What is WazirX P2P? Is WazirX P2P Safe?
If your heart is set on investing in cryptocurrency then you need a crypto exchange marketplace. Which crypto exchange to choose maybe your question. You are thinking to trade cryptocurrency in WazirX but you are not sure how safe is WazirX.
No worry! I brought to you full details about a crypto exchange platform in India. You must have heard of WazirX. And in that, you may also notice ‘WazirX P2P’. Did you understand what is that WazirX P2P? Is WazirX safe?
Understanding WazirX P2P and its Safe Trading
In this article, I am going to talk about WazirX. What we are going to cover on this topic are:
What is WazirX?
What Can You Do With WazirX?
How do WazirX P2P works?
Why does WazirX Only Have USDT?
Is the WazirX Safe?
Now let’s look into more details about WazirX P2P:
What is WazirX?
You know WazirX P2P is to help users buy and sell USDT for fiat directly with other buyers and sellers within the WazirX platform. It provides 24×7 support, it is absolutely legal and safe. There is no need to be panic. You are safe trading in WazirX P2P.
What Can You Do With WazirX P2P?
You can do two very simple things with WazirX P2P. They are as follows:
- Cash In – The very first thing you can do with WazirX P2P is ‘Cash In’. If you want to bring Fiat to trade cryptos, then you have to Buy USDT via P2P and then you need to use that USDT to buy any other cryptos that are available on WazirX!
- Cash Out – Second thing you can do with WazirX P2P is – ‘Cash Out’. Now if you like to move Fiat to your bank account, then you have to Sell your cryptos for USDT and sell that USDT for Fiat via P2P! This is what you do with WazirX P2P.
How do WazirX works?
Now let us look into how WazirX P2P Works-
- WazirX will match the person who is looking to buy USDT for Fiat with another person who is ready to sell USDT for Fiat
- WazirX makes USDT transaction safety
- Then Buyer would transfer Fiat to the seller’s bank account via IMPS/UPI
- Seller confirms the payment and then WazirX would release the USDT to the buyer
Why does WazirX only have USDT?
It is to make it very simple and to ensure high liquidity. USDT is a stable coin in WazirX. This means it’s the only cryptocurrency that holds stable value and the price fluctuation which is extremely narrow. It is also 100% backed by the USD held in reserves in a 1:1 ratio, meaning One USDT is always equivalent to $1.
This is like you are trading in Fiat.
So whenever you are ready to sell any cryptocurrency, you need to convert it to USDT and sell it for Fiat using WazirX P2P. And the same way if want to buy any crypto, again you have to convert Fiat to USDT using WazirX P2P. For trading any cryptocurrency in WazirX you have to use USDT. That’s why WazirX has the USDT in it.
Is WazirX Safe?
It is absolutely safe! Don’t worry! WazirX has an escrow system to make the entire transaction secure so no party can cheat you. In the escrow system, WazirX will hold the seller’s USDT until the transaction is successfully completed and the payment is confirmed.
Look at this carefully to understand how it is safe:
- Think you are a seller now – if you sell any crypto, WazirX will not release your USDT to the buyer until you confirm the receipt of payment.
- If you are a buyer now – you are buying any crypto, WazirX will hold the seller’s USDT while you are making a payment to the seller.
You see now how safe it is. WazirX robust Dispute Resolution system will detect and resolve any dispute between a buyer and a seller. this is how WazirX works.
WazirX also verifies the KYC details of every user before allowing them to trade on WazirX and keeps a record of each and every transaction that occurs on their exchange. That is why you don’t have to worry about the legitimacy of the person you’re transacting with — it’s all taken care of by the WazirX escrow system!
What about the dispute resolution process?
Whenever a P2P transaction is moved to dispute mode, the WazirX dispute team will swiftly step in and verify proofs of payment from both the buyer and seller. They have a multi-check fool-proof process system that ensures full accuracy while reviewing the dispute. Then the dispute team will take a fair and final decision to settle the dispute in favor of the buyer or seller.
Hope this makes sense to you. Don’t be panic about your transaction in WazirX. You are all safe! Haven’t created an account? Create one now to get started with WazirX.
Want to create an account with WazirX? Go here now to create WazirX Account.
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