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Author Topic: Binance acquires Wazirx to offer Fiat to Crypto Gateway  (Read 243 times)
webtricks
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November 27, 2019, 07:05:59 PM
Merited by Heisenberg_Hunter (2), Clement Kaliyar (1), akhjob (1), RapTarX (1)
 #21

I tried the new 'Buy Crypto' feature of Binance and following are my observations:

1. KYC Process - KYC Process was smooth and instant. I submitted my Driving Licence and Selfie and that was all. Unlike some stringent KYC norms (which also ask for utility bills to verify address), it was relatively less strict. Once documents were submitted, Binance used netverify AI to access the authenticity of documents. I don't know how reliable these AIs are but I received the documents verified and KYC successful e-mail just 2 minutes after submitting documents.

2. Buying Crypto - You can select INR from drop-down and the minimum amount to buy is ₹1000. Binance uses Simplex and Koinal services to allow the trade between INR and BTC. Simplex and Koinal are global forex services which allow crypto-purchases from VISA/Mastercard Debit/Credit Card. These services charge 2.5% over-the-top fees and also inflate buy price by 2-3% so current Buy price will be something around $7700 - 7800. Also minimum INR purchase is ₹4000 on these services so ₹1000 which is set by Binance becomes irrelevant in final step.

3. Selling Crypto - It is not possible to sell cryptos for INR on Binance at the moment.

My feedback: I won't recommend to use Buy Crypto option on Binance due to following reason:
  • Risk: It is always risky to buy crypto directly from corporation since RBI issued ban on banking services to crypto businesses. Although it's a kind of indirect purchase but still international transaction and on top of that for crypto purchase, banking software may mark that as suspecting transaction and bank may freeze your account.
  • Fees: So first they charge crypto purchasing fees which is 2.5%. Then they inflate Bitcoin price by 2-3%. Third, they charge INR to USD conversion fees. It becomes very expensive as compared to P2P option.

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November 28, 2019, 05:20:22 PM
 #22

    • Fees: So first they charge crypto purchasing fees which is 2.5%. Then they inflate Bitcoin price by 2-3%. Third, they charge INR to USD conversion fees. It becomes very expensive as compared to P2P option.
    So the fees will kill you if you are making frequent purchase, when there is a collaboration i thought it would help people but now they have an inflated price for bitcoin and then there is conversion charges which sucks big time and they have a fees of 2.5% on top of everything, i will pass this offer and will trade in P2P rather than spending all the money in fees.

     
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    November 28, 2019, 05:40:57 PM
    Merited by Heisenberg_Hunter (1)
     #23

      • Fees: So first they charge crypto purchasing fees which is 2.5%. Then they inflate Bitcoin price by 2-3%. Third, they charge INR to USD conversion fees. It becomes very expensive as compared to P2P option.
      So the fees will kill you if you are making frequent purchase, when there is a collaboration i thought it would help people but now they have an inflated price for bitcoin and then there is conversion charges which sucks big time and they have a fees of 2.5% on top of everything, i will pass this offer and will trade in P2P rather than spending all the money in fees.

      I don't think what we see in 'Buy Crypto' is the result of collaboration between WazirX and Binance. This maybe alternative arrangement from Binance to enter Indian market as WazirX is no where involved in this method. We may soon see WazirX on Binance and it would be most likely in the form of P2P or Customer-to-customer (in Binance vocabulary). WazirX often boasts about its unique P2P matching algorithm for Indian market. This maybe the most prominent factor that lured Binance in acquiring WazirX.

      Most probably, we will see WazirX on Binance soon in this page:
      https://c2c.binance.com/en

      Currently it is only open for China. But most probably WazirX and Binance are currently working to open this app for Indians soon. If this happens then it would be very beneficiary for Indian users as conversion fees will reduce considerable since crypto-to-crypto conversion in currently expensive on WazirX due to low volume. [/list]

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      November 29, 2019, 01:03:08 PM
       #24

      I tried the new 'Buy Crypto' feature of Binance and following are my observations:

      1. KYC Process - KYC Process was smooth and instant. I submitted my Driving Licence and Selfie and that was all. Unlike some stringent KYC norms (which also ask for utility bills to verify address), it was relatively less strict. Once documents were submitted, Binance used netverify AI to access the authenticity of documents. I don't know how reliable these AIs are but I received the documents verified and KYC successful e-mail just 2 minutes after submitting documents.

      2. Buying Crypto - You can select INR from drop-down and the minimum amount to buy is ₹1000. Binance uses Simplex and Koinal services to allow the trade between INR and BTC. Simplex and Koinal are global forex services which allow crypto-purchases from VISA/Mastercard Debit/Credit Card. These services charge 2.5% over-the-top fees and also inflate buy price by 2-3% so current Buy price will be something around $7700 - 7800. Also minimum INR purchase is ₹4000 on these services so ₹1000 which is set by Binance becomes irrelevant in final step.

      3. Selling Crypto - It is not possible to sell cryptos for INR on Binance at the moment.

      My feedback: I won't recommend to use Buy Crypto option on Binance due to following reason:
      • Risk: It is always risky to buy crypto directly from corporation since RBI issued ban on banking services to crypto businesses. Although it's a kind of indirect purchase but still international transaction and on top of that for crypto purchase, banking software may mark that as suspecting transaction and bank may freeze your account.
      • Fees: So first they charge crypto purchasing fees which is 2.5%. Then they inflate Bitcoin price by 2-3%. Third, they charge INR to USD conversion fees. It becomes very expensive as compared to P2P option.

      I don't get why Binance even started accepting deposits in INR when they are aware of the current situation in India. People could risk getting their bank accounts frozen.

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      November 29, 2019, 01:43:38 PM
       #25

      So, I tried to buy Bitcoin from Binance via the new payment gateway. Looks like we have to complete KYC(personal ID and Facial ID) in Binance to make an INR deposit. So, I stopped right there. Didn't want to go through another KYC
      Anyone tried yet? Made a deposit?
      So, I tried to buy Bitcoin from Binance via the new payment gateway. Looks like we have to complete KYC(personal ID and Facial ID) in Binance to make an INR deposit. So, I stopped right there. Didn't want to go through another KYC
      Anyone tried yet? Made a deposit?
      If you complete the KYC is it possible to send money through your bank account, not sure how that works, or we will there be a conversion charges and other transaction charges, i would like to have some clarity before trying.
      Actually, I was also looking for the same answer, that's why I made a try to deposit some INR. But when it asked for KYC, I stopped :/ It would nice to know if someone who have already completed KYC in Binance and the new payment gateway.
      I tried the new 'Buy Crypto' feature of Binance and following are my observations:

      1. KYC Process - KYC Process was smooth and instant. I submitted my Driving Licence and Selfie and that was all. Unlike some stringent KYC norms (which also ask for utility bills to verify address), it was relatively less strict. Once documents were submitted, Binance used netverify AI to access the authenticity of documents. I don't know how reliable these AIs are but I received the documents verified and KYC successful e-mail just 2 minutes after submitting documents.

      2. Buying Crypto - You can select INR from drop-down and the minimum amount to buy is ₹1000. Binance uses Simplex and Koinal services to allow the trade between INR and BTC. Simplex and Koinal are global forex services which allow crypto-purchases from VISA/Mastercard Debit/Credit Card. These services charge 2.5% over-the-top fees and also inflate buy price by 2-3% so current Buy price will be something around $7700 - 7800. Also minimum INR purchase is ₹4000 on these services so ₹1000 which is set by Binance becomes irrelevant in final step.

      3. Selling Crypto - It is not possible to sell cryptos for INR on Binance at the moment.

      My feedback: I won't recommend to use Buy Crypto option on Binance due to following reason:
      • Risk: It is always risky to buy crypto directly from corporation since RBI issued ban on banking services to crypto businesses. Although it's a kind of indirect purchase but still international transaction and on top of that for crypto purchase, banking software may mark that as suspecting transaction and bank may freeze your account.
      • Fees: So first they charge crypto purchasing fees which is 2.5%. Then they inflate Bitcoin price by 2-3%. Third, they charge INR to USD conversion fees. It becomes very expensive as compared to P2P option.

      Why do you guys wanna indulge yourself in such a hassle and risk of undergoing the KYC process. Let me give you guys a better alternative.
      It's probably a good solution for anybody who has been using WazirX for a while.

      Step 1 : Buy USDT on WazirX using P2P by depositing INR to the person's account.
      Step 2 : Exchange the USDT to BNB (Yes, BNB is listed on WazirX now)
      Step 3 : Send the BNB to Binance exchange and exchange for whichever coin you want.

      P.S : BNB deposits/withdrawals are currently disabled but will be enabled soon so we will have to wait until the time being for the above solution to work.



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      November 29, 2019, 03:12:55 PM
       #26

      I don't get why Binance even started accepting deposits in INR when they are aware of the current situation in India. People could risk getting their bank accounts frozen.
      Binance always like to come up with controversial things in the market and that is their marketing strategy, they are notorious for that and the announcement of entering Chinese market made many headlines and there were many heat coming against them but when they announced in India i did not see much hype and media coverage regarding that, they just targeted the two largest populated countries in the world, China and India Cheesy .

       
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      akhjob
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      November 29, 2019, 04:15:14 PM
       #27

      Why do you guys wanna indulge yourself in such a hassle and risk of undergoing the KYC process. Let me give you guys a better alternative.
      It's probably a good solution for anybody who has been using WazirX for a while.

      Step 1 : Buy USDT on WazirX using P2P by depositing INR to the person's account.
      Step 2 : Exchange the USDT to BNB (Yes, BNB is listed on WazirX now)
      Step 3 : Send the BNB to Binance exchange and exchange for whichever coin you want.

      P.S : BNB deposits/withdrawals are currently disabled but will be enabled soon so we will have to wait until the time being for the above solution to work.

      So that we could skip Steps 2 and 3 in your alternative method.
      When P2P will be implemented in Binance, it will be better to use Binance than WazirX if you don't worry much about KYC.

      pawanjain
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      November 30, 2019, 06:00:34 AM
       #28

      Why do you guys wanna indulge yourself in such a hassle and risk of undergoing the KYC process. Let me give you guys a better alternative.
      It's probably a good solution for anybody who has been using WazirX for a while.

      Step 1 : Buy USDT on WazirX using P2P by depositing INR to the person's account.
      Step 2 : Exchange the USDT to BNB (Yes, BNB is listed on WazirX now)
      Step 3 : Send the BNB to Binance exchange and exchange for whichever coin you want.

      P.S : BNB deposits/withdrawals are currently disabled but will be enabled soon so we will have to wait until the time being for the above solution to work.

      So that we could skip Steps 2 and 3 in your alternative method.
      When P2P will be implemented in Binance, it will be better to use Binance than WazirX if you don't worry much about KYC.
      Haha. You seem like a lazy person (no offence). Compromising a few minutes to safeguard your identity should be the primary goal of an individual.
      I can spare hours, if it protects my privacy.



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      November 30, 2019, 06:19:28 AM
       #29

      Why do you guys wanna indulge yourself in such a hassle and risk of undergoing the KYC process. Let me give you guys a better alternative.
      It's probably a good solution for anybody who has been using WazirX for a while.

      Step 1 : Buy USDT on WazirX using P2P by depositing INR to the person's account.
      Step 2 : Exchange the USDT to BNB (Yes, BNB is listed on WazirX now)
      Step 3 : Send the BNB to Binance exchange and exchange for whichever coin you want.

      P.S : BNB deposits/withdrawals are currently disabled but will be enabled soon so we will have to wait until the time being for the above solution to work.

      So that we could skip Steps 2 and 3 in your alternative method.
      When P2P will be implemented in Binance, it will be better to use Binance than WazirX if you don't worry much about KYC.
      Haha. You seem like a lazy person (no offence). Compromising a few minutes to safeguard your identity should be the primary goal of an individual.
      I can spare hours, if it protects my privacy.
      Yeah I'm am a lazy guy  Wink But you claim as if you don't have to complete KYC for using WazirX.
      In the past I have done KYC in Koinex, Bitbns and Giottus and I regret it. Now I'm not into any centralised exchanges, only use P2P and DEXs. But I always keep an eye on centralised exchanges because they are responsible for mass adoption.

      webtricks
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      November 30, 2019, 07:09:50 AM
       #30

      ~~
      Haha. You seem like a lazy person (no offence). Compromising a few minutes to safeguard your identity should be the primary goal of an individual.
      I can spare hours, if it protects my privacy.

      WazirX also requires KYC to be complied with before buying/selling cryptocurrencies. Moreover, user can only use bank account and name which is verified in KYC for buying/selling.
      The main benefit we gonna get on Binance is of volume. WazirX has very low volume, therefore, the difference between buy and sell price is big. In most of the cases, I am either forced to sell at lower prices or it takes ages for my order to get cleared. So now I send money on some other Exchange first, sell crypto for USDT and then send USDT to WazirX. This process costs around ₹150-300 extra and more importantly additional 1-2 hours of trouble.
      And for record, I trust Binance more than WazirX.

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