- Trying to deposit a non-supported token may result in the loss of tokens.
- Send a small test amount first
- Beware when choosing the network which you want to use for sending crypto
How to connect your Binance to Wazirx
Wazirx is an Indian exchange that people could turn their local currency into crypto. It also has a connection with Binance as well, which makes it easier for people to move money between Binance and Wazirx.
After you click that button, you will be redirected to Wazirx. Here you can log in to your Binance account via Wazirx and connect them together. You can also log in to Wazirx using your Binance account alone if you prefer to do it that way.
After you accept, a new pop-up will appear and ask you to confirm your request. Click the continue button to confirm you want to connect them together.
This will trigger the security checkpoint. Enter the verification codes that you receive from your SMS and your 2FA code and you will be verified.
How to transfer from Binance to Wazirx
Here we will see the Wazirx on the left, but this time around we are now connected, so it will show you a different screen.
On this screen, we can see that if we want to, we can send our cryptos to Wazirx whenever we want to. Pick the coin we want to send and enter the amount we want to send as well. After that, we just need to confirm and we will be done. Your money will be in your Wazirx account. The same could be done vice versa as well if we want to, you can send your cryptos from your Wazirx account to Binance using the same method.
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How much does it cost to transfer?
Since this transaction is between Binance and Wazirx, it is free of charge. Binance owns Wazirx, so it is between two websites that the same company owns. This is why you could transfer money between these two exchanges without paying a fee.
How long does the transfer take?
Near-instant. Moving your coins from one to the other is still within the same database, which results in people not spending any fees, and also it is quite quick to happen as well. It is as if you traded a coin in your Binance account, takes maybe a minute to credit, but not too much longer.
Can non-Indian people use Wazirx?
You can’t “use it”. You are allowed to open up an account, but since Wazirx is an Indian exchange, all the moves there are related to Indian laws and regulations. You can withdraw the crypto you have in Wazirx if you want to, but that is about it, anything further is disallowed for people outside of India.
Does Binance work with my national fiat as well?
Binance has connections with multiple nations. From having national different websites such as binance.us or trbinance.com but also main Binance exchange that you can withdraw using Swift or other methods. If you are not sure about your own nation, you can check Binance FAQ to see if any methods work for your nation.
Does connecting the Wazirx account give me any advantages?
Aside from competitions from time to time which Binance itself also has, having a Wazirx account doesn’t give people extra incentives. It is only viable for Indian users to withdraw their crypto into fiat and into their bank accounts. Same for their fiat from bank accounts to Wazirx account to crypto into Binance. That is all it helps for and no one outside of India misses out on anything by not connecting their accounts there.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com