WazirX Vs CoinDCX: Comparison of Fees, Platform & Trading Pairs

WazirX and CoinDCX, both established in 2018, provide platforms for the general public to engage in buying and selling cryptocurrencies.

WazirX, founded by Nischal Shetty and owned by Zanmai Labs Private Limited, became part of Binance, the world’s largest crypto exchange, in 2019. Headquartered in Mumbai, India, WazirX boasts the highest daily crypto trading volumes, reaching approximately $4.6 million.

CoinDCX, founded by Sumit Gupta and owned by Primestack Pte Limited, is in partnership with DCX, a Singapore-based company specializing in crypto-enabled financial services. Operating from Mumbai, India, CoinDCX records a daily crypto trading volume of around $6.7 million.

In this article, a comparative analysis of WazirX vs CoinDCX will be presented, highlighting what each exchange offers to individuals like you and me. This information aims to assist in making an informed decision if there is any confusion between the two platforms.

WazirX vs CoinDCX: Assessing Trustworthiness

Globally, there are over 100 crypto exchanges, and while these exchanges are not illegal, none of them are regulated by any government, financial regulatory body, or central authority.

In the absence of regulatory oversight, the trustworthiness of a crypto exchange can be evaluated based on various factors:

  1. Founder’s Profile

Nischal Shetty, a Computer Science graduate, is the founder of companies like Twi5, Crowdfire, and WazirX. He has been recognized as one of Forbes 30 Under 30 entrepreneurs for 2014 in India.

Sumit Gupta, an IIT Mumbai graduate, co-founded List-up and CoinDCX. He possesses a profound interest in Number Theory and Cryptography.

  1. Security Features

When opening a CoinDCX account, users must undergo KYC and bank verification. The platform ensures trading account security through 2FA (Two Factor Authentication). CoinDCX adopts a security measure by storing 95% of cryptocurrencies in cold wallets (offline storage not connected to the internet) and the remaining 5% in hot cryptocurrency wallets, enhancing protection against hacking attacks. Furthermore, all cryptocurrencies held by CoinDCX are insured by BitGo, a digital asset insurance company.

On the other hand, WazirX employs KYC and bank verification during the account opening process. Trading account access requires 2FA, and users receive email/SMS alerts for added security. WazirX secures almost 95% of user funds in offline cold storage, minimizing vulnerability to hacking attempts.

  1. Partners & Associates

WazirX is a holding company of Binance, the world’s largest crypto exchange. The association with Binance provides additional security, and WazirX benefits from technological and marketing expertise shared by Binance.

In contrast, CoinDCX has notable investors such as Coinbase, Bain Capital Ventures, Bitmex, and Polychain. Both platforms have strong backing, with WazirX being associated with the largest crypto exchange, Binance.

  1. Access to Founders & Media Channels

CoinDCX and WazirX are accessible through various media channels, allowing users to connect with them. CoinDCX can be reached through its website request form, Twitter, Telegram, YouTube, and Instagram. Similarly, WazirX can be contacted via its website request form, Twitter, Telegram, YouTube, Instagram, Facebook, and Linkedin.

Ease of Money Deposit & Withdrawal

WazirX and CoinDCX facilitate direct deposits and withdrawals in INR. The funds deposited are held in their respective bank’s current accounts in India, making them accessible for crypto purchases.

Users can utilize the deposited funds to buy various cryptocurrencies, including Bitcoin, directly with INR available in their accounts.

Particulars           WazirX   CoinDCX

Channel               IMPS, UPI, NEFT & RTGS IMPS, UPI, NEFT & RTGS

Apps      Mobikwik             Mobikwik

Deposit Fees       IMPS, NEFT, RTGS: Rs. 5.90 per transfer

UPI: Rs. 4 per transfer     Rs. 0

Time                                 Maximum – 72 hours      Maximum – 72 hours

Minimum amount            Rs. 100  Rs. 750

Maximum amount           No maximum limit           Up to Rs. 51 lakhs depending on KYC status

Both WazirX and CoinDCX require users to complete KYC and bank verification to enable deposits and withdrawals. Withdrawals are not allowed until these verifications are successfully completed.

CoinDCX vs WazirX Trading Fees & Charges Comparison

The spot exchange, which serves as the marketplace for instant crypto trading between buyers and sellers, is a common feature in both the WazirX and CoinDCX exchanges. A comparison of trading fees for the Spot exchange is outlined below:

Particulars           WazirX   CoinDCX

Maker Fees         0.20%    0.15% to 0.50% based on the 30-day cumulative trading volume.

Taker Fees           0.20%    0.15% to 0.50% based on the 30-day cumulative trading volume.

CoinDCX employs a fee structure determined by the user’s trading levels over the last 30 days, which may be intricate for new crypto traders.

WazirX, on the other hand, maintains a fixed 0.20% fee, proving advantageous compared to CoinDCX. Additionally, WazirX features a referral program allowing users to earn WRX tokens. By paying fees using WRX tokens, users enjoy a flat 50% discount, resulting in a reduced fee of 0.10%. This is particularly beneficial for novice traders when compared to CoinDCX.

Furthermore, WRX tokens are listed and have recently yielded substantial returns, offering added advantages for WRX users.

Marketplace, Listed Crypto Pairs & Ease of Trading Comparison

Market Place

WazirX offers both a Spot exchange and a Peer to Peer (P2P) marketplace.

– Spot exchange: Allows direct purchase and sale of cryptocurrencies.
– P2P Marketplace: Enables buying/selling of USDT using INR directly from other traders, with WazirX acting as the custodian.

CoinDCX provides a more extensive range of marketplaces.

– Spot exchange: Allows direct purchase and sale of cryptocurrencies.
– Margin Trading: Similar to stock margin trading, enabling trading with 6X leverage.
– Futures Trading: Similar to F&O trading, allowing trading in crypto futures with up to 20X leverage.

Access to DeFi applications

WazirX: None

CoinDCX: Access to Earn DeFi applications, allowing users to lend their cryptos to CoinDCX in return for up to 13% interest, enabling passive earnings on idle cryptocurrencies.

Crypto Trading Pairs

WazirX: 4 base trading pairs.

  1. INR/Crypto pair
  2. BTC/Crypto pair
  3. USDT/Crypto pair
  4. WRX/Crypto pair

WazirX offers more than 100 cryptos paired against INR.

CoinDCX: 10 base trading pairs.

  1. INR/Crypto pair
  2. BTC/Crypto pair
  3. USDT/Crypto pair
  4. BNB/Crypto pair
  5. DAI/Crypto pair
  6. USDC/Crypto pair
  7. ETH/Crypto pair
  8. TRX/Crypto pair
  9. BUSD/Crypto pair
  10. XRP/Crypto pair

CoinDCX also offers more than 100 cryptos paired against INR.

Ease of Trading

Trading Platform

– CoinDCX has a forex trading platform appearance, better suited to experienced traders.
– WazirX features a clean, simple look with relevant features, making it easy to understand, even for beginners.

Buy/Sell Order Window

– CoinDCX’s order window may appear confusing to those unfamiliar with the order book.
– WazirX provides a straightforward presentation of bids and ask orders side by side.

Shorting of Cryptocurrencies

– WazirX lacks the option to short cryptocurrencies.
– CoinDCX allows shorting of 50 cryptocurrencies at a time using margins.

Overall, the choice between WazirX and CoinDCX depends on individual preferences and trading requirements.

WazirX & CoinDCX Customer Service Comparison

Both WazirX and CoinDCX offer customer support through website request forms and social media channels. However, users have reported issues with delayed INR deposits and trading problems during peak hours. These challenges may arise due to banks’ cooperation and recent crypto market price fluctuations.

Both exchanges have addressed user complaints through their Twitter handles and are actively working to enhance their IT infrastructure and teams to handle these issues.

Why You Should Go For WazirX Crypto Exchange

Consider WazirX for

  1. Clean, intuitive, and super easy-to-use interface.
  2. Fixed low 0.1% trading fees using WRX coins.
  3. Availability of 100+ cryptos paired against INR.
  4. Multiple deposit options, including UPI, NEFT, RTGS, IMPS.
  5. Direct withdrawal of INR to your registered bank account.

You Should Prefer CoinDCX For the Following Reasons

Choose CoinDCX if you

  1. Prefer trading volume-wise fees.
  2. Seek lower fees of 0.15% when 30-day turnover exceeds 5 Cr.
  3. Want access to margin and Futures crypto trading.
  4. Wish to earn passive interest on your crypto holdings.
  5. Utilize a short trading strategy.

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