WazirX, A relatively young Exchange, founded in 2018, has grown to be “Indias largest and most trusted Exchange”.  They boast over 200k app downloads with a high 4.4 rating.  Launching the worlds first auto matching P2P engine which allowed them to still provide clients the ability to buy and sell cryptocurrency despite the (now lifted) banking ban on cryptocurrency exchanges. 

 

WazirX was acquired by Binance, who have integrated the P2P engine within their own fiat platform.  While the exchange is founded in and targeted towards India, as a result of the Binance acquisition WazirX allows individuals from most countries to sign up. 

 

WazirX site has 3 main sections for investing. 

 

·        A standard spot exchange

 

·        A p2p (peer to peer) exchange which allows matching directly between investors

 

·        Smart Token Funds.  Essentially managed trading funds which you buy into via a token

Get started with WazirX here

 

Is WazirX safe

 

The WazirX platform offers enhanced safety due to regular security audits.  Since being acquired by Binance, they hold themselves to stringent KYC and internal security standards.  The platform itself can handle millions of transactions per second.  It is not regulated by any financial body, which is not surprising given India’s rocky relationship with Crypto, however the acquisition by Binance does speak positively to its reputability.

 

The P2P engine allows you to trade Fiat for USDT directly from other traders.  WazirX verify the KYC details of every trader using this service.  By holding the USDT in escrow, they ensure this is a safe practice too.

 

WazirX

 

WazirX started with a P2P exchange since the banking ban for cryptocurrency exchanges was implemented when the founders were still developing the site.  This meant, as a cryptocurrency exchange, they would not be able to have a bank account themselves to accept funds from users.  This led to a world first P2P crypto exchange allowing them to provide trading services without users having to deposit with WazirX directly.

Since the lifting of the banking ban, WazirX have implemented a standard spot exchange and a managed trading section, putting investors who may not have the skills or the time to trade, in touch with experienced traders.

 

WazirX wallet

WazirX doesn’t offer a wallet service yet.  The focus is kept on being a bridge from Fiat to Crypto money.  As a result, funds are stored in a WazirX wallet. 

 

WazirX account

In order to use WazirX services, you will need to open and verify an account.  This is a 4-step process where you :-

  1. Create a login and password
  2. Verify your email address by receiving an email
  3. Verify your mobile number by receiving a SMS
  4. Verify your identity for KYC via submitting a copy of PAN card and one of passport/driving licence/Aadhaar

This then allows you access to use the P2P network to purchase USDT or the exchange to directly start trading

A full step by step, that you can follow along to set up your account can be found here.

 

WazirX verification

Verification is part of the sign-up process and you won’t be able to use the account until you are verified.  This is part of the KYC procedure to keep you and others safe when trading on the P2P network. 

The first step to be verified is to confirm that the email is actually yours.  This is simple to do by receiving a verification email from WazirX and clicking a link in email.  Its important to use a valid email that you have access to, when signing up. 

The next step is to verify your mobile number.  This is used to help secure your account from hackers by implementing one-time passwords (OTP).  Each time you log in a SMS is sent to your mobile phone with a one-time password code.  This ensures that a hacker would need your phone as well as knowing your password in order to get into your account. 

Finally, KYC verification, to prevent fraud and money laundering.  The advanced AI verification can get your account verified very quickly and the entire account can be ready to use within an hour from when you beginning to end. 

You can use our dedicated guide to getting your WazirX account set up. You will need your Pan card, and another official ID (passport, Aadhaar, or driving licence)

 

How to buy cryptocurrency on WazirX

WazirX uses just USDT, a “stablecoin” linked to the US dollar, BTC (bitcoin) and INR (Indian rupee) as base currencies to trade on the exchange.  This was an intelligent choice to be able to access the increased liquidity of the BTC/USD pair vs the BTC/INR pair. 

Depositing INR on WazirX can be done via instant deposit via IMPS/NEFT/RTGS.  This is the recommended method and there is a fee of just 10rupees to do so. 

A standard deposit method is also available which is very similar but adds UPI option.  The standard deposit is free, however following the deposit you need to provide transfer details to WazirX. 

Both methods require you to link your bank account to WazirX by providing bank details in your WazirX account.   You must also remember that deposits can only be made from an account in your own name.  

You can also deposit via any of the wide range of cryptocurrencies and tokens that are supported.  The fees on these are calculated in their respective currencies.

Your balance on all of your funds in the various currencies, both Fiat and Crypto, are stored with WazirX and can be seen on the FUNDS tab.  Each line corresponding to a different currency which shows your available balance, balance locked in trades, the base currency value in USDT and the ability to deposit or withdraw.

 

Trading using USD on WazirX

Globally, the cryptocurrency markets tend to favour using USD as a base currency.  If your funds are in INR you may want to first convert them to USD to access the increased liquidity available.  This can be done in 2 ways. 

Historically, when WazirX wasn’t allowed to hold INR due to crypto exchanges in India being banned from having bank accounts, you could use the P2P facility.  This would connect you directly to other traders who would be looking to sell USDT.  Your INR would be transferred directly to the seller’s bank account without going through WazirX.  You can still do this via the P2P tab following the instructions below.  This service is completely free.

How to convert INR to USDT via P2P on WazirX

 

  1. Click on the P2P page at the top
  2. Select the exchange rate price for USDT vs INR in the order box
  3. Select the amount of USD to purchase
  4. The total INR is calculated for you.  Alternatively, you can choose, any two of the combinations.  I.e. choose the total INR you want to spend and the amount of USDT you want to receive and the exchange rate is calculated for you
  5. Click on place buy order
  6. Once your order is matched to a seller agreeing to your terms, the USDT from them is locked in an escrow account held by WazirX
  7. You make the payment directly to the seller’s bank details
  8. WazirX releases the USDT to you once the seller confirms payment received. There are no fees to pay.

The second option, now that the banking ban has been lifted is that you can trade USDT/INR directly on the exchange like any other pair.  While WazirX still have to option to trade P2P on their site, it is not strictly necessary.  However, it is comforting to know that if the Indian government were to change their minds again, you still have a way to cash out from the exchange.

 

How to buy BTC on WazirX using the spot exchange.

 

 

  1. Click on the EXCHANGE page, at the top
  2. Choose which currency you are going to buy with.  USDT or INR
  3. Select BTC/USDT if using USDT or BTC/INR if using INR
  4. In the order box on the bottom right, adjust the values in the 3 entry fields until you are happy with the amount you are purchasing and the price you’re are paying.
  5. Click on place buy order.  This will submit your order to the exchange.  Once the market price reaches your chosen price on the order, your order will be filled and you will be able to see your funds on the FUNDS

 

How to buy LTC on WazirX.

  1.  Click on the EXCHANGE page, at the top
  2. Choose which currency you are going to buy with.  USDT or INR
  3. Select LTC/USDT if using USDT or LTC/INR if using INR
  4. In the order box on the bottom right, adjust the values in the 3 entry fields until you are happy with the amount you are purchasing and the price you’re are paying.
  5. Click on place buy order.  This will submit your order to the exchange.  Once the market price reaches your chosen price on the order, your order will be filled and you will be able to see your funds on the FUNDS page.

 

How to trade in Bitcoin without experience on WazirX

If you don’t have the experience or time to trade cryptocurrency yourself, WazirX has a unique feature that allows you to connect with skilled traders. This feature is called the Smart Token Fund (STF).  STF uses tokens (see our article on tokens vs cryptocurrency here) to allow you buy shares in a professional trader’s portfolio performance. 

 When you buy an STF, you are allocating your money to the trader to trade on your behalf.  They can trade any currency pair on the WazirX network.  They cannot withdraw the funds so your money is safe. 

The traders are vetted by WazirX, which includes KYC verification of their identities, a review of their previous trades, portfolio sizes and more.  You should still be aware that these managed funds carry similar market risks and the value of your investment can go down as well as up. 

Traders receive 25% commission on the profits they make for investors.

 

How to cash out on WazirX.

 The first thing you probably did, when depositing INR in to your WazirX account was convert it to USDT.  Since the majority of markets prefer a base currency of USDT or Bitcoin this is the correct move.  When cashing out back into your bank account you need Indian rupees (INR).   you would need to convert your USDT to INR first.  The way you do this is the reverse of the methods used when depositing.  You can use the exchange to convert to INR and then withdraw via a bank transfer or you can use the P2P as a USDT seller and have another trader buy your USDT from you. 

 Withdrawing INR to your bank account from Wazir

  1. Click on FUNDS at the top
  2. On the Indian rupee line, click on Withdraw button
  3. If you have not already got a linked bank account from when you deposited, you can link your bank account by entering your bank details.  Otherwise this step is skipped
  4. Enter the amount you want to withdraw and clip withdraw.

 

Withdrawals are processed Monday to Friday at around 5pm.  Any requests submitted before 4.30pm will be processed on the same day.  Anything after 4.30pm will be processed on the next working day. 

 As with deposits, the withdrawals have to go to your own account in your own name.  Funds are usually credited to your bank account within 24-48 hours after processing.

 Supported cryptocurrencies on WazirX

 There are over 100 cryptocurrencies and tokens supported on WazirX.  You can deposit and withdraw in any of these currencies.  Including but not limited to Bitcoin, Litecoin, Ethereum, Ripple, Dash, Tron, as well as both the WazirX token WRX and Binance token BNB

 

Using the WazirX token WRX to gain discounts on fees.

 The main use case for the WazirX token is to pay trading fees.  Holding WRX so gives you a discount on the standard fees.  The program is set to run for 4 years from 2020 with the discount halving each year from 50% to 25% to 12.5% to 6.25%.

 

WazirX Supported countries.

 WazirX allows individuals from most countries to sign up.  The list of excluded countries which WazirX doesn’t support is listed below

 Excluded countries

 American Samoa, Angola, Bosnia and Herzegovina, British Indian Ocean Territory, Croatia, Democratic Republic of the Congo, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Ivory Coast, Lebanon, Liberia, Libya, Macedonia, Mali, Montenegro, Netherlands Antilles, North Korea, Rwanda, Serbia, Serbia and Montenegro, Sierra Leone, Slovenia, Somalia, South Sudan, Sudan, Svalbard and Jan Mayen, United States, Western Sahara, Yemen, Zimbabwe.

 

WazirX Exchange fees and limits

 Deposit fees and limits

 Deposits are free of charge.  The only fee for deposits is for instant INR bank transfers which only charges 10rupees. However there is a free option for bank transfers here also.  All crypto currencies are deposited for free (minus any network fees which are charged by the network not WazirX)

 There are no limits on deposits

 

Withdrawal fees and limits

 Withdrawals are charged in whichever cryptocurrency you are withdrawing. Fees for popular crypto currencies are

 

Currency

Withdrawal fee

Minimum deposit amount

Minimum Withdrawal

Maximum Withdrawal

Bitcoin

 

0.0006 BTC

0 BTC

0.001 BTC

3 BTC

Litecoin

 

0.01LTC

0 LTC

0.02 LTC

300LTC

Ethereum

0.01 ETH

0.01 ETH

0.03 ETH

80 ETH

USDT

1.5 USDT

5USDT

5U USDT

10000 USDT

 

 

 

Trading fees

 As mentioned above, there are no fees when using the P2P service. 

 There are fees on the spot exchange.  Both Maker and Taker fees are 0.2%.  These fees can be significantly reduced by holding the WazirX token, WRX, and paying using these held funds.  The minimum order size varies by the market pair.

 Transfers to Binance

 WazirX currently (July 2020) allows free transfers to Binance on USDT, Bitcoin, WRX and BNB for a limited time.

 

Conclusion

 Overall, WazirX is a good, simple exchange which we do recommend for residents in India.  It allows 2 solid ways to get your INR onto the crypto markets as well as access to the much larger company Binance and to the managed funds available via STF.  While there are not a huge abundance of advanced features, the features they do have, are extremely useful and provide great value to the users. 

 Get started with WazirX here

 Open this page in a new tab for a dedicated step by step guide.

 

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