What Is The WazirX And How Does It Work?
WazirX is one of the fastest-growing cryptocurrency exchanges in India with more than 60 lakh registered users and an average app rating of more than 4 stars. Despite the launch of many new crypto exchanges and amidst all the controversies, WazirX still provides one of the best and widest ranges of offerings in terms of coins and tradable pairs such as USDT/INR, ETH/INR, and BTC/INR.
This platform is also known for its user-friendly interface and advanced trading charts and thus, it is preferred by both beginners and seasonal traders. WazirX runs a referral program, which can make the users earn rewards of up to 50% commission on every trade. If we talk about the safety and security features, WazirX tops the chart with gold-standard safety measures.
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 WazriX?
If you want to buy WRX, the native token of the WazirX cryptocurrency exchange, you can follow these steps:
- Create an account on the WazirX exchange by signing up and completing the necessary verification requirements.
- Once your account is created and verified, log in to your WazirX account.
- Click on the “Buy WRX” option on the dashboard or the “Trade” option on the top of the screen.
- Choose the INR or cryptocurrency pair that you want to use to buy WRX.
- Enter the amount of INR or cryptocurrency that you want to spend to buy WRX.
- Review the details of your transaction and click on the “Buy WRX” button.
- Confirm the transaction by entering the necessary details such as your password or OTP.
- After the transaction is completed, the WRX tokens will be credited to your WazirX account.
In 2018, the central bank of India (RBI) released a circular that prevented banks from dealing with crypto startups. This caused many exchanges to shut shop, many went outside India.
But WazirX’s founder, Nischal Shetty, went ahead and started a campaign on Twitter. He tweeted #IndiaWantsCrypto with facts about crypto to regulators and politicians. The campaign united the entire crypto industry reaching more than 10 million people, being covered in various newspapers and TV Shows, reaching politicians and lawmakers, and educating the masses while uniting them under one cry: #IndiaWantsCrypto.
This campaign ran parallel to the court battle fought by IAMAI represented by lawyer Ashim Sood. The prolonged court battle affected the sentiments negatively, and hampered trade.
At this crucial juncture, WazirX pioneered the world’s first automated P2P trading platform. This got the engines of the crypto trade in India started again. Users could trade safely while being within the bounds of the law.
How to Start trading on WazirX
Following are the steps which will guide you to start trading in cryptocurrencies with WazirX:
- Visit WazirX and create an account on the website. One can also download the app on your iOS and android mobile devices. Then start the process of sign-up with your email id and password. Once the sign-up process is completed, you will receive a verification mail on your registered id.
- Now all the major security options have to be set up. WazirX has strict security measures which have been built up to protect users’ data and privacy. Once all the security measures are in place, the user has to fill in their personal information such as country and KYC type.
- Post the setup, the user can start trading on the WazirX app. The exchange dashboard is very user-friendly and offers its users multiple options to purchase BTC, WRX, ETH, and many more. They can easily make deposits that can be made via IMPS or NEFT or WazirX’s own P2P option.
- However, if a user is planning to buy any cryptocurrency, they will have to deposit funds first with as little as INR 100. They can transfer the funds from the bank account to the wallet by clicking on the “Funds” tab or by using the P2P option.
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