WazirX is one of the prominent cryptocurrency exchanges of India that is now a part of Binance since 2019. The exchange comes with a decentralized peer-to-peer platform that enables users to engage in buying and selling cryptocurrencies by paying and receiving directly from the bank account. At present, WazirX operates across several countries, including India, the UK, Saudi Arabia, Indonesia, Ukraine, Nigeria, and Russia. The platform allows trading and investment in several cryptocurrencies that include Bitcoin, Ripple, Stellar, Litecoin, and Ethereum in exchange for Indian fiat currency, i.e., INR. If you are new to the platform of WazirX, then read the WazirX review to know more about the platform.
Registration Process – KYC and more
Registration with the platform of WazirX involves KYC submission. During registration, it is necessary to submit an identification document that serves as a photo and address proofs. It is mandatory to submit personal bank account details for making deposits and withdrawals. Registration at WazirX is a simple and hassle-free process. One needs to visit the official website and fill in the registration form with basic information like name, email address, and password for successful registration.
Know Your Customer (KYC) verification is essential for the authentication of the identity of the users and consequent prevention of fraud. It is compulsory to fill in the KYC in order to buy and sell cryptocurrencies at WazirX. To comply with the KYC requirement, the user must submit documents like a driving license, passport, or any suitable government ID proof during registration with the platform. The KYC verification usually takes around three business days, after which the registered user can commence trading and investment.
Using WazirX to buy cryptocurrencies
Upon successful registration, it is now time to start trading in cryptocurrencies. If you seek to buy crypto assets at WazirX, follow the steps below:
- First, make sure that the bank account supports NEFT/IMPS transfer for purchasing crypto assets.
- Select the cryptocurrency of your choice at the P2P tab of the platform.
- Buy USDT at first and then buy the cryptocurrency you want from the buy and sell list of the platform.
- Enter the amount and click on the button that says “Place buy order” to get in touch with the USDT seller.
- Make the payment to the seller and check the credit of the USDT amount in your WazirX wallet soon after.
Using WazirX to sell cryptocurrencies
The platform of WazirX allows every user to sell cryptocurrencies directly to the registered buyers but only in the form of USDT owing to the hassle-free, secure, and stable nature of the coin. Follow the steps mentioned below to engage in selling cryptocurrencies at the peer-to-peer platform of WazirX:
- Sign up with WazirX and submit your bank account details to sell cryptocurrencies and receive the money in exchange directly to the registered bank account.
- Start selling cryptocurrency assets in USDT soon after the verification of registration. Navigate to the P2P section and select the cryptocurrency of your choice.
- Set the USDT amount to be sold and get automatically in touch with registered buyers.
- Seek confirmation from the bank as soon as the buyer makes the payment and then release the negotiated USDT amount.
WazirX is one of the best and most secure platforms for trading cryptocurrency assets. Its KYC verification system ensures protection against scams and provides a safe space for traders and investors worldwide to buy and sell cryptocurrencies. The specialized peer-to-peer and decentralized platform is now working on incorporating a hundred different cryptocurrencies to increase the daily trading volume and attract more users from across the globe. The platform is accessible through various operating systems enabling trading and investment on the go for one and all.