Top 15 FAQs on the WazirX Crypto Exchange

WazirX FAQ

While using WazirX, many users are having trouble with different features of the app or on the web. Here in this article, we have tried to cover all of these questions by doing research on a variety of topics. All of these answers are the best of our knowledge and research at the time of writing. We aim to provide knowledge and authenticate information to our readers in a very easy way.

1.What is Wazirx?

It is a crypto exchange platform, where you can buy, sell or trade different cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, Tron, Zillaq, and more than 100 other different cryptocurrencies. WazirX is backed by the world’s biggest crypto exchange platform Binance.

2. Is WazriX safe?

Yes, it is totally safe for Indian users as it comes with the best in-app security features Such as 2FA (Two Factor Authentication), which enhances security during the app login. On the other hand, WazirX keeps 90% of funds offline to protect from hacking and ransomware attacks.

Yes, WazirX is totally approved by the Government of India and it provides information to law and enforcement authorities in India.

Cryptocurrencies were never illegal in India, in 2017 RBI only withheld the Banking sector from dealing with them, which the Supreme Court squashed in 2021 P2P was never criminalized. WazirX’s P2P service was available even after the banking system left them to bleed. The Central Board of  Direct Tax has also imposed taxes on crypto platforms.

4. How to use WazirX?

First, you have to create an account, then complete 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 back to your bank account. You can read step by step guide on how to buy bitcoin using WazirX India.

5. How to Deposit Money in WazirX?

To deposit Your money into Wazirx, you must need your bank account.  On WazirX you can deposit your money through 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 directly withdraw money from a WazirX account to a linked Bank account by following these simple steps. Click on Funds> Tap on Withdraw Button> Enter Amount> Click on Withdraw. The fund will reflect in your bank account within 72 hours.

7. What is the WazirX token?

WRX is a WazirX token and it is a foundation for the WazirX ecosystem. Binance’s blockchain is used for the circulation of WRX tokens.

8. What is p2p in WazirX?

P2P is a peer-to-peer or people-to-people 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 Stable coin and always keeps its ratio 1:1 with the U.S. dollar. In WazirX, to buy or sell any cryptocurrencies, you should convert your fiat currency into USDT as it has the most available trading pairs.

10. How to Connect WazirX to Binance?

You can connect your WazirX account with Binance by visiting the WazirX website. Click on LOGIN VIA BINANCE. You can log in through a registered Mail ID or Phone Number.

11. What is the Destination address in WazirX?

Destination Address is the location where you receive crypto tokens such as Bitcoin, Ethreum. It likes your home address when you place your online order to receive it. So if a sender adds the wrong address you won’t receive crypto in your address but someone who owns that address will receive it.  

12. How to sell on WazirX?

You can sell your cryptocurrencies such as Bitcoin, Ethereum, and other 100+. Simply choose a pair (as an example BTC/INR) and Click on the sell option. Fill in the amount, rate in which you want. You will receive your INR in the account as soon as your order is executed.

13. What is the stop limit in WazirX?

Stop Limit on WazirX is a type limit order which allows users to secure 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 hits the stop level. For example, you might place a stop-limit order to buy 1,000 Doge, up to Rs 15.50, when the price hits 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 You close your account, make sure that you close all your orders and withdraw funds from WazirX. Remember 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.

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