Over the past few months, cryptocurrencies have become a big investment opportunity in India. In this article, we’ll take a look at Binance vs WazirX.
As cryptocurrencies get more and more popular around the world, a lot of new people have started getting involved with investing in cryptocurrencies. However, getting into crypto is not as easy as it appears, and people should do thorough research before getting involved with cryptocurrencies. But crypto exchanges like Binance, WazirX, and Coinbase have made it easier for the common man to get into crypto, by creating a platform where people can buy crypto easily and securely.
Even in India, people have started investing in cryptocurrencies. While the RBI had banned cryptocurrencies in India in 2018, the Supreme Court reversed their order in March 2020. Since then, slowly but surely crypto has become a rising industry in India.
Binance is currently one of the biggest and most popular cryptocurrency exchanges also known as Binance Holdings Limited. Binance is a cryptocurrency exchange platform that combines digital technology and finance. The company provides access to exchange digital currency pairs on the market while maintaining security, and liquidity, enabling a safe and efficient deal with anyone, anytime and anywhere. Originally coming from Hong Kong, the company has recently moved its headquarters to Malta. Back at the beginning of its path the company had an ICO and gathered 15 mln USD. Participants got Binance Coin (BNB), which could trade cryptocurrencies and pay a fee on Binance exchange.
Launched in 2018, WazirX claims to be India’s fastest-growing cryptocurrency exchange with over 400,000 users, with an average app rating of 4.6. WazirX is a part of the Binance ecosystem. WazirX and Binance have launched a $50 Million USD ‘Blockchain For India’ fund. The exchange is available for the global audience, and key features include:
- Instant INR (fiat) deposit and withdrawal options
- Smart Token Fund to help crypto investors find expert traders, and let them manage their cryptocurrency portfolio
- World’s first auto-matching P2P engine with high liquidity
- 80+ tokens
- Login via the Binance option
WRX is the utility token of WazirX. WRX token is based on the Binance blockchain. Its total supply is 1 Billion. The token holders will be rewarded with various benefits on the trading exchange like trading fee discounts, WRX trade mining, token airdrop, margin fee, and more. WRX and WRX are backed by Indian entrepreneurs with over 10 years of experience in building and scaling global products out of India. WazirX was also acquired by Binance in November 2019. The goal of WazirX is to make crypto accessible to everyone in India. To learn more look at our extensive WazirX review here.
Binance vs WazirX Comparison
|Founder||Changpeng Zhao||Nischal Shetty|
|Languages||English +16 more||English|
|Mobile App||iOS, Android||iOS, Android|
|Number of Followers||4.7M||305.7K|
When choosing an exchange for trading, you should take into account how long it has been an active market player. Older exchanges usually have a good reputation and tend to be more reliable. It may be a good decision to use the older exchange, which is Binance. At the same time, newer projects may be more technologically advanced.
You should also pay attention to where the exchange is located. Some countries have strict financial regulations, which makes it difficult to seek court assistance when needed.
Binance Vs WazirX Fees
As for the comparison between these two, WazirX will simply be the better choice for Indian users, because of the exorbitantly high withdrawal fees charged by Binance. Binance is an international crypto-exchange, so their withdrawal charges are higher, even if their transaction fees for crypto transactions remain lower. Binance charges a minimum of $100 in withdrawal fees, which is about Rs. 700 INR, whereas WazirX charges Rs. 5 to 10 per withdrawal, depending on the type of withdrawal you use.
However, for people who want to do high-volume trading, Binance is the better option, as it has a lot more cryptocurrency options and fast servers that don’t crash as much during peak trading times. However, readers are requested to do their own research before choosing a crypto exchange.
DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this website does not constitute investment advice, financial advice, or trading advice. Digiblog does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial advisers before making any crypto investments.
Frequently Asked Questions
Can I transfer from Binance to WazirX?
Yes, Binance users can freely transfer funds and cryptocurrencies to WazirX and vice versa by linking the accounts.
Is Binance and WazirX same?
WazirX is owned by Binance, often acknowledged as the world’s largest cryptocurrency exchange by trading volume.
What is the cheapest cryptocurrency to buy right now?
DOGE, the coin that has risen to prominence earlier this year, thanks to Elon Musk, is the cheapest cryptocurrency to purchase in 2021. Dogecoin is currently one of the cryptocurrencies that many analysts consider to be a viable investment option.
Can I withdraw money from WazirX?
Yes, But the withdrawal will only happen to the Bank account that you have linked to your WazirX account. The name on the Bank account that you link MUST match the name on your WazirX account.