How to buy and sell crypto on WazirX?
WazirX is one of India’s premier crypto exchanges with over 2 million users. The crypto industry has boomed in India over the past years since the Supreme Court reversed the RBI’s ban on cryptocurrencies. Recently, a lot of newcomers have started dealing with cryptocurrencies through the WazrX app. Many new users are unsure of how to navigate the WazirX charts and how to buy/sell their cryptocurrencies. In this article, we’ll take a look at how to sell on WazirX.
There are two methods by which a user can buy and sell crypto:
- To buy crypto, you need to deposit INR into your WazirX account. Kindly follow the below article to deposit the INR into your account using our Instant Deposit options.
- Deposit INR to your WazirX account
- Once you have the INR balance in your WazirX Funds, you can visit the different INR markets like BTC/INR, ETH/INR, XRP/INR, WRX/INR, etc, and place the buy order
- The other mode a user can buy crypto is P2P.
What is the WazirX
WazirX is a popular cryptocurrency exchange based in India. It was founded in 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. The exchange allows users to buy, sell, and trade a wide variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and more. WazirX also offers a mobile app that allows users to easily buy, sell, and trade cryptocurrencies on the go. The exchange has gained popularity in India due to its low fees, instant withdrawals and deposits, and strong security measures. WazirX also has its own token, called WRX, which users can use to pay transaction fees on the platform and can also provide users with various benefits and discounts on the platform.
How Does It Work?
WazirX is a cryptocurrency exchange platform that enables users to buy, sell, and trade cryptocurrencies. It was founded in 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. WazirX has grown rapidly in popularity and currently has more than 1 million users in India.
Here’s how it works:
- Registration: Users need to sign up for a WazirX account by providing basic information such as their name, email address, and mobile number. They are then required to complete the KYC (Know Your Customer) process, which involves submitting their identity and address proof.
- Deposit funds: Once the KYC process is complete, users can deposit funds into their WazirX account. They can do this by transferring funds from their bank account via NEFT/RTGS/IMPS or by using UPI.
- Trading: WazirX supports trading in more than 100 cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Litecoin. Users can place buy or sell orders for these cryptocurrencies at the current market price or at a price of their choice.
- Withdrawal: Users can withdraw their cryptocurrencies or INR (Indian Rupees) from their WazirX account to their bank account. The withdrawal process usually takes 24-48 hours to complete.
WazirX also has a mobile app that is available on both Android and iOS platforms, making it easy for users to trade on the go. The platform has several security features, including two-factor authentication, email notifications, and withdrawal confirmation emails, to ensure the safety of users’ funds.
WazirX has also introduced a unique feature called “Smart Token Fund” that allows users to invest in a portfolio of cryptocurrencies managed by experts. Users can invest in the fund and let the experts manage their investments for a small fee.
How to buy and sell crypto on WazirX?
How to buy Crypto on WazirX?
WazirX is a cryptocurrency exchange platform that allows users to buy and sell a variety of digital currencies. Here is a more detailed guide on how to buy and sell crypto on WazirX:
Buying Crypto on WazirX:
- First, create an account on WazirX by visiting their website and completing the registration process. You’ll need to provide your name, and email address, and create a strong password.
- After you’ve created an account, log in to your account using your email address and password.
- Next, you’ll need to deposit funds into your account. You can do this by clicking on the “Funds” tab on the top menu bar and selecting “Deposit.” Choose your preferred payment method, such as a bank transfer or debit card, and follow the instructions to deposit funds. You can also deposit cryptocurrency into your account.
- Once you’ve deposited funds, navigate to the “Exchange” tab and select the cryptocurrency you want to buy. WazirX offers a wide range of cryptocurrencies to choose from.
- Enter the amount you want to spend and click “Buy.” If you don’t have enough funds, you’ll need to deposit more before you can complete the transaction.
- Review the transaction details, including the price and fees, before confirming the transaction. Once you confirm, the cryptocurrency you purchased will now be available in your WazirX wallet.
How To Sell Crypto On WazirX?
Once users have purchased a cryptocurrency on the WazirX exchange, there may be many reasons why they want to sell off their part of their portfolio, such as taking profits or selling to buy another crypto, etc. While the crypto selling process on WazirX is fairly simple, it can be confusing for newcomers who have never used crypto exchanges before. It should be noted that WazirX charges 0.2 percent fees on each transaction.
Here are the steps on how to sell crypto on WazirX:
- Open the WazirX app, and tap on the ‘Funds’ option.
- In the funds section, you will be able to see a list of coins that you have purchased available, along with the currency you purchased them with.
- It should be noted that in case users purchased coins with WRX or BTC, selling them will convert the coins into WRX, and BTC.
- In the funds section, you click on the crypto coin you want to sell. Once the chart for that coin opens up, click on the Buy/Sell button.
- A new popup will appear where you will see the option to buy/sell. Select the sell button by clicking on it.
- In the sell option, you can select the amount of cryptocurrency you want to sell, and also select the price you want to sell the cryptocurrency.
- Once you have selected your requirements, you can place the order. The order will be executed as soon as the market price matches the price you have given as the selling price for that particular cryptocurrency.
- Once you have sold a cryptocurrency for INR, you can withdraw the INR back to your bank account.
Deposits and Withdrawals
Deposit or Receive Cryptocurrency to your WazirX account
WazirX does not charge anything for making deposits into the exchange’s account. So, if the user wishes to move their deposited cryptocurrency from one exchange or wallet to another, then they have to follow the deposit process at the exchange,
which is as follows:
- On the home screen, tap on the funds’ tab.
- Select the coin you want to deposit.
- Tap on the deposit button at the bottom.
- You will see your destination or deposit address from the WazirX wallet and now you can add it to the withdrawal process in the wallet/exchange you are sending the coins.
Withdraw or Send Cryptocurrency from your WazirX account
If the user wishes to move their cryptocurrency from one exchange or wallet to another, then they have to follow the deposit process at the exchange:
- Click on the funds’ tab on your home screen.
- Select the coin you want to withdraw.
- Click on the withdraw tab.
- Type the destination address and enter the coin amount you want to move. Always click on “withdraw all” if you want to move the full coin balance from your wallet.
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