Can we directly deposit INR to Binance? The answer is NO. So how can we trade in INR using one of the most popular crypto exchanges? This step-by-step guide will help you to transfer INR to your Binance account using the WazirX with ease.
Table of Contents
- Binance is a crypto exchange that allows users to trade digital currencies online. Further, it accepts the majority of the most widely traded cryptocurrencies.
- WazirX is the most popular Bitcoin and cryptocurrency exchange in India.
- Binance purchased WazirX in November of 2019. The Binance-WazirX advantage was born as a result of this.
- Indian users can now buy any cryptocurrency on Binance using INR.
What is Binance?
Binance exchange is the world’s largest crypto exchange in terms of daily cryptocurrency trading volume. Binance supports the majority of cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own Binance Coin (BNB). It offers people in India an easy-to-use platform for purchasing cryptocurrencies in Indian rupees. The Binance exchange has low transaction fees and high liquidity. To create an account and buy Bitcoin, you can read our detailed Binance review.
Also, read How to buy Bitcoin on Binance?
What is WazirX?
WazirX is India’s most prominent crypto exchange platform and a popular destination for Indian crypto investors. It has a rapidly rising user base, provides more than 100 cryptocurrencies to trade, including its own WRX tokens. To create an account and buy Bitcoin, you can read our detailed WazirX review.
Also, read How to buy Bitcoin on WazirX?
It’s pretty clear that you cannot deposit INR in Binance, therefore, you’ll have to deposit crypto to trade on Binance. However, Binance does support a peer-to-peer marketplace where you can buy or sell crypto with INR. If you’re skeptical about the peer-to-peer market at Binance, you can follow the alternate steps below.
Deposit INR to Binance with WazirX
Yes, transferring money between WazirX and Binance is simple once users have set up their accounts on both platforms. Binance offers a large number of cryptocurrencies on its platform. WazirX users who want to acquire more cryptocurrencies that aren’t accessible on their platform but are available on Binance can do so by connecting their Binance and WazirX accounts. In addition, users may freely move funds and cryptocurrencies between the two exchanges because Binance partly controls WazirX. To know how to transfer money from WazirX to Binance, you can read our blog: WazirX to Binance: Transfer money without a fee.
How to buy Cryptocurrency using INR from Binance?
Binance acquired WazirX in 2019 in order to make Cryptocurrency more accessible to Indians. As a result, it has made it easier for users to use their INR to buy Bitcoin and other crypto tokens on Binance. You only need to link your Binance and WazirX accounts. If you don’t have a WazirX account, you may use your Binance account to log into WazirX and transfer USDT to Binance, as well as buy/sell Bitcoin and other cryptocurrencies. To get started, please follow these steps.
- Firstly, log in to your Binance account.
- On the home page, select Wallet from the upper right corner of the page, then select WazirX.
- On the pop-up window that appears, click Connect WazirX.
- Click Login via Binance on the webpage that shows after the previous step.
- WazirX will be accessed using your Binance email address. Continue by pressing the Enter key.
Existing Binance users who do not have a WazirX account can log in via Binance by visiting Binance – WazirX Wallet connect.
Now Buy any cryptocurrency on Binance via WazirX USDT fund transfer.
Follow the Steps Below:
- Log in to your WazirX account using the steps outlined above.
- Buy USDT coins with Indian rupees on WazirX, to learn how, watch the video below.
- After you’ve purchased USDT, go to Funds and select “Transfer Funds to Binance.”
- Choose USDT and enter the amount you want to transfer in USDT. Confirm the transfer by clicking “Transfer to Binance”
- Finish the transfer by completing your WazirX 2FA Authentication.
- Fund your Binance account with USDT. Then use that USDT to purchase Bitcoin and other cryptocurrencies of your choice.
That’s all it takes to buy Cryptocurrency with your Binance account in INR in India. It’s simple and quick to do.
The method of transferring INR via WazirX to Binance is simple. Furthermore, because Binance acquired WazirX, the process is much easier than moving money from any other exchange. Therefore, users who want to trade in large volumes and pay minimal transaction fees could transfer their funds to Binance, one of the cheapest exchanges.