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The crypto industry is growing rapidly in India, with new companies like WazirX entering the market. WazirX is a P2P exchange that allows users to buy and sell cryptocurrencies without going through a third party.
This review will analyze how WazirX is currently leading the way in the Indian crypto market growth.
What Is WazirX?
WazirX is a crypto exchange allowing users to trade cryptocurrencies. It also allows users to store their cryptocurrencies in the WazirX wallet. WazirX’s concept came in 2018 from Nischal Shetty, and it has its headquarters in Mumbai, India.
WazirX puts the premise of security and trust at its core. All cryptocurrencies stored on the WazirX wallet are insured. In addition, all funds stored on the WazirX wallet have no connection with the company’s operating fund. This ensures that user funds are always safe and secure.
Create an Account on WazirX
In order to register for a WazirX account, you will need to provide your name, email address, and mobile number.
After registering, you must verify your account by clicking on the link sent to your email address. Your account will now be ready, and you may start trading cryptocurrencies on the WazirX platform.
A Look Into the WazirX Ecosystem
The WazirX exchange has several features that make it attractive to crypto traders in India. These include:
- A user-friendly interface makes it convenient for people to trade cryptocurrencies.
- 24/7 customer support so that people can get help anytime.
- The ability to trade a wide range of cryptocurrencies allows traders to choose the ones they are most interested in.
- Low fees, so traders do not have to spend too much on trading fees.
- A fast and efficient order execution system ensures that WazirX executes orders quickly and smoothly.
- A mobile app that makes it convenient for people to trade on the go.
- A “refer and earn” program allows users to earn commissions for referring others to the exchange. The feature incentivizes them to spread the word about WazirX Exchange among their friends and family members.
- An active community is ready to help newbies with their trading queries.
Deposit and Withdraw Money into Your WazirX Account
You will need to follow these steps to deposit funds into your WazirX account:
- Go to the WazirX website and click on the “Deposit” button. You can choose the type of deposit you want on the deposit page.
- Select the type of deposit you want to make. You can choose from a bank transfer, credit/debit card, or other methods.
- Enter your account details and the amount you want to deposit. Make sure that all the information is correct before proceeding.
- Clicking on the “Submit” button will transfer your funds to WazirX. This usually takes a few minutes but may take longer depending on your bank’s processing time.
- You can now start trading cryptocurrencies on the WazirX exchange! Make sure to familiarize yourself with the platform before making any trades.
Withdrawing your money is not too hard. This is the procedure that WazirX designed:
- To withdraw money from your WazirX account, log in and go to the ‘Withdraw’ section.
- Enter the needed amount and choose the bank account to which you want the money transferred.
- Click ‘Submit’ and follow the instructions to complete the withdrawal.
Withdrawals from WazirX take 1-3 working days to process.
Buying and Selling Crypto on WazirX
You may always buy or sell crypto on the WazirX exchange. In order to do so, you first need to create an account on the exchange. Once you have created an account, you can then deposit funds into your account.
In order to buy cryptocurrencies on WazirX, you need to click on the “Buy/Sell” tab and select a coin. Once you have chosen the cryptocurrency, you will need to enter the amount of currency that you want to buy.
After entering the amount, you can click on the “Buy” button. The system will place your order looking for a match on the market. If WazirX finds a seller, you will receive the cryptocurrency in your account.
Selling crypto on WazirX works in the same way as we described above. The developers willingly chose to handle purchases and sales in similar ways to design a user-friendly product.
How Does Margin Trading Work on WazirX?
WazirX also allows you to trade cryptocurrencies using its margin trading feature. Margin trading allows you to trade with borrowed funds. This means you can deal with more money than you have in your account.
Margin trading is a risky form of trading, and only professional traders should consider it.
Anyone must know a few risks before trying crypto margin trading on WazirX. The trader may not be able to liquidate their position quickly in the event of a price crash. This could lead to significant losses if the trader cannot cover their position. Additionally, leverage can magnify losses in the event of a price move against the trader’s position.
Another risk to consider is counterparty risk. This is the risk that the other party to trade will not fulfill their obligations. This can be a particular concern in margin trading, as the trader is effectively borrowing money from the exchange. If the exchange becomes insolvent, the trader could lose their entire investment.
Finally, remember that all investments carry risk. The price of cryptocurrencies is highly volatile and can move sharply up or down. Any trading operation has inherent risks. Therefore, it’s essential to approach margin trading cautiously and invest what you can afford to lose.
A Project Investing in Security
The growth of the crypto market in India has been impressive in recent years. Major players such as WazirX have emerged and offer a secure platform for trading cryptocurrencies.
WazirX employs a 2-factor authentication process that adds an extra layer of security to user accounts. In addition, it uses a cold storage system to keep most of its digital assets offline and away from hackers.
The WazirX cryptocurrency exchange aims to be a safe environment for trading coins. WazirX also allows clients to trade cryptocurrencies utilizing the exchange’s margin trading option, letting users trade using borrowed funds.
Margin trading is a risky strategy that only experienced traders should use. Everyone else may use the standard Spot Market trading feature of this platform.
If you wish to discover WazirX and its features, the project’s website and social media pages have what you need.