What is WazirX P2P and How to do P2P on WazirX – With the emergence of crypto exchanges in India, RBI decides to stay aloof from the boom in the country. It enforced a ban on banks, barring everyone from trading in cryptocurrencies with INR.
The only available option, called WazirX P2P, allows you to buy and sell USDT directly with other buyers and sellers. Now How does the P2P on WazirX work? is it Complex? Let’s Find out!
What is WazirX P2P?
WazirX P2P, allows you to buy and sell USDT directly with other buyers and sellers, with the WazirX platform just as a medium to match you with the right buyer or seller at the time. That’s what the P2P bit means—people to people.
Advantages of Using P2P via WazirX
There are many advantages of using P2P over using standard methods of deposits, Let’s see some key benefits.
- Different Payment Methods are available for you.
- Zero trading fees: Wazirx is the only exchange that takes 0 fees in P2P.
- Auto order matching with the open order book, first in the world
- Highest liquidity
- Secured transactions – WazirX manages secured transactions between the users and sellers.
ALSO READ: WazirX Vs CoinDCX – Which is Better for You in 2021 !
How P2P Works
This is how it works for BUYERS. For example, if I want to buy some bitcoin.
This is how it works for SELLERS, For example, I want to sell some BTC that I market bought.
Why does WazirX P2P only have USDT?
To keep it simple and ensure very high liquidity. USDT is a stable coin. This means it’s a cryptocurrency holding stable value and the price fluctuation is extremely narrow. It is also 100% backed by the USD held in reserves in a 1:1 ratio. 1 USDT is always equivalent to $1.
It almost feels like you’re trading in Fiat.
So whenever you want to sell any crypto: Convert your crypto to USDT and then sell the USDT for Fiat using WazirX P2P. And whenever you want to buy crypto: Convert your Fiat to USDT using WazirX P2P and use your USDT to trade any crypto.
Is WazirX P2P safe?
Absolutely! WazirX has an escrow system to make the entire transaction secure so neither party can cheat the other. In the escrow system, WazirX will hold the seller’s USDT until the transaction is successfully completed and the payment is confirmed.
If you’re a seller – WazirX will not release your USDT to the buyer until you confirm the receipt of payment.
If you’re a buyer – WazirX will hold the seller’s USDT while you make a payment to the seller.
Their robust Dispute Resolution system detects and resolves any dispute between a buyer and a seller.
They also verify the KYC details of every user before allowing them to trade on WazirX and keep a record of each and every transaction that occurs on their exchange. Hence, you don’t need to worry about the legitimacy of the person you’re transacting with — it’s all taken care of!
How to do P2P on WazirX
First of All Open WazirX Website or the Desktop App
Now you can see a page just like below where you can place orders
On the extreme right pane below you can place your order, here, for example, I will place an order for $15 via P2P at the current or similar rate of 81.99, Your first order limit is $16 which will increase with time and you can place bigger orders.
After it matches you will get the following screen
Now you can make the payments via UPI or IMPS, The bank details of the other person now pop up. Click on the check box now and the green button.
Your job is now done and now it is all up to the seller. He has 4 hours to send the 15 USDT. You will receive the payments in your wallet once the seller sends them.
As a trader, you don’t have to worry about reputations or volume split per trader. The system does that for you and simply presents you with a list of folks who make payments to you.
WazirX P2P is also a decentralized fiat exchange with auto order matching, traders have full control of their fiat funds Binance P2P. Anyway, I encourage y’all to use WazirX as it’s the most user-friendly Crypto exchange.
Hope You like our Article on P2P Payments and How to do P2P on WazirX. If you have any questions or feedback feel free to comment below or on our social signals, Also if you haven’t Joined WazirX yet, we have included referral links below for you to join.
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