In this article, you will get a detailed review of WazirX Vs CoinDCX: Which is Best for You in 2022 as cryptocurrency exchanges and better for your investments and trading needs. WazirX and CoinDCX are crypto exchanges. Where using INR, you can directly buy/sell –
- Other cryptocurrencies like Ethereum, Ripple & Litecoin
- Altcoins like – NEO, TRON and EOS
- Crypto tokens like – UNI, LINK, and MATIC
- Stablecoins (whose value is linked to US Dollar) like – Tether (USDT), USD Coin (USDC), and Binance USD (BUSD)
Crypto exchanges work similarly to BSE and NSE stock exchanges. Two things that separate crypto exchanges from stock exchanges are:
- Crypto exchanges allow direct access to the platform, they do not have stock brokers in between.
- You can use one cryptocurrency to buy another cryptocurrency. This is not possible in a regular stock exchange, I mean you cannot buy Infosys shares using Reliance shares.
But in crypto exchange, you can buy Bitcoins directly if you have Ethereum or any other cryptocurrency with you. WazirX and CoinDCX crypto exchanges started operations in 2018. Creating a platform for common people to buy/ sell cryptocurrencies. Coinmarketcap (a global website that tracks the price of cryptocurrencies and stats) now lists WazirX and CoinDCX in the list of the top 50 best crypto exchanges in the world.
Let’s Find out Between WazirX Vs CoinDCX: Which is Best for You in 2022 –
WazirX is a Mumbai-based one of the largest cryptocurrency exchanges that was launched in 2017. Later, it was acquired by Binance Holdings, which is the world’s largest cryptocurrency exchange by trading volume. This makes it one of the most trusted Indian crypto exchanges. If your primary objective is to trade in cryptocurrencies, you can use WazirX to trade on Binance.
CoinDCX is another popular and best cryptocurrency exchange in India, launched in 2018. It offers a very user-friendly interface and a wide variety of over 200+ coins with high liquidity. It supports unlimited trading, and the trading fee can be as low as 0.1%.
One can deposit and withdraw money free of charge. CoinDCX provides access to trading products like spot, margin, futures, and lending using a single powerful portfolio wallet. Also, it has an Insta feature where you can buy 40+ cryptocurrencies with INR in less than a minute.
- Simple and user-friendly
- Over 200+ Cryptocurrencies
- Trading Fee as low as 0.1%
- Free deposits and withdrawals
Money & Withdrawal:
WazirX and CoinDCX both support direct INR deposits and withdrawal facilities. The money you deposit is held in their bank’s current accounts in India. And available in your account to buy cryptos.
You can use it to buy Bitcoins and any other cryptos with INR in your account
|Channel||IMPS, UPI, NEFT & RTGS||IMPS, UPI, NEFT & RTGS|
|Deposit Fees||IMPS, NEFT, RTGS: Rs. 5.90 per transfer
UPI: Rs. 4 per transfer
|Time||Maximum – 72 hours||Maximum – 72 hours|
|Minimum amount||Rs. 100||s. 100|
|Maximum amount||No maximum limit||Up to Rs. 5 lakhs depending on KYC status|
WazirX does not allow withdrawal if you have not completed KYC and bank verification.
On CoinDCX you can deposit and withdraw up to Rs. 10,000 in case your KYC is pending.
WazirX vs CoinDCX Trading Fees & Charges Comparison
The spot exchange (marketplace where buyers & sellers trade cryptos instantly) is the only common marketplace in both WazirX and CoinDCX exchanges.
Comparison of trading fees for Spot exchange is under –
|Maker Fees||0.2%||0.11% to 0.001% based on the 45-day cumulative trading volume.|
|Taker Fees||0.2%||0.11% to 0.001% based on the 45-day cumulative trading volume.|
CoinDCX charges fees based on your last 45-day trading levels. Calculation of which can be complex for the new crypto trader. WazirX has a fixed 0.2% fee that is higher when compared to CoinDCX. But WazirX has a referral program where you can earn WRX tokens. If you pay fees via WRX token, then you get a flat 50% discount on the fee. This means you need to pay 0.1% which is low for beginner traders as compared to CoinDCX On top of that WRX tokens are listed and have recently delivered handsome returns, making it a win-win situation for WRX users.
WazirX & CoinDCX Customer Service Comparison:
<The bad thing is that – only website request forms and social media channels are available for users in the name of customer reach. WazirX and CoinDCX received complaints from users about the INR deposits getting delayed and problems in trading during peak hours. This may be because of banks not cooperating with the exchanges and the recent huge price fluctuations in the crypto markets.
Also Read – WazirX Vs Coinswitch: Which Is Better?
Both the exchanges have tried their best to acknowledge the issues through their Twitter handle. WazirX and CoinDCX are recently set up crypto exchanges and are ramping their IT infrastructure and team to take care of the issues.
Why You Should Go For WazirX Crypto Exchange
In my view, you should opt for WazirX for –
- WazirX’s clean, intuitive, and super easy to use interface
- Fixed, low 0.1% trading fees using WRX coins
- <70+ cryptos paired against INR
- Allows you to use UPI to make a deposit apart from NEFT, RTGS, IMPS
- <You can withdraw INR directly to your registered bank account.
Based on the side-by-side comparison of WazirX vs CoinDCX, I would suggest you open a WazirX account because WazirX is easy to understand & comfortable using crypto exchange for new crypto investors. CoinDCX is better suited to traders who already have some experience in investing or trading in cryptocurrencies.
Frequently Asked Questions (FAQs)