How to Purchase Bitcoin within 5 Minutes through WazirX | How to Purchase Bitcoin, Ethereum | What is Maker Fee and Taker Fee?
WazirX app is one of the popular Cryptocurrency trading App in India. A lot of Crypto like Bitcoin, Ethereum, DOGE coin, etc are listed in WazirX Trading App. Using of WazirX app is easy, but you must keep your eye on Crypto and invest accordingly. Recently speculation is circulated in India Bitcoin ban in India or may come under Indian Government regulation. But you can now trade Bitcoin and other cryptos in India Read this article till the last to know How to open an account in WazirX, How to Buy Bitcoin in WazirX, How to Sell Bitcoin in WazirX, and How to withdraw the amount from WazirX to your account. Also read: Cryptocurrency Ban In India Soon, Allow RBI Digital Coin | What Are Private Cryptocurrencies?
How to Open a Trading Account in WazirX
Opening a trading account in WazirX is very simple just follow the below steps to create a free crypto trading account. Before you open your account, please keep your Aadhar Card, PAN card, and Bank account details ready.
- Download WazirX from Playstore or Appstore
- Login with mobile number and email id
- A pop-up notification will be flashed on your screen is that, complete your KYC detail for starting trading
- Enter your PAN card number, Aadhar No, photos of Aadhar card, and take a selfie as per instruction flash on your screen
- You must enable a two-factor authentication option for the transaction, you can use the Google Authenticator app, OTP-based authentication.
- For withdrawal, you must be adding your bank account by entering your A/c, IFSC code
- WazirX will take 10 minutes for account verification
- To verify your bank account WazirX will deposit Re 1 in your bank account, after that, your account will be verified for money withdrawal.
- You will get an email notification after every transaction
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How to Deposit Money in WazirX Account
In November 2021, WazirX has opened two options for depositing money. The first option is to deposit through internet banking and the second option is to deposit through the MobiKwik payment application. There are separate fees for the internet banking payment gateway and the MobiKwik payment gateway.
If you make an instant deposit through net banking you will be charged INR 23.60 extra per transaction, but a limited banking gateway (13 nos. Of banking gateways are supported, list are in below) is allowed to transfer money from your account to your WazirX account. If you want to make the instant deposit through Mobiqwik wallet you will be charged a Rs 1.70 % transaction on the transferred amount. Your deposited amount will be displayed on “Fund” tab.
WazirX Supported Internet Banking Gateway for Instant Fund Deposit
- Catholic Syrian Bank (CSB)
- Deutsche Bank
- Dhanlaxmi Bank
- Federal Bank
- Indian Bank
- Indian Overseas Bank
- Jammu and Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- Lakshmi Vilas Bank
- Tamilnad Mercantile Bank
- IDFC First
- Punjab National Bank (PNB)
Also,read: What is e-RUPI : e-RUPI Digital Payment, How does it work
How to Purchase/Sell Bitcoin through WazirX
After depositing INR in the WazirX account, go to the INR section on the Topbar and search Bitcoin (BTC), ETH (Etherium), etc. After selecting desired Crypto click on Buy/Sell WazirX icon placed on the center. After clicking Buy/Sell button, a slide will be popup below, there is two option, Buy or Sell. For buying Bitcoin or any crypto click on buy and enter how much Bitcoin you want to buy, or how much amount you want to be spending.
Users can set a minimum/lowest purchasing price, from which price point they want to buy. If you set your limit then your crypto will be purchased after the set price drop. When you want to sell your crypto then click on the sell tab enter how much crypto you want to sell or how much amount crypto you want to sell then set the maximum selling price/ highest selling price. When the set price will be touched your crypto will be automatically sold and your payment will be added to the WazirX wallet .
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What is Maker fee | What is Taker fee?
The most searchable question is what is Maker fee and Taker fee. When and how much does WazirX charge as Maker fee and Taker fee. WazirX charges 0.2% Maker fee and Taker fee inclusive of all applicable taxes. Maker fee is applicable when you buy any crypto from WazirX and Taker fee is applicable when you sell your hold crypto.
How to Transfer Money from WazirX to your Bank Account?
Transfer Money from WazirX to Bank account is also very simple, there is two option for transfer first method is through IMPS and the second method is through NEFT. You must verify your bank account before you transfer. Your WazirX fund will be your registered bank account. You will be charged Rs 10 for IMPS instant withdrawal and Rs 5 for NEFT withdrawal, where NEFT withdrawal will take up to one hour to be credited to your account.
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