Recently, WazirX India has been blooming extensively in the cryptocurrency market. Due to its specialized features and over-the-top organizational skills, it might be the best choice for a P2P exchange. Furthermore, the platform charges 0% fees on WazirX P2P transactions with some minimal buying and selling limits.
Table of Contents
Summary
- WazirX has developed extensively with all different features.
- WazirX is the sole crypto platform to provide P2P exchanges to their traders.
- Diverse features of the WazirX platform
- WazirX P2P tends to help you buy and sell USDT in INR directly through buyers and sellers 24×7.
- The primary purpose of WazirX P2P is to make the transactions as simple as possible and obtain high liquidity.
What is WazirX?
WazirX is one of the best crypto exchanges in India, that allows its traders to make Peer-to-Peer (P2P) crypto exchanges. In addition to this, the platform has been acquired by the world’s biggest cryptocurrency exchange, Binance. Furthermore, due to this acquisition, you can directly transfer your assets from your WazirX wallet to Binance, without paying any transaction fees. Read our WazirX Review to learn more.
Features of WazirX P2P
There are many features that you can access in WazirX. All of the features, the most important one, is P2P crypto transactions. Below are some more features of this institution.
- Deposits and Withdrawals are carried out in INR.
- WazirX can be used efficiently to buy or sell crypto 24×7.
- Transactions in this exchange are some of the fastest in India, i.e. one trade per minute.
- It includes an Automated P2P open order book.
- Its Dispute Resolution is pretty powerful.
- WazirX provides zero transaction fees for its investors trading in P2P.
- Provides some of the highest liquidity options in USDT Market.
- It is available on all three platforms, i.e. Android, Web, and iOS.
How does WazirX P2P work?
WazirX P2P tends to help you with buying and selling USDT in INR directly through buyers and sellers. In addition to that, it works 24×7, is safe and secure, and is 100% legal even though there are two simple ways to do the transactions.
- Cash in: In this process, if you want to use INR to swap cryptos, buy USDT through P2P. Next, use those USDT to purchase other cryptos on WazirX.
- Cash-out: Cash-out: In this method, if you want to move INR into your bank account, you need to sell your cryptos in the form of USDT assets in exchange for INR via P2P.
A detailed explanation of the working of WazirX P2P is as follows:
- WazirX connects with those willing to buy USDT in exchange for INR and those eager to sell INR in exchange for USDT.
- Additionally, WazirX guarantees USDT for safety during transactions.
- Likewise, the buyer has full access to use IMPS / UPI to make the transactions for INR.
- As soon as the seller confirms the liquidation, WazirX delivers USDT to the buyer.
How to do the step-to-step sign-up and KYC verification?
Signing up into a WazirX account and setting up your KYC is pretty simple and basic. Keep following the steps mentioned below, and you are all set to use WazirX P2P.
- Click on Sign Up if you don’t already have an account on WazirX.
- Enter all the details and hit the sign-up button.
- Verify your email on the next page.
- A tab will open up named security. Here, you will be observing three options stating Authenticator App, Mobile SMS, and None. You can choose your preferred security setup.
If you select the Authenticator App, you will have to scan a QR code. Although, you will need Google Authenticator or Authy to scan this code.
Alternatively, if you choose the Mobile SMS option, you will have to enter your mobile number. As soon as you enter your mobile number, an OTP will be sent, and you have to enter that OTP. You have your mobile number registered with WazirX.
In the next step, you have to select your particular country. As soon as you choose your country, you must determine which type of bank account you want to register, i.e. personal or company. If you prefer a personal version, there will be some KYC details present.
In KYC details, you have to fill in essential information, which is mentioned below.
- Name as per your PAN card
- Address as per your Aadhar card
- Date of birth in DD/MM/YYYY format
- PAN card number, which is mentioned on the front side
- PAN card Front upload
- Aadhar Card number
- Aadhar Card Front Upload
- Bank details. Here, you have to enter the correct data as the funding will take place through this medium so, try not to make any mistakes.
As soon as you enter all the data, the verification procedure takes about 24-48 hours. If your verification does not pass by chance, you will get an email stating the reasons for rejection, and then you can apply again.
Steps to trade on Wazirx P2P
- Click on P2P at the top of your screen
- Enter the volume of USDT you want to buy. You can also mention the total amount in INR to adjust the USDT volume.
- Click on the Place Buy Order button. WazirX will start finding sellers for your order.
- WazirX will then start showing you the matches. Your order may be matched with multiple sellers for differing quantities.
- Make payments to each of the matching seller’s bank accounts. After you have paid, click on ‘I have Paid’.
- Wait for the seller to confirm the payment. Once the seller has confirmed the payment, the USDT will be credited to your WazirX account.
Why should you use WazirX P2P?
The primary purpose of WazirX P2P is to make the transactions as simple as possible and obtain high liquidity. Consequently, when you sell any crypto, you have to convert it into USDT first and then trade that USDT with INR. WazirX is one of the few Indian crypto exchange platforms to have USDT pairing. Furthermore, there is no applicable fees on WazirX P2P exchanges, hence it can help you save on the deposit and trading fees.
Conclusion
After the WazirX platform has set foot in the cryptocurrency market, the definition of transactions has transformed. With the addition of WazirX P2P and 24×7 available services, WazirX deserves some credit. Furthermore, India’s legalizing cryptocurrency turned out as a plus point due to the continuous development of the blockchain industry and technologies.
Frequently Asked Questions
WazirX was launched in 2018. Since then, it has been one of the most trustworthy and safe trading platforms for customers nationwide and internationally.
Cryptocurrency is legal in India. Hence, WazirX is a trusted cryptocurrency exchange and trading platform. Also, there are tax rules implemented by the Central Board of Direct Taxes.
No. The withdrawal will only happen to the Bank account that you have linked to your WazirX account. The name on the Bank account that you link MUST match the name on your WazirX account.
Users can deposit funds via UPI, bank transfer (IMPS/NEFT/RTGS), and peer-to-peer lending (P2P). WazirX requires a minimum deposit of Rs. 100 and a minimum withdrawal of Rs. 1000.
You can deposit a minimum of Rs 100. No maximum limits apply.
Also, read
