How to Open an Account on WazirX and Start Investing in Cryptocurrency in India
If you're interested in diving into the world of cryptocurrencies in India, WazirX, India's largest cryptocurrency exchange, is an excellent place to start. Whether you're a beginner or a seasoned investor, the process of buying and trading cryptocurrencies like Bitcoin on WazirX is straightforward and user-friendly.
Understanding Cryptocurrency Exchanges
Cryptocurrency exchanges function similarly to stock exchanges, allowing users to buy, sell, and trade cryptocurrencies in real-time. Unlike stock markets, which are often regulated by government bodies, cryptocurrency exchanges are self-regulated. Moreover, they operate 24/7, offering around-the-clock trading opportunities. Additionally, it's worth noting that you don't need a whole Bitcoin to begin trading. Swap the whole coin for fractions, making even small investments possible.
Opening an Account on WazirX
To get started, follow these simple steps:
Download the App or Sign Up from the Website
Begin by downloading the WazirX app from the Play Store for Android users or the App Store for iOS users. Alternatively, you can sign up directly from the WazirX website.
Create an Account
Open the app and select the sign-up option. Enter your email address and desired password. You will then receive a confirmation email that you must verify to complete the sign-up process.
Select Security Options
Upon completing the initial sign-up, you will need to choose your security options. You can use your mobile number for a one-time password (OTP) verification, which provides an additional layer of security. However, it is recommended as WazirX offers this feature.
Additionally, you can enable an in-built passcode system to further secure your account.
Completing KYC On WazirX
Fulfilling the Know Your Customer (KYC) requirements is necessary for certain transactions. Select your country of residency, which for the time being, is the Indian market. To proceed, you need to enter your name, address, date of birth, and upload copies of your government-issued identity documents, such as the Aadhaar Card and PAN card.
WazirX will verify these documents and process your transaction requests only after receiving the necessary documents. Once your KYC is approved, you can proceed with your transactions.
Buying Bitcoin and Other Cryptocurrencies on WazirX
Once your account is set up, you can begin trading and investing in cryptocurrencies. Use the 'Quick Buy' menu to purchase tokens like Bitcoin, Ethereum, and other cryptocurrencies instantly.
Alternatively, use the 'Exchange' menu to see the real-time exchange rates for various cryptocurrencies against different bases, including the INR and USD.
Adding Money to Your Account
To make a purchase, you need to deposit funds into the exchange. For Indian customers, you can directly transfer Indian Rupee (INR) from your bank account to WazirX using the Unified Payment Interface (UPI).
UPI Transaction Process
Go to the UPI option within the app, enter the desired amount and your UPI VPA address, and then verify the transaction through your typical payment app.
WazirX will take a few hours to verify your account and make it ready for fund transfer. The minimum deposit amount is 100 INR, and a transaction fee of 0.2% applies. So, if you transfer 100 INR, you'll be charged 2 INR as fees. It may take up to 72 hours for the funds to appear in your account.
Monitor your total balance in the 'Funds' tab located at the bottom-right corner of the screen to keep track of all your holdings.
Why Choose WazirX?
Setting up an account on WazirX is quick and easy, with no registration fees. It’s a secure and user-friendly platform that provides a comprehensive guide for both beginners and experienced investors.
Conclusion
So, what are you waiting for? Download the WazirX app from the Play Store or App Store and embark on your cryptocurrency journey through your smartphone! Open your free account today and start exploring the world of decentralized finance.
Happy Investing and Happy Trading!