WazirX is a centralized crypto exchange and a P2P platform for buying and selling cryptocurrency based in India. Since its inception in March 2018, WazirX has enabled the buying and selling of cryptocurrencies using Indian currency (INR). Needless to say, in a considerably short period, WazirX became one of the most trusted global cryptocurrency exchanges.
WazirX was launched by Nischal Shetty, Sameer Mhatre, and Siddharth Menon. The trio wanted to create an easy-to-use crypto exchange for trading digital assets using INR. WazirX can either be accessed online, or one can also download the WazirX app.
One of the world’s leading cryptocurrency exchanges, Binance, acquired WazirX on November 21, 2019, in a bid to make India one of the global blockchain innovation centers. As a result, Binance users can use INR to buy and sell cryptocurrencies like Bitcoin, Litecoin, Dash, etc., on the Binance platform.
WazirX users can also trade on Binance to transfer their cryptocurrency for free between both exchanges. But, before getting into the details, let us understand the WazirX App.
WazirX App Login: a Simple Process to Begin Trading
WazirX app is easy to download and simple to use. It is much faster when compared to other cryptocurrency exchange apps. As per our research for this WazirX review, the WazirX app is ideal to use for both beginners and advanced traders.
Why Use the WazirX App?
The WazirX app offers an advanced order book for calculating liquidity and price actions much faster. The order book enables traders to create buy and sell sheets anywhere and anytime. The advanced order books also provide trade history for fundamental analysis. They also help traders to keep track of their trade orders.
WazirX also has various payment methods, including bank transfer (IMPS/NEFT/RTGS), UPI payments. However, it does not support credit purchases or debit card transactions.
How to Open an Account With WazirX?
WazirX has a very simple sign-up process; and it is also known for user anonymity and its utmost security. To register with WazirX, one has to enter their email address, then assign a password followed by confirming the password. There is no lengthy documentation process; nevertheless, WazirX does not compromise on the user’s safety aspects.
As mentioned earlier, Binance users can trade cryptos using INR with WazirX, while the WazirX users can transfer their cryptos between both exchanges.
How to Transfer Crypto for Free Between Binance and WazirX?
Both WazirX and Binance account holders can transfer cryptos for free between Binance and WazirX, for which they must follow the below steps:
- Connect your Binance and WazirX accounts by clicking on the ‘Wallet’ followed by the ‘Overview’ tab. After which, a ‘connect to WazirX’ window pops-up.
- Once connected, log in via the Binance tab after 2F authentication.
- Transferring of cryptocurrencies.
Once you have purchased cryptos, click on the ‘Funds’ tab. Here, you will find the ‘Transfer Funds to Binance’ option to receive funds in your Binance wallet.
Pros and Cons of WazirX
|Offers spot exchange, P2P, and STF||Lack of trading pairs for leverage|
|Supports 70+ cryptocurrencies||Does not support intra-day trading|
|Has a dedicated mobile app|
|Very low Bitcoin withdrawal fee at 0.0005 BTC|
Is WazirX Safe?
WazirX is considered to be very safe. It facilitates not only 2F authentication but also supports cold storage of your crypto funds. WazirX has very stringent KYC norms ensuring added safety. Moreover, they have a dedicated customer support team for faster resolution of user concerns.
In a very short period, WazirX cryptocurrency exchange has become one of the trusted platform in the world. Users can access the P2P platform and crypto exchange either via a web browser or a mobile app. WazirX not only supports the trading of digital assets but also enables users to buy and sell cryptos using INR.