Nischal Shetty, Siddharth Menon, and Sameer Mhatre combined their efforts to launch India initiated cryptocurrency exchange, WazirX. Indian traders can trade digital assets and buy and sell cryptocurrencies like Bitcoin, Binance, Bitcoin Cash, Dash, etc., allowing wire transfers, though prohibits credit card deposits.
What are WRX coins?
The utility coin of WazirX is the WRX token. WRX relies on the Binance blockchain. There are one billion total WRX coins. Token holders enjoy rewards like discounts on trading fees, WRX trade mining, token airdrop, margin fee, etc. WRX is backed by Indian entrepreneurs who have the experience of making and scaling exports for over a decade. Binance acquired WazirX in 2019 and aims to make cryptocurrency available to all. WazirX supports about 50 plus cryptocurrencies, including BTC, USDT, LTC, MANA, WRX, XTZ, XVG.
How does WazirX work?
One can trade USDT in exchange for fiat currency 24×7 with other traders on the platform. The CASH IN aids you to purchase the USDT with P2P and purchase other cryptos with WazirX! The CASH OUT helps you put cash into your bank or sell out your cryptos in exchange for USDT. WazirX aids to search for matches for people wanting to purchase USDT for fiat currency for someone who wants to sell USDT in exchange for fiat currency.
If a person is looking into buying USDT in exchange for fiat currency, who wants to sell USDT for fiat WazirX, secures USDT by escrowing it during the transaction. The buyer can transfer the fiat currency to the seller’s account using IMPS/UPI. As soon as the seller confirms receiving the payment, the USDT is released to the buyer by WazirX immediately. The P2P keeps only USDT as it is a stablecoin. and the value remains stable with very slight price fluctuation. The USDT is backed 1:1 by USD, and 1USDT=1USD.
Is WazirX legal in India?
Bitcoin, since its inception in 2009 was legalized in March 2020 in India. In 2018, RBI sent circulars to banks to cut ties with crypto exchanges. Nischal Shetty started the movement on Twitter #IndiaWantsCrypto. After a long-drawn-out battle, joined by Nishith Desai Associates and IAMAI Indian Mobile Association of India, the apex court finally removed the ban.
How to withdraw INR from WazirX?
A user can withdraw INR from WazirX using a Desktop, iOS, or an Android, in a few simple steps:
- On the top bar, click on Funds.
- Click on Withdraw under the INR.
- Link your bank account if you already have not, else skip the step. Provide the Bank Details.
- Enter the amount and click on Withdraw and add in remarks if you wish.
Which is the best crypto exchange in India?
WazirX undoubtedly is one of the most efficient crypto exchanges that started crypto trading on 8 March. It provides P2P or person-to-person trade and can provide millions of transactions and be scaled up. It is seconded by BuyUCoin, then CoinDCX, Zebpay, CoinSwitch, Giottus.
Buying and selling cryptos from WazirX in India
To purchase USD straight from the seller, click on the P2P button. Enter the volume over 14.5 USD, click “Place Buy Order,” and choose a payment mode. After sending the exact amount, click on “I have paid.” Fraud is not possible, as when a seller accepts the offer, the amount is deduced to escrow. You will receive a “buy order completed” notification. Next, go to the Exchange section, and choose USDT from the left-top corner. Select the order book or enter the amount and click “Place Buy Order.” Go to the “Funds” section to confirm your receipt.
The selling process is simply the reverse of buying. Convert cryptocurrency to USDT to sell it for INR. You need to fill in your bank account details so that the buyer may pay you. Visit Account Settings and P2P Payment Options. You will get 3 payment methods- Bank account, UPI, and Paytm. Next, click “Exchange.” Choose USDT and sell the currency of your choice. Sell at the current price. Click on “Place Sell Order” and go to the P2P section. Choose the “sell” tab. After finding a buyer, check the bank account statement for amount reception. Click on “Yes, I have received” to confirm.
Conclusion
WazirX is the most in-demand crypto exchange platform in India, allowing quick buy, sell, and investing options with a foolproof dependable system on the blockchain.
