If you’re looking to get into cryptocurrency trading, you would know that buying cryptocurrency from an exchange is the easiest way. Cryptocurrency exchanges these days are the sine qua non of the industry. They enable users to buy and sell digital tokens like conventional stocks.
The cryptocurrency market has been thriving in India too as is evident by the number of local cryptocurrency exchanges that have come up. Like reputable global exchanges, these local exchanges too require users to create an account on them and complete KYC verification before buying any cryptocurrency.
This has become all the more important since crypto assets were brought under the Prevention of Money Laundering Act(PMLA) in 2023.
Today, we are going to focus on WazirX which is one of the largest Indian cryptocurrency exchanges. In this article, you will learn step-by-step how to register an account on WazirX and complete the KYC process on it.
What is WazirX?
WazirX, launched in 2018, is a Mumbai-based cryptocurrency exchange founded by Nischal Shetty, Sameer Mhatre and Siddharth Menon. It is one of the largest and most well-known exchanges in India with an estimated daily trading volume of $4.3 million.
WazirX is often preferred by Indian traders due to the simple reason that it supports the Indian Rupee(INR). In other words, you can directly deposit INR from your bank account to your WazirX account for seamless transactions on the platform. This makes crypto trading less intimidating for first-time traders.
What is KYC?
Know Your Customer or KYC norms are standards designed to protect banks and financial institutions from fraud, corruption, money laundering and terror financing. KYC not only helps financial institutions verify a customer’s identity and source of funds but also establishes the money laundering risk associated with them. KYC verification is generally done by verifying identity documents but it can also take the form of biometric or facial verification. In India, generally, Aadhar cards, voter cards, driving licenses and passports are accepted for KYC purposes.
Why Create an Account on WazirX
Before we proceed towards signing up for WazirX, we need to answer the burning question- why WazirX? Before going ahead with it, you would want to know what this exchange has on offer for its users and why you should think about setting up an account on WazirX.
Vast Variety of Cryptocurrencies
WazirX is said to have 200+ cryptocurrencies available for trading. This includes popular coins like Bitcoin(BTC), Litecoin(LTC), and Ether(ETH) as well as lesser-known ones like Ooki Token(OOKI) and EOS(EOS). WazirX also has a native token called WRX which can be used to get a discount on the trading fee.
User-Friendly Platform
WazirX has been created by a group of “blockchain believers.” It is, therefore, developed keeping in mind the needs of all types of trader demographics. Its simple and efficient design makes it an easy-to-navigate platform while the multilingual support offered by it reflects the diversity in India.
Advanced Trading Tools
If you’re looking to dive deeper into the crypto world, WazirX has you covered on that front as well. It offers powerful graphs, advanced charting tools and automated peer-to-peer(P2P) trading for more experienced traders.
Security
WazirX has taken all steps to ensure that it remains a safe and secure crypto trading platform for its users. It implements 2-factor authentication(2FA) and keeps funds in cold storage. WazirX follows all the KYC guidelines and runs a bug bounty program to encourage people to report vulnerabilities and get them fixed right away.
Referral Program
WazirX has a referral program where you can get 50% of the trading fee as a reward every time a friend referred by you transacts on it. There are no limits on the number of referrals and hence, the more people sign up with your referral, the more WRX you can earn.
How to Set Up a WazirX Account?
It is mandatory to first create an account before trading on WazirX. Further, Indian laws require you to verify your KYC and pay TDS on cryptocurrency transactions.
Step 1
Go to the WazirX website. There, you will find the Sign Up banner on the home page. Click on that to begin the process on WazirX.
Step 2
Enter your e-mail address and decide on a password for your account. Your login e-mail cannot be changed later so make sure you enter the correct address. Keep a password which is at least 6 characters long. This password should ideally be a mixture of lowercase and uppercase letters, numerals and special characters.
Step 3
If you have been referred to WazirX by a friend, enter the Referral Code of that friend. Then go through the Terms of Service once and if you agree with them, tick off the check box. After that, click on Sign Up.
Step 4
Next, you have to verify your e-mail. For this, check your inbox for the verification e-mail and click on the Verify Email button in it. When you do this, you will be redirected to the WazirX website and your e-mail will be verified.
The verification e-mail is valid only for 15 minutes and if you fail to verify within this time limit, you will have to log in to your account again and click on Resend Verification Email.
How to Enable 2-Factor Authentication(2FA) on WazirX
Enabling 2FA provides an additional layer of security to your account. WazirX uses SMS-based 2FA by default but if you want to use an app like Google Authenticator, WazirX supports that too.
Step 1
Log in to your WazirX account and click on Profile at the top-right. Then, go to Account Settings. After that, click on Two Factor Authentication and select Authenticator App.
Step 2
You will receive a One Time Password(OTP) via SMS/Email. Click on Next when you get it.
Step 3
Download and install Google Authenticator or any other authenticator app on your phone. Open the app and click on the ‘+’ sign to add a new account. You can either scan the WazirX barcode or manually enter the Recovery Code displayed on your desktop screen.
Step 4
Next, enter the OTP as shown on your Authenticator app. After that, keep your recovery code in a safe and secure place. This recovery code will be crucial to recovering your WazirX account if you lose or change your phone.
Step 5
In the final step, a confirmation e-mail will be sent to your e-mail address. Open the e-mail in your inbox and click on the Approve 2FA Request button to complete the process.
How to Verify KYC on WazirX
It is compulsory to get your KYC verified to access all the services offered by WazirX. Unless you do so, you will only be able to deposit cryptocurrencies in your account and trade with them.
Step 1
Log in to your WazirX account and go to Account Settings. There click on Verify KYC. Next, you have to select your country from the dropdown menu and then click on Complete KYC.
Step 2
Now, you have to enter your ID details such as name, date of birth and address. Make sure that the name you enter on the website is exactly the same as recorded in your KYC documents.
Step 3
Next, enter your Date of Birth in DD/MM/YYYY format. This should also be the same as the ID documents you are going to upload for verification.
Step 4
Enter the same address as is written on your ID. Make sure to enter the address, city, state and PIN Code in their requisite boxes.
Step 5
You can now upload the necessary ID documents for verification. If you’re an Indian national, this would be your Permanent Account Number(PAN) card and your Aadhar card.
While the Aadhar card is optional and you can use your passport or driving license in lieu of it, the PAN card is compulsory.
Step 6
Upload high-quality and clear images of your documents. All the details including your name and photo should be clearly visible. While you can upload a PDF file, PNG or JPG formats are preferred.
Also, you have to upload only the front side of your PAN card but both the front and back side of your Aadhar card.
Step 7
In the final step, click on Capture to take a selfie. Take the picture in a room with good lighting and without anything obscuring like glasses or hats obscuring your face. Review all the information including the entered Aadhar number once and click on Submit for Verification once you’re satisfied.
While your KYC would be verified within minutes generally, it can take up to 2-3 business days in case of signup volume. Either way, you will receive a confirmation email once your KYC is verified.
Conclusion
Cryptocurrency exchanges are ubiquitous these days for most cryptocurrency traders. WazirX is one such exchange. It has a lot to offer to its customers but you need to have an account to access those features. Signing up for WazirX is a very easy process and should not take more than a few minutes if you follow the steps given above.