Use WazirX P2P to purchase USDT to trade cryptos or to sell USDT and cash out in INR. 

WazirX P2P Crypto Exchange
WazirX P2P Crypto Exchange (image: WazirX)

WazirX P2P allows you to buy and sell USDT for Fiat with other buyers and sellers directly. It’s available 24*7, and it’s completely legal!

WazirX P2P may be used for two basic tasks:

  • Cash-In – Buy USDT through P2P and then use that USDT to buy other cryptos on WazirX.
  • Cash-Out – Sell your cryptos for USDT, and then sell that USDT for Fiat via P2P if you wish to send Fiat to your bank account.

Here’s how WazirX’s peer-to-peer (P2P) system works:

  • WazirX connects those who want to purchase USDT for Fiat with those who want to sell USDT for Fiat. 
  • WazirX holds the USDT in escrow for the duration of the transaction. 
  • The buyer uses IMPS/UPI to send Fiat to the seller’s bank account. 
  • WazirX distributes USDT to the buyer when the seller verifies the payment.

Why is it that WazirX P2P only accepts USDT?

To make things simple while ensuring a high level of liquidity. USDT is a cryptocurrency with a high level of stability. This suggests it’s a coin with a constant value and very little price volatility. It is also fully backed by the USD, which is held in reserve at a 1:1 ratio. One USDT is always equal to one dollar.

It’s almost as if you’re dealing in fiat currency. 

So, if you want to sell a cryptocurrency, convert it to USDT first, then sell the USDT for Fiat on WazirX P2P. And if you want to acquire crypto, use WazirX P2P to convert your fiat to USDT, then use your USDT to trade any coin.

Is WazirX P2P a secure platform?

Yes, absolutely! WazirX uses an escrow method to keep the transaction safe and secure, ensuring that neither side may defraud the other. WazirX will keep the seller’s USDT in escrow until the transaction is completed successfully and payment is verified.

  • If you’re a seller, WazirX won’t send your USDT to the buyer until you confirm payment has been received. 
  • If you’re a buyer, WazirX will keep the seller’s USDT until you pay them.

Any conflict between a buyer and a seller is identified and resolved by wazirx’s comprehensive Dispute Resolution system.

WazirX also verifies each user’s KYC information before enabling them to trade on the platform and records each and every transaction that takes place on the platform. As a result, you don’t have to be concerned about the authenticity of the individual with whom you’re dealing – all is taken care of!

Also Read: What is WazirX’s current deposit method, and how long does it take to deposit?