What is WazirX and How Does P2P Crypto Exchange work?

If you understand a bit of Cryptocurrency then you must have heard about WazirX. But you probably will not have complete information about WazirX, that’s because it is a very new cryptocurrency exchange, and it is now in the stage of development.

Like the rest of the countries, cryptocurrency has attracted the Indians too much to us. Whether you talk about any currency, whether Bitcoin or Ethereum, people have attracted people towards themselves because of their features.

In the present time, WazirX is a kind of cryptocurrency exchange that has been quite liked by the Indians. That’s because, in a very short time, its stunning features have made everyone’s mind and it is very easy to use it or its services. The basic purpose of this company is how it can become India’s most trusted Bitcoin exchange.

For this, these people have launched a full crypto exchange along with their plans, supports many different types of cryptocurrency pairs, WazirX has now started its own token, which is called WRX Coin, And whose users can use it in their platform. So, today I thought why you should give information about Wazirx and how it works so that you can get some information about it too.

Wazirx is India’s first and only cryptocurrency exchange that allows a peer to peer crypto transactions. The three co-founders of this company are Nischal Shetty, Sameer Mhatre, and Siddharth Menon.

These three are from background programming. Also, you may also know these three from another social media management app, Crowdfire, which these people had created in 2010 and it is a very successful app. According to their website, their head office is located in Navi Mumbai.

According to their co-founders, Indian cryptocurrency exchanges are in very poor condition and they are also not providing services according to the requirement. That’s why he has kept Wazirx confident in giving better service to the country’s cryptocurrency enthusiasts.

There are many features in WazirX such as real-time open order books, charting, trade history, deposits and withdrawals, from which a user can trade and invest in some of the best performing digital assets in the world. Users are given a user-friendly and easy to use user interface UI so that they do not have any problem, to use this platform.

  • Some Stats of the WazirX Platform
  • More than 150,000 users are registered on this platform
  • Android and iOS apps are 35,000+ downloads free
  • Their average app rating is 4.44, which is quite good

What are the major Offers of WazirX Exchange?
If we talk about their main features, then the offers given below are main.

Peer 2 Peer Transaction
Cryptocurrency Exchange
WRX Mining

But in India is the ban on Cryptocurrency?
Yes, it is true that the Government of India has stopped cryptocurrency exchanges from transacting with banks. Because the big host exchanges such as Zebpay and Unocoin are now locked. But the concept of WazirX’s P2P model is different, according to them, they are not making any transactions from banks, but according to their model one person can exchange with another person as well as currency exchange, in which Wazirx’s job is to see that Both parties are not manipulating their transactions. Therefore Indians can easily cash out and cash out their cryo and it is completely legal according to Indian Law 2018.

Some Features of WazirX:-

  • This exchange is done in Deposit and Withdraw INR.
  • You can use WazirX P2P to buy/sell crypto. These service users are provided 24 × 7.
  • This exchange transaction is the fastest in India, which is 1 trade per minute.
  • It has an Automated P2P open order book.
  • It also has a Zero transaction fee
  • Its Dispute Resolution is completely robust.
  • It provides the highest liquidity in the USDT Market.
  • Nobody offers crypto cheapest prices in India.
  • It has the Lowest Maker fee: 0.1%
  • These three platforms are available on Android, Web, and iOS
  • Its UI is so simple that any user can easily use it.

How do Signing Up and KYC Verification?

Signup in WazirX account is a very simple process.

WAZIRx

First of all, you have to go to the signup page. For which you can click on the Stealth sign-up button on the top right screen. After that you will have to follow the 4 step process to create a login and in which you can submit your details for verification.

Step 1 – Email ID and Password
The first step of the sign-up process is to choose the login email address and password.

1. Email – Enter your full email address. This will be the same email address that you are about to use later to log in and receive any communication messages. You can not change this email address later.

2. Password – Always use a strong password which you can remember later. Try to use alphanumeric characters.

Step 2 – Email Verification
Once you have filled the email, password then you will have to click above the sign-up, after which you will receive the verification email in your registered email id.
Once you have received the verification email, you have to click on verify email button. By doing so, you are taken to the WazirX website where your verification is confirmed! Note that the verification email is valid only for 30 minutes. And if you did not log in within 30 minutes then you will have to click the Resend verification email button again.

Why have not I received the verification email yet?

In some cases, it takes some time to go to the verification mail. In this case, you have to maintain some patience. If not even after 10 to 15 min then you should check the spam/ junk/promotions folder of your email because in some time it does not come in the inbox and goes to spam/junk.

Step 3 – Mobile Verification
Once your email was verified, the next step is to verify your mobile number.

1. Mobile number You have to enter your 10 digits Indian mobile number in it. After entering, you have to choose the option to send otp.

2. Verification OTP – You will receive an OTP via SMS. The OTP must be entered in the verification box and click on verify. OTP sometimes takes some time to arrive, so be patient.

Step 4 – KYC details:
Once your email and mobile number are verified, you will have to upload KYC documents by filling out your details for verification.

  1. Name – Fill your full name in PAN card.
  2. Address – You will also need to type your full address in the Aadhaar card.
  3. Date of Birth – DOB must be filled in DD / MM / YYYY format.
  4. PAN Card Number
  5. PAN Card Front Upload – You will have to fill the scanned copy of PAN card front.
  6. Aadhaar Card Number – You will need to fill in the Aadhar Card number.
  7. Aadhaar Card Front Upload – You will have to fill the scanned copy of the front of Aadhaar Card.

Bank Details – It will fill the details of your bank account. Remember, the account you are depositing the fund in the same account will also get you funds. So do not change it again and again.

Before submitting the Final Submit, see all the things once again and it reduces the chances of a mistake.

What happens once I submit the Verification Details?

Once you properly submit all the verification documents, your verification process is turned on in the backend. This verification takes 24-48 hours to complete.
If your account is not approved for any reason, you still receive a mail with reason to decline. You can apply for re-verification by reading.

WazirX P2P – How does this work?

With the help of WazirX P2P, you can easily buy and sell USDT directly with Second Buyers and Sellers in INR. This 24 × 7 is available, is safe and 100% legal!
Two simple things that you can do in WazirX P2P –

1. Cash In – If you can use INR for trading cryptos, buy USDT via P2P and then use that USDT to buy other cryptos on WazirX!

2. Cash Out – If you want to move the INR to your bank account, then you can sell your cryptos for the size of USDT and then sell that USDT in exchange for INR via P2P!

If you have to understand the details, then let us know how WazirX P2P works –

1. WazirX matches those people who want to buy in exchange for USDT INR, and in exchange for USDT INR for people who want to sell.

2. WazirX does escrow USDT during the transaction for safekeeping.

3. Buyer can use IMPS / UPI to transfer INR.

4. When the seller confirms the payment then WazirX releases the USDT to the buyer.

Why is WazirX P2P only the USDT?

The transaction is used to make simple and high liquidity. USDT is a stable coin. This means that it is a cryptocurrency whose values are mostly stable and price fluctuation is very low. 1 USDT is worth approximately $ 1.

So when you sell a crypto: then you have to convert crypto to USDT first and then sell that USDT to WazirX P2P for INR. And the way to buy it is reversed.

WazirX is the only Indian exchange in which USDT pairing is, and according to them, it is going to bring more and more crypto pairing into it.

Is WazirX P2P Safe?

suddenly. There is an escrow system in WazirX, which specializes in the fact that no party cheat any other party. In this system, WazirX holds the seller’s cryptos until the transaction is successfully completed and payment is not confirmed.

If you are a seller – then WazirX will not release the crypto until the buyer has confirmed that you have the INR receipt.

If you are a buyer – then WazirX will not release the seller’s crypto until you pay the seller.

If there is a dispute for some reason then Wazirx has a robust Dispute Resolution system within the buyer and seller.

What are some Positive Points of WazirX?
The WazirX P2P exchange is very unique. That’s because no rule of government works on this. Together these exchange provides sufficient liquidity, security of funds and a good support system, which is the basic requirement of an exchange.
In this exchange, you can deposit and withdraw with INR. These are often available in all platforms that facilitate users to use.

What are some Negative Points of WazirX?
When a user gives a buy order, the buyer can not put any new buy order until the order is completed. At the same time, it takes a little delay to match the cash transaction in which both the buyer and the seller are slightly purified. Finally, it takes 24 hours to resolve the dispute, which is actually a little longer.

Conclusion

According to my opinion, Wazirx has changed the definition of cryptocurrency transactions. The model of P2P really deserves admiration. Like many developed countries have legalized cryptocurrency, it should also be legalized in India, which keeps burning crypto forever. That’s because we want India to use Blockchain technology ahead of other countries and I believe that this truth is going to happen very soon.

Hopefully, let’s tell you how this article was written by Wazirx P2P Crypto Exchange. This will also tell us about your thoughts. If you liked this article, please share it on social media.

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