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.
WazirX crypto exchange is founded by Nischal Shetty and owned by Zanmai Labs Private Limited. And was acquired in 2019 by Binance – the world’s largest crypto exchange.
Located in Mumbai, India, WazirX has the highest daily crypto trading volumes of around $104 million.
CoinDCX was founded by Sumit Gupta and owned by Primestack Pte Limited. And partnered with DCX – a Singapore-based company that specializes in crypto- enabled financial services.
CoinDCX operates from Mumbai, India and has a daily crypto trading volume of around $40 million.
In the article, I will compare WazirX vs CoinDCX and what they both offer for a common person like you and me. Ultimately, helping you make a better decision in case you are confused between the two exchanges.
WazixX vs CoinDCX, Who is More Trustable
Globally, there are more than 190 crypto exchanges with daily trading volumes of over $10 million.
Crypto exchanges are not illegal. But none of them are regulated by any government, financial regulatory body, or central authority.
In absence of any regulatory authority, you can judge the trustworthiness of any crypto exchange based on factors like –
#1. Founder’s Profile
Nischal Shetty is a Computer Science graduate and founder of companies like Twi5, Crowdfire and WazirX. He is also part of Forbes 30 under 30 entrepreneurs for 2014 in India.
Sumit Gupta graduated from IIT Mumbai, is a co-founder of List-up & CoinDCX with a deep interest in Number Theory and Cryptography.
Winner – Both the founders seem to be professional entrepreneur backed by experience and seems that they are knowledgeable in their field.
#2. Security Features
You need to undergo KYC and bank verification while opening a CoinDCX account. For trading account security, you have 2FA (Two Factor Authentication) for accessing the account.
CoinDCX stores 95% of cryptos in cold wallets (meaning stored offline, not connected to the internet) and the rest 5% in hot wallets. Securing your cryptos from hacking attacks.
On top of that, all the cryptos with CoinDCX are insured by BitGo (a digital asset insurance company).
In comparison to that – WazirX employs KYC verification and bank verification during account opening. You have to input 2FA while accessing your trading account and receive email/SMS alerts.
WazirX stores almost 95% of your funds in offline cold storage, making it safe from any hacking attempts.
Winner – CoinDCX has an edge because the customer’s funds are protected under the BitGo insurance policy.
#3. Partners & Associates
Binance – the world’s largest crypto exchange is a holding company of WazirX.
Whereas, investors in CoinDCX include Coinbase, Bain Capital Ventures, Bitmex and Polychain.
Winner – WazirX has an edge over CoinDCX here because it is fully integrated with Binance. In case of a govt ban, we can move our portfolio swiftly to Binance.
I feel more secure with WazirX (check complete WazirX review) when I know Binance is always there for backup. WazirX also borrows a lot of technology and marketing knowledge from Binance.
#4. Access to Founders & Media Channels
CoinDCX is accessible on
- Website request form
You can reach WazirX using-
- Website – request form
Winner – WazirX has few additional media channels like FB and Linkedin, using which you can reach them.
WazirX and CoinDCX are backed by global brands, managed by professionals, and employ adequate security measures to keep your funds safe. Overall both exchange seems to be trustworthy.
Ease of Money Deposit & 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||Rs. 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.
Winner – Beginner crypto investors and traders would love the flexibility offered by CoinDCX.
But WazirX is better placed here to help you to start easily and grow your crypto portfolio. The exchange is made for both experienced and beginner crypto traders alike.
CoinDCX vs WazirX 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.
Winner – WazirX offers a straightforward fee structure with fixed trading fees. They also offer a 50% discount on fees if you use WRX coins.
MarketPlace, Listed Crypto Pairs & Ease of Trading Comparison
#1. Market Place
Spot exchange, Peer to Peer (P2P) and STF marketplace are available on WazirX.
- Spot exchange – allows the direct purchase and sell of cryptocurrencies.
- P2P Market place – You can buy/ sell only USDT using INR directly from other traders with WazirX acting as custodian
- Smart Token Fund (STF) – allows experienced crypto traders to help beginners grow their portfolio in return for a certain percentage of profit earned.
This is very different from the Spot, Margins and Futures marketplace available on CoinDCX.
- CoinDCX Spot exchange – allows the direct purchase and sell of cryptocurrencies.
- Margin Trading – similar to stock margin trading. Allows you to trade with 6X leverage
- Futures Trading – similar to F&O trading. Allows you to trade in crypto futures with up to 20X leverage.
Winner – Except for the spot exchange, the other markets are different and not comparable.
Note – WazirX exchanges offers a simple marketplace that aids beginner crypto traders. Whereas CoinDCX marketplace are for experienced crypto traders.
#2. Access to DeFi applications
In WazirX – None
In CoinDCX exchange you have access to Lending & Staking DeFi applications.
DeFi applications are smart protocols built on the Ethereum blockchain. You can lend, borrow or stake your cryptos, thus helping you earn on cryptocurrencies lying in your wallet.
Winner- Once again both the exchanges can’t be compared. The DeFi application offered by CoinDCX is for experienced crypto investors.
#3. Crypto Trading Pairs
On WazirX – You have only 4 base trading pairs with whom other cryptos are matched. The 4 base pair are –
- INR / Crypto pair
- BTC / Crypto pair
- USDT / Crypto pair
- WRX / Crypto pair
WazirX offers 70 cryptos paired against INR. That means you can buy them directly using the rupee amount deposited in your account.
On CoinDCX you have 11 base trading pairs giving you a wider choice. The base trading pairs are –
- 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
But you have only 32 cryptos paired against INR. That means on CoinDCX, for buying rest of the cryptos you need to first buy USDT and then use it to buy the cryptocurrency that you are looking for.
Winner – Without a doubt, WazirX gives you more crypto options that you can purchase directly using INR.
#4. Ease of Trading
Trading Platform –
The look and feel of CoinDCX is like a forex trading platform better suited to experienced traders. You need to find the market place and crypto pairs. The dark mode gives it a heavy look.
WazirX has a clean, simple look with only the relevant features, making it easy to understand and use even for beginner traders.
Buy/ Sell Order Window –
The order window is a bit confusing on the CoinDCX where the bids and ask rates are shown one below the other.
If you are not familiar with the order book then it will be hard to understand the buy/ sell orders arranged in this fashion.
But the advantage is – more orders can be viewed. For example, if you click the bids or the ask order book then you get details of almost 80+ orders in the book.
On WazirX it is easy to understand with bids and ask orders placed on side by side.
But the only thing is that 10 orders can be seen at a time.
Shorting of Cryptocurrencies –
On WazirX you do not have an option to short (first sell and later buy a cryptocurrency).
Using margins on CoinDCX you can short 50 cryptocurrencies at a time.
Winner in the Ease of trading – WazirX exchange beats CoinDCX because it makes the user’s experience super easy, requiring the least effort to understand and buy/ sell cryptos.
CoinDCX is more suitable for experienced crypto traders which is evident from the platform and product offerings.
WazirX offers a beginner-friendly interface offering only the required functionality for intermediate and advanced level traders.
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.
Both the exchanges have tried their best to acknowledge the issues through their Twitter handle.
CoinDCX and WazirX are recently set up crypto exchanges and are ramping their IT infrastructure and team to take care of the issues.
Winner – The customer service team of both exchanges is average and need to improve in the coming days.
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.
You Should Prefer CoinDCX For the Following Reason
Look to CoinDCX, if you want –
- To have trading volume-wise fees.
- Lower (up to 0.001%) in the higher segment.
- Access to margin and Futures crypto trading
- Want to earn on your crypto using DeFi applications
- Use a short trading strategy
- to use UPI to make a deposit apart from NEFT, RTGS, IMPS
Based on the side-by-side comparison of CoinDCX vs WazirX, I would suggest you open WazirX account because WazirX is easy to understand & comfortable to use crypto exchange for new crypto investors.
Whereas, CoinDCX is better suited to traders who already have some experience in investing or trading in cryptocurrencies.