WazirX is the most trusted cryptocurrency and bitcoin exchange in India. WazirX allows its users to buy and sell Bitcoin and ETH. It consists of various other cryptocurrencies, including Bitcoin Cash (BCH), Dogecoin (DOGE), Solana (SOL), Tether (USDT), USD Coin (USDC) etc. as well. You can buy Bitcoin and other cryptocurrencies by depositing Indian rupees via UPI and other modes. In addition to this, funds can be withdrawn 24/7. It has the highest liquidity for both first-time users and professional investors. With features like TradingView, advanced chart trading, and Stop-Limit orders, WazirX can handle millions of transactions.
The app offers a seamless and powerful crypto trading experience across all platforms to match the surging demands and ensure its security. Even after banning cryptocurrencies, it remained a highly profitable industry for global investors.
Before we get into the various payment methods to deposit funds in your WazirX account, let's discuss completing KYC. It's important to know about KYC because WazirX allows its users for transaction processes only when they are verified for KYC.
KYC Verification on WazirX
The documents required for KYC verification of the account includes your full name, date of birth, PAN card number, Aadhaar card number and a selfie with your Aadhaar card.
If you don't have an Aadhaar card number, you may also use a passport or driving license as an alternative to it. Check your details once again before verification. The verification process may take minutes to days to complete.
Now let's get into the details of various transaction methods that can be used to deposit and withdraw funds on WazirX, such as UPI Deposit, bank deposit and P2P Deposit.
How to deposit money on WazirX through UPI?
There are many ways for the WazirX users to deposit funds into the app. One of them is through UPI. The minimum deposit amount in the app is Rs. 100. Here are the steps users should follow to deposit funds into the account using the WazirX UPI deposit:
- Click on the Fund button and then move on to the Deposit button.
- After this, select instant deposit with UPI to deposit the funds using UPI ID. You need first to link your UPI ID.
- Remember to enter the same name of your UPI banking system and WazirX account.
- After the verification process, the app will show you a bar to enter the amount you wish to deposit in your account.
- This will open your UPI App such as Google pay, phonepe or Paytm to accept the draw to complete the transaction process.
- The moment you click on the Pay button, your fund will get deposited in the account instantly.
- Check the money credited into your WazirX account.
- If it doesn't show the amount, don't panic. It takes a couple of hours to see If the UPI status of the bank is successful.
You can set up only one bank account and one UPI ID as default. However, it can also be a joint account. The process is very easy that makes WazirX as the most user-friendly apps for crypto exchanges.
How to deposit money on WazirX through a P2P deposit?
WazirX has multiple payment modes to deposit and withdraw the funds; p2p deposit is among the recommended payment options as it is built for the convenience of the buyers. To start with the P2P Deposit, you need to follow these steps:
- You can only add a bank account with your KYC documents if they match.
- The platform charges no fees on P2P transactions.
- When you want to deposit, use INR to buy USDT through P2P.
- To start with a P2P transaction, click on the P2P option at the top of your screen, then enter the volume of USDT you want to buy.
- Now click on the button that shows Buy Order to find sellers of your orders.
- WazirX starts showing matches with multiple sellers.
- Make a payment to the bank account of the seller.
- Click on the 'I have Paid' option.
- Lastly, the seller will confirm the payment you made, and a particular USDT will be credited to your account.
The P2P Deposit option is a bit difficult to go for. But to obtain high liquidity, it is most suitable. In addition to this, the transaction through P2P has no fees, which saves your money to deposit and trade on the WazirX platform. you cannot modify the payment details when using the P2P option. WazirX will only allow you to close or cancel the payment to the seller.
How to deposit money on WazirX through a Bank deposit?
The primary purpose of WazirX Bank deposit is to make the transactions as simple as possible. The minimum deposit amount is INR 100.
- Firstly, log in to your WazirX account, but if you don't have an account, then click on the signup option.
- After this, you need to submit your KYC documents.
- The Go-to Fund option will be available on the footer of your screen next to the STF.
- In the assets drop-down list, click on the rupee option.
- In front of the rupee option, you will notice two buttons: Deposit and Withdrawal. Click on the deposit option.
- Now deposit and option of Net Banking.
- The app will ask you to enter your account details such as account number, bank IFSC code, account type, bank name and other pieces of information.
- After filling in all the information, confirm the deposit funds.
- The screen will show the text 'You are verified'.
- After verification, the bank may take a few minutes to deposit the fund in your account.
If you want to remove your payment details, go on account settings and click payment options. Now click on the bank account to remove it. It is a fully automatic mode that can deposit a minimum of 100 INR and a maximum of 4,99,000 INR per transaction. In addition, WazirX charges INR 23.6 for this mode of depositing money.
Users of WazirX can directly purchase tokens by exchanging coins. Furthermore, it is a highly popular platform that provides peer to peer transactions, bank transactions and UPI transactions to add or withdraw funds instantly.