Hey! India- Sign up for WazirX and enjoy crypto trading even after 5th of July

Good news for all the Indians as they can continue their crypto transactions even after 5th of July. After 5th of July, Indians banks wouldn’t be honouring the transactions of crypto exachanges as per the RBI’s guidelines and for that reason all the Indian crypto exchanges are closing their deposit and withdrawal of INR.
It feels quite good to even think of the thought of free crypto trading in India and WazirX is trying to make this dream come true by introducing online peer to peer crypto transactions in India. It is a great step towards encouraging the crypto traders from India.

Till now, what I have read and heard about WazirX, it is quite relieving. Since, after 5th July Indians would not be able to move in or move out of crypto markets through banks. Introduction of peer to peer crypto transactions and too without much risk of frauds in the process would be quite helpful. Indians wouldn’t have to worry for trading their cryptos with INR after the ban. Although the prices are little bit high from international markets, but I think as trading volume increases on the WazirX market the prices will come to the international prices.

Team of WazirX seems to be legit, as their company based on Mumbai, and they have revealed the name of the owners. they have fully enabled website with help and support facilities.

How does it work?

WazirX is more like eBay where sellers and buyers of crypto meet with an exception that the cryptos are hold by WazirX till the time money get transferred from buyer’s account to seller’s account.

Let me explain you in more detail. In a trade, there’s always a buyer and a seller involved. In P2P, the buyer and seller can deal with each other directly while WazirX acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other. Here’s how it works:

1. WazirX connects the person looking to buy crypto for INR with someone who’s looking to sell crypto for INR
2. The seller deposits the crypto with WazirX
3. WazirX escrows the crypto for safekeeping during the transaction
4. The buyer pays INR to the seller
5. WazirX releases the crypto to the buyer as soon we get a confirmation from the seller.

I had signed up today morning and they had confirmed my KYC in no time. These guys are super fast. The peer to peer transactions will open only after 5th of July. There is one more interesting part of this exchange is that it is also offering free WRX coins on every sign up and more coins on your evey signed up you refer.

I am really excited to do my first peer to peer transaction on WazirX and I think you should also check it out. Here is the link

Pictures reference: https://wazirx.com

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