WazirX Exchange Review 2023: Is It Safe For Crypto Investment In India?

WazirX is a cryptocurrency exchange that was founded in 2018 by Nischal Shetty and Siddharth Menon. It is based in Mumbai, India, and is known for its user-friendly interface and wide range of trading options. which has its own token called WRX, this WRX token is a utility token.

One of the key features of WazirX is its support for P2P (peer-to-peer) trading. This allows users to buy and sell cryptocurrencies directly with each other, rather than going through the exchange itself. This is particularly useful in countries where it may be difficult to deposit or withdraw funds from an exchange, as it allows users to trade using other payment methods such as bank transfers or mobile payments.

Read Also: Important Notice on cryptocurrency

#1. P2P trading also supported by WazirX

In addition to P2P trading, WazirX also supports spot trading and margin trading. Spot trading allows users to buy and sell cryptocurrencies at their current market price, while margin trading allows users to borrow funds from the exchange in order to trade with more capital. This can be useful for experienced traders who want to increase their potential profits, but it also carries a higher level of risk.

#2. Benefits of using WazirX

One of the main benefits of using WazirX is the wide range of cryptocurrencies that it supports. At the time of writing, the platform offers trading for over 100 different coins and tokens, including popular choices like Bitcoin, Ethereum, and Binance Coin. This gives users a lot of flexibility in terms of which assets they can trade, and allows them to diversify their portfolios.

#3. Digital assets in cold storage

In terms of security, WazirX takes a number of measures to protect its users’ funds. It stores the majority of its digital assets in cold storage, which means they are kept offline and are therefore less vulnerable to hacking attacks.

The platform also uses two-factor authentication to secure user accounts, and has a dedicated security team that monitors for any suspicious activity.

Overall, WazirX is a reliable and feature-rich cryptocurrency exchange that is suitable for both beginner and experienced traders. Its P2P trading feature, wide range of supported cryptocurrencies, and strong security measures make it a solid choice for anyone looking to buy, sell, or trade digital assets.

#5. cryptocurrency trading in india (is wazirx safe in india)

Many crypto exchanges were in existence before 2018 when RBI came out with the “Statement on Developmental and Regulatory Policies“. and directed banks to stop dealing with entities dealing in virtual currencies, ie cryptocurrencies. Read Here.

And now there is hope among crypto investors that with the recent Supreme Court ruling in March 2020, there are chances that more crypto exchanges like WazirX will come up in the crypto industry in India.

Banks are still hesitant to deal citing lack of clarity. There has been recent news of ICICI Bank blocking net banking transactions for crypto trades.

Read More: Bitcoin has become legal tender country suddenly announced

#6. To invest in cryptocurrencies in India at your own risk,

Yes, that is correct. In March 2020, the Supreme Court of India lifted the central bank’s ban on cryptocurrency trading, which had been in place since 2018. This decision effectively allowed individuals in India to invest in cryptocurrencies at their own risk.

However, it is important to keep in mind that cryptocurrencies are highly volatile and carry a high level of risk, so it is important for individuals to thoroughly research and carefully consider their options before investing.

Additionally, it is important to be aware of any local laws or regulations that may impact the use of cryptocurrencies in your country. It is always a good idea to consult with a financial professional or a legal advisor before making any investment decisions.

#7. Crypto portfolio kept on WazirX

But if the government or the RBI asks WazirX to cease operations, we expect our crypto portfolio held on WazirX to take care of those assets and we can sell them on the global market.

And the government takes any step to protect the interests of its citizens, and the government also wants the people of India not to lose money in virtual currencies that are not backed by any asset. Stay away from scammers and invest in strong cryptocurrencies.

How to open WazirX Account

1. Sign up on WazirX

To sign up for WazirX, you will need to follow these steps:

1. Go to the WazirX website (https://wazirx.com/) and click on the “Sign Up” button in the top right corner of the page.
2. Enter your email address and create a password.
3. Click on the “Create Account” button.
4. You will receive an email from WazirX with a link to verify your email address. Click on the link to verify your email.
5. Once your email is verified, you will be redirected to the WazirX login page. Enter your email address and password to log in to your WazirX account.
6. After logging in, you will need to complete the Know Your Customer (KYC) process. This involves providing personal information such as your name, address, and government-issued ID.
7. Once your KYC is complete, you will be able to start trading on the WazirX platform.

2. Fill in the details to start creating an account

To start creating your WazirX account you will need to provide your email address and create a strong password.

#8. How to buy crypto on wazirx?

To buy cryptocurrency on WazirX, follow these steps:

1. Log in to your WazirX account and make sure that you have completed the Know Your Customer (KYC) process.
2. Click on the “Buy/Sell” tab on the top menu.
3. Select the cryptocurrency that you want to buy from the list of available options.
4. Enter the amount of the cryptocurrency that you want to buy, or the amount of fiat currency (such as INR, USD, EUR, etc.) that you want to spend.
5. Review the details of your purchase, including the total cost and any fees that may apply.
6. Click on the “Buy” button to confirm your purchase.
7. Your cryptocurrency will be transferred to your WazirX wallet once the purchase is complete.

Note: You will need to have funds in your WazriX account or linked bank account in order to make a purchase. If you don’t have any funds in your account, you will need to deposit some money first before you can buy cryptocurrency.

#9. Know How to buy Bitcoin on WazirX?

Yes, I can explain how to buy Bitcoin on WazirX. Here are the steps:

1. Log in to your WazirX account and make sure that you have completed the Know Your Customer (KYC) process.
2. Click on the “Buy/Sell” tab on the top menu.
3. Select “Bitcoin” from the list of available cryptocurrencies.
4. Enter the amount of Bitcoin that you want to buy, or the amount of fiat currency (such as INR, USD, EUR, etc.) that you want to spend.
5. Review the details of your purchase, including the total cost and any fees that may apply.
6. Click on the “Buy” button to confirm your purchase.
7. Your Bitcoin will be transferred to your WazirX wallet once the purchase is complete.

Note: You will need to have funds in your WazirX account or linked bank account in order to make a purchase. If you don’t have any funds in your account, you will need to deposit some money first before you can buy Bitcoin.

#10. Buy USDT by Depositing INR in P2P

To buy USDT (Tether) by depositing INR (Indian Rupees) in WazirX’s Peer-to-Peer (P2P) platform, follow these steps:

1. Log in to your WazirX account and make sure that you have completed the Know Your Customer (KYC) process.
2. Click on the “P2P” tab on the top menu.
3. Select “INR” as the currency you want to use to buy USDT.
4. Scroll down to the “Buy USDT” section and enter the amount of INR that you want to use to buy USDT.
5. Review the details of your purchase, including the total cost and any fees that may apply.
6. Click on the “Buy” button to initiate the trade.
7. You will be matched with a seller who is willing to sell USDT in exchange for INR.
8. Follow the instructions provided by the seller to complete the transaction. This may involve transferring the INR to the seller’s bank account and providing proof of payment.
9. Once the seller confirms that they have received the payment, the USDT will be transferred to your WazirX P2P wallet.

Note: P2P trades are typically completed faster than traditional trades, but they may involve additional risks since they are conducted directly with other users rather than through a centralized exchange. Make sure to carefully review the seller’s reputation and terms before initiating a trade.

#11. How to Trade in WazirX?

To trade on WazirX, follow these steps:

1. Log in to your WazirX account and make sure that you have completed the Know Your Customer (KYC) process.
2. Click on the “Markets” tab on the top menu.
3. Select the cryptocurrency that you want to trade from the list of available options.
4. Choose whether you want to place a “Buy” or “Sell” order.
5. Enter the details of your trade, including the amount of cryptocurrency that you want to buy or sell, and the price at which you want to execute the trade.
6. Review the details of your trade, including the total cost and any fees that may apply.
7. Click on the “Place Order” button to initiate the trade.
8. Your trade will be executed when it is matched with an opposing trade on the exchange.

Note: Trading on WazirX or any other exchange involves risk, and you should carefully consider your own financial situation and risk tolerance before making any trades. It is also important to educate yourself about the cryptocurrency market and the specific coins that you are interested in trading.

#12. Do you know how to check profit and loss in WazirX?

To check your profit and loss in WazirX, you can follow these steps:

1. Log in to your WazirX account and go to the “Balances” page.
2. On the “Balances” page, you will see a list of all the cryptocurrencies that you own.
3. Next to each cryptocurrency, you will see the “Holdings Value” which represents the current value of your holdings in that cryptocurrency.
4. You can calculate your profit or loss by subtracting the purchase price of the cryptocurrency from its current value.

Here’s an example:

Let’s say you bought 1 Bitcoin (BTC) for $1000. The current value of 1 BTC is $1500. To calculate your profit, you would do the following calculation:

Current value of 1 BTC – Purchase price of 1 BTC = Profit

$1500 – $1000 = $5,00

In this example, you made a profit of $500.

Note: This is just an example and does not represent the actual profit or loss that you may have made on your investments. You should always do your own research and due diligence before making any investment decisions

How do I deposit funds into my WazirX account?

A: To deposit funds into your WazirX account, you can follow these steps:

1. Log in to your WazirX account and go to the “Balances” page.
2. Click the “Deposit” button next to the cryptocurrency that you want to deposit.
3. You will be shown a deposit address and a QR code. You can use either of these to send the cryptocurrency from your external wallet to your WazirX account.
4. Wait for the deposit to be confirmed on the blockchain. This may take some time depending on the cryptocurrency being used.

Q: How do I place a trade on WazirX?

A: To place a trade on WazirX, you can follow these steps:

1. Log in to your WazirX account and go to the “Exchange” page.
2. Select the cryptocurrency pair that you want to trade. For example, if you want to trade Bitcoin for Ethereum, you would select the “BTC/ETH” pair.
3. Enter the amount of cryptocurrency that you want to buy or sell, and the price that you are willing to pay.
4. Review the details of your trade and make sure everything is correct.
5. Click the “Buy” or “Sell” button to place your trade.

How do withdraw funds from my WazirX account?

A: To withdraw funds from your WazirX account, you can follow these steps:

1. Log in to your WazirX account and go to the “Balances” page.
2. Click the “Withdraw” button next to the cryptocurrency that you want to withdraw.
3. Enter the amount that you want to withdraw, and the address of the external wallet where you want to receive the funds.
4. Review the details of your withdrawal and make sure everything is correct.
5. Click the “Withdraw” button to initiate the withdrawal.

Note: Some cryptocurrencies may have minimum withdrawal amounts or fees associated with withdrawals. Be sure to check the “Fees” page on the WazirX website for more information.

Two-Factor Authentication (2FA) – Setup, Change & Recovery

Two-Factor Authentication (2FA) is a security measure that requires users to provide an additional form of authentication before logging in to an account or completing certain actions. This is typically done by using a smartphone app (such as Google Authenticator or Authy) to generate a one-time code that is required in addition to the user’s password.

To set up 2FA on WazirX, you can follow these steps:

1. Log in to your WazirX account and go to the “Security” page.
2. Under the “Two-Factor Authentication” section, click the “Set Up” button.
3. Follow the prompts to set up 2FA using your smartphone app. You will need to scan a QR code or enter a secret key to link your account with the app.
4. Once 2FA is set up, you will be required to enter a one-time code from the app each time you log in to your account or perform certain actions.

To change your 2FA method on WazirX, you can follow these steps:

1. Log in to your WazirX account and go to the “Security” page.
2. Under the “Two-Factor Authentication” section, click the “Change” button.
3. Follow the prompts to change your 2FA method. You will need to set up a new method using your smartphone app.

If you lose access to your 2FA device or app, you may be able to recover your account by contacting the WazirX customer support team. Be sure to have your account details and any other relevant information ready when you contact the team. They may ask you to provide proof of identity or ownership of the account in order to confirm your identity and assist with the recovery process.

What is the WazirX Referral Program?

The WazirX Referral Program is a program that allows users to earn a percentage of the trading fees generated by referrals. To participate in the referral program, you will need to sign up for a WazirX account and obtain a referral link. You can then share this link with friends or family to invite them to join WazirX. When they sign up and start trading, you will earn a percentage of the fees they generate.

The specific percentage that you earn will depend on the level of your referral. WazirX has a tiered referral program, with different referral levels and corresponding earnings percentages. The higher the level of your referral, the higher the percentage of fees you will earn.

View your referral earnings

To view your referral earnings and track the progress of your referrals, you can log in to your WazirX account and go to the “Referral” page. This page will show you a breakdown of your referral earnings and the status of your referrals.

Note: It is important to remember that the referral program is subject to change, and the earnings percentages may vary over time. Be sure to check the terms and conditions of the referral program on the WazirX website for the most up-to-date information.

How does it work –

To participate in the WazirX Referral Program, you will need to sign up for a WazirX account and obtain a referral link. You can then share this link with friends or family to invite them to join WazirX. When they sign up and start trading, you will earn a percentage of the fees they generate.

Here’s how it works in more detail:

1. You sign up for a WazirX account and obtain a referral link. You can find your referral link in the “Referral” section of your account settings.
2. You share the referral link with your friends or family, either by sending them the link directly or by sharing it on social media or other online platforms.
3. When someone clicks on your referral link and signs up for a WazirX account, they will be tracked as your referral.
4. When your referral starts trading on WazirX, you will earn a percentage of the fees they generate. The specific percentage that you earn will depend on the level of your referral.
5. You can track your referral earnings and the progress of your referrals by logging in to your WazirX account and going to the “Referral” page.

It’s that simple! By participating in the referral program, you can earn extra money by inviting others to join WazirX and trade on the platform.

In what crypto will I earn my reward?

The rewards for the WazirX Referral Program are paid in the cryptocurrency that the referral’s fees are generated in. For example, if your referral generates fees by trading Bitcoin or any crypto, the referral rewards will be paid in WRX.

The referral reward is given in the form of WRX tokens. Is WRX token you can sell. The WRX tokens I earn from referrals to Beginner can only be sold to in certain situations. But according to the time it is not so now.

The referral rewards will be credited to your WazirX account balance, and you will be able to view them on the “Balances” page of your account. From there, you can withdraw the rewards to an external wallet or use them to trade on the platform.

It is important to note that the referral program is subject to change, and the specific terms and conditions of the program may vary over time. Be sure to check the WazirX website for the most up-to-date information on the referral program.

How can refer a friend to WazirX using my referral code?

To refer a friend to WazirX using your referral code, you can follow these steps:

1. Log in to your WazirX account and go to the “Referral” page.
2. On the “Referral” page, you will see your referral link and referral code.
3. Share the referral link with your friend by sending it to them directly or by sharing it on social media or other online platforms.
4. When your friend clicks on the referral link and signs up for a WazirX account, they will be tracked as your referral.
5. When your referral starts trading on WazirX, you will earn a percentage of the fees they generate. The specific percentage that you earn will depend on the level of your referral.

It’s that simple! By sharing your referral link with your friends and encouraging them to sign up for WazirX, you can earn rewards for their trading activity on the platform. Just be sure to follow the terms and conditions of the referral program, and remember that the referral program is subject to change.

How can I track my rewards and friends I’ve referred to?

To track your rewards and the friends that you have referred to WazirX, you can follow these steps:

1. Log in to your WazirX account and go to the “Referral” page.
2. On the “Referral” page, you will see a breakdown of your referral earnings and the status of your referrals.
3. The “Referral” page will show you the total number of referrals that you have, as well as the total number of referrals.
4. You can also see the total amount of referral rewards that you have earned, as well as the specific cryptocurrencies that you have earned rewards in.
5. To view the details of a specific referral, you can click on the referral’s name in the list. This will show you more information about the referral, such as their username, email address, and the date that they signed up.

By tracking your referral earnings and the progress of your referrals on the “Referral” page, you can keep track of your earnings and see how your referrals are doing on WazirX. Remember to check the terms and conditions of the referral program for the most up-to-date information on the referral program.

Securing your WazirX account – Tips & Best Practices

Here are some tips and best practices for securing your WazirX account:

1. Use strong, unique passwords: Use a strong, unique password for your WazirX account. Avoid using the same password for multiple accounts.
2. Enable two-factor authentication: Enable two-factor authentication (2FA) on your WazirX account to add an extra layer of security. This will require you to enter a code from your phone or a security token in addition to your password when logging in.
3. Keep your software and devices up to date: Make sure to keep your computer and mobile device software up to date with the latest security patches and updates.
4. Be cautious when clicking links: Be cautious when clicking links, especially if you receive them via email or social media. Scammers may try to trick you into visiting a fake website or downloading malware.
5. Protect your personal information: Do not share your personal information, such as your password or 2FA codes, with anyone.
6. Use a secure internet connection: When accessing your WazirX account, be sure to use a secure internet connection, such as a private home network or a trusted public WiFi network.
7. Monitor your account activity: Regularly monitor your account activity and report any suspicious activity to WazirX.

FAQ

Here are some common questions and answers about WazirX:

Final Words:-

In conclusion, WazirX is a cryptocurrency exchange that allows users to buy, sell, and trade a variety of digital assets. It is headquartered in India and offers a mobile app for convenient trading on the go. WazirX supports a wide range of cryptocurrencies and offers margin trading for some pairs. The platform has a referral program that allows users to earn a percentage of the trading fees generated by referrals. If you need assistance with your WazirX account or have any other questions, you can contact the customer support team through email, Twitter, Telegram, or Facebook.

WazirX Jargon: You shold Know.

Here are some basic keywords related to WazirX with definitions that are free of plagiarism:

• Cryptocurrency exchange: A digital platform that allows users to buy, sell, and trade cryptocurrencies, such as Bitcoin and Ethereum.
• Bitcoin: A decentralized digital currency that uses cryptography for security and is not controlled by any government or financial institution.
• Ethereum: A decentralized, open-source blockchain platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
• Ripple: A digital currency that enables fast, cheap, and secure transactions between different countries and currencies.
• Altcoins: Alternative cryptocurrencies to Bitcoin, such as Ethereum and Ripple.
• Trading: The buying and selling of financial instruments, such as cryptocurrencies, in order to generate profits.
• Buy and sell: The process of purchasing or disposing of an asset, such as a cryptocurrency, in order to make a profit.
• Order book: A digital record of all buy and sell orders for a particular cryptocurrency on an exchange, organized by price.
• Market depth: The number of buy and sell orders for a particular cryptocurrency at different price levels, as listed in the order book.
• Candlestick chart: A graphical representation of the price action of a cryptocurrency over a specific time period, with each “candlestick” representing the high, low, open, and close prices during that time.
• Order types: Different methods of placing trades on an exchange, such as a limit order (which allows you to set a specific price at which you want to buy or sell), a market order (which executes a trade at the current market price), or a stop-loss order (which automatically sells a cryptocurrency when it reaches a certain price).
• Deposits and withdrawals: The process of transferring funds into or out of an exchange account, either from a bank account or a wallet.
• Security: Measures taken to protect the safety and integrity of an exchange and its users’ assets, such as two-factor authentication (2FA), Secure Sockets Layer (SSL) encryption, and cold storage (offline storage of cryptocurrencies).