. After the transaction, you need to click on “I have paid” button.
6. Your order will be placed. Wait for the seller to confirm.
Now you must be wondering – how does the system prevent fraud? Why would someone release USDT when he gets the payment out of the system? Well, there’s a catch! When a seller accepts your offer, his USDT automatically goes to escrow.
7. After confirmation, you will get a “buy order completed” screen with a green signal. That’s it, you have successfully purchased USDT. Let’s get cryptocurrency from USDT.
8. Visit the exchange section.
9. Select USDT from the top left corner.
10. You can either use the order book or enter your preferred amount to place an order. Once you click on “Place Buy Order,” your order will be placed in a couple of minutes.
11. To confirm whether you have received the preferred cryptocurrency or not, you can visit the “funds” section.
I.II How to Sell Cryptocurrency on WazirX
The selling process on WazirX is the reverse of the buying process. If you wish to sell any cryptocurrency, you must first convert it into USDT. After that, you will be able to sell USDT for INR.
One more thing – Where would the money go? Yes, you need to fill your bank account details so that the buyer can pay you. Here’s how you can do it.
Go to Accounts Settings>>P2P Payment Options
There you can see three methods of getting payment: Bank account, UPI, and Paytm. Select whatever you find most suitable.
Have you filled bank details correctly? Good, let’s move to the selling process.
- Click on “Exchange.”
2. Select USDT and your preferred selling currency.
3. Sell your crypto at the current price. Once you click on the “Place Sell Order” button, your order will be done in a few seconds.
4. Now visit the P2P section.
5. Select the “sell” tab and the current selling price will be automatically shown. Just like before, place your order.
6. After placing the order, the same matching screen will pop up.
7. When you successfully get a buyer, you need to check your bank account statement. If you have received the same amount, you can click on “Yes, I have received” button.
8. Confirm again!
9. Alright! We have successfully sold USDT for INR.
II. How to Create an Account on WazirX
It’s not a big deal to create an account on WazirX. But still, there are a couple of things to remember while signing up on WazirX. Therefore, here’s a 4-step signup process:
- Visit the homepage and click on the signup button.
2. Once you click on the signup button, you will be redirected to the signup form. Make sure to put the most active email because it can’t be changed later.
Agree to the terms of service and hit the blue “Sign Up” button.
3. Check your email address and complete the verification.
Click on the blue “verify email” button to move forward.
4. Enter your mobile number & verify it via OTP.
5. After OTP verification, you need to fill the necessary KYC details. In case, if you don’t want to submit KYC details, you may skip for later. Just remember! Without KYC, you can only deposit and trade cryptocurrencies. No withdrawal will be allowed.
6. Congrats! You have successfully created an account on WazirX. If you are having difficulties in verifying KYC details, there’s an easy explanation in the next section.
Also Read: Shared Custody Secures 6M Bitcoin
III. How to Verify KYC Details on WazirX – 3 Step Easy Process!
When it comes to KYC verification, almost every one of us sweats for it. Anyway, here’s the easiest step by step process to get verified on WazirX.
Gather Required Documents
If you’re from India, you need a pan and Aadhar card. If not, the list of required documents may vary. Once you gather everything, capture photos of your documents by a mobile camera or scan them. Besides, take a professional and neat picture of yourself.
Let’s Fill KYC Details
When it comes to filling KYC details, they should always match your legal documents. If anything mismatches, your application will be denied. Therefore, pay attention to the D.O.B, address, and spelling of your name.
Submit and Wait
Cross-check everything and click on the “submit for verification” button. Right after the submission, you will get an email of confirmation.
The verification process may take up to 3 days. So, sit back and relax for a while.
IV. What Kind of Cryptocurrencies Does WazirX Support?
At present, WazirX supports a variety of cryptocurrencies. If you love to change your trades too often, you may fall in love with WazirX. Just take a look at the table below.
Apart from this, there are 3 different markets to trade: P2P, Spot, and STF.
V. WazirX Trading, Deposit and Withdrawal Fees
WazirX fees and limits vary in different markets. Here’s how it goes:
- Spot Market – 0.2%
- P2P Market – 0%
- STF Market – 25% fee on profit
If we talk about deposit and withdrawal fees, it depends on the type of cryptocurrency you want to trade. Anyway, can you see why we discussed the P2P method?
VI. Is WazirX Safe?
WazirX has attained various security measures to protect every user. From 2-factor authentication to KYC verification – almost everything assures safety.
It’s interesting to note that the outstanding escrow integration makes WazirX invulnerable from fraudsters.
In addition to this, it turns out that almost all users of WazirX have reviewed their experience positively.
VII. Pros and Cons of WazirX
Unfortunately, nothing is perfect in such a small world.
|No middleman, which cuts out hefty fees||We haven’t seen a potential hack on WazirX
yet, so how they will handle such situation is
|Affiliated to Binance||No Leverage Trading pairs yet|
|Flexible payment methods are available|
VIII. How is WazirX Customer Support?
WazirX is truly transparent about its customer support. They have clearly mentioned that they operate from 4:30 a.m. to 13:30 UST for all 7 days.
If you ever face any issue, you can submit a ticket to get support. Generally, the team responds within 24-48 hours via email.
If we talk about phone support, there’s no such thing. The WazirX team believes that they operate well via email. That’s why they have not tried to enable phone call support yet.
IX. WazirX Supported Jurisdiction
WazirX is available in every country except these:
|American Samoa||Angola||Bosnia||Herzegovina||British Indian Ocean Territory|
|North Korea||Ethiopia||Eritrea||Montenegro||Democratic Republic of Congo|
|Rwanda||Guinea-Bissau||Haiti||Netherlands Antilles||Serbia and Montenegro|
|Serbia||Liberia||Iran||South Sudan||Svalbard and Jan Mayen|
|Sierra Leone||Lebanon||Iraq||United States||Zimbabwe|
|Slovenia||Ivory Coast||Libya||Western Sahara|
The Verdict: Should You Trade on WazirX?
WazirX has achieved a lot in such a short span. Its operating is transparent and seamless. Most importantly, its P2P method of selling and buying USDT is appreciated everywhere. As a matter of fact, after Binance acquired the Exchange, it inherited WazirX’s P2P Engine to make completely fee free peer-to-peer fiat << >> crypto transactions possible on Binance. Also, If your sole purpose is to buy USDT, this platform is absolutely free to use. No need to pay any fee while converting INR to USDT or vice versa.