What is WazirX? How does WazirX work? P2P Crypto Exchange review

This is the era of digital. So, how can the currency remain untouched by it? These days transactions are happening all over the world through many digital currencies like Bitcoin. Many countries have also given them legal status. In such a situation, cryptocurrency exchanges have also come into existence, which supports peer-to-peer cryptocurrency payments. WazirX is one such cryptocurrency exchange. Today we will give you detailed information about WazirX. Let’s start-

What is WazirX?

Friends, let us tell you that WazirX is a new cryptocurrency exchange. And the special thing is that it is the largest cryptocurrency exchange in India. It allows Peer to Peer crypto transactions. That is, it allows to trade in Bitcoin, Ethereum, Ripple, Tron, Litecoin, and other cryptocurrencies. It is co-founded by Nischal Shetty, Sameer Mahatre, and Siddharth Menon. Their head office is in Mumbai.

Friends, let us tell you that these three have been together for years. About 11 years ago today, i.e. in 2010, these three have also gathered a lot of discussion by creating a social media management app named Crowdfire. Now they have appeared with a cryptocurrency exchange named WazirX and are working to take it further around the world.

Some special features of WazirX –

  • Deposit and Withdraw is done in INR in this crypto currency exchange.
  • It is possible to buy/sell crypto using WazirX P2P.
  • This service is provided 24×7 to the users.
  • The transaction in this exchange is the fastest in the whole of India i.e. one trade every minute.
  • It has Automated P2P open order book.
  • There is zero transaction or very nominal fee.
  • Its Dispute Resolution is completely robust.
  • USDT provides the highest liquidity in the market.
  • It is available on all three platforms like Android, Web, and iOS.
  • Its user interface is very easy.

WazirX own coin WRX coin

It is very easy to use. Meanwhile, WazirX has also launched its own token, named WRX Coin. Users can easily use it. Its founders aspired to make it India’s most trusted Bitcoin exchange. At present, digital currency trade is happening from all over the world through this cryptocurrency exchange. People of different countries are able to transact in digital currency sitting at home.

Some special features of WazirX-

  • More than 1.5 lakh users are registered on this platform.
  • WazirX P2P exchange is very unique. No government rule works on this.
  • This exchange offers proper liquidity, fund security and better support system.
  • In this exchange, deposit and withdrawal can be done in INR.
  • When a user places a buy order, the buyer cannot place a new buy order until that order is completed.
  • It takes up to 24 hours to resolve any dispute.

Is WazirX P2P Secure?

The question that arises in the mind of many users is WazirX P2P secure? So guys the answer is yes. Actually, WazirX has an escrow system. It takes special care that no party can cheat any other party. The special feature of this system is that WazirX does not release the seller’s cryptos until the payment is completed. It releases the cryptos only after the payment is confirmed.

Friends, let us also tell you that if there is any dispute between buyer and seller due to any reason, Wazirx resolves this dispute with the help of a robust dispute resolution system.

WazirX does not have any transaction with banks

Friends, let us tell you that the Government of India has banned cryptocurrency exchanges from doing transactions with banks. Because of this big exchanges like Zebpay and Unocoin are now closed. But the special thing about WazirX’s P2P (peer 2 peer) model is that it is not doing any transactions with banks. In this one person exchanges currency with another person. Wazirx’s job is to see that both parties are not tampering with their transactions. So Indian people can easily cash in and cash out their crypto.

How to use WazirX? How to Create a WazirX Account?

Friends, we told you what is WazirX. What are its special features and special things? Come, now let us tell you how you can sign up and login on it. Friends, there is also a prescribed procedure for this, which is as follows-

Visit the Website or Download the App –

For this, you have to first go to the official website of WazirX https://wazirx.com/ . Or Click Here To Download WazirX App For IOS Or Android

Create WazirX Account –

After this, you will have to click on the Sign-Up option appearing in the top right of the home page. Enter your email ID and password. This will be the same email address through which you will login later. It cannot be changed later. Password must be strong and such that you can remember it.How to use WazirX?  How to Create a WazirX Account?

Verify Account –

After doing this click on the signup option. Now you will get a verification email. After this, you have to click on the option of verify email. After this, you get direct on the website of WazirX. Here your verification gets confirmed.

Verify Email Verification –

Let us tell you that the verification email is valid only for 30 minutes. If you did not log in within this time, then you will have to click on the option of Resend verification email again. Apart from this, in some cases, it takes some time to go through the verification mail. If the email does not come within 10 to 15 minutes, then check the spam/junk/promotions folder.

Verify phone number –

After the email is verified, you will have to verify your mobile number. You have to enter your 10 digits Indian mobile number. After this, you have to choose the option of send OTP. You will get this OTP via SMS.

Fill the KYC form –

Enter this OTP in the verification box and click on verify. After verifying the email and mobile number, you will have to fill in your details and upload the KYC documents for verification.

Fill real information –

According to the PAN card, your full name will have to be filled in. The address will have to be filled in according to the Aadhaar card. You have to fill in your date of birth i.e. DOB in DD/MM/YYYY format. After that enter the PAN Card Number.

Upload documents –

Upload the scanned copy of the front of the PAN card. Enter the Aadhaar Card number and upload the scanned copy of its front. After this fill in the details of the bank account. Check the information once filled and then click on submit option.

How long does it take for WazirX Account Verification?

Friends, let us tell you that after submitting the verification documents, your verification process starts. This process takes 24-48 hours to complete. Also inform you that if for some reason your account is not approved, then a mail comes informing you about the reasons for rejection. After reading this you can apply again for verification. However, now it has been claimed by the founders of WazirX that they are also working towards reducing the time taken in the verification process.

How does WazirX P2P work?

With the help of WazirX P2P, you can easily do USDT i.e. US digital transactions. Can buy and sell directly in INR. Let us tell you that it is available 24×7. Let us explain its two terms to you. One of these is cash in and cash out. They mean as follows-

Cash In – If you want to use INR to trade cryptos then buy USDT via P2P and use this USDT to buy other cryptos on WazirX.

If you want to send INR to your bank account, you can sell your cryptos in the form of USDT and then sell that USDT in exchange for INR via p2p.

Overall WazirX matches with people who want to buy USDT against INR. And those who want to sell USDT against INR. WazirX escrows USDT during transactions for safekeeping.

Let us tell you that buyers can use IMPS/UPI to transfer INR. When the seller confirms the payment, WazirX releases USDT to the buyer.

Why does WazirX use P2P USDT?

Friends, the question in your mind is why WazirX uses P2P USDT? So let us tell you that it is used to make the transaction simple and high liquidity. Let us inform you that USDT is a stable coin. This means that it is a cryptocurrency whose value is mostly stable. Price fluctuation i.e. price fluctuation is very little.

For example, the value of 1 USDT is only about $1. So whenever crypto is sold, the crypto will first be converted into USDT, and then that USDT will be sold.

Can I also download wazirX app?

Friends, let us tell you that you can trade in bitcoin or other digital currency by downloading the WazirX app from Google Play Store. It has got a rating of 3.9 and has been downloaded by more than 1 million people. This Android iOS Mac app works on all. For Android, it can be downloaded from the Google Play Store, while for iOS it can be downloaded from the App Store. Apart from this, it can also be downloaded for Windows and Mac apps.

Preparing to control the use of crypto currency in India

Friends, you must know this. The Government of India is preparing to control the use of cryptocurrency. It has decided to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill in Parliament.

It is a different matter that the information about this bill has not been made public yet. Friends, let us tell you that this bill will legally control the use of cryptocurrency in India.

There is no intention of completely banning crypto currency

Friends, Union Finance Minister Nirmala Sitharaman has already made it clear that the government does not plan to ban cryptocurrency completely. He says that these days the business of digital currency is continuously increasing. The government wants to protect blockchain technology based on cryptocurrency.

Indians are buying digital currency in large numbers

Friends, you too will not be unaware of this fact. Indians are also buying digital currency in large numbers. It is a different matter that no official data is available regarding this. There are many people who have invested in digital currency keeping in view the future. There are also many people who get excited by the news of ban on this currency and do not want to miss the opportunity to make profit before it happens. They already know that it is not issued by any government or any regulatory authority.

Let us also tell you that in the year 2018, the Reserve Bank of India i.e. RBI (RBI) also banned some banks and regulated financial institutions for supporting cryptocurrency transactions. After this, in March 2020, the Supreme Court ruled against the ban of RBI.

RBI itself is exploring options to bring crypto currency

Friends, let us inform you that RBI is exploring options to bring India’s own cryptocurrency. On the other hand, the Finance Ministry’s statement has also come that it will consider making India’s own digital currency and law for its regulation. However, the question in the hearts of people is whether it is easy for India to bring its own digital currency? Experts believe that issuing digital legal tender is a challenging task. According to him, many challenges will arise in front of the Government of India.

WazirX has also had an impact of COVID-19

The impact of Kovid-19 has also been seen on WazirX. Many people in the team have been victims of this. And secondly, due to increase in digital transactions, the rate of payment and issue resolution has also slowed down a bit. However, it has been said from WazirX that they are doing their best to speed it up. Apart from this, WazirX is also providing a good source of employment.

In this, applications have been invited for the posts like Social Media Manager, Social Media Executive, Product Manager, Digital Media Marketing, Digital Media Writer and many other posts. In the Corona period where many youths have lost their jobs, At the same time, WazirX is providing employment to the youth. This can be considered a good step.

Enforcement Directorate notice to WazirX

Friends, let us tell you that the Enforcement Directorate (ED) has issued a show cause notice to WazirX. This notice has been sent to this India’s largest crypto currency exchange on the allegation of FEMA violation. A tweet has been done by the ED, in which it has been said that this notice has been issued against WazirX in the case of transaction of 2790.74 crores.

The notice includes the names of the directors of WazirX. According to the investigating agency, during a money laundering investigation related to an illegal online betting APP owned by a Chinese, it has come to know about the transactions of the company. During the investigation, it was found that Chinese citizens have committed a crime of ₹ 57000000 by converting deposits of Indian Rupees into Tether. Later this earnings were transferred to the wallet (Binance registered exchange in Cayman Islands). According to the ED Binance acquired WazirX in 2019.

What is FEMA?

Friends, just now we told you that notice has been sent to WazirX in violation of ED FEMA, let us know what this FEMA is. Friends, let us tell you that all the transactions in our India, including foreign exchange, were regulated through Foreign Exchange Regulatory Act i.e. FERA (FERA). This act was made in 1973. Its purpose was to control certain aspects of the conduct of business by Indian companies outside the country and by foreign companies in India.

In 1999, the law relating to foreign exchange was amended to facilitate external trade and payments and for systematic development and maintenance of foreign exchange in India. It was renamed as Foreign Exchange Management Act (FEMA). It came into force on June 1, 2000. Its purpose was to facilitate foreign trade and payments and to maintain and promote the foreign exchange market.

Highlights of FEMA –

Let us tell you that about four years ago i.e. in 2017, RBI issued a notification and simplified the Act by bringing 93 amendments to the Foreign Exchange Management Act under a single notification. These changes made it relatively easier for foreign investors to invest in the country.

Now any person who wants to invest in India is able to know through this notification in which company and how he can invest. Apart from this, the following two rules on foreign investments have been clubbed together-

FEMA 20: It is known as a foreign investment or partnership or limited liability partnership made in an Indian company.

FEMA 24: Investment in a partnership firm is called FEMA 24.

In addition, investments made from a non-resident Indian to a non-resident will be covered under self operated mide. and it will be recorded. Let us tell you friends that FEMA was started as an investor friendly law, but now it is a civil law, as its violation only involves payment of monetary penalties and penalty. Under this, a person can be punished with civil imprisonment only if he does not pay the prescribed fine within 90 days from the date of receipt of the notice.

But this punishment can also be given to him only after formalities of show cause notice and personal hearing. Secondly, FEMA permits only authorized persons to transact in foreign exchange or foreign securities. Under the Act, such authorized person means an authorized dealer, money changer, foreign banking unit or any other person so authorized by the Reserve Bank for the time being.

Questions related to WazirX –

What is WazirX?

WazirX एक crypto currency exchangeहै। यह P2P crypto currency transaction को support करता है।

Who founded WazirX?

WazirX is co-founded by Nischal Shetty, Sameer Mahatre and Siddharth Menon.

Where is the head office of WazirX?

The head office of WazirX is in Mumbai.

Does WazirX even have its own coin?

Yes, its name is WRS coin.

Is wazirX safe?

Actually, WazirX has an escrow system. It takes special care that no party can cheat any other party.

You can comment below if you have any doubts or queries related to Wazirx News, Wazirx coins, Wazirx coins prediction, Wazirx coin price in INR, or more about alternates of Wazirx.

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