On March 4, 2020, after the landmark decision of the Supreme Court of India of lifting the two-year banking ban on crypto venture capitalists (misinterpreted as the blanket ban on crypto markets) declared by the Reserve bank of India in 2018, Indian crypto space started to gear up again. Crypto enthusiasts started investing their money, new partnerships with Indian Exchanges were initiated, and also the new wave with better opportunities initiated in Indian crypto space. Some of the popular Indian exchanges started noticing the increase in trading volume after the verdict. One of the most popular Indian crypto exchanges, WazirX co-founded by Nishchal Shetty, Sameer Mhatre, and Siddharth Menon, again became the first choice for Indian traders to purchase and withdraw the cryptocurrencies. This article aims to give you a chance to understand the WazirX P2P exchange and procedures associated with trading on its platform.
Why To Choose WazirX P2P Exchange?
WazirX is one of the Indian crypto exchanges which opened its platform on March 27, 2019, for crypto traders all across the world. Just in 6 months, WazirX news announced that it has been acquired by one of the most renowned international trading platforms, Binance which encouraged the concept of borderless trading in crypto space. But when you have a number of platforms to trade, then why choose WazirX Exchange (especially for Indian traders)? Here are a few reasons:
- Real-time open order book system facilitates the exchange of cryptocurrencies.
- Two-factor authentication system makes it highly secure.
- Available as both a desktop interface(both Windows and macOS) and a mobile app.
- It can handle millions of seamless and smooth transactions.
- Backed by international exchange, thereby enhancing the trust factor.
How To Create An Account On WazirX P2P Exchange?
The intuitive user interface of WazirX allows you to create your highly secured crypto account in just a few steps (both mobile and desktop)
- Firstly you need to search for the website WazirX or download the mobile app.
- Create your account by submitting the personal details like email address(be careful! As you cannot change your mail address afterward) along with a super-strong password.
- The next step is to confirm the verification mail (within 15 minutes)you receive from WazirX in your mailbox and get back to the WazirX login on the website or your mobile app.
- As WazirX is based on two-factor authentication, next you have to verify your mobile number by entering your number and One Time Password (OTP) you receive on your phone.
- WazirX is compliant with the Know Your Customer (KYC) process. You need to fill the personal details like Name, Date of Birth, Permanent Address, and many more. (You can skip the KYC process if you only wish to deposit and trade (not withdraw) from your account)
- Then you need to upload PAN card details along with your passport size scanned photo. You have to upload identifying documents for the purpose of verification.
- After a few minutes of verification, you are ready to either buy, sell or trade cryptocurrencies available on the list of WazirX P2P Exchange.
How To Deposit And Withdraw From Your WazirX Account?
Two of the major processes associated with any crypto account is deposit funds when you need to purchase more coins and withdraw the coins when you need funds.
- Depositing is the process when you need to exchange or buy more coins which can be done by adding funds to your WazirX online wallet from your bank account with the help of Debit/Credit card, UPI transaction, or net banking. You just need to click on the funds on top of the screen, select the coin you want to deposit, and finally click on the Deposit button. Then, a window will appear asking for the Destination address, you just have to copy and paste it to the wallet or exchange from where you are going to deposit these coins to your WazirX wallet. Your work is over now, you just need to sit back and wait for the funds to reflect in your WazirX account (it may take up to 12 hours). There are two WazirX news related to deposit, first that the process of deposit is totally free and there is no minimum limit to deposit (you can even deposit 1 WRX coin).
- Withdrawing is the process when you need to transfer your funds from your WazirX account to any other wallet or exchange. You can start by clicking on the option of “Funds” displayed on the top of the screen. Now you need to select the withdrawal option and the coins which you wish to withdraw or transfer to another exchange or to any other wallet. Type or paste the address of the destination to your wallet along with entering the amount of coins. For withdrawal make sure you have completed the two-factor authentication process because you need to verify the link sent to mail address and OTP sent on the mobile number to withdraw funds. One point must be noticed while withdrawing the coins that you need to bear a minimal amount of transaction fees which is determined by the blockchain load.
How Much Does WazirX Charge As Trading And Withdrawal Fees?
Every crypto exchange charges a minimal amount of transaction fees for both trading and withdrawal based on different factors. WazirX fees can be categorized as follows:
- Trading Fees: WazirX follows the model of flat fees where both makers and takers are charged the same amount i.e. 0.20 percent in case of WazirX exchange. It is a bit higher than the average fees charged by other exchanges, so the exchange is considering lowering it down in the near future.
- Withdrawal Fees: When you withdraw Bitcoins from your account on WazirX, you will be charged with 0.0005BTC as withdrawal fees. With lower than average industry fees (almost lower than 40%), WazirX stands out as a tough competitor with other crypto exchanges.
WazirX P2P exchange can prove to be a good option if you wish to trade in Indian fiat currency (Rupee) or you are an Indian crypto trader. With WazirX Binance, this Indian crypto exchange stands out as one of the popular exchanges among Indian traders. With better prospects and upcoming new services and products, WazirX aims to expand its presence in a number of countries and accelerate the crypto movement.
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Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the course of the latest innovation in the crypto industry, Blockchain Technology, and the Internet of Things. Currently, she is dedicatedly curating the simpler and interesting content for crypto guides for beginners to accelerate the movement of the financial revolution. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn.