The rise in the willingness to invest in the cryptocurrency spectrum (especially amongst the young millennials) has been on the rise in India. And with this rise in inquisitiveness, also comes the demand for the mediums through which one could invest in the crypto space. Now, through this WazirX Review, we will try and understand in detail the cryptocurrency investment platform: WazirX
Through this writeup, we aim to introduce you to this (WazirX) crypto trading platform and also try to understand the functionalities associated with it. We will start by reviewing this platform and then also understand the various features of this platform. And then eventually we will wrap up by understanding the complete procedure of how does one start using this platform in a simple, crisp and precise manner.
What Is WazirX Crypto Currency Exchange?
WazirX is India’s largest cryptocurrency trading platform. Although a new player in the crypto trading segment, buy this platform has taken giant strides and is one of the leading players in the market. WazirX allows trading various cryptocurrencies on its website.
WazirX was founded in the year 2018 by a computer engineer named Nischal Shetty along with two co-founders. And soon after the launch of this platform, cryptocurrency trading was banned in India. Just a couple of days after the launch, WazirX launched P2P (Peer to peer) which would directly link buyers and sellers and there is no need for intermediary financial institutions.
At that time it was the only institution to have P2P mode and owing to which this platform gained popularity and which led to some serious valuation for this platform. WazirX was acquired by the global cryptocurrency exchange Binance in 2o19.
So, to understand in simple words, this platform (WazirX) facilitates the buying, selling and trading of cryptocurrencies. And since it inception, because of its cutting edge technology, WazirX has become a leading cryptocurrency exchange in India. More than 100 cryptocurrencies are available to be traded on the WazirX Platform. And the exchange runs under the able guidance of its founder and Co-founders.
What Is USDT And Is It Reliable?
USDT (synonymously also called Tether) is a relatively safer coin and is generally pegged as $1 per coin. It is a form of digital currency for conversion at the prevalent currency rate. This is the most stable and reliable form of token currency as it is directly pegged against the dollar. In general, if someone is willing to invest in crypto, currency linked tokens are considered to be stable.
Once the USDT is deposited in the account, it can be used on the WazirX platform to buy or sell any cryptocurrency listed on the WazirX exchange. The value of USDT keeps changing depending on the change in the value of currency throughout the day.
What Is WazirX P2P?
WazirX P2P allows you to directly buy/sell USDT with buyers or sellers without the need of mediating financial institutions. WazirX is the first crypto exchange to adopt this mode of transaction in India. It is simple People to People mechanism whereby you are matched to a seller if you want to buy cryptocurrency, and vice-versa if you want to sell cryptocurrency.
You simply need to punch in the XID (like a unique personal id attached to your account) and put the quantity you want to transact and the system will find a counterparty willing to take the opposite position.
The USDT is parked in an Escrow account and once the transaction is completed between buyers and sellers, the USDT is released and the transaction is completed.
The system looks very nice, except for the fact that this process is completed only when there is a counterparty willing to take the opposite position.
What Is WazirX Xoom?
Xoom is a product of PayPal. Through this portal, the electronic fund’s transfer or remittance of funds are taken place. And WazirX used it as a medium to transfer or remit funds for its user. And what makes this a very mode of transfer, a reliable medium is the very fact that the data of transactions are end to end encrypted. And makes it absolutely fraud-free. Xoom uses, 128-bit data security encryption, so all the information sent between your browser and WazirX website is private, safe and secure.
On the portal of WazirX, Xoom is pegged as USDT and it keeps fluctuating depending on the demand and supply and it is a popular form of trade amongst traders looking for a volatile product.
Features And Advantages Of WazirX
The discussion here is not to differentiate WazirX from other platforms, but the crux of discussion here centres around the discussion as to why is WazirX so reliable and how is it able to provide the best in class service to its clients. The following points should stake the claim:
- Best in Class Security: As long as the security system is updated on a regular basis, the product is deemed to be safe and reliable. And WazirX prides itself on being a product innovator and the best and safest mode for crypto transactions. Two-step verifications further provides the advanced security features.
- Available across all the platforms: In this day and age of technology, users use various modes for technology usage. And WazirX is available on all the modes like Web, Android, iOS, Windows, Mac.
- Fast Execution of Transactions: Lag in the execution of transactions is the most frustrating thing which any trader experiences. But, the speed of order placing and order execution is second to none while using the WazirX platform
- Trading Platform Interface: It’s like in a game of cricket, if the umpires are not talked about much, it simply implies that they have done their job in an error-free manner. The name can be said about the user platform of WazirX, people don’t talk about the platform much because it is designed in such a way that it matches the world-class infrastructure and there are not many issues faced while using this platform.
- Amazing Referral Program: Now this program of WazirX is most rewarding and interesting. WazirX lets users earn 50% of the trading fee as a commission for every trade done via the user’s referral code.
The Prodigal Geniuses Behind WazirX
Building such a wonderful and smooth product is certainly the work of genius. Nischal Shetty, Sameer Mhatre and Siddharth Menon are the three strong pillars on which WazirX stands. WazirX was founded in the year in 2018 by Nischal Shetty. He is on the list of Forbes 30 under 30. And he is on a mission to involve everyone in the blockchain mission.
Sameer Mathre is the tech head behind WazirX. He is a full stack developer and a designer. Give him a broader view of things and he puts out a world-class product.
Siddhart Menon is the product head of WazirX. The pioneer behind the P2P program of WazirX. And he is one of the most trusted and valued cogs in the wheel of WazirX.
Interestingly, just after the launch of the WazirX platform, cryptocurrency trading was banned in India. And the founder and co-founder were soon able to come up with a P2P solution to problem facing them.
How To Open An Account On WazirX?
Now, we will explain in an elaborate manner, a step by step procedure of opening an account using WazirX. And we will also learn about the method of placing an order on this platform.
The signup procedure is very safe and simple.
Step 1: visit www.wazirx.com and we reach the following landing page.
As you can see, the interface and landing page are easy to understand and the sign-up option has been highlighted twice on the main page. Post which we need to go to sign up page and start by proving the basic details.
Step 2: In this step, we need to put the credentials like email id to be used for WazirX, along with setting up a password for the same and referral code if any.
Step 3: In the next step, you will get a verification email. And there will be a link attached to it. And this link is valid for 15 mins. And within which we need to verify our email id.
Step 5: Now, in the next step after the account approval, the next step is the securitization of your account. You can choose to secure it via one of the following three ways:
- Authenticator App
- Mobile SMS
The first method is the most recommended one as it secures your account completely and it is very difficult to be cheated if we use it.
After completion of 2FA, an email is sent to your registered email id and upon approval of that, your account is directed to the welcome page.
Step 6: On the next page you are directed to the KYC page whereby you have the option to complete your KYC now or skip it for now and complete it later. If you skip now then you can only deposit and trade. But if you choose to complete your KYC, then you can not only deposit and trade, but you can also withdraw and use the P2P feature of WazirX. So, it is advised to complete your KYC immediately or as soon as possible.
Before we move on to the next step, it is imperative for us to have the following documents ready:
- PAN card and
- Adhaar Card (or Passport or Driving Licence)
Step 7: Now comes the most important step while activating the account. You need to fill in personal details, along with details like your address, your pan card details, your Adhaar card details. And you also need to upload the pictures of PAN card, Adhaar card (or Passport, Driving Licence) and also upload a selfie of yourself along with your address proof document. And then you click the verification button. And upon verification, you are good to you and your verification process is complete.
Step 8: Post which you are directed to the main page of the WazirX platform and whereby you can start with your first trade in the world of cryptocurrency. Adding funds is also very simple in this platform. You just need to go to funds and choose the mode via which you would want to make payment.
Step 9: There are two ways to deposit money in your account
- You can deposit your fund via instant transfer in the form of UPI or bank account transfer payment. But if you chose to deposit via this mediun, a transaction fee of 0.236% will be levied upon the value of the transaction.
- You can also choose to invest via WazirX P2P. And here no transaction fees will be levied. It is absolutely free.
Both the modes are available and active 24*7 and transactions can be made any time of the day. And once the money is deposited, you are good to go and start making money from the world of cryptocurrency trading.
Now, if the above nine-step procedure is followed judiciously, the account opening procedure takes less than 15 minutes. It is super fast and super responsive.
How To Withdraw Funds From WazirX?
- First, go to the top bar and then click on funds.
- The choose the withdraw button
- If you have not yet linked your bank account then do so in this step by entering your bank details.
- And once withdrawn, the money is transferred to your account within 72 hours.
- 10 Rupees withdrawal fees is charged for instant withdrawal and this is inclusive of all the taxes.
- 5 Rupees withdrawal fees is charged for withdrawal via NEFT.
Customer Support Of WazirX
Live chat support is available between 11 am to 8 pm for any queries which the customer might face.
With the rising interest in the world of cryptocurrency trading, the platform or medium which provide this service will be the most benefitted one. And WazirX is the name which is at the top of the chart. They have build state of art product with easy to use interface and glitch-free experience for users. And with the backing of a strong team, more good and powerful tools should be expected from them.
- Can I Trade-In WazirX Without KYC?
Yes, you can trade without KYC, but only Deposite and trading are allowed without KYC. For withdrawal and P2P purposes, KYC is mandatory.
- Is WazirX Trustworthy?
Since its launch in 2018, WazirX has become one of the most sought after name in the world of crypto trading. And it is in full compliance with laws in India.
- Can I use USDT On WazirX?
Yes, you can use USDT on this platform. WazirX is the fastest by using P2P to convert your Fiat currency into USDT.
- How Do I withdraw Money From WazirX?
Withdrawing money is very simple. On the home screen, press on Funds tab. Tap on the Indian rupee and enter the amount of money that you wish to withdraw. And if you have already linked your bank account, then the amount will be transferred to your bank account with 72 hours.
- What Is WRX Balance?
If WRX is earned (through referral, signup bonus or any other way), you will be able to use it as your fund balance. For referral bonus, your referred friend must have at least completed one transaction.