Overview
WazirX was founded in 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. This platform is used by both professional and newbie crypto investors. In 2019, WazirX was acquired by Binance group, one of the world’s leading and largest crypto exchanges, and serves users in more than 180 countries.
Creating an Account to Start Trading in WazirX
If you are looking to create an account with WazirX, it is a simple process. Firstly, you go to the website and click on the sign-up button on the top right of the screen. Next, you need to go through a four-step process to create a login id, and you need to submit the details for verification.
- Choose an Email ID & Password
During the signup process, the first step is to register your email address with a strong password. You need to enter your full email address to log in; you cannot change this login email address later. Your password should be at least 6 characters long and a maximum of 64 characters.
- Email Verification
When you have entered the email address and the password, you need to click the sign-up button. You will receive a verification link to your specified email address; after verifying the email, you are taken back to the WazirX website to confirm the email address. You should know that the verification email is valid only for 15 minutes. If you fail to verify the link within 15 minutes, you need to login into your WazirX account once again and click the resend verification email button.
- Set-up 2FA
When you have verified your email address, the next process will be to set up two-factor authentication to enhance the security of your account. This can be done in two steps –
- First, you set up 2FA (Two-factor authentication), change, and recovery.
- The second step would be mobile SMS. You need to enter your 10 digit mobile number, on which you will receive an OTP when you log into the WazirX account.
- KYC details
The last step you need to complete is the KYC process, or you can skip it by clicking the skip for now button. If you skip the KYC process, you will be able to deposit cryptocurrency into your account and trade them. If you complete the KYC procedure immediately, you can deposit, withdraw or trade your cryptocurrencies and use them for peer-to-peer transactions.
How to Trade on WazirX?
- First, you need to sign in to your WazirX account to start buying or selling cryptos.
- The next step would be to place an order on WazirX peer-to-peer platform, and you will be instantly auto-matched with a seller.
- Lastly, you need to pay directly to the seller and receive USDT in your WazirX wallet when the seller confirms after receiving your payment.
How to buy and sell currencies from WazirX?
Buy
In India, WazirX provides an easy and simple way to purchase cryptocurrencies. It also offers several cryptocurrency options to select from. The first step when trading is to set up an account with WazirX. For this, you must provide valid ID proof for the KYC process along with bank account details. After providing the details, it takes a few hours to verify the information. After that, you can go ahead and buy the crypto of your choice by using the funds from the account.
Sell
When you have Bitcoin and other cryptocurrencies in your WazirX account, you can use different INR pairs like BTC/INR, WRX/INR, XRP/INR, ETH/INR, and place the sell order.
How do I withdraw from WazirX?
If you want to move your cryptocurrencies from your WazirX wallet to another exchange or wallet, you should go through the process of withdrawing the cryptocurrency from your WazirX account. According to WazirX Review, The first step is to get the deposit address from the receiving exchange or wallet you want to deposit your cryptos in. Few steps that are involved in getting the deposit address will depend on the exchange or wallet you want to deposit in. Currently, WazirX withdrawals can take 24 hours to process.
Final Words
WazirX has 3 base currencies – USD, INR, and BTC. You can choose from the list you want to buy or sell and can get started on the platform. WazirX allows its users not only to buy and sell cryptocurrencies like Bitcoin, Litecoin, Dash but also allows its users to trade their digital assets.