Last updated on May 9th, 2024 at 12:39 pm
Are you new to investing or a seasoned trader who wants to learn wazirX? This insight will deepen your knowledge of cryptocurrencies and trading, guiding you through WazirX Learn and crypto transactions. Explore India’s crypto landscape, focusing on WazirX, before delving into trading basics. Cryptocurrency investment in India isn’t just about timing trades; payment options matter. Currently, UPI is unavailable for apps like WazirX.
Bank transfers, too, are temporarily off the table, limiting users to WazirX P2P. Wondering how it operates? Is it smooth or complex? Stay tuned for details. A cryptocurrency exchange helps people buy, sell, and trade digital and fiat currencies. It links buyers and sellers. Unlike a cryptocurrency wallet for storing, it lets users trade, buy, sell, or convert money. WazirX is a popular exchange in India. Learn Wairx, to use it. This guide equips you for intelligent investments and successful crypto trading to learn wazirX.
Table of Contents
What is Wazirx and learn Wazirx?
WazirX, an Indian cryptocurrency trading platform, is sparking a revolution in India. This blog delves into how WazirX operates and its business model, covering revenue, funding, and all you need to know.
WazirX, owned by Binance, is India’s fastest-growing crypto exchange with over 2.8 million users.
WazirX is the safest site for crypto exchanges, with 3 million users and a $2.4 billion exchange volume. The company plans to hire more employees this year. Binance Holdings consolidated the Indian-origin WazirX app, which is compatible with iOS and Android, boasting strong security measures.
Learn WazirX, India’s most reliable crypto exchange, facilitates buying, selling, and trading of cryptocurrencies like Bitcoin, Ethereum, Ripple, and Litecoin. Founded by Nischal Shetty in 2017, it remains a stalwart in the Indian crypto scene. Post the 2020 Supreme Court ruling, lifting cryptocurrency restrictions, WazirX had a record-breaking year.
In 2019, Binance acquired WazirX for $5-10 million. Economic Times reported that Binance’s Fiat Gateway would enable cryptocurrency transactions in Indian rupees, marking a turning point in India’s crypto business, promising more resources.
The name “WazirX” is derived from the Urdu name for the Queen piece in chess, a powerful symbol in the game—a fitting homage to a platform born in a nation renowned for its chess prowess.
Creating an Account to Start Trading in WazirX
Creating a WazirX account is easy. Start by going to the app and clicking on top left.
Choosing Email & Password
In the first step, enter your email and create a strong password (6-64 characters). Email can’t change later.
Email Verification
After filling these, click ‘sign-up.’ Verify a link sent to your email within 15 minutes. Resend if needed.
Setting Up 2FA
Once verified, set up two-factor authentication. First, configure 2FA and recovery. Second, add your mobile number for SMS OTP.
Completing KYC
Lastly, complete KYC or skip it. Skipping allows crypto deposits and trading. Completing it permits more actions.
Wazirx Learn To start trading:
WazirX, the homegrown exchange, offers 250+ cryptocurrencies for trading. To get started in India to learn wazirx, follow these simple steps:
Step 1: Deposit Funds
To begin trading, deposit money into your WazirX account. Use WazirX P2P, UPI, IMPS, NEFT, or RTGS to add INR. You can also transfer crypto from other wallets:
Visit and learn WazirX on the web or app.
Click “Funds.”
Select “Deposit.”
Enter the amount.
Choose your payment method, like UPI, and complete the transaction.
Depositing via Bank Transfer (NEFT/IMPS/RTGS)
To deposit funds, go to the top panel and click “Funds.” Then, tap “Deposit” next to Indian Rupee. You need to link your bank account, ensuring it matches your WazirX account name. After adding your bank details, click “Instant Deposit IMPS/NEFT/RTGS.” A prompt will appear to deposit the funds. You can transfer a minimum of Rs 100 using NEFT, IMPS, or RTGS. Remember, there’s a 0.2% deposit fee on each transaction. Your deposits will reflect in your trading account within 72 hours.
Depositing via UPI
To deposit money using UPI, click “Funds” at the top of the WazirX dashboard. Tap “Deposit” next to Indian Rupee. Link your UPI ID via “Instant Deposit with UPI.” Ensure the UPI account name matches your WazirX account. Complete verification, enter the deposit amount, and your UPI pin. Your WazirX account will reflect the deposit within a few hours.
Depositing via P2P (Peer-to-peer)
Learn WazirX’s P2P feature lets you buy and sell USDT for Indian Rupees. let’s learn wazirx p2p feature
To buy USDT via P2P, log in and click “P2P” from the top section. Select “Buy,” enter the USDT volume, and click “Buy.” WazirX will match you with a seller automatically. Initiate the payment to the seller, ensuring you send the exact amount on the screen. After successful transfer, click the green checkbox. Once the seller receives the amount, WazirX will release the USDT, reflecting it in your account within some time.
Buy Cryptocurrencies:
Setting up a WazirX Account
In India, WazirX offers an easy way to buy cryptocurrencies. It has many options. To start trading, create a WazirX account. Provide ID and bank details for KYC. Verification takes a few hours. After that, buy crypto using your account funds.
Buying Cryptocurrency on WazirX
- Visit the Exchange tab.
- Scroll to see crypto prices.
- Tap Buy for the one you want.
- Enter price and amount, click Place Buy Order.
Selling Cryptocurrency on WazirX
Once you have crypto in your account, use INR pairs and place a sell order.
Withdraw Funds from WazirX:
To move cryptocurrencies from WazirX to another wallet, follow these steps:
- Go to Funds on the homepage.
- Choose the cryptocurrency to withdraw.
- Click Withdraw.
- Enter the destination address.
- Input the withdrawal amount.
- Tap Proceed for an OTP.
- Enter the OTP and Confirm.
- Open email and Approve the Withdrawal.
WazirX reviews suggest it might take 24 hours.
WazirX Charges
A crypto exchange charges users a small fee on each trade. WazirX does this too, with a 0.2 percent commission, the lowest globally. But keep in mind, there are deposit and withdrawal fees. Depositing through bank transfer costs Rs. 5.9, while withdrawal ranges from Rs. 5 to 10. WazirX also has its own cryptocurrency, WRX, limited to 1 billion units. It supports WazirX’s operations and community growth. Do thorough research and learn Wazirx before investing in any cryptocurrency.
What are Wazirx Payout Controversies ?
WazirX announced that starting May 20, 2021, at 11:59 PM, they won’t accept Indian Rupee (INR) deposits into their Paytm Bank account. This means no more transfers to WazirX’s account. They warned, “Any INR deposit via IMPS/NEFT/RTGS after 11:59 PM IST will return to your source bank account in 7-10 days.” They suggested using WazirX P2P for INR to USDT transactions.
WazirX’s Paytm Bank account isn’t operational. NEFT, RTGS, or IMPS transfers from your bank are temporarily unavailable. They need a new banking partner for deposits and transfers. This issue extends to other exchanges like CoinSwitch Kuber and CoinDCX, which can’t offer UPI payments due to banking institutions’ reluctance to support crypto trading. The National Payments Corporation of India hasn’t banned crypto transactions but encouraged banks to set their guidelines. Finance Minister Nirmala Sitharaman mentioned a “calibrated approach” and a “window for experiments” in the evolving crypto landscape.
Conclusion
WazirX, India’s fast-growing cryptocurrency exchange, boasts over 28,00,000 users and is backed by Binance. With three base currencies – USD, INR, and BTC – users can easily trade. WazirX ensures security through regular audits. It offers not just trading in Bitcoin, Litecoin, and Dash but also allows digital asset trading. The company plans to mint 1 billion WRX coins, with 150 million given free to early adopters and merchants. WazirX Learn ensures their product has been a game-changer in the Indian crypto landscape. Bitcoin, introduced by Satoshi Nakamoto in 2009, quickly found its way to India in 2012. However, it gained prominence only in 2013. WazirX aims to expand its fiat-on-ramp solutions to various markets.
