WazirX is a popular cryptocurrency exchange, especially among Indian users. This guide answers the most common questions about its features, security, and operations to help you navigate the platform with confidence.
Understanding WazirX
What is WazirX?
WazirX is a cryptocurrency exchange platform where users can buy, sell, and trade a wide range of digital assets, including Bitcoin, Ethereum, Litecoin, Ripple, and many others. It supports over 100 cryptocurrencies and is backed by Binance, one of the world’s largest crypto exchanges.
Is WazirX Safe?
Yes, WazirX employs robust security measures to protect user accounts and funds. These include Two-Factor Authentication (2FA) for enhanced login security and the practice of storing 90% of user assets in offline cold storage to minimize risks from hacking or ransomware attacks.
Is WazirX Legal in India?
WazirX operates legally in India. The platform complies with local regulations and cooperates with Indian law enforcement authorities. While the Reserve Bank of India (RBI) initially restricted banking support for crypto businesses in 2017, the Supreme Court overturned this decision in 2021. Cryptocurrencies themselves have never been illegal in the country.
Account Management
How to Use WazirX?
Getting started on WazirX involves a few straightforward steps:
- Create an account using your email or phone number.
- Complete the KYC (Know Your Customer) verification process.
- Link your bank account details.
- Deposit funds via UPI, IMPS, NEFT, or RTGS.
- Begin trading cryptocurrencies.
- Withdraw earnings directly to your bank account.
How to Deposit Money?
You can deposit Indian Rupees (INR) into your WazirX account using:
- UPI
- IMPS
- NEFT
- RTGS
There are no maximum deposit limits, making it convenient for both small and large investors.
How to Withdraw Money?
Withdrawing funds is simple:
- Go to the "Funds" section.
- Click "Withdraw."
- Enter the amount.
- Confirm the transaction.
Withdrawals are processed within 72 hours and transferred to your linked bank account.
Key Features Explained
What is the WazirX Token?
WRX is the native utility token of the WazirX ecosystem. It operates on Binance's blockchain and offers various benefits to users, including trading fee discounts and participation in token sales.
What is P2P on WazirX?
P2P (Peer-to-Peer) trading allows users to buy and sell cryptocurrencies directly with one another without an intermediary. This feature provides flexibility in pricing and payment methods, enhancing the overall trading experience.
What is USDT on WazirX?
USDT (Tether) is a stablecoin pegged 1:1 to the US dollar. It is widely used on WazirX as a base currency for trading pairs, allowing users to quickly enter and exit positions without converting back to fiat currency repeatedly.
How to Connect WazirX to Binance?
Linking your WazirX account to Binance is easy:
- Visit the WazirX website and select "Login Via Binance."
- Use your registered Binance email or phone number to authenticate.
This integration enables seamless transfers between the two platforms.
Trading Basics
What is a Destination Address?
A destination address is a unique string of characters used to receive cryptocurrencies into your WazirX wallet. Similar to a bank account number, it must be entered accurately to ensure funds are not sent to the wrong recipient.
How to Sell Cryptocurrency?
To sell crypto on WazirX:
- Select a trading pair (e.g., BTC/INR).
- Click "Sell."
- Specify the amount and desired price.
Once the order is executed, INR will be credited to your account.
What is a Stop-Limit Order?
A stop-limit order helps traders manage risk by automating buy or sell actions based on predefined price levels. It consists of:
- Stop Price: The price that triggers the order.
- Limit Price: The maximum or minimum price at which the trade will execute.
For example, you can set a stop-limit to sell a cryptocurrency if its price drops to a certain point, limiting potential losses.
Account Support
How to Close a WazirX Account?
To delete your WazirX account:
- Ensure all open orders are closed.
- Withdraw any remaining funds.
- Submit a deletion request via the website support portal.
Account closure is irreversible, so proceed with caution.
For immediate assistance, contact WazirX support through their official help center.
Frequently Asked Questions
Is WazirX suitable for beginners?
Yes, WazirX offers an intuitive interface and educational resources, making it accessible for newcomers. The step-by-step KYC process and multiple deposit methods simplify onboarding.
What currencies does WazirX support?
WazirX primarily supports INR for fiat transactions and over 100 cryptocurrencies for trading, including major coins like Bitcoin and Ethereum.
Are there fees for trading?
WazirX charges a nominal fee for each trade, which varies based on whether you are a maker or taker. Using WRX tokens can reduce these fees.
How long do withdrawals take?
INR withdrawals typically reflect in your bank account within 72 hours, while crypto transfers depend on network congestion and may take minutes to hours.
Can I use WazirX without KYC?
Basic features are available without full KYC, but completing verification unlocks higher withdrawal limits and access to advanced trading options.
What if I encounter a problem?
WazirX provides customer support via email, chat, and phone. Their help center includes detailed guides and troubleshooting tips for common issues.