WazirX is a popular Indian crypto exchange where you can buy Bitcoin and over 100 cryptocurrencies in INR through UPI / IMPS payment methods. You can also transfer money from WazirX to your bank account.
The WazirX app on Android also has many other features including TradingView, advanced chart trading, and Stop-Limit orders.
Since you already know what you are doing on WazirX, here is a guide on how you can convert cryptocurrency to fiat money (INR) and then transfer it to your bank account:
As WazirX offers instant INR withdrawal of funds 24/7, you can transfer the money at any time. Since you already have the money in INR value in your wallet, open the WazirX app and click on the “Funds” tab.
If you haven’t converted your cryptocurrency to INR, you’ll need it first to continue.
Here you will see your ‘total portfolio value’ which means how much you have in INR. If you don’t have your money in the form of INR, you will first need to convert it to INR by selling it. After your order is placed and placed, the total value of the wallet will increase (by 0) depending on the value at which you sold the cryptocurrency.
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Then click on INR and you will now see two options at the bottom including ‘Withdrawal’ and ‘Deposit’.
Click on ‘Withdraw’ and wait for the withdrawal methods to load.
Once these are loaded there will be two options – NEFT and Instant. Both have a minimum withdrawal limit of Rs 1,000. While instant withdrawal incurs a fee of Rs 10 per transaction and a maximum transaction amount limit of Rs 5 lakhs, the NEFT withdrawal incurs a fee of Rs 5 and a Maximum transaction limit amount of Rs 50 lakhs. In addition, NEFT withdrawals take some time (around 30 minutes to a few hours) to process. On the other hand, instant withdrawals, as the name suggests, are processed within seconds.
Once you click on one of the modes, you will need to enter your bank details. In addition, enter the amount you want to transfer with the remarks. Then click on the red Remove button.
Before signing up, remember that if you withdraw your crypto assets then you will need to pay taxes on your profits. As of now, crypto currently exists in a legal gray area in India, investing in this asset is not outside the scope of taxes.