Binance finally integrated WazirX P2P (How good is it?)

[webtricks]

Hello guys,

So this morning I received a mail from Binance stating that they finally integrated much-awaited WazirX P2P on their site. Now it was time to test what benefits we gonna get from this hot acquisition.

So first step is to connect WazirX account with Binance account. This step is quite simple, you just have to click 'WazirX Wallet' from 'Wallet' dropdown in the menu like this image below:



Then you will be redirected to WazirX website. Here you will be asked to login with your Binance account. But since you are already logged in with Binance, you just have to click proceed and enter WazirX 2FA authentication code if you set any. That's it. First step is done.

Next step involves sending USDT from Binance to WazirX. Once again, click 'WazirX Wallet' from the menu and you will redirected to a form. You just have to mention the amount of USDT you want to send to WazirX then fill 2FA code if any and finally confirm withdrawal request email confirmation.

Here comes the magic part. You will receive exact USDT as you requested in a fraction of second (almost immediately) in your WazirX account.

So the biggest takeaway from this integration is that now we Indians can sell range of cryptos with high liquidity on Binance and then send the USD to WazirX at zero fees almost immediately where we can finally convert USDT to INR at good rates.

[Rohan Kotkar]

Hello guys,

So this morning I received a mail from Binance stating that they finally integrated much-awaited WazirX P2P on their site. Now it was time to test what benefits we gonna get from this hot acquisition.

So first step is to connect WazirX account with Binance account. This step is quite simple, you just have to click 'WazirX Wallet' from 'Wallet' dropdown in the menu like this image below:



Then you will be redirected to WazirX website. Here you will be asked to login with your Binance account. But since you are already logged in with Binance, you just have to click proceed and enter WazirX 2FA authentication code if you set any. That's it. First step is done.

Next step involves sending USDT from Binance to WazirX. Once again, click 'WazirX Wallet' from the menu and you will redirected to a form. You just have to mention the amount of USDT you want to send to WazirX then fill 2FA code if any and finally confirm withdrawal request email confirmation.

Here comes the magic part. You will receive exact USDT as you requested in a fraction of second (almost immediately) in your WazirX account.

So the biggest takeaway from this integration is that now we Indians can sell range of cryptos with high liquidity on Binance and then send the USD to WazirX at zero fees almost immediately where we can finally convert USDT to INR at good rates.

That would really be much good for us Indians. Also I am sure this would pump the price for WRX to a greater extend and perhaps it might even compare with BNB in approaching future. Wazirx is a great platform and it is really great in hearing that even one of the top exchange, binance is now integrating with wazirx.

This for sure is a proud moment for us INDIANS. Indians have huge potential and this proves it. We can achieve great heights in future. I won't hesitate in calling myself a proud citizen of INDIA.

[avikz]

The first part is really good for Indians. Binance is a hugh liquidity exchange so I don't see issues there. But I am actually worried about the second part of the story.

I am not sure how my bank will react if I receive a credit from a known crypto exchange!! There has been reports that SBI and Axis bank has freezed few accounts in suspicion of crypto tie. That area needs to be clarified first!

Edit: I was so worried about Indian legislation around cryptos, I have never explored any Indian exchange for my trading needs. Now I realize Wazirx also added a p2p trading functionality which splendidly answered my doubt! It's a great progress indeed!

[akhjob]

The first part is really good for Indians. Binance is a hugh liquidity exchange so I don't see issues there. But I am actually worried about the second part of the story.

I am not sure how my bank will react if I receive a credit from a known crypto exchange!! There has been reports that SBI and Axis bank has freezed few accounts in suspicion of crypto tie. That area needs to be clarified first!

You are not going to get credited INR from a Crypto Exchange. Converting USDT to INR and viceversa is still based on P2P matching in WazirX.

[chennappa121]

Just now i connected my binance account to wazirx account it has done smoothly without any problem now i can use P2p platform through binance it is going to give more value to wazirx P2p platform in coming days so better to buy wazirx tokens and hold it for long term. And i already bought some wazirx tokens i hope those tokens will give good returns for my investment.

[webtricks]

Edit: I was so worried about Indian legislation around cryptos, I have never explored any Indian exchange for my trading needs. Now I realize Wazirx also added a p2p trading functionality which splendidly answered my doubt! It's a great progress indeed!

WazirX was P2P exchange right from its inception. It never been intermediary like Zebpay. The glory came for WazirX right after Zebpay closed its operation, Unocoin had its problem with ATM stuff and Coinsecure scrapped. I wonder where would WazirX have been if these three players turned towards P2P rather than having weird ending.

Just now i connected my binance account to wazirx account it has done smoothly without any problem now i can use P2p platform through binance it is going to give more value to wazirx P2p platform in coming days so better to buy wazirx tokens and hold it for long term. And i already bought some wazirx tokens i hope those tokens will give good returns for my investment.

I also tried to buy WRX tokens during IEO but my bad luck, I wasn't allotted any in final distribution. The IEO price was just $0.02 and WRX reached $0.16 after 4 days. Seriously! Coin has great potential especially because WazirX locked the supply of 110M WRX distributed to WazirX users as airdrops for trading.

[eaLiTy]

WazirX was P2P exchange right from its inception. It never been intermediary like Zebpay. The glory came for WazirX right after Zebpay closed its operation, Unocoin had its problem with ATM stuff and Coinsecure scrapped. I wonder where would WazirX have been if these three players turned towards P2P rather than having weird ending.

Wazirx had their time when the major exchanges like Unocoin Zebpay and Coinsecure shut their doors and i am glad that they came up with their P2P version and that is how they became successful. When all the exchanges shut down i remember using neteller and their charges were really high i mean ridiculously high around or over 20k INR for a few lakh and it took a week to reach my account.

I also tried to buy WRX tokens during IEO but my bad luck, I wasn't allotted any in final distribution. The IEO price was just $0.02 and WRX reached $0.16 after 4 days. Seriously! Coin has great potential especially because WazirX locked the supply of 110M WRX distributed to WazirX users as airdrops for trading.

Unfortunately i sold the tokens they released on the first day and i am still having 5000 plus tokens locked in my account and i got many proposals from random people telling me to help me unlock the coins, i am yet to understand how to unlock those coins.

[webtricks]

I also tried to buy WRX tokens during IEO but my bad luck, I wasn't allotted any in final distribution. The IEO price was just $0.02 and WRX reached $0.16 after 4 days. Seriously! Coin has great potential especially because WazirX locked the supply of 110M WRX distributed to WazirX users as airdrops for trading.

Unfortunately i sold the tokens they released on the first day and i am still having 5000 plus tokens locked in my account and i got many proposals from random people telling me to help me unlock the coins, i am yet to understand how to unlock those coins.

They most probably trying to scam you account. WazirX have very specific plan for unlocking whole tokens. If I write briefly, this is how they planned to unlock WRX tokens distributed as airdrop:

10%: Unlocked immediately and can be traded on WazirX and Binance.
30%: Will be unlocked in February but are not tradeable. You can only use these 30% tokens to pay for exchange fees on WazirX platform.
30%: Will be unlocked in 24 equal halves starting from 31st May 2020. So you will receive 1.25% of the tokens every month for 2 years until 30th April 2022.
30%: This portion will be unlocked based on the trading volume on WazirX. So for example, you traded $1000 worth of cryptocurrencies on WazirX, this will unlock 100 WRX tokens which will be paid to you in 8 parts each at the end of quarter starting from 31st May, 2020.

For complete details, check this medium article: https://medium.com/wazirx/wrx-release-schedule-sign-up-bonus-update-86cb48a3a2ec

[aashishsharma]

This is indeed great for Indian Crypto Community but I just bought around 167 WRX and while taking a look at Withdrawal fees for these coins, if was 50 WRX. Don't you think they are charging a large fees for withdrawal ?

The overall fees for most of their coins is too large.