How Does Wazirx P2P Work? How to Deposit INR?

Wazirx is the largest cryptocurrency exchange in India. Wazirx P2P is the way to deposit and withdraw Indian Rupees(INR). P2P is the fast and easiest way to deposit INR into the Wazirx exchange. There is no fee on P2P deposits and withdrawals.

RBI announced a blanket ban on cryptocurrency exchanges and services in 2018 and asked banks to stop dealing with crypto exchanges. That is when there was a need for P2P exchanges. P2P was first implemented in the Wazirx exchange by its founder Nischal Shetty.

P2P transactions are also called peer-to-peer transactions or person-to-person transactions. In a P2P payment application, the account balance of the application will be adjusted when a transaction occurs.

In the Wazirx P2P model, users send money to each other through banking networks like UPI, NEFT or IMPS. Wazirx transfers the funds from sellers to buyers in the Wazirx exchange wallet.

Generally, we deposit INR to buy crypto on the wazirx exchange. But in P2P, your account is deposited with USDT and you have to use USDT to buy cryptocurrencies. Let us learn in detail, how to deposit money in the wazirx exchange using the P2P method.

How to Deposit using Wazirx P2P method?

1. Select 'Wazirx P2P' option to deposit INR or in the 'Exchange' tab of the wazirx application select P2P in the top scroll bar

2. Now you have to enter the amount of INR you want to deposit. The price is what you are going to pay for one USDT. Suppose, you want to deposit 10,000 rupees, Rs.10,000 worth of USDT will be deposited to your wazirx account at the given price of USDT

3. Enter the amount of rupees, and it shows how many USDT you are going to get. Click on 'BUY'. Note: The minimum amount for a P2P deposit is 14.5 USDT which is around Rs.1200

4. Now your order will be matched with sellers. When the price of the buyer and seller are the same, the order will match and you can proceed with the transaction. However, P2P orders are not instant and take some time to match

5. Once the order is matched, you will get a notification about the transaction. You will be given the details of the seller's bank account, like UPI id or account number. You have to send the exact amount of INR shown to the seller

6. After you send rupees through UPI, confirm that you have sent them. Now when the seller checks and confirms that he had received the money, USDT will be deposited to your wazirx account. You can check this in the 'Funds' tab

7. You can check 'Completed Orders' in My P2P Orders tab in the P2P section

8. If you want to make a P2P transaction with a particular seller, you can ask for his XID and add it in the preferred seller column before you click buy

After USDT has been deposited into your wallet, you can directly buy cryptocurrencies that are in the USDT pairs or you can convert it to INR using USDT/INR pair and then trade other cryptocurrencies.

In the same way, you can sell your USDT using P2P to receive INR directly into your bank. The buyer will transfer the amount to the bank account that you have submitted in your wazirx account. Wazirx P2P transactions cost zero fees but take time to complete.

If your wazirx P2P transaction takes a long time to match, cancel the transaction and initiate a new order. Most of the time Wazirx P2P transactions happen without any hassle.

Comment below your doubts and problems you have faced during wazirx P2P.