WazirX P2P helps you Buy and Sell USDT for INR directly with other Buyers & Sellers. It's 24x7, safe and absolutely legal!
2 simple things you can do with WazirX P2P -
- Cash In - If you want to bring INR to trade cryptos, Buy USDT via P2P and then use that USDT to buy other cryptos on WazirX!
- Cash Out - If you want to move INR to your bank account, Sell your cryptos for USDT and then sell that USDT for INR via P2P!
Broadly, here's how WazirX P2P works -
- WazirX matches the person looking to buy USDT for INR with someone who’s looking to sell USDT for INR
- WazirX escrows the USDT for safekeeping during the transaction
- Buyer transfers INR to the seller's bank account via IMPS/UPI
- Seller confirms payment and WazirX releases the USDT to the buyer
Why does WazirX P2P only have USDT?
To keep it simple and ensure very high liquidity. USDT is a stable coin. Which 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 INR.
So whenever you want to sell any crypto: Convert your crypto to USDT and then sell the USDT for INR using WazirX P2P. And whenever you want to buy crypto: Convert your INR to USDT using WazirX P2P and use your USDT to trade any crypto.
WazirX is the only Indian exchange with USDT pairing and we will continue to add as many cryptos as possible with USDT pairing.
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 cryptos until the transaction is successfully completed and the payment is confirmed.
If you’re a seller - WazirX will not release your crypto to the buyer until you confirm the receipt of INR.
If you're a buyer - WazirX will hold the seller's crypto while you make a payment to the seller.
Our robust Dispute Resolution system detects and resolves any dispute between a buyer and seller.
We 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 our exchange. Hence, you don’t need to worry about the legitimacy of the person you’re transacting with — it’s all taken care of!
What is your dispute resolution process?
When a P2P transaction is moved to dispute mode, our dispute team will swiftly step in and verify proofs of payment from the buyer and seller. We have a multi check fool-proof process that ensures full accuracy when reviewing a dispute. The dispute team will then take a fair and final decision to settle the dispute in favour of the buyer or seller.
You can also read a lot more about WazirX P2P in our blog post here - https://medium.com/wazirx/wazirx-p2p-arrives-today-135d928a0d72