How to Trade on WazirX Crypto Exchange
Table of contents
What is a Cryptocurrency Exchange?
Any platform that facilitates the buying, selling and trading of cryptocurrencies for digital and fiat currencies is called a cryptocurrency exchange. It works as an intermediary between buyer and seller. It is different from a cryptocurrency wallet. A cryptocurrency wallet allows an investor to store all their cryptocurrencies, while through a cryptocurrency exchange platform a user can buy or sell cryptocurrencies or convert fiat currency into digital currency. One such widely used trading platform in India is WazirX. Now that we know about cryptocurrency exchange, let us understand how to trade on WazirX.
What is WazirX?
Founded by Nischal Shetty and Siddharth Menon in 2017, WazirX is among India’s leading cryptocurrency exchange platforms. With over 10 million users, WazirX has emerged as one of the largest cryptocurrency exchanges in India in the last few years.
One of the best crypto exchanges in India, it allows users to trade, buy, and sell cryptocurrencies and other digital currencies using INR and other currencies. It offers investors to trade in over 250 cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Dogecoin, Shiba Inu, Cardano, Solana, Tether, USD Coin, etc.
The users can buy cryptocurrencies by depositing INR via UPI or IMPS. WazirX platform provides investors and traders an interface with real-time open order books, stop limits, trading view charts, price tickets, and trade history. With its lowest withdrawal fee, WazirX is the highest liquidity provider in the Indian market.
WRX Token Coins
WRX is the native token of WazirX. WazirX offers discounts to the investors for trading in its token coin. The user gets a 50% discount on the trading fee for trading on WazirX using WRX cryptocurrency.
WazirX Peer-to-Peer (P2P)
WazirX uses a next-generation P2P system (P2P 2.0) for depositing and withdrawing fiat currency. It has solved the problem of cryptocurrency adoption through its game-changing technology auto-matching P2P engine. This allows smooth deposit and withdrawal of INR in India and currency conversion.
Acquisition by Binance
WazirX was acquired by the global cryptocurrency exchange Binance in 2019, 20 months after its inception. The acquisition has integrated the interface of both exchanges, allowing its users to perform inter-exchange transactions. With the acquisition of WazirX by Binance, the users are enabled with the wallet-to-wallet movement of funds between both exchanges. The integration allows investors to:
- Log into WazirX via the Binance
- Move funds between WazirX and Binance wallet instantly for free
- Move Bitcoin and crypto funds between WazirX and Binance wallets instantly for free
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How to Trade on WazirX?
To start trading on WazirX, you need to follow a few simple steps to get onboard:
- Visit the WazirX website, desktop, or mobile app
- Click the Sign Up option on the homepage
- Enter the required details including name, email, and a password
- Enter the 6 digit code sent on your email to verify your mail
Secure Your WazirX Account
In order to keep your funds safe, WazirX stores a big part of funds in cost storage. Along with a mini signature wallet system, it provides two-factor authentication (2FA) for fund withdrawal to protect against unauthorized transactions. To enable 2FA security on your account:
- Click the Authenticator App tab under the Security option (you can also choose mobile SMS or none)
- Download Google Authenticator or Twilio Authy 2-Factor Authentication App on your smartphone
- Scan the QR code that appears on a computer screen through the Authenticator App on your mobile
- Or enter the code manually if the scanner doesn't work
Complete Your KYC Verification
After selecting security measures, complete your KYC verification process to begin your trading journey:
Once your KYC verification is done, within a few days you will receive a confirmation message from WazirX on your email.
After two-factor security is enabled and the KYC verification process is complete on your account, you can start buying digital currencies. You can trade in more than 250 cryptocurrencies using the homegrown cryptocurrency exchange WazirX. Let us understand how to trade on WazirX in India in a few simple steps:
Deposit Funds:
Before you start buying cryptocurrency, you need to deposit funds in your WazirX account. You can deposit funds in your WazirX account via WazirX P2P or UPI. Funds can also be deposited in INR on WazirX, through UPI, IMPS, NEFT, or RTGS. It allows you to transfer your desired crypto from other wallets or cryptocurrency exchanges to your WazirX account.
For depositing funds in your account you need to:
Buy Cryptocurrencies:
Once you have deposited funds in your WazirX account, you can start buying and selling cryptocurrency by following simples steps:
Withdraw Funds from WazirX:
You can withdraw cryptocurrency from your WazirX account through the below steps:
Click on Funds at the top right of the homepage
Smart Token Fund (SFT)
To help the budding traders in trading cryptocurrencies, WazirX has launched a community-driven initiative, Smart Token Fund (STF), which allows users to find smart traders to manage their portfolios and grow their funds. It allows an investor to choose the right STF Trader based on their tokens, reading history, and performance. The STF trader uses their expertise to manage investors’ portfolios, which they can track on the WazirX platform. An STF trader creates their own unique Smart Token Fund and asks the followers to buy it. The STF trader trades with the investors’ funds and manages their portfolios. The trader keeps a percentage of the profit that they make for the users.
Conclusion:
Since you now know how to trade on WazirX, we recommend you to go through our guide about the best crypto exchange in India to further enhance your knowledge about cryptocurrency exchange, before you try your hands on trading on WazirX. New investors may read more about different crypto exchanges and how to buy cryptocurrencies on this platform, which can assist them in making a smart investment decision.