Established in March 2018, Wazirx is the only Indin-based app that deals with the exchange of cryptocurrencies. The co-founder of the app, Nischal Shetty, Sameer Mhatre, and Siddharth Menon, are from programming backgrounds and established successful social media management apps in 2010.
As per the cofounders, the state of Indian cryptocurrencies exchanges is quite deplorable. Apart from that, the services offered aren’t up to mark. Hence, the three co-founders of the company decided to bring Waxirx into the market that provides better service are resolves issues of users.
WazirX offers numerous features including trade history, real-time open order books, deposit, charting, and withdrawals. This in turn gives users the freedom to trade and invest in digital assets that are one of the best in the world. Furthermore, the app is designed to provide users with easy to use, flexible interface in order to ensure customer satisfaction.
Summary:
- WazirX is the first Indian platform for trading cryptocurrency with the highest number of users.
- The steps before trading on this platform are quite easy. You can just sign in, complete your KYC, deposit INR.
- WazirX offers payment through different platforms like Mobiwik apart from NEFT/ RTGS/ IMPS/ bank transfer
- Moreover, users can transfer their crypto assets to the platform’s wallet.
- The WazirX app allows P2P exchange through which you can sell and buy USDT.
- If the user decides to withdraw INR, they can withdraw it to their bank account. However, the crypto asset will be transferred to your WazirX wallet.
- The downfall of this platform is that the fees charged are higher than its competitor.
- You can download this app from Play Store or App Store.
- WazirX offers a referral program where you can earn a 50% trading commission.
- They have a 24*7 support system.
What’s Different About WazirX?
Accessibility:
Everyone can access this platform. Whether you’re using an android phone, Mac book, or PC. You can always have access to the platform. The exchange has a mobile app that druggies can use for a hitch-free sale.
Number of Cryptocurrencies:
The number of Cryptocurrencies determines the popularity of a crypto-based app. The WazirX app features more than 70 cryptocurrencies paired with USDT. The USDT is a tether USD currency that is backed by the Tethers reserve of the US dollar. If we calculate the currency conversion rate, it would be 1 USDT is 1 dollar.
WazirX allows for Spot Exchange, STF, and P2P Marketplace:
The WazirX exchange platform allows for buying and dealing of cryptos for both advanced dealers and newcomers through three requests – Exchange, P2P (Person to Person request), and STF (Smart Token Fund).
Transaction Speed:
The crypto exchange offers a brisk sale speed. It can process millions of deals properly without any issues. The exchange ensures that you get a hastily trading experience that’s at par with the global standards.
Quality Trading Tools:
In order to make sure that you have a friendly atmosphere for trading, the exchange integrated all the charting tools and features which is seen in TradingView. In the exchange, your can break down crypto prices and documentary data using indicators and graphs.
How to Sign Up in WazirX:
Signing up in the crypto exchange is easy and straightforward.
In order to sign up,
- Move to the WazirX
- Select the Sign-Up button on the top hand right corner of the browser.
- Fill in your email ID and put a strong password to it.
- Check the box with the message “Agree to WazirX terms of Service” and finally click the sign-up.
Now you can log in to your email address and verify your email address.
After you log in to your WazirX account, you will need to complete some of the account security settings. The platform offers multi-factor authentication to secure your account. It allows users to choose the one that suits their needs. Below are the mentioned two methods.
- Google Authenticator App.
- Mobile SMS Service.
Once you have completed the security setup of your account you are only left with the final step. In this step, you are asked to choose the country. There you will also be asked if you want to open your account with KYC or not.
If you choose not to go with the Know Your Customer (KYC) option, you can only deposit and trade on your WazirX account. However, if you are aiming to expand your trading such as enabling withdrawal and trade P2P, you will need to complete the KYC.
Here are the details you are required to enter to complete your KYC setup:
- Enter your personal information like your name, date of birth, address, etc.
- Next, you have to enter your PAN Card details.
- To verify, they will ask you to upload identity documents such as your passport and driving license.
The WazirX system is completely automated. Hence, the process will take a few minutes to get completed. The aim of security measures is to protect the investors against anti-money laundering and protect the exchange from counter-terrorism funding.
How Secure Is WazirX?
The security of your’s finances is always one of the top precedences of all cryptocurrency exchanges. WazirX exchange has a lot of security measures put in place to make sure the safety of your finances. The account security authenticator App makes sure that hackers don’t have access to your accounts. Also, the crypto exchange platform conducts regular security checkups to make sure that the platform is largely secured. This has been verified by the security score they entered from the Mozilla Observatory test where they scored C, which is in line with the global norm.
Still, in order to keep your fund secured, set a strong login word, and spark the enhanced account security measures offered by WazirX.
Conclusion:
WazirX has established itself as one of the top Cryptocurrency exchanges in Indian which allows Indians to buy bitcoin and other cryptocurrencies. The platform comes with unique features to help you have smooth trading. Its peer-to-peer trading exchange makes it easier for Indians to buy, retail bitcoin using their native currency.
Also, the cooperation the platform entered with Binance Exchange opens the door for coming inventions in the platform. So, we’re waiting to hear further good news from the platform in the near future.