WazirX: All about India's # 1 cryptocurrency exchange

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Review Warzirs floor - Instructions for registration and trading on the floor

Which country is the exchange of WazirX? Is this a reputable floor? Should I use WazirX floor? How to register and trade?… All your questions about WazirX trading platform will be answered by Blogtienao in this article.

Let's find out together!

Overview of WazirX floor

WazirX is the largest and most trusted cryptocurrency exchange in India. Launched in March 3. Up to now, the application of the floor has over 2018 downloads; and the average score is 200.000 / 4.4

From the outset, the goal that WazirX is solving the Crypto-FIAT conversion problem. This is what they believe to be a significant obstacle to the spread of cryptocurrencies. Besides, the platform is also famous for its auto-matching P2P mechanism.

Also according to the whitepaper, the floor's name "WazirX" means queen in chess. That alone is enough to see the ambition of the floor's founders.

Binance acquired WazirX

Binance acquired Wazirx

On November 21, 11, WazirX announced Binance Exchange has acquired the platform and the integration is expected to take place on February 13, 02.

This integration will create 3 new features between the two floors:

  • Users can send or receive money immediately between the two platforms
  • Binance users without WazirX Wallet can still log in to the platform with their Binance accounts
  • Binance users who want to sell or buy USDT can do so through the WazirX P2P platform. More importantly, this will be done directly on Binance.

However, this P2P feature will only be available to users in India.

Liquidity of the floor 

Regarding liquidity, the floor is still on the way of development. At the time of updating in this article (May 23, 05), the 2020-hour trading volume of WazirX on CoinMarketCap is 4,520,335 USD. 

In fact, this trading volume is quite low and can certainly be a problem for traders who want to make large transactions.

WazirX floor features

WazirX floor features WazirX floor features

There are a number of features listed on the whitepaper of the floor:

  • Super fast KYC: It only takes a few hours to get KYC approved after completing the registration process
  • High security: The exchange says it invests in periodic security checks to ensure user safety.
  • Trading at the speed of light: The infrastructure of the floor allows the processing of millions of transactions in a very short time
  • Available on 5 platforms: WazirX floor app is available on 5 platforms including Web, Android, iOS, Windows and Mac
  • Simple and friendly interface

WazirX's P2P mechanism 

WazirX's P2P mechanism

The P2P platform on WazirX is the next generation P2P platform (generation 2.0) that has been greatly simplified for deposit and withdrawal processes. Besides, the P2P system has been designed to be more suitable and fulfill orders in record time.

A special thing is the P2P mechanism of WazirX is auto-matching, which allows quick order matching (buyers to sellers) and completes. In addition, the exchange provides margin protection and freeing up money when both parties confirm that the transaction has been carried out properly.

Introducing the WRX token

Overview of WRX

WRX is a utility token of WazirX. The purpose of releasing WRX is to attract the community and help the development team build the WazirX platform.

In addition, this token is also used as a reward for users who have contributed to building. A maximum of 1 billion WRX will be created.

Before, Blogtienao There is a separate article for WRX tokens, please refer to the link below:

What is WRX? 

WazirX floor fees

Transaction fee for both taker and maker it is 0.20%, while the industry average is 0.25%

Withdrawal fee for BTC is 0.0006 BTC. Compared to the industry average of 0.000812 BTC per withdrawal, the withdrawal fee on this platform is 40% lower than the average level.

You can see the fee details for each coin on the floor squid fishing tours.

Development team

Development team

  • Nischal Shetty (Founder, CEO of WazirX): He is also the founder of Crowdfire site and one of the influencers of Blockchain in India.
  • Sameer Mhatre (Co-founder, CTO of WazirX): He is also a co-founder of Crowdfire, ExNetwork 18, developer ace (fullstack), ...
  • Siddharth Menon (Co-founder, COO of WazirX): He is also the co-founder of Crowdfire. He is a believer in adopting an open and decentralized economy.

Is WazirX floor safe?

It's hard to say for sure 100% of the floor WazirX is safe. However, this exchange was acquired by Binance - the largest cryptocurrency exchange in the world -. so you can rest assured when dealing above.

Because when it comes to Binance, no one can argue with their safety and transparency.

Is WazirX floor banned in Vietnam?

Currently, Vietnam has not yet banned the ban but has not legalized cryptocurrencies, so you can still use the exchange at this time.

A few tips to keep your account safe

The first is to use the correct link address:

The second is to create a strong password and only for use on WazirX. The third is always to enable 2FA and OTP on your account. Blogtienao We recommend using the Google Authenticator 2FA application.

And finally, always cross-check the deposit address that you copied when pasted into your wallet.

Instruction to register an account on WazirX platform 

Registration on WazirX is very simple.

Step 1:  Access the link: https://blogtienao.com/go/wrx . Next, go to the section "Sign up" => Enter your email and set password => Select “I agree to WazirX's Terms of Service ” => Select "Sign up"

Step 2: Go to your email account to confirm the mail sent from the floor => Complete

If you already have a Binance account, you don't need to register. You only need to be connected to your Binance trading account

Connect your Binance account with wazirx

Step 1: Access to https://wazirx.com/connect/binance and choose "Login via Binance".

How to switch accounts via WazirX

Step 2: You will be redirected to the login page of Binance. Enter Binance account information and 2FA authentication.

Step 3: You will be automatically redirected to WazirX and enter 2FA for your account.

So has completed the process of linking Binance account with WazirX account.

Instructions to enable Google Authenticator and advanced calculator security 

After creating your account, when you log back in to access the platform, the first interface you will see will be like this:

  • On the PC

Account security

  • On the phone

Account security

In the next tutorial, I will choose to do on the phone because basically, both interfaces are similar.

Google Authenticator

Step 1: Select section "Security" (1) => "Authenticator App" (2)

Account security

Step 2: Scan the QR Code or enter the provided code sequence into the Authenticator app or the Authy => app "Next" (1) => Enter the code you received in Google Authenticator (2) => Done

Account security

Mobile SMS

To be more secure, you can choose to use verification via phone number to improve account security.

Step 1: choose "Mobile SMS" (1) => Enter the Authenticator code (2)

Account security

 

Step 2: Edit the area code (1) and enter phone number (2) => Select "Send OTP" (3) => Enter OTP code (4) => "Next" (5) => Done

Account securityInstructions for identity verification / KYC

It is stated clearly on the website that you have the right to choose KYC verification. And each option has its own right. Specifically:

  • If you do not verify KYC, you only deposit and trade
  • If you verify KYC, you have the right to: deposit - withdraw, trade, use the P2P platform

If you choose to verify KYC, follow these steps:

On the phone

Step 1: Select the setting icon in the left corner of the screen (1) => Select "Verify Your Account" (2)

Verify KYC

Step 2: choose "Complete KYC"

Verify KYC

Step 3: Enter all the information required by the exchange => Select "Submit For Verification" => After that, you wait for the exchange to approve the KYC to start trading.

Verify KYC

On the PC

Step 1: After logging in, select the setting icon in the right corner of the screen

Verify KYC

Step 2: choose "Account Setting"

Verify KYC

Step 3: choose "Verify KYC" 

verify KYC

Step 4: choose "Complete KYC" 

verify KYC

Step 3: Enter all the information required by the exchange => Select "Submit For Verification" => After that, you wait for the exchange to approve the KYC to start trading.

Verify KYC

Instructions to load coins into the floor

On this Indian exchange, you can trade with over 80 cryptocurrency pairs. But within the limit of this article I only guide you to deposit and buy coins using BTC.

One thing to keep in mind is that in order to deposit Bitcoin into WazirX, you need to have Bitcoin on another exchange. Meaning you bought Bitcoin on exchanges like VicutaRemitanoCoinhako, ... and now want to transfer them to WazirX to trade cheaply.

Or you can buy on Binance P2P (buy and sell coins in VND on Binance) and then transfer from Binance wallet to WazirX wallet to receive immediately.

What is Binance P2P?

Here's how to deposit BTC into the exchange:

On the phone

Step 1: After logging in, select the item "Funds" in the bottom right corner => Scroll down to Bitcoin and select "Deposit" 

Instructions to send money

Step 2: choose "Deposit" => Scan QR or copy the address into the "Your BTC wallet address"In your account on Vicuta or Coinhako exchange, ... containing your BTC.

Instructions to send money

Step 3: At this step, you just need to wait for the floor to confirm your transaction. To check if BTC has entered or not, simply follow along "Deposit" in step 2.

Instructions to send money

On the PC

Step 1: In the main interface, select the item "Funds" in the upper left corner

Instructions to send money

Step 2: Select the item "Deposit" of Bitcoin

Instructions to send money

Step 3: Scan the QR code or copy the address into the "Your BTC wallet address"In your account on Vicuta or Coinhako exchange, ... containing your BTC. Then wait for the floor to confirm the transaction is complete.

A few notes when coin loading

First, you can only deposit BTC to this address, if you deposit other assets such as ETH, LTC, ... it will be lost forever. So it is necessary to carefully check the wallet address.

Secondly, the exchange will process your deposit request 24 hours after you complete the deposit process.

Third, the exchange encourages you to avoid contacting the support team unless your coin deposit request is not processed after 48 hours.

And finally, you cannot top up your account with someone else's name. In other words, both accounts need to be of the same person.

Instructions on how to withdraw coins from Vietnam market for sale

On the phone

Step 1: After logging in, select the item "Funds" (1) => select the asset type you want to withdraw, here Blogtienao select "BTC" (2)

How to withdraw money

Step 2: choose "Withdraw" (1) => Enter all required information then complete by clicking "Proceed" (2)

How to withdraw money

On the PC

Step 1: choose "Funds" 

How to withdraw money

Step 2: choose "Withdraw"

How to withdraw money

Step 3: Enter the required information then select "Proceed With Withdrawal" is complete

How to withdraw money

A few notes when withdrawing coins

Firstly, about transaction processing time. All withdrawal requests will be processed approximately 5 pm TU tMonday to Friday. Withdrawal requests received in advance 4: 30 dimension will be handled in same day. Request received or 4: 30 dimension will be processed on business day next.

Second, you cannot withdraw money to an account that is not yours. In other words, the name on the Bank / Floor account you want to withdraw assets must match the name on your WazirX account.

Finally, regarding withdrawal fees and withdrawal limits, you can refer to squid fishing tours.

Some basic knowledge to grasp before trading

Limit

This command helps you buy coins at the desired price. For example, if you want to buy Bitcoin for 8.000 USD, you will place a limit order for 1 BTC for 8.000 USD

Stop-limit

This order is usually used to cut losses in case the price drops sharply. Reduce the risk of peak swing. Or buy when breakout resistance.

However, this type of command is vulnerable to "hunting sharks". That is, they will push the price to break down the support or resistance area and then the price returns to its original position.

A simple example for you to understand: I want to buy BTC for 8.000 USDT and accept a loss of 100 USD. To preserve the capital and not suffer any further losses. Now I will place a stop loss order with a stop price of 7.910 USDT and a limit of 7.900 USDT.

At this time, the price stop is the condition to activate the limit price. This means that when the Bitcoin price drops to 7.910 USDT the floor will automatically place an order of 7.900 USDT.

The difference of 10 USDT is used for depreciation when the speed of dropping is too strong, to avoid the case that the price cannot match. Therefore, you should not set the price difference too little with the stop price.

It should be noted when using the stop-limit command:

  • when the be: Price stops bigger price limit
  • when the mua: Price stops less price limit

Instructions on how to trade 

In this section, Blogtienao will take an example with the BTC / USDT pair

On the phone

Step 1: After logging into the main interface, select the pair of coins you want to trade. Here Blogtienao Choose BTC / USDT pair

Trading guide

Here you will see the following interface:

Trading guide

(1): Price chart
(2): Order book of BTC / USDT pair
(3): Transaction history
(4): Your order book
(5): Place on command

Step 2: Select the item "Buy / sell" (item number 5 in the picture above)

Step 3: Select "buy / sell" (1) => Select "limit / stop-limit" (2) => Enter price (3) => Enter amount of BTC (4) => Enter the amount of USDT you want to spend (5) = > Select leverage (6) => Complete the process with the button "buy / sell" (7)

Trading guide

On the PC

Trading interface on PC

Trading guide

(1): The trading pair
(2): Chart
(3): Your order book
(4): Order book of BTC / USDT pair
(5): Transaction history
(6): Place on command

Enter an order on PC: Select "buy / sell" (1) => Select "limit / stop-limit" (2) => Enter price (3) => Enter the amount of BTC (4) => Enter the amount of USDT you want spend (5) => Select leverage (6) => Complete the process with the button "place buy / sell order" (7)

Trading guide

Instructions for using the P2P platform on WazirX

Blogtienao would like to skip this part because at the time of writing, P2P platform of WazirX only supports fiat-crypto trading with fiat of India, Ukraine, Nigeria, Saudi Arabia, Euro and Turkey.

Instructions on how to make money (not trade) on WazirX 

In addition to making money through trading on an exchange, there is another way to make money through the Referral Program. In simple terms, this is a way to make money by introducing new users to the floor through the referral link that WazirX provides you.

To get this link, after logging in, select the item “INVITE & EARN 50% FEES”.

Instructions to get the Ref link

Then you will see a link ref (circled in red), you will send that link to those who wish to register for an account on the floor. If someone creates an account through your ref, when they trade, you will receive a commission.

Instructions to get the Ref link

However, this way of making money is known to almost everyone, so you should make it as natural as possible to avoid people feeling offensive.

Channels for monitoring WazirX floors

Conclusion

Hopefully through this article, you have a new option for trading your assets. If you have any questions, you can send a direct message to Blogtienao On Facebook. We will reply as soon as we receive it.

good luck!

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