HomeTechnologyWhat is WazirX? How Does P2P Cryptocurrency Exchange Work?

What is WazirX? How Does P2P Cryptocurrency Exchange Work?

If you have a little understanding of Cryptocurrency, then you must have heard about WazirX. But perhaps you will not have complete knowledge about WazirX; this is because it is a very new cryptocurrency exchange, and it is now in the stage of development. Like other countries, cryptocurrencies have attracted a lot of us Indians. Whether you talk about any currency, whether it is Bitcoin or Ethereum, everyone has attracted people towards them only because of its features.

What is WazirX?

In recent times, WazirX is one such cryptocurrency exchange that Indians have very much liked. This is because its unique features have made everyone’s interest in a short time and together it is straightforward to use it or its services. The primary objective of this company is how it can become India’s most trusted Bitcoin exchange.

These people have launched a full crypto exchange and their plans to support many different types of cryptocurrency pairs; WazirX has now started its token, named WRX Coin. It is kept and can be used by users on their platform. So today, I thought that why should you be provided information about what Wazirx is and how it works so that you too can get some information about it.

Wazirx is India’s first and only cryptocurrency exchange that allows Peer to Peer Crypto Transaction. The three co-founders of this company are Nischal Shetty, Sameer Mhatre, and Siddharth Menon. All three are from a programming background. Also, you probably know these three from one of their other social media management apps, which is Crowdfire, which was created by these people in 2010. The website has been a very successful app; their head office is located in Navi Mumbai.

According to their cofounders, Indian cryptocurrencies exchanges are in deplorable condition, and they are not even providing the service according to the requirement. Therefore, he has believed in giving better service to the country’s cryptocurrency enthusiasts by starting Wazirx.

WazirX has many features such as real-time open order books, charting, trade history, deposit and withdrawals, from which a user can trade and invest in some of the world’s best performing digital assets. Along with this, users have been provided with user-friendly and easy to use user interface UI so that they do not have any problem using this platform.

Some Stats of the WazirX Platform

  • More than 1,50,000 users are registered on this platform.
  • 35,000+ downloads of Android and iOS apps are current
  • Their average app rating is 4.44, which is quite good.

What are the significant offers of WazirX Exchange?

If we talk about their main features, then the offers given below are the main ones.

  • Peer 2 Peer Transaction
  • Cryptocurrency Exchange
  • WRX Mining

But has cryptocurrency been banned in India?

Yes, the Indian government has indeed banned cryptocurrency exchanges from transacting with banks. Due to which large existing businesses such as Zebpay and Unocoin are now closed. But of WazirXThe concept of the P2P model is different; according to them, they are not doing any transactions with banks, but according to their model, one person can exchange currency with another person, in this, the work of Wazirx is to see that both the parties are their own There is no manipulation in the transaction. So Indian people can quickly cash in and cash out their crypto, which is entirely legal according to Indian Law 2018.

Some Features of WazirX

Let’s know about some features of WazirX.

  • Deposit and Withdraw are done in INR in this exchange.
  • You can use WazirX P2P to buy/sell crypto. This service is provided to the users 24 × 7.
  • The transaction in this exchange is the fastest in India, which is one trade per minute.
  • It contains an Automated P2P open order book.
  • Along with this, there is also a Zero transaction fee.
  • Its Dispute Resolution is entirely robust.
  • It provides the highest liquidity in the USDT Market.
  • No one offers the lowest prices for crypto from all over India.
  • It has the lowest Maker fee0.1%
  • These are available on all three platforms such as Android, Web, and iOS
  • Its UI is so simple that any user can use it easily.

How to do Signing Up and KYC Verification?

Signup in a WazirX account is a straightforward process.

For this, first, you have to go to the signup page. For which you can click the Sign-Up button on the top-right screen. After that, you have to follow the four steps 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 complete email address. This will be the same email address you will use to log in later and receive any communication messages. You cannot change this email address later.

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

Step 2 – Email Verification

Once you have filled in the email password, you will have to click on the signup, after which you will receive the verification email in your registered email id.

Once you receive the verification email, you have to click the verify email button. After doing this, 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 that 30 minutes, you will have to click on the Resend verification email button again.

Why haven’t I received the verification email yet?
In some cases, it takes some time to go to the verification mail. In such a situation, you have to be a little patient. If not, even after 10 to 15 min, check the spam/junk/promotions folder of your email because sometimes it does not come in your inbox and goes into spam/junk.

Step 3 – Mobile Verification

Once your email was verified, the next step is to verify your mobile number.

1.   Mobile number – In this, you have to enter your ten digits Indian mobile number. After entering, you have to select the option of sending OTP.

2.   Verification OTP – You will get an OTP via SMS. This OTP has to be entered in the verification box and click on verify. Sometimes it takes some time for OTP to arrive, so be patient.

Step 4 – KYC details

Once your email and mobile number are verified, you have to fill in your details and upload KYC documents.

  • Name – Fill in your full name, which is on the PAN card.
  • Address – In this also you have to write your full address which is in the Aadhaar card.
  • Date of Birth – In this, DOB has to be filled in DD / MM / YYYY format.
  • PAN Card Number
  • PAN Card Front Upload – In this, you have to fill in a scanned copy of the front of the PAN Card.
  • Aadhaar Card Number – In this, you have to fill in the Aadhaar Card Number.
  • Aadhaar Card Front Upload – In this, you have to fill in a scanned copy of the front of the Aadhaar Card.
  • Bank Details – In this, your bank account details will have to be filled in. Remember that you will also receive funds in the same account from which you are depositing the fund. So please do not change it again and again.

Before final submitting, again check everything once more; this reduces the chances of making a mistake.

What happens once Verification Details are submitted?

Once you have correctly submitted all the verification documents, your verification process starts in the backend. This verification takes 24-48 hours to complete.
If your account is not approved for some reason, you still get a mail with a reason to be rejected. By reading this, you can apply for verification again.

WazirX P2P – How Does It Work?

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

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

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

If you want to understand in details, then let us know how WazirX P2P works –

1. WazirX matches those who want to buy USDT for INR and those who want to sell for USDT INR.

2. WazirX escrows USDT for safekeeping during the transaction.

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 WazirX P2P only has USDT?

It is used to make Transaction simple and high liquidity. The USDT is a stable coin. This means that it is a cryptocurrency whose value is mostly stable, and the price fluctuation is very low. The value of 1 USDT is about $ 1.

So when you sell crypto, you have to convert the crypto to USDT first and then trade that USDT for INR using WazirX P2P. And the opposite of how to buy is the opposite.

WazirX is the only Indian exchange with USDT pairing, and according to them, they will bring more crypto pairing in it.

Is WazirX P2P Safe?

Suddenly. The WazirX has an escrow system that takes special care not to cheat any other party. In this system, WazirX holds the cryptos of the seller till the transaction is completed and the payment is confirmed.

If you are a seller – then WazirX will not release the crypto to the buyer until you confirm the receipt of INR.

If you are a buyer – then WazirX will not release the crypto of the seller until you have paid the seller.

If a dispute arises between the buyer and seller, then Wazirx has a robust Dispute Resolution system.

What are some Positive Points of WazirX?

The WazirX P2P exchange is unique. This is because no government rule works on it. Together this exchange provides sufficient liquidity, security of funds and a sound support system which is the basic requirement of a business.
In this exchange, you can deposit and Withdraw in INR. These are available in almost all the platforms that facilitate the users to use them.

What are some Negative Points of WazirX?

When a user places a buy order, the buyer cannot enter a new buy order until that order is completed. Also, there is a slight delay in matching the Kabar transaction, in which there is a little trouble for both the buyer and the seller. In the final, 24 hours is taken to resolve the dispute, which is a little longer.

Conclusion

According to my, the definition of transactions from Wazirx to cryptocurrencies has changed. The model of P2P deserves praise. Just as many developed countries have legalised cryptocurrency, similarly in India, it should always be legalised to fire the crypto fire. This is because we want India to move ahead of other countries using blockchain technology, and I am confident that this will soon be true.

Hopefully, you know this article about what Wazirx P2P Crypto Exchange is. Please tell us by writing a comment. By this, we will also learn about your thoughts. If you liked this article, then share it on social media.

Spot News 18 Team
Spot News 18 is The Voice of Growing Nation. Discover the Latest News and Updates Directly From Spot News 18.