Is Wazirx Exchange NOT SAFE? – Wazirx P2P Exchange Review – If you have the slightest understanding on Cryptocurrency then you must have heard about Wazirx Exchange. But you might not have complete information about Wazirx, as Wazirx P2P Exchange is a very new cryptocurrency exchange, and it is now in the stage of development.
In the present time, Wazirx Peer to Peer Exchange is a kind of cryptocurrency exchange that has been quite liked by the Indians. That’s because, in a very short time, its stunning features have made everyone’s mind and it is very easy to use it or its services. The basic purpose of this company is how it can become India’s most trusted Bitcoin peer to peer exchange.
For this, the owners of Wazirx P2P Exchange have launched a full crypto exchange along with their plans. Supported by many different types of cryptocurrency pairs, Wazirx Exchange has now started its own token, which is called WRX Coin (Wazirx coins).
This article will give you a full and clear insight about Wazirx P2P Exchange and How the Exchange works.
Table of Contents
- 1 Wazirx Peer to Peer Exchange Review: What is Wazirx Exchange?
- 2 Features of Wazirx Peer to Peer Exchange:
- 3 Wazirx P2P Exchange Review – Some Stats about Wazirx Peer to Peer Exchange.
- 4 Wazirx Peer to Peer Exchange Review – What is Wazirx Exchage offering?
- 5 Most Alarming Question: Is Cryptocurrency Banned in India?
- 6 Some Important Features of Wazirx P2P Exchange.
- 7 Steps – How to Sign Up and Do KYC Verification on Wazirx P2P Exchange?
- 8 Question: Why have not I received the verification email yet?
- 9 Further Steps after submitting the Verification Details on Wazirx P2P Exchange.
- 10 Is Wazirx Peer to Peer Exchange Legal?
- 11 Two Most Important things you can do with Wazirx P2P Exchange.
- 12 Some Major and Elaborated Points to know: How Wazirx Peer to Peer Exchange exactly works.
- 13 Why does Wazirx P2P Exchange use only USDT?
- 14 Most Commonly Asked Question: Is Wazirx Safe?
- 15 Some Positive Points of Wazirx Peer to Peer Exchange?
- 16 Some Negative Points of Wazirx P2P Exchange?
- 17 Conclusion of my Wazirx P2P Exchange Review
Wazirx Peer to Peer Exchange Review: What is Wazirx Exchange?
Wazirx Exchange is India’s first and only cryptocurrency exchange that allows peer to peer crypto transactions. The three co-founders of this company are Nischal Shetty, Sameer Mhatre, and Siddharth Menon.
These three are from background programming. Also, you may also know these three are from another social media management app, Crowdfire , which these people had created in 2010 and it is a very successful app. According to their website, their head office is located in Navi Mumbai.
According to their cofounders, Indian cryptocurrency exchanges are in very poor condition and they are also not providing services according to the requirement. That’s the reason the founders of Wazirx Exchange are confident in giving better service to the country’s cryptocurrency enthusiasts.
Features of Wazirx Peer to Peer Exchange:
There are many features in Wazirx Exchange such as:
- Real-time open order books.
- Trade history.
- INR Deposits and Withdrawals and many more (discussed below).
Using Wazirx Peer to Peer Exchange users can trade and invest in some of the best performing digital assets in the world. Users are given a user-friendly and easy to use user interface so that they do not face any problem to use this platform.
Wazirx P2P Exchange Review – Some Stats about Wazirx Peer to Peer Exchange.
- More than 150,000 users are registered on this platform.
- 35,000+ Android and IOS apps download.
- Their average app rating is 4.44, which is quite good.
Wazirx Peer to Peer Exchange Review – What is Wazirx Exchage offering?
If we talk about the main features of Wazirx P2P Exchange, then the offers given below need special mention.
- Peer 2 Peer Transactions.
- Cryptocurrency Exchange.
- WRX Mining.
Most Alarming Question: Is Cryptocurrency Banned in India?
Yes, it is true that the Government of India has stopped cryptocurrency exchanges from transacting with banks. Because of which the big host exchanges such as Zebpay and Unocoin are now locked. But the concept of Wazirx P2P Exchange model is different.
according to Wazirx, they are not making any transactions from banks. As per Wazirx peer to peer exchange model one person can exchange with other person as well as currency exchange, in which Wazirx’s job is to see that both parties are not manipulating their transactions. Therefore Indian crypto traders can easily cash out their crypto without facing any issue and it is completely legal according to Indian Law 2018 .
Some Important Features of Wazirx P2P Exchange.
Let’s discuss about some features of Wazirx Peer to Peer Eexchange.
- Indian Rupee (INR) can be deposited and withdrawn
- You can use Wazirx P2P to buy / sell crypto. This service users are provided 24×7.
- Transactions on Wazirx P2P Exchange are the fastest in India, which is 1 trade per minute.
- It has an Automated P2P open order book.
- Wazirx Peer to Peer Eexchange also has a Zero transaction fee
- Its Dispute Resolution is completely robust.
- Wazirx P2P Eexchange provides the highest liquidity in the USDT Market.
- Nobody offers crypto cheapest prices in India.
- Wazirx Exchange has the Lowest Maker fee : 0.1%
- These three platforms are available on Android, Web, and IOS
- The user interface of Wazirx peer to peer exchange is so simple that anyone can easily use it.
Steps – How to Sign Up and Do KYC Verification on Wazirx P2P Exchange?
Signing up in Wazirx peer to Peer Exchange is a very simple.
First of all, you have to go to the Wazirx Exchange Sign up page. After that you will have to follow the 4 step process to create Wazirx Login Account and can submit your details for verification.
Step 1 – Email ID and Password
The first step of the sign-up process is to choose the Login email address and password.
Email – Enter your full email address. This will be the same email address that you are about to use later to login and receive any communication messages from Wazirx peer to peer exchange. You cannot change this email address later.
Password – Always use a strong password which you can remember later. Try to use alphanumeric characters.
Step 2 – Email Verification on Wazirx peer to peer exchange
Once you have filled the email, password then you will have to click on the sign up, after which you will receive the verification email in your registered email id.
Once you have received the verification email, you have to click on verify email button. By doing so, you will be taken to the Wazirx Exchange website where your verification will be confirmed. (Note that the verification email is valid only for 30 minutes. And if you do not login within 30 minutes then you will have to click Resend verification email button again.)
Question: Why have not I received the verification email yet?
In some cases it takes some time to go to the verification mail. In this case, you have to maintain some patience. If not even after 10 to 15 min then you should check the spam / junk / promotions folder of your email, because in some time it does not come in the inbox and goes to spam / junk.
Step 3 – Mobile Verification
Once your email is verified, the next step is to verify your mobile number.
Mobile number – You have to enter your 10 digit Indian mobile number in it. After entering, you have to choose the option of send OTP.
Verification OTP – You will receive an OTP via SMS. The OTP must be entered in the verification box and click on verify. OTP sometimes takes some time to arrive, so don’t lose your patience.
Step 4 – KYC Details on Wazirx peer to peer exchange
Once your email and mobile number are verified, you will have to upload KYC documents by filling out your details for verification.
1. Name – Fill your full name as printed on your PAN card.
2. Address – You will also need to type your full address in the Aadhaar card.
3. Date of Birth – DOB must be filled in DD / MM / YYYY format.
4. PAN Card Number
5. PAN Card Front side Upload – You will have to upload the scanned copy of PAN card front side.
6. Aadhaar Card Number – You will need to fill in the Aadhar Card number.
7. Aadhaar Card Front side Upload – You will have to upload the scanned copy of the front side of Aadhaar Card.
8. Bank Details – You will have to fill the details of your bank account. Remember, the account you are depositing the funds from, will be the same account where you’ll get your funds at the time of withdrawal. So do not change it again and again.
Check everything once again before submitting finally.
Further Steps after submitting the Verification Details on Wazirx P2P Exchange.
Once you properly submit all the verification documents, your verification process is turned on in the backend. This verification may take 24-48 hours to complete. Once the process is completed and gets approved, you’ll get to see this kind of message on your screen.
If your account is not approved for any reason, you will receive a mail with reason for which your application is declined. You can always apply for re-verification.
Is Wazirx Peer to Peer Exchange Legal?
With the help of Wazirx P2P Exchange, you can easily buy and sell USDT directly with Second Buyers and Sellers in INR. This service is available 24×7 and is 100% safe and 100% legal.
Two Most Important things you can do with Wazirx P2P Exchange.
- Cash In – If you cannot use INR for trading cryptos, buy USDT via P2P and then use that USDT to buy other cryptos on Wazirx Exchange.
- Cash Out – If you want to move the INR to your bank account, then you can sell your cryptos for the size of USDT and then sell that USDT in exchange for INR via P2P.
Some Major and Elaborated Points to know: How Wazirx Peer to Peer Exchange exactly works.
- Wazirx matches those people who want to buy in exchange for USDT INR, and in exchange for USDT INR for people who want to sell.
- Wazirx P2p does escrow USDT during the transaction for safekeeping.
- Buyer can use IMPS / UPI to transfer INR.
- When the seller confirms the payment then Wazirx Exchange releases the USDT to the buyer.
Why does Wazirx P2P Exchange use only USDT?
To make the transactions simple and high liquidity, USDT is a stable coin. This means that it is a cryptocurrency whose values are mostly stable and price fluctuation is very low. 1 USDT is worth approximately $ 1.
So when you sell a crypto: then you have to convert crypto to USDT first and then sell that USDT to Wazirx P2P for INR. And the way to buy it is reversed.
Wazirx Exchange is the only Indian exchange which is going to bring more and more crypto pairing into it.
Most Commonly Asked Question: Is Wazirx Safe?
There is an escrow system in Wazirx peer to peer exchange, which specializes in the fact that no party cheats any other party. In this system, Wazirx P2P Exchange holds the seller’s cryptos until the transaction is successfully completed and payment is not confirmed.
1. If you are a seller – then Wazirx Exchange will not release the crypto until the buyer has confirmed that you have the INR receipt.
2. If you are a buyer – then Wazirx Exchange will not release the seller’s crypto until you pay the seller.
If there is a dispute for some reason then Wazirx Exchange has a robust Dispute Resolution system within the buyer and seller. From my personal experience I can say that Wazirx Exchange is 100% SAFE.
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Some Positive Points of Wazirx Peer to Peer Exchange?
- Best in Class Security.
- Super Fast KYC.
- Lightning Speed Transactions.
- Android and IOS Apps.
- Simple and Efficient Design.
- Built by Blockchain Believers.
Some Negative Points of Wazirx P2P Exchange?
When a user gives a buy order, the buyer cannot put any new buy order until the order is completed. At the same time, it takes a little time to match the cash transaction in which both the buyer and the seller are slightly petrified. Finally, it takes 24 hours to resolve the dispute, which is actually a little longer.
Conclusion of my Wazirx P2P Exchange Review
In my opinion, Wazirx Peer to Peer Exchange is absolutely SAFE and the exchange has changed the definition of cryptocurrency transactions in India. The model of P2P undoubtedly deserves admiration. Like many developed countries, millions of Indians Crypto Enthusiasts are expecting cryptocurrency to get legalized in India. So that Blockchain Technology can take the country ahead along with many other countries who have already embraced cryptocurrency.
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