Wazirx Cryptocurrency Investment: A Beginner's Guide

WazirX is a trusted, secure, and compliant crypto exchange platform that offers an intuitive interface and efficient design, making it simple for crypto enthusiasts to trade digital assets. It is India's most trusted crypto exchange platform, with over 1.5 Crore users. The platform offers various benefits, including a super-fast KYC verification system, the lowest withdrawal fee in India, and advanced crypto trading features. In addition, WazirX provides best-in-class security features like 2FA and an in-app passcode for secured crypto investments. It also offers 24/7 customer support, ensuring a worry-free crypto trading experience. With its user-friendly design and robust security measures, WazirX is an excellent choice for both seasoned professionals and newbies in the crypto world.

How to buy, sell and trade cryptocurrency on WazirX

WazirX is a trusted, secure, and compliant crypto exchange that makes crypto trading more straightforward and accessible. It offers more than 450 crypto trading pairs on the platform, which is the highest compared to any other platform in India.

To get started, you will need to create an account on WazirX. Visit the website, sign up using a few simple steps, and create your free WazirX account. Alternatively, you can download the WazirX app for Android or iOS. Once you have been redirected to the sign-up page, fill in your desired email with a strong password. Before clicking the 'Sign Up' button, make sure you go through the Terms and Conditions and tick the box agreeing to them. You will then need to verify your email address to proceed by clicking the link in the verification email.

The next step is to select your country from the drop-down menu and complete the KYC verification. Once this is done, you will have a functional account to trade crypto easily on WazirX.

Depositing funds into your WazirX account can be done in two ways: depositing INR or depositing cryptocurrency. For depositing INR, you can use methods such as UPI/IMPS/NEFT/RTGS, and for depositing cryptocurrency, you can transfer your desired crypto from other wallets or cryptocurrency exchanges in India to your WazirX wallet.

Once you have deposited your funds, you can buy cryptocurrency. Visit the WazirX exchange to see the latest prices in INR, enter your desired INR price and the amount of crypto you want to buy, and click on 'Place Buy Order'. Once the order has been executed, the crypto will be in your WazirX wallet.

Selling crypto on WazirX is a similar process. Visit the relevant INR market (e.g. BTC/INR, ETH/INR, etc.) and click on the 'Sell' option. Enter the amount and rate at which you want to sell, and for instant execution, select the 'Highest Price' option. Your order will then be executed, and you will receive INR in your funds.

The benefits of using WazirX for crypto investment

WazirX is India's most trusted and fastest-growing crypto exchange platform. It offers several benefits for crypto investment, including:

Best-in-class Security Features

WazirX provides top-notch security for its users' crypto investments with features like two-factor authentication (2FA) and an in-app passcode. This ensures that your digital assets are protected from unauthorized access and potential cyber threats.

Efficient KYC Verification

The platform boasts a super-fast and robust Know-Your-Customer (KYC) verification system. Within just a few hours of signing up, users can complete their KYC process, which is a requirement for trading and withdrawing funds on cryptocurrency exchanges.

Highest Referral Rewards

WazirX offers the highest referral rewards in India. By inviting friends to sign up on the platform, users can earn massive crypto rewards. This incentive not only encourages users to expand their network on the platform but also promotes the overall growth of the WazirX community.

24/7 Customer Support

The WazirX platform provides instant, round-the-clock customer assistance. This ensures a worry-free crypto trading experience, as users can get timely help with any issues or queries they may have.

Scalability and High Transaction Speed

The WazirX crypto app is designed to handle millions of transactions at lightning speed. Its system infrastructure can quickly scale up to meet surging demands, ensuring that users can execute trades efficiently, even during periods of high market volatility.

Advanced Trading Features

WazirX offers a range of advanced crypto trading features, including TradingView, Advanced Chart Trading, and Stop Limit orders. These tools empower users to make more informed and strategic trading decisions, enhancing their overall trading experience.

In summary, WazirX offers a secure, trusted, and user-friendly platform for crypto investments in India. Its combination of robust security, efficient KYC, high transaction speed, and advanced trading features makes it a popular choice for both seasoned professionals and newcomers to the crypto space.

How to register for an account on WazirX

To register for an account on WazirX, you can either download the WazirX app or visit the website. On the homepage, you will see a 'Get Started' button on the mobile application and a 'Sign Up' button on the website.

Once you click on the button, you will be asked to enter your email address and choose a password. You will also be asked to enter a referral code, if you have one. After reading and agreeing to the Terms of Service, you can click on the 'Sign Up' button.

The next step is to verify your email address. Check your inbox for a verification email and click on the 'Verify Email' button or the link provided in the email.

The following step is to set up two-factor authentication (2FA) for enhanced security. You can choose your preferred mode of security from the three options provided: Authenticator App, Mobile SMS, or None. If you choose the Authenticator App, you will need to download Google Authenticator or Authy to scan the given code. If you choose Mobile SMS, you will need to enter your 10-digit Indian mobile number and an OTP will be sent to your phone.

After setting up 2FA, you will need to complete your Know Your Customer (KYC) details. This includes entering your personal information, such as your name, date of birth, and address, as well as verifying your identity by uploading the required documents. The specific documents required may vary depending on your country and the nature of your firm.

Once you have submitted all the necessary information and documents, your account will go through a verification process. This process can take up to 72 hours, and you will receive an email once your account has been approved.

It is important to note that WazirX maintains a high standard for its verification process, and there are certain requirements that must be met for your account to be approved. These include ensuring that there are no mismatches in the details provided and that you do not already have an existing WazirX account.

The security features of WazirX

WazirX, one of India's major cryptocurrency firms, suffered a major security breach in July 2024, resulting in the loss of user holdings worth over $230 million. This incident has brought to light the security challenges faced by cryptocurrency exchanges and their vulnerability to cyberattacks. Despite having robust security features in place, the platform fell victim to a sophisticated attack. In the aftermath, WazirX has taken several measures to enhance its security and protect user assets.

• Multi-Signature Wallets: WazirX utilizes multi-signature (MultiSig) wallets, which require multiple private keys for transaction approval. This adds an extra layer of security as it involves multiple signatories. In the case of the Liminal wallet that was compromised, there were six signatories, with three approvals required from the WazirX team and a final approval from Liminal.
• Ledger Hardware Wallets: The signatories of the WazirX team used Ledger Hardware Wallets for enhanced security. These hardware wallets provide an additional layer of protection as they are designed to securely store private keys and require physical access to authorize transactions.
• Whitelisting Policy: WazirX had implemented a whitelisting policy for destination addresses, which was facilitated by Liminal. This policy allowed the WazirX team to initiate transactions only to pre-approved, whitelisted addresses, thereby restricting the potential targets for attackers.
• Gnosis Safe Multisig Smart Contract Platform: As part of their security infrastructure, WazirX employed the Gnosis Safe multisig smart contract platform. This platform provides advanced security features and contract functionality to protect user assets.
• Two-Factor Authentication (2FA): WazirX recommends its users enable 2FA on their accounts. This adds an extra layer of security, requiring users to provide something they know (a password) and something they have (a code generated by an app or received via SMS).
• Secure Communication: WazirX emphasizes the importance of secure communication. The platform advises users to verify official WazirX communication channels and warns against sharing account information or private keys with anyone. WazirX also provides official links and social media accounts for reference.
• Bug Bounty Program: WazirX has a bug bounty program that encourages ethical hackers to identify vulnerabilities in their system. This proactive approach helps the platform identify and patch potential security flaws before they can be exploited by malicious actors.
• Collaboration with Authorities: In response to the cyberattack, WazirX took immediate action by filing a police complaint and reporting the incident to relevant authorities, including the Financial Intelligence Unit (FIU) India and CERT-In. This collaboration with law enforcement and cybersecurity experts is crucial in tracking and recovering stolen funds.
• Suspension of Activities: Following the cyberattack, WazirX temporarily paused all INR and crypto deposits, withdrawals, and trading activities. This proactive measure allowed the platform to conduct a thorough investigation, analyze forensic data, and implement necessary security enhancements to protect user assets.

While no system is entirely immune to cyberattacks, WazirX has demonstrated its commitment to security by implementing robust security features and responding swiftly to incidents. Users can also play a vital role in securing their accounts by following recommended security practices and staying vigilant against potential threats.

How to withdraw funds from WazirX

To withdraw funds from WazirX, follow these steps:

• Click on 'Funds' in the top bar, then select 'Indian Rupee' or the relevant cryptocurrency coin you wish to withdraw.
• Click on the 'Withdraw' button. If you have already linked your bank account, you can skip the next step.
• Link your bank account by entering your bank details. The name on the bank account must match the name on your WazirX account.
• Enter the amount and any optional remarks, then tap 'Withdraw'.
• On the home screen, tap on the 'Funds' tab, then tap on 'Indian Rupee' or the relevant coin and tap 'Withdraw'.
• Enter the amount and any remarks, then tap 'Withdraw'.
• You will receive a One-Time Password (OTP) on your mobile. Enter the OTP and confirm the withdrawal.
• Open your email and click on the 'Approve this withdrawal' button in the confirmation email.

For security reasons, WazirX stores most funds in a cold wallet. Therefore, withdrawals could take up to 24 hours to process, although they are usually processed within 30-60 minutes. Instant withdrawals are also available for a fee of 10 INR per withdrawal. There is a daily maximum withdrawal limit of 5 Lakh INR and a minimum withdrawal limit of 20 INR per transaction.

Please note that you cannot withdraw to someone else's bank account. The withdrawal will only occur to the bank account linked to your WazirX account.

Frequently asked questions