WazirX P2P – All your questions answered!

By May 25, 2022July 8th, 20227 minute read
WazirX P2P

WazirX P2P (peer to peer) helps investors convert their Fiat to Crypto (and vice versa) instantly. This is absolutely free and is available 24×7 while being safe and legal!! To know how to use WazirX P2P, read our blog here.

Here are the questions that our users frequently ask. I am sure that if you have any doubts, this post will clear it all. 

Question 1: Why does WazirX P2P only have USDT?

USDT is a stable coin. To keep transactions simple and ensure very high liquidity, USDT alone is supported.

Question 2: Who can use WazirX P2P?

Users with Indian KYC can use the P2P feature on WazirX.

Question 3: I am unable to see the seller’s bank details and the trade is automatically getting canceled in 10 minutes. What to do?

Here, you need to select a payment option first. Then, click on the “Yes, I will pay” option after your trade is matched. Only after you click on “Yes, I will pay” the seller’s bank details will be visible to you. Based on these details you can proceed with payment.

Question 4: I am unable to transfer the funds to the seller’s bank account as the details are incorrect/getting failed/banking issue/network problem.

You will have to reach out to our support team via chat to cancel the order and waive the penalty. The support team will ask you to share screenshots/proofs to validate the genuine failure. Alternatively, once the trade is automatically canceled (after the time has lapsed) you will receive a penalty email. You can reply to this email with appropriate proof. If convinced, our team will reverse the penalty.

Question 5: What to do if you make the payment but forget to click on ‘I have Paid’?

You will have 10 minutes to click on the ‘Raise Dispute’ option. Once you raise a dispute, you will immediately get an email from our dispute team requesting payment proof. Then, within the next 15 minutes, please reach out to our support team via chat, following the instructions mentioned in the email. The dispute team will then review your payment proof along with other details and make a final decision on your dispute. The decision of the dispute team is final and binding and cannot be reversed.

Please Note: We have a multi-check fool-proof process that ensures complete accuracy when reviewing a dispute. 

Question 6: How does the recovery (of funds) work if a transaction fails on WazirX P2P – when the buyer cancels the trade instead of confirming the trade?

When the Buyer makes the payment and then cancels the transaction, we share the buyer’s payment details with the seller and ask them to make the payment back to the buyer. To ensure that the buyer gets their funds back, we lock the seller’s funds and/or account and send an email with all the information along with the payment proof. We send a total of 3 reminders to the Seller once every 24 hours. After the 3rd and final reminder, we proceed with funds recovery, which takes up to 13 business days (However, this only works when the funds are available).

Question 7: Even after making payment, my trade is moved to dispute; what to do?

Your trade could be moved to dispute for multiple reasons. In this case, you can reach out to our support team on chat with the payment proof. Be assured that your funds will be safe.

Question 8: I am a seller/buyer, and I don’t want to be auto-matched with unknown buyers/sellers. What to do?

If you would like to trade your crypto with someone, in particular, you can add their XID at the first step itself. XID works like a username! With this, the Buyer/Seller will be of your choice, and you won’t get matched with anyone else during that particular transaction.

Question 9: Is there a daily limit on the number/value of P2P transactions I can do in a day?

No! You can do any number of P2P transactions in a day on WazirX. However, your bank might have certain limits to which you will have to adhere to.

Question 10: I am a buyer. After making the payment, my transaction is stuck at ‘Processing’. What should I do? I don’t know if the funds have been deducted or not. 

In cases when you have made the payment but the payment status shows ‘Processing’, you can click on ‘Yes, I have paid’ on WazirX and attach the proof of payment (processing) and wait for the seller to confirm the receipt of payment. If the seller receives the payment, the transaction will be processed. In case the payment is canceled, you can reach out to our support team via chat, and we will cancel the order for you and will also reverse the penalty as this was a genuine error.

To get a better overview, check this video on P2P by WazirX.

Question 11: What are the safety measures taken by WazirX?

We understand that trusting unknown peers is difficult. To ensure that your funds are safe, WazirX has an escrow system to secure the entire transaction so that neither party can cheat the other. If you’re a seller – WazirX will not release your USDT to the buyer until you confirm the receipt of payment, and if you’re a buyer – WazirX will hold the seller’s USDT while you make a payment to the seller. We also verify the KYC details of every user before allowing them to trade on WazirX. A record of each and every transaction that occurs on our exchange is maintained.

Question 12: The USDT received is lesser than the order placed. Why is this so?

When an order is successfully processed, you will receive the assured USDT automatically into your account. Deductions, if any, could be penalties or outstanding trading fees. You can check the ledger in the Trading report to know more about these deductions. 

Points to remember

To ensure that your transactions are not canceled or rejected, please do keep these points in mind:

  • As a buyer:
    • Make sure to pay the matched seller only. Do not make payments to any other seller once your trade is matched.
    • Do not round off the amount to be paid. This means that if you have to pay 1198.20, please pay the exact figure that is 1198.20 (and not 1199 or 1200).
    • You should make payments only from your own account and not from any other (ex: family/friends) accounts, as this will be considered invalid. Once the payment is stuck in this case, the recovery will be as a 3rd party payment and not as a P2P one. Moreover, if the payment is made from a 3rd party account, the trade will always be settled in favor of the seller. Making 3rd party payments is not allowed on WazirX P2P and can result in your account getting flagged on the platform.
    • Once you have made the payment, ensure you confirm the same on the app. Here, while uploading the payment proof, make sure that the UTR (Unique Transaction Reference) number is visible.
    • Ensure to read the instructions on the screen correctly. For example, in the case of ‘Partial Order Matching’, make sure that specified amounts alone are paid to the right party.
    • In cases when your P2P payment has failed, we suggest you should not try to pay again immediately. Instead, you can contact our support team with the screenshot showing the failure of payment. Our team will help you cancel the trade and will also reverse the penalty as this was a genuine error. Once this is canceled, you can place a fresh order.
  • As a seller:
    • When payment is received, confirmation of receipt of payment is mandatory. In case this is not done, the dispute resolution team will take appropriate action. 
    • If you have received payment from a third party (anyone other than the buyer), do not confirm the trade and reach out to us via chat.  
  • The wait times are as follows:
    • Once the trade is matched, as a buyer, you have 10 minutes to confirm if you would like to proceed with the transaction and pay for it. 
    • To complete the payment and confirm the same, you (buyer) get 60 minutes.
    • The seller has to confirm the receipt of payment within 2 hours of the actual receipt. If he/she fails to do so, the transaction will automatically be shifted for dispute resolution.
    • Dispute resolution can be expected within 24-48 hours in most cases. However, if any case is stuck due to specific banking reasons, the resolution can take up to 3-5 banking days.

You can reach out to our support teams once this time period has lapsed.  

  • The associated penalties are:
    • If you have confirmed to make the payment but failed to do so and also have not canceled the transaction, you will be liable to pay a penalty of 10 USDT or 1.2% of transaction value, whichever is higher.
    • If you did not make the payment and still confirmed that you have done so, you will have to pay a penalty of 20 USDT or 2.4% of the transaction value, whichever is higher. 

In genuine circumstances, the penalty can be reversed. Our support team will be the deciding authority here. 

  • When you raise support tickets or reach out to us via chat, please try to elaborate on your concern in detail. Providing appropriate screenshots will be beneficial for a speedy resolution.

We hope these answers and pointers will help you in your P2P journey. In case you have any more questions, please feel free to add them in the comments below. 

Happy trading!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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