P2P Payments And How To Do P2P On WazirX

By Ishaan Goyal | CrypticWeirdos | 26 Jan 2022


Introduction

As cryptocurrency trading and investing are gaining popularity, it is important that investors keep their eyes not only on the rise and fall of prices but also trade of crypto coins at the right time. Not to mention, you must also monitor the status of your payment options. Luckily, money transfer apps like WazirX provide the best services for P2P crypto exchanges in India (USDT to INR and vice versa).

Peer-to-peer payments, or P2P, is a transaction option that allows its users to transfer funds or digital assets without the involvement of a third party. In other words, two individual parties can make a crypto exchange without worrying about the central authorities. WazirX has a P2P feature that instantly converts money into USDT and pitches you to the right buyer or seller.

Still, confused about how it works? This article will give you all the information about P2P transactions on WazirX.

WazirX P2P Transactions in Detail

WazirX matches you to suitable buyers or sellers to trade USDT. For instance, if you wish to buy 20 USDT, WazirX P2P will hunt for traders who want to sell USDT at that time. However, this method has its limitations. You will be dependent on the availability of another trader who is willing to sell the exact amount. Further, it reduces the preciseness of crypto coin trading as the right investor might not be accessible when the coin is at your desired value.  

How to Trade Using Wazirx P2P?

If you wish to buy and sell crypto coins through WazirX P2P, you require an XID. You can consider the XID to be your username which is unique for all users. 

To create a WazirX P2P account, follow the given steps:

  • Download the WazirX app or open the website
  • Click Sign up and double-check your details
  • You will receive a verification mail. Click on the link
  • Set up the security from the given options
  • Choose an alphanumeric XID. It must contain a minimum of four characters and a maximum of 15

After completing the sign-up, you can buy and sell crypto coins on WazirX.

Cash In on WazirX P2P

You can use INR on WazirX to trade crypto coins and buy USDT via P2P transactions. Also, you can use USDT to purchase other cryptocurrencies by following the steps given below.

  • After signing up, click on Exchange and choose P2P from the top right corner
  • Find the Order Book option and click on Buy
  • Enter the amount in INR for which you wish to buy USDT and choose the price
  • The Volume section will display the corresponding value in USDT. You can accordingly change the number of USDT you want to purchase
  • To buy USDT from a specific seller, enter their XID in the Preferred Seller box before clicking Buy

WazirX will look for potential sellers and notify you via call, text, and email once the search is complete. The platform will send you the details of the seller.

  • Complete the transaction within an hour and notify that you have paid the amount.

After the seller receives the payment, you will receive the USDT in your WazirX account. 

Cash Out on WazirX P2P

It is possible to sell your crypto coins in the value of USDT, followed by selling the USDT in exchange for INR. You can move INR into your bank account by completing the steps below.

  1. Choose the P2P option.
  2. Click on Sell from the Order Book.
  3. Select the price of USDT at which you wish to sell it. Also, enter the number of USDT you want to sell.
  4. Enter the XID of the specific buyer you want to sell USDT to. (This step is optional.)

WazirX will inform you after the buyer has deposited the money in your account. After confirming, the platform will send USDT from your wallet to the buyer.

It is important to note that you need to be a verified trader to deal with bulk amounts of crypto. You can buy or sell USDT on a large scale only after a couple of small transactions.

Why should you use WazirX for P2P Payments?

Although numerous platforms are available for P2P transactions, WazirX stands out because of the following reasons:

  • The advanced in-built infrastructure accelerates the rate of transactions and hence saves time. 
  • It has an automated P2P engine for matching compatible buyers and sellers. Also, it releases funds only after the transaction is complete.
  • The platform is incredibly secure with 2-factor authentication.
  • The transaction fee is negligible. WazirX charges approximately 0.1% for order makers and 0.25% for order takers.
  • USDT is paired with several cryptocurrencies, for example, Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC).
  • WazirX is compatible with Android, Web browsers, and iOS. Additionally, it is accessible from mobile devices and computers.

Security of WaxirX P2P Transactions

To make the exchanges smooth and secure, WazirX has an escrow service. It stores 95% of the funds in offline cold storage. Therefore, hackers cannot breach security.

During any transaction on the platform, WazirX holds the funds in its escrow system until the concerned parties properly execute and complete the payment. After the seller confirms the payment, WizardX relocates the assets and transfers them into the buyer’s account.

The escrow system is advantageous because buyers can make confident decisions in the trade. It also ensures that sellers complete their part of the deal before receiving any payment.

Conclusion

Peer-to-peer (P2P) transactions are a fantastic way to buy and sell cryptocurrency. Since the system is decentralized, buyers and sellers do not face any limitations and interference from a third party. However, choosing the right platform to trade crypto coins is crucial as cybercriminals can hack into accounts.

WazirX P2P allows users to change INR into USDT and buy many other crypto coins. You can also transfer the USDT balance into INR by selling it. The platform is beginner-friendly, and you can navigate it through mobile apps or laptops. Most importantly, your funds are secure, and WazirX’s escrow service ensures that the sellers do not scam you. Overall, it is a great platform to start your crypto investment journey.

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