WazirX is the #1 crypto trading platform in India helping millions make money with crypto trading. There are many advantages of using WazirX for crypto trading, one of them is the WazirX P2P deposit. In WazirX P2P exchange review, I’ll show you the steps to trade in USDT.
Do you know how P2P works in WazirX?
To clear your doubts, read the WazirX P2P exchange review and get answers to start using P2P effortlessly.
Table of Contents
In this WazirX P2p exchange review, I will cover:
- What is WazirX?
- Factors to consider when using WazirX P2P
- Do’s and Don’ts when using WazirX P2P.
- How WazirX P2P works?
What is WazirX P2P Exchange?
WazirX P2P is a peer to peer platform that helps trading enthusiasts trade in USDT. In a broad way, it helps you convert your Fiat to crypto i.e., trade INR for USDT and vice versa.
There is no separate registration required to use P2P in WazirX. But, there’s one big condition and that is, you must be an Indian. WazirX P2P is only for Indians.
By using peer to peer trading, you can trade faster, and at a cheaper cost. Moreover, WazirX works as an escrow ensuring complete safety of your transactions.
Let me assure you that the platform is completely secure and available around the clock.
At any time, you face any hurdle using P2P, WazirX P2P support is ready to assist you 24/7.
Factors To Consider When Using WazirX P2P
There are certain parameters you should know when using WazirX P2P. Let us discuss these points one by one.
- As I already said, the platform is available only for Indians. Now don’t tell me you can use VPN or proxies as the platform requires KYC for Indian users. So yes, you need to have Indian citizenship.
- The P2P transactions happen only through USDT. This is unlike regular transactions that you make via wallet in INR. In P2P, you can buy any coin with the help of USDT. So the conclusion is, you need to first buy USDT and then you could buy any other crypto coins.
- Just the way you can buy any crypto via P2P, you can also sell via P2P. When selling any crypto via P2P, you need to sell your crypto in USDT and then it could be sold for INR. This way you can use P2P to liquidate your investment.
WazirX P2P Review: Do’s and Don’ts
In WazirX P2P, you are the seller and you are the buyer. Of course, there would be like-minded traders willing to make transactions in P2P.
There are few things you should keep in mind when using P2P as a buyer or seller. Here are the key points to know about WazirX P2P:
- Wazir P2P matches you to relevant sellers on the P2P platform. Make sure you use your own account to make the transactions.
- Always upload the payment proof including the UTR i.e. the unique transaction reference number. This ensures the WazirX support team can verify the P2P transaction made by you.
- If there’s a WazirX P2P dispute due to payment failure, you should immediately contact the support team at WazirX. Don’t be in a hurry to make another payment instantly. Wait for the cross-verification to be done by the WazirX P2P dispute team. Once the issue is resolved, you can proceed with a fresh transaction.
- Not only as a buyer, but even as a seller you should keep the proof of payment received.
- Do not make payments to any other seller once WazirX P2P matches you to a trader.
- Never pay your amount by rounding off. Pay the exact amount even if the figure contains decimal value. (E.g: 2463.51 should not be paid as 2464)
- Never use others’ accounts for P2P transactions as this would be considered a 3rd party payment.
- Do not confirm a payment if received from a third-party other than the buyer.
How WazirX P2P Works?
If you are new to WazirX P2P, you should follow these steps. This would ensure you are following the right path.
If you have logged into the WazirX mobile app, go to the ‘Exchange’ tab. You can see INR, USDT, WRX, BTC, and P2P. Please select ‘P2P’.
Similarly, if you are logging on your desktop, select P2P on the top of the header.
In the mobile app, under P2P, go to Convert INR into USDT.
To buy USDT, add the USDT volume. The total INR conversion should be more than INR 1000. Click on the Buy button to proceed further with the USDT purchase.
You can add a preferred seller, but for that you should know the seller XID.
If you are using P2P for the first time, you need to create your P2P Id simply by entering a username.
Adding XID is optional as WazirX platform matches you to the preferred seller.
To make the payment, you have 10 minutes. Within this time frame, you need to select a preferred payment method. You can pay in INR via UPI or IMPS via your added bank account.
One thing to notice here is that the UPI option is optional and is available only if the seller has opted for it. Otherwise IMPS is a mandatory payment mode in WazirX that could be used for all sorts of transactions.
When you confirm the buy order, you get 60 minutes extra to process the exact amount converted from USDT into INR. Not paying the said amount will incur a penalty of 10 USDT or 1.2% of the trade value. Your account might get locked if found suspicious.
Click on ‘YES, I WILL PAY’.
Once you have completed your payment, you should now upload the payment proof. Take the screenshot when the payment is completed. When you take the screenshot, it should consist of the transaction ID and the amount. Upload the screenshot, and click on I have paid.
- You have done what was needed from your end. Now the seller needs to confirm the payment.
Once the seller confirms the payment, you will receive the USDT tokens in your WazirX funds.
Frequently Asked Questions (FAQs)
Why does WazirX P2P only have USDT?
Since USDT is a stable coin, it is easy to buy and sell ensuring simplicity to WaxirX users in India.
Is WazirX P2P secure?
Safety is the biggest concern when making payments to unknown peers via P2P. To make sure no fraud happens within the system, WazirX confirms the payment receipt. As a seller, you have to confirm the payment receipt. As a buyer, you need to make payment to the seller, upload the screenshot, and only then the USDT gets transferred to your account. Not to forget, WazirX has a KYC process to confirm the identity of every person.
What is the time frame to complete a P2P transaction?
As a buyer, you get 10 minutes to choose the payment mode. Upon selecting the payment mode, you get 60 minutes more to complete the P2P transaction. You will be liable for a penalty if you don’t make the payment upon confirmation.
What if a transaction fails because the buyer cancelled the trade?
When the buyer cancels the trade instead of confirming the trade, WaxirX shares the details with the seller. The seller is asked to revert the payment to the buyer. WazirX locks the seller’s funds and sends an email with the payment proof.
Up to 3 reminders are sent to the seller every 24 hours and finally the recovery process gets initiated. This process could take up to 13 business days.
How to recover your funds if you forget to click on I have Paid?
If you forget to click on I have Paid and upload the transaction screenshot, you need to raise a ticket via WazirX P2P dispute option within 10 minutes. You will receive an email from the WazirX dispute team asking you for the payment proof. Follow the steps in the email and reach out to the WazirX support team via chat. After reviewing your payment proof, the dispute team will make an informed decision based on a preliminary check.
Can I add my preferred buyer/seller?
WazirX automatically matches you to a buyer or a seller. But, you have the choice of adding a preferred buyer or seller. To add a buyer or a seller, you should add XID before proceeding with the Buy or Sell option. By doing so, the platform won’t match you to others for that particular transaction.
How many P2P transactions can I make in a day?
WazirX P2P doesn’t limit you to make any transactions each day. But you might have some restrictions with the bank restricting you for a certain limit of transactions.
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I hope my elaboration on WazirX P2P exchange review will help you in beginning your P2P journey. You can visit WazirX P2P for more information. There are certain TDS rules that you should know when trading in cryptocurrency in India. Make sure you keep yourself updated with the Income Tax rules and regulations.
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WazirX P2P Review
Ease of Use
WazirX P2P Review
WazirX P2P is a platform that helps traders in India to use USDT for buying and selling any cryptocurrency coins. The platform is free to use but only for Indians.
- Easy to use.
- Secure platform.
- Payment can be done via UPI or IMPS.
- Support is always available via chat and email.
- The best way to buy and sell any cryptocurrencies is via INR deposit as it requires less time. P2P transactions take more time and if transactions fail, you have to wait until the support team resolves the issue.