CoinDCX and WazirX are two popular cryptocurrency exchanges based in India. The cryptocurrency exchanges work similarly to the BSE and NSE stock exchanges of India. However, unlike the stock market, you can execute crypto trade directly without getting involved with brokers. Do you know you can buy or sell cryptocurrencies on this platform using the Indian rupee? CoinDCX vs WazirX. Which one is better? You may wonder! In this article, we will be providing a detailed comparative analysis between the two.
Stay tuned!
Overview of CoinDCX vs WazirX
| Characteristic Features | CoinDCX | WazirX |
| Founders | Sumit Gupta & Neeraj Khandelwal | Nischal Shetty |
| Founded in | 2018 | 2017 |
| Head Office | Mumbai (Maharashtra, India) | Mumbai (Maharashtra, India) |
| User Interface | Simple and intuitive user interface (Easy to navigate & suitable for beginners) | Complex and advanced user interface (Suitable for experts) |
| Coins Supported | Broad range (supports over 200 types of coins). Example-Bitcoin (BTC), Litecoin (LTC), Monero XMR, QLink QLC, Ripple XRP, etc. | Narrow range (supports only 100 types of coins). Examples- Bitcoin, Ethereum, Ripple, etc. |
| Trading Fees | Lower trading fees (cost-effective for traders) | Higher trading fees (a bit expensive for traders) |
| Securities | Two-factor authentication and cold storage for funds | Robust security system, including regular security audits and a bug bounty program. |
| Mobile App | Up to the mark | Feature-rich with advanced trading tools. |
| Userbase (FY 2022) | 13 million users | 15 million users |
| Valuation (FY 2022) | $2 billion | $200 million |
| Revenue Earned (FY 2022) | Rs.38.91 crore | Rs.823 crore |
| Current Profit/Loss | Profit of Rs.4.36crore | Profit of 53.2 crore |
| Partners & Associates | Coinbase, Brain Capital Ventures, Bitmex, Polychain | Binance (The largest crypto exchange in the world) |
| Access to Media Channels | Twitter, Telegram, YouTube, Instagram | Twitter, Telegram, YouTube, Instagram, Facebook, LinkedIn |
Inference
As you can see above, both cryptocurrency exchanges are established by professional entrepreneurs. However, if you carefully observe the security features, then, you will find that WazirX has an advanced version of money storage. It stores more than 95% of your funds in cold storage. And that too in offline mode! Thus, your money is safe from hacking attempts. The rest 5% of the money is stored in hot wallets. But CoinDCX is not that volatile either. Because its funds are protected under the BitGo insurance policy.
This is one of the chief reasons that won the trust of the customers. Eventually, it led to the formation of WazirX’s enormous customer base. Another reason for its success is its parent company “Binance,” the largest crypto exchange in the world! Even if the government bans WazirX, you can smoothly shift your portfolio to Binance.
Charges Comparison (Deposits & Withdrawals)
| Particulars | CoinDCX | WazirX |
| Channels | IMPS, UPI, NEFT, & RTGS | IMPS, UPI, NEFT, & RTGS |
| Deposit Fees | No deposit fees | No deposit fees |
| Minimum Deposit Amount | Rs.500 | Rs.100 |
| Maximum Deposit Amount | No limit | Rs.4.99 Lakhs |
| Withdrawal Fees | No withdrawal fees for withdrawing INR amounts. But 0.0005 BTC per BTC withdrawal is deducted. | Deduction of 0.0005 BTC per BTC withdrawal. |
| TDS (Tax Deducted at Source) | 1% TDS is deducted on payments made from the transfer of virtual assets | 1% TDS is deducted from every order |
Being India-based crypto exchanges, they fully support the deposits and withdrawal facilities in the Indian rupee. Really? Yes! You can trade in crypto with the money present in your current Indian bank account. But the point is, you need to complete KYC and verify your bank account before executing the trade. If you look at the comparison table above, there is not much difference in charges between the two. However, you need to have a minimum deposit amount of Rs.100 and Rs.500 in WazirX and CoinDCX respectively. You may find the former one a bit pocket-friendly but you can’t exceed the deposit amount of over Rs.4.99 Lakhs.
Trading Fees Comparison
| Crypto Trading Fees | CoinDCX | WazirX |
| Maker Fee | 0.15%-0.50% (Based on 30-day cumulative trading volume) | 0.20% |
| Taker Fee | 0.15%-0.50% (Based on 30-day cumulative trading volume) | 0.20% |
| P2P Transaction Charges | 0.1% | Nil |
The spot exchange is the only common marketplace in both of them. Here, the buyers and sellers can trade cryptocurrencies instantly. From the comparison analysis, you might have figured out that CoinDCX charges fees based on your trading levels. And that too for 30 days. You may find it complex if you are new to crypto trading. On the other hand, WazirX has a straightforward fee-structure. It has a fixed rate trading fee i.e. 0.20%. Do you know you can earn WazirX tokens through its referral program? You can get a flat 50% discount on using the WazirX tokens.
Comparison of other features
Following are the key distinguishing features of CoinDCX vs WazirX
| Other Significant Features | CoinDCX | WazirX |
| Marketplace available | Spot Exchange, Margin trading (6X leverage), Futures Trading (20X leverage) | Spot Exchange, P2P Marketplace |
| Access to DeFi applications | Available | Not available |
| Crypto (Base) Trading Pairs | INR/Crypto pairBTC/Crypto pairUSDT/Crypto pairBNB / Crypto pairDAI / Crypto pairUSDC / Crypto pairETH / Crypto pairTRX / Crypto pairBUSD / Crypto pairXRP / Crypto pair | INR/Crypto pairBTC/Crypto pairUSDT/Crypto pairWRX/Crypto pair |
| Buy/Sell Order Window | A bit complex to understand | Easy to understand |
| Customer Care Service | Average | Average |
| Demo Account | Not available | Available |
Conclusion
Based on the comparison analysis, you can see that both CoinDCX and WazirX have their individual pros and cons. A demo account is available in WazirX but absent in CoinDCX. At the same time, DeFi (Decentralized Finance) applications are present in CoinDCX but absent in WazirX. It is important because it serves as a passive income if you possess any digital assets. However, if you are planning to explore various types of crypto coins, then, you can go for CoinDCX because it contains more than 200 types of coins. In case, you want to go for low minimum deposits with a demo account, you can choose WazirX.
So coming to the question. CoinDCX vs WazirX: Which one is better? Well, the answer depends upon your priorities and what kind of features you want!
