Is WazirX Safe and Legal to Buy & Sell Cryptocurrency?

is wazirx safe and legit

How many of you are already a Crypto investor or maybe you are just planning to invest in cryptocurrency and if you still don’t know what WazirX is. WazirX is a cryptocurrency trading platform that helps users to trade hundreds of different kinds of cryptocurrencies over the platform at a reasonable cost. 

WazirX claims they are India’s most trusted cryptocurrency exchange, but is it really safe and legit? Read the article to find out.

Origins of WazirX

WazirX has 4 years of industry experience in the cryptocurrency market because it was started in 2018.

WazirX is a subsidiary of the Binance group which is one of the biggest cryptocurrency trading platforms in the world. Binance group has customers from nearly 180 + different countries around the world. Because of the strong Parent company, WazirX can sustain any market situation and give the best to their existing customers.

WazirX is created and backed by an experienced team, the upper management consisting of Nischal Shetty, Sameer Mhatre, and Siddharth Menon.

They have considerable knowledge and experience in the crypto world, and for sure they know what they are doing. At the same time, WazirX is legally incorporated in India with its headquarters in Mumbai, and they are authorized to operate all its services. 

Like many other crypto exchanges, WazirX doesn’t save all its money in online mode; they save 95% of the money offline. They follow this procedure to serve their customers and protect their customer’s money and data from hacking. This leads to a seamless customer experience on their platform and at the same trust is built between user and platform.

Also Read: 5 Common Cryptocurrency Scams & How to Prevent Them

Is WazirX Trustworthy?

With over 9 lakh active users, it is one of the fastest-growing crypto trading platforms in India which charges very few transaction fees on cryptocurrency buying and selling. The transaction fees start from literally, zero rupees.

By using WazirX, we can buy and sell cryptocurrencies via UPI payment gateways in INR mode. There is no time limit for withdrawing funds from your account. You can withdraw anytime in a day and your money will be deposited into your bank within a couple of hours of a successful withdrawal. There have been no major complaints or controversies so far from the users on the platform. 

One doesn’t need to worry about their account getting hacked or if their money is getting stolen by hackers because this platform is linked with the Google authentication process. Where you will get OTP to do any kind of withdrawals are other kinds of transactions. Transactions only happen if you enter a valid OTP.

Also Read: The Future of Cryptocurrency Explained

WazirX – KYC Requirements

WazirX transaction fees are very low when it is compared with other cryptocurrency trading platforms available in the market.

To do cryptocurrency trading over the WazirX platform you have to go through the signup process. You should also complete your KYC process by submitting all the documents that they are asking for, and these include valid Government-issued ID proofs. After completing all the processes, if your account gets approved, only you can start trading over the platform.

Final Thoughts – Is WazirX platform safe and legit?

Yes, WazirX is one of the safest platforms available in the Indian market to trade cryptocurrencies with very few transactions and withdrawal fees And also it is safe from all hacking activities. All the processes and transactions happen in a very safe environment and your funds get deposited into your bank within a couple of hours of transactions.

Also Check:

Crypto Charts: Different Types & How to Read Crypto Charts?

How to Mine Bitcoin in India?

How to Make Money with Bitcoin?