What is WazirX P2P?

WazirX is a well-known Indian trading platform. It is India’s largest cryptocurrency exchange. The company started in 2018 and is growing strong to be the most trusted online platform. here are many P2P crypto exchanges out there, but I would

That of Binance Group, which makes it an easy to trust platform. WazirX P2P is the peer-to-peer service of the platform to buy and sell fiat currency directly with cryptos. To learn more about the platform P2P services, let’s analyse it.

WazirX P2P

WazirX P2P is a service that allows traders to buy or sell USDT directly with other buyers and sellers. The platform for exchange is WazirX and it helps traders to match with the right buyer or seller online.

P2P is peer-to-peer or people-to-people. Traders can buy or sell their fiat currency directly for cryptos. It makes it easy for traders to invest in the market.

The platform is safe, works 24 hours and is completely legal to operate. Also, it works inversely for the market players. A good supporting platform for traders halkalı ilçesi
online.

Key points of WazirX P2P

WazirX P2P is available for the following market traders:

Only for users who have Indian KYC

It allows only USDT buying, so if a trader wants to buy other cryptos they first have to buy USDT using WazirX P2P and then use USDT to buy other cryptos on the WazirX platform.

Efficient for selling crypto at the Indian market.

Traders can sell theri crypto in the Indian market and then withdraw the INR directly to the linked bank account.

The minimum withdrawal amount is Rs. 1000.

P2P also helps to liquidate the crypto investments.

How does WazirX P2P work?

WazirX P2P is a platform and it allows two simple things:

Cash in, it is for bringing in the cash. If a trader wants to trade fiat for cryptos that is buy USDT via P2P and use the USDT to buy other cryptos on the platform.

Cash-out is an efficient way to sell cryptos online. It works in the Indian market, where you sell your crypto and then withdraw the cash directly in the linked bank account. The minimum amount of withdrawal is Rs. 1000 and P2P also helps to liquidate crypto investments.

So, in a simple way, how the WazirX P2P works are:

WazirX matches a person, who is looking to buy USDT for fiat with another person, who is looking to sell USDT for fiat.

Then WazirX, escrows the USDT to safely keep it during the process of the transaction.

Then the buyer transfers fiat to the seller’s bank account.

The seller confirms the payment, and WazirX releases the USDT to the buyer.

Why does WazirX P2P only have USDT?

USDT is a stablecoin. Thus, the cryptocurrency holds a stable value and price fluctuations are low. That’s the reason WazirX P2P uses USDT. Besides, the currency is backed by USD-held reserves in a 1:1 ratio.

One USDT is always equal to $1. So, traders feel like they are trading in fiat.

That’s why it is using USDT for easy trade and stable trading in the market.

Is WazirX P2P secure?

WazirX is a leading cryptocurrency exchange in India. The name of the platform is enough for traders to trust it. It uses an escrow system which makes transactions secure online.

No party is able to cheat the other. Thus, a safe trading platform.

The system allows the traders to hold USDT until the transaction is completed. Once the payment is confirmed then the trader can release the USDT.

In addition, it is a dispute resolution system. It detects and resolves the disputes of buyers and sellers. Also, they verify the trader with KYC details.

Thus, a highly secure online platform.

Conclusion

WazirX P2P is a strong trading platform. It allows trading in fiat currencies through USDT. Traders can access the platform easily and make secure trades. The article discusses its operations, security and key points of its working.

WazirX is a P2P exchange and a crypto wallet which enables users to trade any crypto asset for any crypto asset without the need for registration and without having to have any account with any crypto exchange. A user can deposit BTC or ETH into the platform and instantly exchange them for any other crypto asset in the WazirX platform or ask someone to buy their BTC or ETH for them. The user can also withdraw cryptocurrencies from WazirX to their own private wallets instantly. WazirX pays it’s users 5% of their profits in WZR tokens which can be used in the platform to buy crypto assets or withdrawn to their private wallets.

To earn in WazirX P2P, you will have to place offers to buy different cryptocurrencies. Your offers will get matched to sellers who want to sell them at the price you want. Depending on the total volume of orders, buyers and sellers, your orders may match partially or completely. On successful match of your order you will receive the quantity of cryptocurrencies you are buying and the seller will receive the price you are paying for those cryptocurrencies.

Is WazirX P2P Safe to use ?

What is P2P System?

Peer-to-peer refers to a system where each participant interacts directly with the others. In P2P systems, each person involved can serve multiple roles. This makes it possible to share the workload and combine their sources of knowledge.Peer-to-peer (P2P) describes networks that work as decentralized and distributed peer entities. Since the term “peer-to-peer” was introduced by Rishab A. Chowdhury, it has been extended to introduce P2P networks with various design and implementation specifics. Cryptocurrency P2P networks are used to perform transactions on a trust basis without the need of intermediaries.

What is cryptocurrency P2P?

Peer-to-Peer (P2P) cryptocurrency transactions are transactions which take place directly between two users of a cryptocurrency. These transactions take place without an intermediary. The users directly participate in the transfer of funds where interested parties do not have to rely on any third parties to act as facilitator for completion of the transfer. The process of P2P cryptocurrency transactions is all about figuring out how much of a particular currency does the payer or recipient own and is willing to transact. These types of transactions can be anonymous and do not require any third party intermediary, as is the case with bank transactions. P2P cryptocurrency transactions do not require any third-party verification and are carried out directly between the payer and the recipient. P2P cryptocurrency transactions can be done without the involvement of any type of central agency or regulatory body.

There are many P2P crypto exchanges out there, but I would say Hodl Hodl is the best one. The reason is that it is a platform which is purely based on P2P concepts. It is unique as it doesn’t store any customer information and their trades are fully anonymous. It does not hold onto customer’s funds for long and whenever a trade is finalized, the coins are transferred. The exchange only charges a 1% trading fee. You can find out more about it here .

Is P2P trading legal in India?

According to p2p marketplaces, it is perfectly legal to sell/buy bitcoins. However, the government has not legalized it yet.It is illegal to trade outside the ambit of market regulatory bodies like SEBI. P2P trading s done without any regulation and the contracts are not enforceable in the court of law. Any p2p trading platform you come across without a license should be avoided. P2P trading is still in initial phase in India. Before buying/selling, it is better to check with government for legality.

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