WazirX 2024 Best Cryptocurrency Trading Platform in India

WAZIRX 2024

WazirX 2024 Best Cryptocurrency Trading Platform in India

WazirX is Indias most trusted and largest Bitcoin, Ethereum, cryptocurrency exchange and trading platform, Buy, Sell and Trade BTC, XRP, ETH, TRX, SHIBA INU on WazirX in India

This is the era of digital. So, how can the currency remain untouched by it? These days transactions are happening all over the world through many digital currencies like Bitcoin. Many countries have also given them legal status. In such a situation, crypto currency exchanges have also come into existence, which support peer to peer crypto currency payments. WazirX is one such crypto currency exchange. Today we will give you detailed information about WazirX. Let’s start-

What is WazirX?

Friends, let us tell you that these three have been together for years. About 11 years ago today, i.e. in 2010, these three have also gathered a lot of discussion by creating a social media management app named Crowdfire. Now they have appeared with a crypto currency exchange named WazirX and are working to take it further around the world.

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Some special features of WazirX

• Deposit and Withdraw is done in INR in this crypto currency exchange.
• It is possible to use WazirX P2P to buy/sell crypto.
• This service is provided 24×7 to the users.
• The transaction in this exchange is the fastest in the whole of India i.e. one trade every minute.
• It has Automated P2P open order book.
• There is zero transaction or very nominal fee.
• Its Dispute Resolution is completely robust.
• USDT provides the highest liquidity in the market.
• It is available on all three platforms like Android, Web, and iOS.
• Its user interface is very easy.

WazirX own coin WRX coin

It is very easy to use. Meanwhile WazirX has also launched its own token, named WRX Coin. Users can easily use it. Its founders aspired to make it India’s most trusted Bitcoin exchange. At present, digital currency trade is happening from all over the world through this crypto currency exchange. People from different countries are able to transact in digital currency sitting at home.

Some special features of WazirX

• More than 1.5 lakh users are registered on this platform.
• WazirX P2P exchange is very unique. No government rule works on this.
• This exchange offers proper liquidity, fund security and better support system.
• In this exchange deposit and withdrawal can be done in INR.
• When a user places a purchase order, the buyer cannot place a new purchase order until that order is completed.
• It takes up to 24 hours to resolve any dispute.

Is WazirX P2P Secure?

The question arises in the mind of many users that is WazirX P2P secure? So guys the answer is yes. Actually, WazirX has an escrow system. It takes special care that no party can cheat any other party. The special feature of this system is that WazirX does not release the seller’s cryptos until the payment is completed. It releases the cryptos only after the payment is confirmed.

Friends, let us also tell you that if there is any dispute between buyer and seller due to any reason, then Wazirx resolves this dispute with the help of robust dispute resolution system.

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WazirX does not have any transaction with banks

Friends, let us tell you that the Government of India has banned cryptocurrency exchanges from doing transactions with banks. Because of this big exchanges like Zebpay and Unocoin are now closed. But the special thing about WazirX’s P2P (peer 2 peer) model is that it is not doing any transactions with banks. In this, a person exchanges currency with another person. Wazirx’s job is just to see that both the parties are not tampering with their transactions. So Indian people can easily cash in and cash out their cryto.

How to use WazirX? How to Create a WazirX Account?

Friends, we told you what is WazirX. What are its special features and special things. Come, now let us tell you how you can sign up and login on it. Friends, there is also a prescribed procedure for this, which is as follows-

Visit the Website or Download the App

For this you have to first go to the official website of WazirX. Or Click Here To Download WazirX App For IOS Or Android

Create WazirX Account

After this, you have to click on the Sign-Up option appearing in the top right of the home page. Enter your email ID and password. This will be the same email address through which you will login later. It cannot be changed later. Password must be strong and such that you can remember it.

Verify WazirX account

After doing this click on the sign up option. Now you will get verification email. After this you have to click on the option of verify email. After this you are directed to the website of WazirX. Here your verification gets confirmed.

Verify Email Verification

Let us tell you that the verification email is valid only for 30 minutes. If you did not login within this time, then you will have to click on the option of Resend verification email again. Apart from this, in some cases the verification mail takes some time to go. If the email does not come within 10 to 15 minutes, then check the spam/junk/promotions folder.

Verify Phone Number

After the email is verified, you will have to verify your mobile number. You’ve to enter your 10 digit Indian mobile number. After this you have to choose the option of send otp. You will get this OTP via SMS.

Fill KYC Form

Enter this OTP in the verification box and click on verify. After verifying the email and mobile number, you will have to fill your details and upload the KYC documents for verification.

Fill in real information

According to the PAN card, your full name will have to be filled. The address will have to be filled according to the Aadhaar card. You have to fill your date of birth i.e. DOB in DD/MM/YYYY format. After that enter the PAN Card Number.

Upload document

Upload the scanned copy of the front of the PAN card. Enter the Aadhaar Card number and upload the scanned copy of its front. After this fill the details of the bank account. Check the information once filled and then click on submit option.

How long does it take for WazirX Account Verification?

Friends, let us tell you that after submitting the verification documents, your verification process starts. This process takes 24-48 hours to complete. Also inform you that if for some reason your account is not approved, then a mail comes informing you about the reasons for rejection. After reading this you can apply again for verification. However, now it has been claimed by the founders of WazirX that they are also working towards reducing the time taken in the verification process.

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How does WazirX P2P work?

With the help of WazirX P2P, you can easily do USDT i.e. US digital transaction. Can buy and sell directly in INR. Let us tell you that it is available 24×7. Let us explain its two terms to you. One of these is cash in and cash out. They mean as follows-

Cash In – If you want to use INR to trade cryptos then buy USDT via P2P and use this USDT to buy other cryptos on WazirX.

If you want to send INR to your bank account, you can sell your cryptos in the form of USDT and then sell that USDT for INR via p2p.

Overall, WazirX matches people who want to buy USDT against INR. And those who want to sell USDT against INR. WazirX escrows USDT during transactions for safekeeping.

Let us tell you that Buyer can use IMPS/UPI to transfer INR. When the seller confirms the payment, WazirX releases USDT to the buyer.

Why does WazirX use P2P USDT?

Friends, you must have a question that why WazirX uses P2P USDT? So let us tell you that it is used to make the transaction simple and high liquidity. Let us inform you that USDT is a stable coin. This means that it is a cryptocurrency whose value is mostly stable. Price fluctuation means that the fluctuation in price is very less.

For example, the value of 1 USDT is only about $1. So whenever a crypto is sold, the crypto will first be converted into USDT and then that USDT will be sold.

Can I also download Wazirx App?

Friends, let us tell you that you can trade in bitcoin or other digital currency by downloading the wazirX app from Google Play Store. It has got a rating of 3.9 and has been downloaded by more than 1 million people. This Android iOS Mac app works on all. For Android it can be downloaded from the Google Play Store, while for iOS it can be downloaded from the App Store. Apart from this, it can also be downloaded for Windows and Mac apps.

Preparing to control the use of cryptocurrency in India

Friends, you must know this. The Government of India is preparing to control the use of cryptocurrency. It has decided to introduce the Crypto currency and regulation of official digital currency bill in Parliament.

It is a different matter that the information about this bill has not been made public yet. Friends, let us tell you that this bill will legally control the use of crypto currency in India.

No intention to ban crypto currency completely

Friends, Union Finance Minister Nirmala Sitharaman has already made it clear that the government does not plan to ban cryptocurrency completely. He says that these days the business of digital currency is continuously increasing. The government wants to protect blockchain technology based on cryptocurrency.

Indians are buying digital currency in large numbers

Friends, you too will not be unaware of this fact. Indians are also buying digital currency in large numbers. It is a different matter that no official data is available regarding this. There are many people who have invested in digital currency keeping in view the future. There are also many people who get excited by the news of ban on this currency and do not want to miss the opportunity to make profit before it happens. They already know that it is not issued by any government or any regulatory authority.

Let us also tell you that in the year 2018, the Reserve Bank of India i.e. RBI (RBI) also banned some banks and regulated financial institutions for supporting cryptocurrency transactions. After this, in March 2020, the Supreme Court ruled against the ban of RBI.

RBI itself is exploring options to bring crypto currency

Friends, let us inform you that RBI is exploring options to bring India’s own cryptocurrency. On the other hand, the Finance Ministry’s statement has also come that it will consider making India’s own digital currency and law for its regulation. However, the question in the hearts of people is whether it is easy for India to bring its own digital currency? Experts believe that issuing digital legal tender is a challenging task. According to him, there will be many challenges before the Government of India.

For example, will it be digital legal tender only at the wholesale level? Or will the general public also be able to use them? Will commercial bank accounts be reined in after digital currency accounts? Apart from this, challenges like tax, money laundering, insolvency code, payment system, privacy, data protection will also be faced. Some experts suggest that crypto exchanges can collect Point Know Your Customer (KYC) and transact it only through a bank account. In this way, the mess will also be stopped, because blockchain technology will be able to bring transparency in it.

Investment in crypto currency increased during the Corona transition period

Friends, let us tell you that there has been an increase in investment in crypto currency during the Corona transition period. However, as we have mentioned above – there is no official figure yet on how many Indians hold crypto currency or how many people do business in it. But there is a possibility of investment of crores of people in digital currency. Experts have reiterated the change in India’s digital economy due to Corona.

According to the data, there has been an increase of 42% in digital payments due to the availability of internet in 2020. There is a simple thing – who has internet, he can easily take crypto currency. In fact, in the Corona era, where people have lost their jobs and jobs, uncertainty has arisen in them about the future as well. Now their emphasis is on saving more than spending. And for this, keeping an eye towards the future, they are giving more priority to investment.

Investing in digital currency during the Corona transition period points towards this. Apart from this, people have also distanced themselves from the regular currency and have adopted digital currency due to the fear of spreading the infection. Secondly, they see more profit potential in it. And the transparency in the system is also high.

WazirX has also had an impact of COVID-19

The effect of Kovid-19 has also been seen on WazirX. Many people in the team have been victims of this. And second, due to increase in digital transactions, the rate of payment and issue resolution has also slowed down a bit. However, it has been said from WazirX that they are doing their best to speed it up. Apart from this, WazirX is also providing a good source of employment.

In this, applications have been invited for posts like Social Media Manager, Social Media Executive, Product Manager, Digital Media Marketing, Digital Media Writer and many other posts. In the Corona period where many youth have lost their jobs, At the same time, WazirX is providing employment to the youth. This can be considered as a good step.

Enforcement Directorate notice to WazirX

Friends, let us tell you that the Enforcement Directorate (ED) has issued a show cause notice to WazirX. This notice has been sent to this India’s largest crypto currency exchange on the allegation of FEMA violation. A tweet has been done by the ED, in which it has been said that this notice has been issued against WazirX in the case of transaction of 2790.74 crores.

The notice includes the names of the directors of WazirX. According to the investigative agency, during the investigation of money laundering related to an illegal online betting app owned by a Chinese, it has come to know about the transactions of the company. During investigation, it was found that Chinese citizens have committed a crime of ₹ 57,000,000 by converting deposits of Indian Rupees into Tether. Later this earnings were transferred to the wallet (Binance registered exchange in Cayman Islands). According to the ED Binance acquired WazirX in 2019.

What is FEMA?

Friends, just now we told you that WazirX has been sent a notice in violation of ED FEMA, let us know what this FEMA is. Friends, let us tell you that all the transactions in our India, including foreign exchange, were regulated through the Foreign Exchange Regulatory Act i.e. FERA (FERA). This act was made in 1973. Its purpose was to control certain aspects of the conduct of business by Indian companies outside the country and by foreign companies in India.

In 1999, the law relating to foreign exchange was amended to facilitate external trade and payments and for systematic development and maintenance of foreign exchange in India. It was renamed as Foreign Exchange Management Act (FEMA). It came into force on 1st June 2000. Its purpose was to facilitate foreign trade and payments and to maintain and promote the foreign exchange market.

Highlights of FEMA

Let us tell you that about four years ago i.e. in 2017, RBI issued a notification and simplified the Act by bringing 93 amendments made so far in the Foreign Exchange Management Act under a single notification. These changes made it relatively easier for foreign investors to invest in the country.

Now any person who wants to invest in India is able to know through this notification in which company and how he can invest. Apart from this, the following two rules on foreign investments have been clubbed together-

FEMA 20: It is known as a foreign investment or partnership or limited liability partnership made in an Indian company.

FEMA 24: The investment made in a partnership firm is called FEMA 24.

In addition, investments made from a non-resident Indian to a non-resident would be brought under self operated mide. and it will be recorded. Let us tell you friends that FEMA was started as an investor friendly law, but now it is a civil law, as its violation only involves payment of monetary penalties and penalty. Under this, a person can be punished with civil imprisonment only if he does not pay the prescribed fine within 90 days from the date of receipt of the notice.

But this punishment can also be given to him only after formalities of show cause notice and personal hearing. Secondly, FEMA permits only authorized persons to transact in foreign exchange or foreign securities. Under the Act, such authorized person means an authorized dealer, money changer, foreign banking unit or any other person so authorized by the Reserve Bank for the time being.

FAQ

What is WazirX?

WazirX is indias largest and most popular crypto currency exchange platform. It supports UPI Net Banking and P2P crypto currency transactions.

Who founded WazirX?

WazirX is co-founded by Nischal Shetty, Sameer Mahatre and Siddharth Menon.

Where is the head office of WazirX?

The head office of WazirX is in Mumbai.

Does WazirX even have its own coin?

Yes, its name is WRX Token.

Is WazirX safe?

Actually, WazirX has an escrow system. It takes special care that no party can cheat any other party.