WazirX is an Indian cryptocurrency exchange that enables the buying, selling, and trading of various cryptocurrencies. It has become the most popular and leading cryptocurrency exchange that supports more than 100 cryptocurrencies presently. WazirX was acquired by Binance in November 2019, and since then, it has become more globally known. This integration enabled the cross-platform transfer of various coins between the two exchanges by making buying and selling of cryptocurrencies a faster process. Additionally, WazirX added a P2P platform in early 2020 for its users. In this article, we will discuss how P2P transactions are carried out on WazirX.
WazirX Features
Users in their WazirX Reviews talk about how simple and easy to use the platform is. Here are some of WazirX’s features –
- WazirX can be accessed from various platforms. WazirX can be used on smartphones (both Android and iOS), Mac, Windows, and laptops. To access these platforms, you should download the app from the Apple app store or Google play store, or you can log in through their website.
- WazirX offers quicker transactions that are at par with global standards. The transactions are executed in a shorter time if the trading volume increases. WazirX has the capacity to handle millions of transactions faster and quicker.
- It offers access to its advanced trading tools and integrates the charting tools and features of trading view that help professional and experienced traders with analyzing historical data, prices, and planning trading strategies.
- WazirX has a P2P platform that helps traders buy USDT from the seller directly. WazirX takes on the role of an escrow and facilitator. It has an order matching system that issues escrowed currency when the seller confirms receipt of the payment.
Does WazirX P2P Solve the Fiat-to-Crypto Problem?
- WazirX P2P has tremendously helped India participate in the crypto revolution. The platform is determined to help onboard millions of people to crypto by solving the global fiat to the crypto problem with the world’s first auto-matching P2P engine.
- When the RBI imposed a ban on crypto trading, exchanges opted for peer-to-peer trading. It allows the trades to be executed in an average time of below 20 minutes per trade, and these are powered by an auto-matching engine that locates a trader for the transaction.
- The order matching system removes the need for order books that are required in other P2P transactions.
Understanding WazirX P2P Transactions
- WazirX launched P2P transactions on its platform. It escrows cryptocurrencies by facilitating direct transfers among buyers and sellers.
- By converting the cryptocurrency to USDT, it ensures that traders do not have to worry about price fluctuations. WazirX holds the USDT; when the transfer of money is confirmed by the seller, it releases the USDT to the buyer.
- The P2P platform helps traders to buy and sell their USDT for fiat currencies directly; it operates 24×7, and it is legal and safe.
How WazirX P2P works
- First, WazirX matches the buyer who is looking to buy USDT with fiat with a seller who is looking to sell USDT for fiat currency.
- WazirX acts as an escrow, and it holds the USDT for safekeeping when the transaction takes place.
- The buyer transfers the fiat to the seller’s bank account through IMPS/UPI.
- When the payment is confirmed by the seller, WazirX releases the USDT to the buyer.
WazirX offers Safe and Easy Transactions
The escrow system ensures that the entire transaction is secure so that the buyer or seller does not cheat the other party. In the escrow system, WRX holds the USDT until the payment is complete. With several million transactions to date, there have been zero fraud cases. WazirX P2P platform is safe and simple to use. WazirX charges a minimal transaction fee for trading on the platform. This makes WazirX the most popular crypto exchange in India.
Final Thoughts
WazirX is one of the safest cryptocurrency exchanges, and their P2P system automatically finds a buyer or seller depending upon the requirements. Indian Crypto Exchange WazirX has a massive customer base, and it is highly popular in the Crypto World. Taking into account the RBI’s ban on bank transfers among the cryptocurrency exchanges that are operating in India, the P2P model acts as the safest and legal way for Indians to buy or cash out their digital currencies.