Now you can use direct deposit and withdrawals on WazirX.
We are making things more instant, with the new Binance <> WazirX integration you can move money faster to and from Binance market.
Topic: Binance acquires Wazirx to offer Fiat to Crypto Gateway (Read 492 times)
~~
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.
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.
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.
I can spare hours, if it protects my privacy.
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.
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.
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.
I can spare hours, if it protects my privacy.
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.
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.
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 
. 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?
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.Anyone tried yet? Made a deposit?
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:
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.
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:
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.
- 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 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]
- 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 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:
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.
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.Anyone tried yet? Made a deposit?
So, now, effectively we have two Binance partners in India...
1. BitBNS
2. WazirX
On a different note, there is something in this Binance+WazirX story, that makes me sad. Both Binance and WazirX faced similar obstacle in their own country. Binance moved out of China and became world leader, while WazirX got sold to Binance.
Is this a partnership between WazirX or they sold it to Binance ?, i have not traded with BitBNS after they changed their model and how is the liquidity and is it also a P2P exchange.1. BitBNS
2. WazirX
On a different note, there is something in this Binance+WazirX story, that makes me sad. Both Binance and WazirX faced similar obstacle in their own country. Binance moved out of China and became world leader, while WazirX got sold to Binance.
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. 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?
Anyone tried yet? Made a deposit?
That's a good news but a bit weird though because the news I heard was that crypto is banned in India. I have seen few threads here in the forum about the government of India not allowing cryptocurrency but this news contradicts them. And surprisingly they do have an exchange there. Articles these days seem really not quite truthful to what they publish.
Congrats to binance and wazirx.com
FUD is abundant in Indian Crypto space. Have a look at this thread to check the ground reality - FAQs Regarding Bitcoin's Status in India | Newbie's guide.
That's a good news but a bit weird though because the news I heard was that crypto is banned in India. I have seen few threads here in the forum about the government of India not allowing cryptocurrency but this news contradicts them. And surprisingly they do have an exchange there. Articles these days seem really not quite truthful to what they publish.
Congrats to binance and wazirx.com
It's a great news for Indian crypto community. Binance can make great influence. But things are quite interesting because of the laws on crypto in India.
But I'm wondering how the payment system will work? Bank will not associate with these things since rules are much strict here.
Can someone confirm what payment gateway will Binance work with to procedure payment with INR?
But I'm wondering how the payment system will work? Bank will not associate with these things since rules are much strict here.
Can someone confirm what payment gateway will Binance work with to procedure payment with INR?
I just re-read the whole announcement today and observed that Binance has indeed taken over WazirX and BNB is now available on WazirX.
I digged up a little more and found out that not only WazirX but binance has acquired the below two as well taking over multiple fiat gateways.
Binance Opens Turkish lira (TRY) Fiat Gateway Through Papara
Binance Opens Ukrainian hryvnia (UAH) Fiat Gateway Through Advcash
and the well known
Binance Opens Indian Rupee (INR) Fiat Gateway Through WazirX
Seems like Binance is up for something big. While WazirX was completely safe as it was truly p2p platform, Binance will facilitate payments through the same medium. So in that point of view, it's still feasible to continue using the platform.
P.S: China or India ka toh pehle se lafda chal raha hai. Abhi humare KYC details bhi unke paas pahoch jaaege.
Stay safe and think wise before doing anything.
I digged up a little more and found out that not only WazirX but binance has acquired the below two as well taking over multiple fiat gateways.
Binance Opens Turkish lira (TRY) Fiat Gateway Through Papara
Binance Opens Ukrainian hryvnia (UAH) Fiat Gateway Through Advcash
and the well known
Binance Opens Indian Rupee (INR) Fiat Gateway Through WazirX
Seems like Binance is up for something big. While WazirX was completely safe as it was truly p2p platform, Binance will facilitate payments through the same medium. So in that point of view, it's still feasible to continue using the platform.
P.S: China or India ka toh pehle se lafda chal raha hai. Abhi humare KYC details bhi unke paas pahoch jaaege.
Stay safe and think wise before doing anything.
Starting Nov 25, Indians can buy and sell crypto from Binance with fiat (INR). As of now it's limited to purchasing Tether as in Indian exchanges.
Source: https://twitter.com/binance/status/1197356466463629312?s=19
What are your thoughts?
I see nothing big here apart from the fact that Binance suddenly jumped into Indian Market. I think most Indian exchanges will suffer because of this entry.
Quote
#Binance Acquires India’s Leading Digital Asset Platform @WazirXIndia to Launch Multiple Fiat-to-Crypto Gateways
https://www.binance.com/en/blog/404105749895733248/Binance-Acquires-Indias-Leading-Digital-Asset-Platform-WazirX-to-Launch-Multiple-FiattoCrypto-Gateways
https://www.binance.com/en/blog/404105749895733248/Binance-Acquires-Indias-Leading-Digital-Asset-Platform-WazirX-to-Launch-Multiple-FiattoCrypto-Gateways
Source: https://twitter.com/binance/status/1197356466463629312?s=19
What are your thoughts?
I see nothing big here apart from the fact that Binance suddenly jumped into Indian Market. I think most Indian exchanges will suffer because of this entry.
The Indian crypto users expecting this kind of development need to happen more because after RBI ban crypto exchanges in India there no many developments happened. but now binance going to acquires Indias leading crypto exchange wazirX maybe it will give more positive way for other upcoming crypto services in India.
Starting Nov 25, Indians can buy and sell crypto from Binance with fiat (INR). As of now it's limited to purchasing Tether as in Indian exchanges.
Source: https://twitter.com/binance/status/1197356466463629312?s=19
What are your thoughts?
I see nothing big here apart from the fact that Binance suddenly jumped into Indian Market. I think most Indian exchanges will suffer because of this entry.
Quote
#Binance Acquires India’s Leading Digital Asset Platform @WazirXIndia to Launch Multiple Fiat-to-Crypto Gateways
https://www.binance.com/en/blog/404105749895733248/Binance-Acquires-Indias-Leading-Digital-Asset-Platform-WazirX-to-Launch-Multiple-FiattoCrypto-Gateways
https://www.binance.com/en/blog/404105749895733248/Binance-Acquires-Indias-Leading-Digital-Asset-Platform-WazirX-to-Launch-Multiple-FiattoCrypto-Gateways
Source: https://twitter.com/binance/status/1197356466463629312?s=19
What are your thoughts?
I see nothing big here apart from the fact that Binance suddenly jumped into Indian Market. I think most Indian exchanges will suffer because of this entry.
The Indian crypto users expecting this kind of development need to happen more because after RBI ban crypto exchanges in India there no many developments happened. but now binance going to acquires Indias leading crypto exchange wazirX maybe it will give more positive way for other upcoming crypto services in India.
Jump to: