What is WazirX and how does P2P Crypto Exchange work?

image credit - wazirx.com

What is WazirX and how does P2P Crypto 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, 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.

In recent times, WazirX is one such cryptocurrency exchange which has been very much liked by Indians. This is because, in a very short time, its amazing features have made everyone's interest and together it is very easy to use it or its services. The basic objective 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 to support many different types of cryptocurrency pairs, WazirX has now started its own token, which they named WRX Coin. And which users can use in their platform. So today I thought why should you be provided information about what Wazirx is and how it works so that you too can get some information about it.

What is WazirX?

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 another social media management app which is Crowdfire, which was created by these people in 2010 and it has been a very successful app. According to their website, their head office is located in Navi Mumbai.

According to their cofounders, Indian cryptocurrencies exchanges are in very poor 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 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 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 major 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, it is true that the Indian government has banned cryptocurrency exchanges from transacting with banks. Due to which major exchanges such as Zebpay and Unocoin are now closed. But the concept of P2P model of WazirX is different, according to them they are not only 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 just to see that Both parties are not manipulating their transaction. So Indian people can easily cash in and cash out their crypto and this is completely 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 24 × 7 to the users.
• The transaction in this exchange is the fastest in India, which is 1 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 completely robust.
• It provides the highest liquidity in the USDT Market.
• Nobody offers the cheapest prices for crypto from all over India.
• It has the lowest Maker fee: 0.1%
• 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 very simple 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 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 complete email address. This will be the same email address that you are going to 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 the email, password, then you have to click on the sign-up, 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 then you will have to click on the Resend verification email button again.

Why haven't I received the verification email yet?

In some cases, verification mail takes some time to go. In such a situation, you have to be a little patient. If it does not come after 10 to 15 min then you should check the spam/junk/promotions folder of your email, because sometimes it does not come in 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 10 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 will have 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, then you will have to fill your details and upload KYC documents for verification.

Name - You have to fill your full name which is in 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 a scanned copy of the front of the PAN Card.

Aadhaar Card Number - In this, you have to fill Aadhaar Card Number.

Aadhaar Card Front Upload - In this, you have to fill a scanned copy of the front of Aadhaar Card.

Bank Details - In this, your bank account details will have to be filled. Remember that you will also receive funds in the same account from which you are depositing the fund. So do not change it again and again.

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

What happens once Verification Details are submitted?

Once you have properly submitted all the verification documents, your verification process starts in the backend. This verification takes 24-48 hours to complete.

If for some reason your account is not approved, then still you get an mail with 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 sell 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 with people 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. The buyer can use IMPS / UPI to transfer INR.

4. When Seller confirms the payment, WazirX releases the USDT to the buyer.

Why WazirX P2P only have 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: then you have to convert the crypto to USDT first and then sell that USDT for INR using WazirX P2P. And the opposite of how to buy is the opposite.

WazirX is the only Indian exchange that has USDT pairing and according to them, they are going to 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 successfully 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 for any reason there is a dispute within the buyer and seller, then Wazirx has a robust Dispute Resolution system.

What are some Positive Points of WazirX?

The WazirX P2P exchange is very unique. This is because no government rule works on it. Together this exchange provides sufficient liquidity, the security of funds and a good support system which is the basic requirement of an exchange.

In this exchange, you can deposit and Withdraw in INR. These are available in almost all the platforms that facilitate users to use them.

What are some Negative Points of WazirX?

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

Conclusion

According to me, the definition of transactions from Wazirx to cryptocurrencies has changed. The model of P2P really deserves praise. Just as many developed countries have legalized cryptocurrency, similarly in India, it should be legalized so that the fire of crypto is always burning. 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.