In this article we ll be sharing review of WazirX Cryptocurrency App. Is it safe for crypto investment in India? How you can earn money with WazirX, Features of WazirX & much more!
WazirX was founded by Nischal Shetty in 2018 and became India’s biggest and most trustworthy crypto currency exchange. He announced on Twitter on 7th May 2021 that WazirX added 2 million customers in 3 years and half of the customers joined WazirX in April 2021 only.
Why is WazirX Popular In India?
- It’s super easy to use interface
- You can easily deposit and withdraw funds
- Mobile and Web for crypto trading
- Integration with Binance app for investment into global currencies
- Low trading and transfer fees
WazirX is popular for crypto investments in India, similar to how Zerodha is popular for stock investments. WazirX also has its own coin / token WRX that you can use for paying transaction fees (and save 50% on trading fees).
You can start investing in popular cryptocurrencies like Bitcoin and Ethereum using Indian Rupees. Bitcoin is currently priced at INR 28,00,00.00. You can buy at dip right now and make some good profit in coming months.
You can buy bitcoins from your Android or iOS device. I have explained the step-by-step process in the later section of the article.
Is WazirX safe for Cryptocurrency Investment In India?
Crypto exchanges were in existence prior to 2018 when RBI came out with a “Statement on Developmental and Regulatory Policies”. And directed banks to stop dealing with entities dealing in virtual currencies, i.e. cryptocurrencies.
With the recent Supreme Court Judgement of March 2020, chances are that there will be more crypto exchanges like WazirX coming up in India.
Banks are still hesitant to deal citing a lack of clarity. Like the recent news of ICICI Bank blocking net banking transactions for crypto trades.
Presently, there is no regulation that stops an individual from investing into cryptocurrency at his own risk. Means, you can legally invest in crypto currencies as long as you are paying taxes on your profits.
But in case WazirX was asked to stop the operations, we would expect Binance to take care of our portfolio assets that we can sell in the global market.
I am not expecting a complete ban on cryptocurrencies in India but the government may regulate the exchanges which is good for the investors.
Government also wants that the people of India should not lose money into virtual currencies which are not backed by any assets. Stay away from the scammers and invest into strong cryptocurrencies.
How You Can Open Your Account With WazirX?
1) Sign up on WazirX
2) Fill all the required details to create your account.
3) Email Verification & Account Security Setup
WazirX sends you an email for account verification on the email address provided by you. Just click on the verification received to proceed ahead with account creation.
Next, you need to set up your account security. WazirX offers two options for your account security.
- Google Authenticator App
- Mobile SMS service
You can choose either of the options. But the authenticator app is safer as compared to mobile SMS which is prone to delayed receipt and possibility of SIM card hacking.
#4. Select Country and Choose Account
Now at last, you need to select your country. You have the flexibility to open your account with or without KYC. You can only deposit and trade on your WazirX account without KYC.
I suggest you to complete KYC as it may take some time for the documentation review and approval. You can withdraw money only after completing KYC.
For completing KYC you need to enter
- Full name as appearing on KYC document
- Date of birth
- Address as per the KYC document
Then you need to upload the scanned copy of your KYC documents and selfie. After which the account gets verified within 24-48 hours from WazirX.
A lot of people are signing WazirX after the recent price surge in bitcoins. Due to which the verification process may take time. You can contact WazirX using Telegram or Twitter in case of further delays.
How to Buy Bitcoin Or Any Other CryptoCurrency on WazirX in India
You can buy Bitcoin (BTC) using your WazirX Account using Indian Rupees deposited in your WazirX account. If you haven’t opened WazirX account, click here to open a Free account from this link.
#1. Buy Bitcoin Using “Exchange” Option on WazirX App
The “Exchange” option is available only on the WazirX app. You can purchase bitcoin or any other cryptocurrency in 3 simple steps.
Tap on “Exchange” option at the left-hand side bottom of the app. Search or Explore Cryptocurrency you want to invest in.
Next, enter the amount for how much you want to buy bitcoin for.
Click on Buy & Slide the round button to the right to complete the transaction.
You will get a confirmation message once the purchase transaction is complete.
Ways to Transfer INR into WazirX
You can deposit a minimum of Rs. 100 in your WazirX account. There is no upper limit to the money deposit.
WazirX wallet allows INR deposits via IMPS, UPI, RTGS and NEFT.
For depositing INR in your wallet you need to login and click “Funds”. WazirX allows you to deposit and withdraw different cryptocurrencies.
Select the option “Rupee INR” and click on deposit. Then you will need to link your bank details with your WazirX account.
WazirX verifies your bank account details automatically. So that all the future deposits and withdrawal transactions happen smoothly.
Steps to add bank account –
- Go to WazirX Account Settings
- Open tab – Payment Options
- Click – Add/ Remove Bank & UPI
- Enter Bank Account Number, IFSC Code and Account Type and save.
Next, you will be prompted for “Instant deposit using IMPS/ NEFT/ RTGS” and get WazirX bank details.
Note – that the screen shows an account number from HDFC Bank. This is the current account of WazirX maintained with HDFC Bank’s Mumbai branch.
You can safely transfer the money to the above account number.
Your money (in INR) will be credited to your WazirX account in a couple of hours if you have used UPI.
Money deposited using IMPS/ NEFT or RTGS may take 72 working hours (3 days) at the maximum.
WazirX crypto exchange is a safe, fast and easy accessible crypto platform available on Android, iOS, Windows and Mac. The platform lets you access 150 plus global cryptocurrency through P2P, STF and Exchange mechanism.
WazirX crypto exchange helps you diversify your investment portfolio. Crypto enthusiasts in India should open WazirX account and definitely give it a try.