The most important decision to make when planning to start trading in cryptocurrencies is choosing the right exchange. It’s critical that the exchange you choose ensures the safety of your investment and has a simple and straightforward process. WazirX, for example, is an online cryptocurrency exchange that’s focused on protecting investor interests and enhancing their online transaction experience. Whether you are a seasoned trader or beginner, the WazirX exchange provides a smooth interface.

Creating an account on the exchange and the processes thereafter can also be intimidating. But some exchanges make this easy. For instance, to create your account on WazirX, all you need to do is visit its website and complete the know-your-customer (KYC) process. Once your account is up and running, you can add funds and start making investments in different cryptocurrencies.

Adding funds to the WazirX account is also quite easy. You can either deposit money directly from your bank account or add money using the MobiKwik app on your smartphone. And in case you run into any trouble along the way, you can refer to the simple 3-step ready reckoner given below to conveniently add funds to the account:

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Step 1:

The first thing you need to do is link your preferred mode of payment to your WazirX account. To do this, simply head to the ‘account settings’ tab on the website or mobile app and click on ‘payment options’.

You will be redirected to a page where you will need to fill in your bank details (in case you wish to do a bank transfer) or input your details (if you wish to make the deposit through MobiKwik).

Once you have entered all the required information, click on submit. WazirX will take a few moments to verify the details you have provided before adding the payment method to your account.

Similarly, if you wish to make the deposit using MobiKwik, you can link your MobiKwik account to your WazirX account and get it verified. The verification will help WazirX to ensure that users enjoy seamless online transactions.

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A nominal fee may be charged for making deposits in the account. This is because the crypto exchange uses payment processors to help you transfer money to the account in an instant.

Step 2:

Now that you have added a payment method, you can use it to transfer money to your WazirX account. To do this, you need to look up the ‘funds’ tab on the WazirX website or mobile app. Then select ‘INR’ as the currency, enter the amount you wish to add and hit the submit button. You will then be prompted to select your preferred payment option.

If you prefer to make a bank transfer, click on Instant Deposit (Net Banking). Alternatively, if you wish to make the deposit using your MobiKwik account, click on Instant Deposit (Wallet Transfer).

If you choose to go with net banking, you will be redirected to your bank’s net banking website where you will need to log in and complete the transaction. On the other hand, if you proceed with your MobiKwik wallet, a payment request will be sent to the digital wallet of your choice. You can then accept the request and proceed with the transaction. Do remember to have enough funds in your digital wallet to make the payment.

Step 3:

Wait for your funds to show up in your WazirX account. Most transactions on the WazirX platform are completed within one hour. Nonetheless, sometimes it may take up to 24 hours for the funds to show up in your trading account.

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Points to keep in mind:

The name of the bank account holder must match the name of the WazirX account holder for the payment method to be verified. You can also link a joint account to make the deposit.

You require a minimum of Rs 100 to make a deposit to your WazirX account. If you choose net banking, you can deposit a maximum of Rs 4,99,000 per transaction.

WazirX allows you to link multiple bank accounts to the WazirX account. Thus, you enjoy greater flexibility while making a deposit.

Every new payment method you add will need to be verified by WazirX before you can use it to make a deposit.

WazirX currently has more than 10 million users, making it a prominent name in the crypto market in India. You can visit the WazirX website or download its mobile app to learn more about cryptocurrencies and trading in them.

(Edited by : Priyanka Deshpande)

First Published:Jan 27, 2022 6:57 PM IST