The cryptocurrency craze among Indians gave rise to various crypto exchange platforms in India. The major motive of all these exchanges were to help Indians with all their crypto needs.
Among all the 19 Indian based crypto exchanges, there are a few which have made an impact in the market in a very short span of time. CoinDCX and WazirX are one the two most popular and widely used exchanges.
But, the new users are often confused between the two and which one to pick for their smooth crypto experience.
Today we’ll make it a little easier for you, to make your choice based on the comparison.
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CoinDCX vs WazirX: Let’s Compare
Official Website of CoinDCX is CoinDCX.com and Wazirx is Wazirx.com
In this post, we’ll compare the two exchange platforms based on a variety of factors affecting their customer base, and performance.
Trading and Deposit Fees
The first and foremost thing any user notices in an exchange platform is their charges and the amount of fees they give to pay for trading using the platform.
WazirX charges a fixed 0.2% fee for both makers and takers in case of trading. But, if you pay fees through tha WRX token, you can get a 50% off, i.e. 0.1% of fees. The app also charged ₹4-6 for depositing money in the WazirX wallet.
CoinDCX charges a low fee as compared to WazirX’s. It charges only 0.1% fee based on the traders last 45 day trading volume. The fees charged are low as compared to market rate. CoinDCX has no deposit fees.
So, if you’re someone who wouldn’t want to spend extra trading fees or pay for depositing your money CoinDCX is your platform.
Security
One of the most important features that decides the worth of a platform is its ability to provide security to the user’s and protect their funds from any security threats.
WazirX ensures protection of funds by a KYC verification to identify the user. It provides the user with the facility of 2 factor authentication and stores 95% of the user’s funds in cold wallets which are away from the internet reach.
CoinDCX has a very strict policy towards user registration through KYC verification. It also gives the benefit of 2 factor authentication and storage of 95% funds in offline cold wallets. CoinDCX also provides insurance on user’s funds in a partnership with BitGo.
So, CoinDCX had a better hand with security policy because the funds are not only secured and kept away from the reach of hackers, it is also insured.
Partners
A person is judged by the company he keeps and a company is judged by the people who invest in it.
WazirX is the subsidiary company of Binance, The global leading cryptocurrency exchange Platform. WazirX Always has the backup of Binance and also adapts a lot of technology, user-interface features and marketing tips from Binance.
CoinDCX is backed up by Coinbase, Bain Capital Ventures, Bitmex and Polychain. All these companies hold a great place in the venture capitalist market.
If you know, you know that Binance is a global dominating crypto exchange which is also why it’s the largest platform for Crypto trading. So, WazirX is clearly partnered with the best.
Crypto Trading Pairs
You need to trade in pairs and the more options you have, the better trading experience you can achieve.
WazirX offers 70 crypto trading pairs on its platform paired against INR, among which 4 are base trading pairs. They includeINR / Crypto pair, BTC / Crypto pair, USDT / Crypto pair, WRX / Crypto pair. One can buy and crypto using the National currency deposited into your bank account.
CoinDCX on the other hand offers 11 base crypto trading pairs which include INR / Crypto pair, BTC / Crypto pair, USDT / Crypto pair, BNB / Crypto pair, DAI / Crypto pair, USDC / Crypto pair, ETH / Crypto pair, TRX / Crypto pair, BUSD / Crypto pair, TUSD / Crypto pair, XRP / Crypto pair and 32 trading pairs against INR. The options are narrowed.
WazirX Clearly offers double Crypto trading pairs as compared to CoinDCX. With more options, comes more chances at grabbing the best pair for trading.
User-Interface
The users also look out for ease in trading and an interface which is simple and easily understandable to make their trading experience satisfactory.
WazirX has a simple user interface with convenient features and the Platform is easy to navigate by any sort of investor. The order book on WazirX is much easier to understand.
The CoinDCX Platform has a complicated look. The navigation is not tough but the features on the app are not made for beginners to understand. Also the order book is a bit confusing.
WazirX Clearly wins the platform navigation part as it is made for both beginners as well as experienced traders. It is super easy and simple.
Wazirx vs CoinDCX: Which is better?
Both the exchanges are well known and highly preferable by the Indian users. But, WazirX seems to understand the plight of new inexperienced users and has made it’s working more simple and easy.
The security and privacy is also a great add-on. It is comfortable to use as well as trade. CoinDCX is more for experienced traders and people who understand the complexity of crypto.
Between Wazirx and CoinDCX, which one is your favorite Indian crypto exchange? Let us know in the comments.
