Top 15 FAQs on the WazirX Crypto Exchange
While using WazirX, many users have problems with different features of the app or on the web. Here in this article we have tried to cover all these questions by doing research on a variety of topics. All of these answers are to the best of our knowledge and research at the time of writing. Our goal is to provide knowledge and authenticate information to our readers in a very easy way.
What is Wazirx?
Is WazriX safe?
Is WazirX legal in India?
How to use WazirX?
How to deposit money in WazirX?
How to withdraw money from a WazirX account?
What is the WazirX token?
What is p2p in WazirX?
What is USDT in WazirX?
How to connect WazirX to Binance?
What is the destination address in WazirX?
How to sell on WazirX?
What is the stop limit on WazirX?
How to delete/close my WazirX account?
How can I contact WazirX?
1.What is Wazirx?
It is a cryptocurrency exchange platform, where you can buy, sell or trade different cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, Tron, Zillaq and more than 100 other cryptocurrencies. WazirX is backed by Binance, the world’s largest cryptocurrency exchange.
2. Is WazriX safe?
Yes, it is totally safe for Indian users as it comes with best in-app security features like 2FA (Two Factor Authentication) which enhances security during app login. On the other hand, WazirX keeps 90% of the funds offline to protect them from hacking and ransomware attacks.
3. Is WazirX legal in India?
Yes, WazirX is fully approved by the Government of India and provides information to the legal and police authorities of India.
Crypto was never illegal in India, in 2017 RBI only stopped the banking sector from dealing with it, which the Supreme Court squashed in 2021 P2P was never criminalized. WazirX’s P2P service was available even after the banking system let them bleed. The Central Board of Direct Taxation has also imposed taxes on crypto platforms.
4. How to use WazirX?
First, you need to create an account, then fill in your KCY and add bank details. Now, through your bank details, transfer funds to the WazirX account. Now you can trade cryptos like Bitcoin, Ethereum, Doge and many more. Once you sell your Crypto, you can transfer your money to your bank account. You can read the step by step guide on how to buy bitcoin using WazirX India.
5. How to deposit money in WazirX?
In order to deposit Your money into Wazirx, You must need your bank account. At WazirX you can deposit your money via UPI or IMPS/NEFT/RTGS with no maximum limits at the time of writing.
6. How to withdraw money from a WazirX account?
You can withdraw money directly from a WazirX account to a linked bank account by following these simple steps. Click Funds > Tap the Withdraw button > Enter the amount > Click Withdraw. The fund will be reflected in your bank account within 72 hours.
7. What is the WazirX token?
WRX is a WazirX token and is the foundation of the WazirX ecosystem. The Binance blockchain is used for the circulation of WRX tokens.
8. What is p2p in WazirX?
P2P is a peer-to-peer or person-to-person platform, which means you can buy and sell your cryptocurrency directly with other buyers or sellers.
9. What is USDT in WazirX?
USDT is a stablecoin and always maintains its 1:1 ratio with the US dollar. At WazirX, in order to buy or sell cryptocurrencies, you need to convert your fiat currency into USDT as they have most of the trading pairs available.
10. How to connect WazirX to Binance?
You can connect your WazirX account with Binance by visiting the WazirX website. Click LOGIN THROUGH BINANCE. You can login via registered mail ID or phone number.
11. What is the destination address in WazirX?
The destination address is the location where you receive cryptographic tokens like Bitcoin, Ethreum. You like your home address when you order online to receive it. So if a sender adds the wrong address, you won’t receive crypto to your address, but someone who owns that address will.
12. How to sell on WazirX?
You can sell your cryptocurrencies like Bitcoin, Ethereum and 100+ others. Simply choose a pair (for example BTC/INR) and click the put option. Fill in the amount, rate at which you want. You will receive your INR in the account as soon as your order is executed.
13. What is the stop limit on WazirX?
Stop Limit at WazirX is a limit type order that allows users to lock in their profits and control their losses. In simple words, there are mainly two main features in Stop Price and Limit Price.
The stop limit order triggers a limit order when the price reaches the stop level. For example, you can place a stop limit order to buy 1000 Doge, up to Rs 15.50, when the price reaches Rs 15.
14. How to delete/close my WazirX account?
You can delete your account on WazirX by submitting a request on the website. Before closing your account, be sure to close all your orders and withdraw funds from WazirX. Remember that closing a WazirX account is an irreversible process.
15. How can I contact WazirX?
The fastest way to reach WazirX is to visit their support although you can call WazirX on 0124-6124101 / 0124-4189201 or a toll-free number 1800-309-4449.
Disclaimer: The information provided in this article is solely the opinion of the author and not investment advice; It is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instruction. Please do your own research and contact financial advisors before making any investment decisions.