This quick guide explains how to convert your Bitcoin to cash in India using WazirX, a reputable cryptocurrency exchange in India. Check out our more in depth article on cryptocurrency exchanges available in India.

Prerequisites

WazirX Account

Download the WazirX app and register for an account. This involves providing personal details like name, email address, and phone number.

KYC Verification

To unlock full functionality on WazirX, including withdrawals, you must complete KYC verification. This process requires submitting government-issued identification documents like:

• PAN Card: A mandatory document issued by the Indian Income Tax Department for tax purposes.
• Aadhaar Card: A unique identification number issued by the Unique Identification Authority of India (UIDAI).
• Bank Statement or Utility Bill: Proof of address document issued by your bank or a utility provider.

Convert Bitcoin to Cash

To seamlessly convert your Bitcoin holdings into cash via WazirX, follow these step-by-step instructions for transferring, selling, and withdrawing your funds.

Transfer Bitcoin to WazirX

Once your account is verified, send your Bitcoin to your WazirX wallet address displayed on the dashboard.

Selling Options

Choose your preferred selling method:

• INR Market: Sell your Bitcoin directly for Indian rupees (INR).
• USDT Market: Sell your Bitcoin for Tether (USDT), a stablecoin pegged to the US dollar. You can then use USDT to buy other cryptocurrencies or convert it to INR.

Withdrawing INR (INR Market)

Go to the "Funds" section and enter your bank account details (account number, IFSC code, account type, and linked mobile number) and select your withdrawal method:

• Instant Withdrawal: Withdraw up to ?50,000 per transaction with a daily limit of ?5,00,000. Processing is instant, but incurs a ?30 fee.
• Standard Withdrawal: Withdraw up to ?5,00,000 per transaction with no daily limit. Processing takes 2-4 business days.

Enter the desired amount and any remarks. Carefully review and confirm the transaction.

WazirX Peer to Peer (P2P)

For potentially faster, safer and more anonymous transactions, consider WazirX P2P.

This platform facilitates direct interactions between buyers and sellers, with WazirX acting as an escrow. This allows you to buy & sell Bitcoin instantly with your bank account and WazirX P2P.

To sell cryptocurrency you will auto-matched with a buyer instantly. The cryptocurrency being sold will then be converted and held by WazirX as USDT, a stable coin.

The buyer will then pay directly to the seller and the seller will confirm your payment. Wazirx will then release the Escrowed USDT.

Important Reminders

• Be mindful of withdrawal fees associated with each method.
• Remember the 1% TDS deduction applicable to cryptocurrency withdrawals in India.
• Stay informed about any regulatory changes or platform updates.
• Completing KYC verification is essential for secure and compliant transactions on WazirX.
• Ensure the provided documents are valid and clear for successful verification.
• Processing times for KYC verification can vary depending on platform workload.

By following these comprehensive steps and completing the KYC process, you can efficiently convert your Bitcoin to cash in India through WazirX. Choose the method that best suits your needs and prioritise security and compliance throughout the process.