The crypto currency world has witnessed many crypto exchange platforms over time. The two names that stand out as formidable contenders of each other are Binance vs Wazirx.
Both the platforms are vying attention and trust of the crypto enthusiasts to their platform. The crypto market has caught everybody’s attention with their unique offerings and financial strategies that encourages people to invest in cryptocurrencies.
These two crypto exchanges present distinct features and approaches to the crypto exchanges for investors and traders and are also interconnected.
Company Overview: Binance vs Wazirx
| Parameters | Binance | Wazirx |
| Founded | July 2017 | 2018 |
| Founders | Changpeng Zhao | Nischal Shetty, Siddharth Menon, & Sameer Hanuman Mhatre |
| Parent company | Binance Holdings Ltd. | Binance Group |
| Headquarters | Was first registered in China, but then moved out from there & currently has no official headquarters (operates in different countries) | Mumbai, Maharashtra, India |
| Trading platforms | Website, iOS, android, desktop. | Website, iOS, & android. |
| Number of cryptocurrencies | It currently has 402 cryptocurrencies, 11 fiat currencies and 1591 markets (cryptocurrency trading pairs). | It currently has 259 cryptocurrencies, 1 fiat currencies and 477 markets (cryptocurrency trading pairs). |
| Global presence | Has a vast global presence & provides services to users in more than 100 countries. | As an Indian platform, it operates majorly in the Indian domain. |
| Number of users | 170 million+ | 15 million+ |
| Supported fiat currency | AUD, BRL, EUR, NGN, PLN, RON, RUB, TRY, UAH, ZAR, INR (through Wazirx Binance) | INR and USD |
| Worth/Revenue | $12 billion (2022)(Revenue) | $1billion (2023)(Worth) |
| Website | Binance.com | Wazirx.com |
Binance has a strong global presence and serves in more than 100 countries and is the the largest crypto exchange in the world, while in case of Wazirx, being an Indian origin platform it serves majorly in Indian space and is one of top crypto exchange in India.
Wazirx has comparatively less number of users at its platform in comparison to Binance. It has a user base of 15 million+ while Binance boasts a registered user base of 170 million+ worldwide and has over 6.67 million users from India.
Binance provides more options for trading in crypto and has more fiat currencies supported as compared to Wazirx.
Charges Comparison of Binance vs Wazirx
| Parameters | Binance | Wazirx |
| Minimum deposit | $1 | INR 100 ($1) |
| Trading platforms | Mobile, desktop, website, mac. | Website, mobile, desktop. |
| Leverage ratio | 1:10 | 1:1 |
| TDS (Tax Deduction at Source) | 1% TDS is made from crypto transactions or virtual assets | 1%TDS for every transaction and order. |
| Credit or debit withdrawal fee | 1% | INR 10 |
Both Binance and Wazirx can be operated from platforms and channels like mobile, desktop, mac, or through their website.
However, the minimum amount to be deposited in account for starting trading is $1 i.e. INR 100 in Wazirx platform, while if you want to trade through Binance platform then you need to deposit $1 in the account.
Both the platforms require to complete the KYC process for initiating trading on their platforms.
Binance seems to have an upper hand as it has a strong global presence and operates in more than 100 countries, but Wazirx is not left behind in the race. By becoming a part of Binance group, Wazirx also serves globally in some regions.
Trading Fees Comparison of Binance vs Wazirx
| Parameters | Binance | Wazirx |
| Maximum maker fee | 0.1% | 0.2% |
| Minimum maker fee | 0.012% | 0% |
| Maximum taker fee | 0.1% | 0.2% |
| Minimum taker fee | 0.024% | 0% |
| P2P (peer-2-peer) charges | 0.1% to 0.2% | NIL |
From the trading fee comparison analysis of Binance vs Wazirx, it is pretty visible that Binance maximum making charges does not exceed 0.1% along with its maximum taker fee for its crypto exchanges which is also 0.1%, and it seems to be a better option for trading.
While Wazirx has a fixed maximum maker fee of 0.2% that is being charged for all trading pairs of crypto but comes with one exception, i.e. the cryptocurrencies pair traded with native token WRX, the fee charged is 0%. They both have a tiered trading fee structure based on customers’ last 30 days trading volume.
Binance vs Wazirx: Other factors Comparison
| Parameters | Binance | Wazirx |
| User Interface | A modern & exclusive user interface for its users. Offers more options like advanced chart tools, trade history, order book, and price charts, etc. and a convenient mobile app to use. | Friendly interface with simple charts, order books, price charts, etc. with an easy to use app. |
| Security | Uses security measures like regular security audits, email notifications, 2FA, cold storage for data. Etc. | Security measures include two factor authentication, secure wallet system, email verification, bug bounty program. |
| Currencies Available | Bitcoin (BTC), Ethereum (ETH), TetherUS (USDT), BNB, Solana (SOL), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), ChainLink (LINK), etc. | Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Polkadot (DOT), Cardano (ADA), Uniswap (UNI), Ripple (XRP), Stellar (XLM), etc. |
| Payment Methods | It accepts payments through UPI (GPay, PhonePe), Bitcoin, ADVcash, Samsung Pay, Banxa, Simplex, Paybis, etc. Along with that for more payment options visit the marketplace and tap the wallet option, where you can see all payment options by clicking on the P2P option. | You can buy P2P orders via UPI/IMPS/Bank transfer & through apps like PayTM, Google Pay, PhonePe, BHIM, etc., support UPI transactions. |
| Government Registered | Hasn’t been declared as a registered platform in India so far. | Wazirx (Zanmai Labs), is one of few platforms that have been under FIU-IND. |
| Customer Support | Offers customer support through channels like emails, phone support, ticketing system, live chat support, and also offers tutorials and blogs. | It provides support through mediums like emails, chats, and ticketing system. |
Note: Do visit the article Is forex trading legal in India – Everything You Should Know.
Summing Up: Binance vs Wazirx
Binance has an upper hand in the game as it is widely spread across many countries due to which it has a strong global presence and is the largest crypto exchange in the world. Wazirx, being an Indian origin platform, offers its most of the services in the Indian domain, however, after becoming a part of Binance group, it now too operates globally. These two platforms are interconnected on multiple levels.
Binance offers more crypto currencies for trading, payment methods, advanced user interface, etc. while wazirx offers more security and is a government registered platform.
