Is WazirX legal in India? How to deposit money in WazirX? Know details

WazirX is a crypto exchange platform in which you can trade various cryptocurrencies using real money which can be deposited easily. The money is added to your WazirX wallet, which can be used to buy various cryptocurrencies. With such a simple interface, the organisation has managed to gain a lot of popularity in recent times. However, some investors are very choosy when it comes to investment platforms, especially when there is resistance from the government. So, many people are wondering about "is WazirX legal in India?" If you have been wondering about the same, then do not worry, here is all you need to know about it.

Is WazirX legal in India?

Founded by Nischal Shetty, the WazirX is one of India's oldest crypto trading apps. And, as we know, in March 2020, the Supreme Court had lifted the crypto ban in India, stating the RBI's decision to ban them was 'unconstitutional'. Since then, the crypto industry boomed, and WazirX crypto exchange has arguably been the largest supporter of crypto in the country and is still running campaigns to legitimise the crypto industry in India. To start trading in WazirX, users must know that you will have to finish the KYC process before they can effectively start trading crypto.

More about WazirX

Any crypto exchange platform works by charging a small percentage of its users on every trade. WazirX works on a similar basis. WazirX charges 0.2 per cent as commission on every transaction. The 0.2 per cent rate is one of the lowest crypto exchange commission rates in the world. However, users should note that depositing and withdrawing money into the app can cost you money. Depositing money via bank transfer will cost Rs. 5.9, whereas withdrawing money from the app costs anywhere between Rs. 5 to 10 depending on the method of withdrawal used.

How to deposit money in WazirX?

How to deposit money in WazirX using IMPS/NEFT/RTGS?

• Click on Funds in the top bar 
• Under Indian Rupee, Click on the Deposit button
• Link your bank account by entering your Bank details from which you will deposit the funds. The name you enter MUST match the name on your WazirX account.
• Click on the Instant Deposit IMPS/NEFT/RTGS
• Next, you will see the WazirX bank details. Transfer funds via IMPS/NEFT/RTGS to account details provided.
• After successful transfer, your deposit will get instantly credited into your WazirX account. 
• It takes a maximum of 72 working hours to reflect IMPS/NEFT/RTGS deposits. Most deposits happen in a much shorter time (even 1 hour).

How to deposit money in WazirX using UPI?

• Click on Funds in the top bar 
• Under Indian Rupee, Click on the Deposit button
• Select Instant deposit with UPI
• Link your UPI ID from which you will deposit the funds. For successful verification, your WazirX account name and the name in the UPI Banking system should be the same.
• Once the verification is completed, enter the amount you wish to deposit and proceed
• Check your UPI app and complete the transaction. Your deposit will be done near instantly
• Your account will be credited within a couple of hours if the UPI status is successful

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this websites does not constitute investment advice, financial advice or trading advice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial adviser before making any crypto investments. 

IMAGE: WAZIRX TWITTER