Tired of the limited services and high trading, deposit, or withdrawal fees at WazirX? Well, this article is for you as it’s an unbiased guide for the reasons to switch from WazirX to CoinDCX.
Table of Contents
|Security||Most funds are in cold storage||Offers 2FA|
Withdrawal password to be entered for transferring funds.
|Support||By writing a request, you can reach out to the support team.|
They will reach back through email as soon as possible.
|24 hours support through email.|
Telegram channel and chat support are available from 6.00 AM to 11.00 PM.
|User Interface||Simple and intuitive||Simple and interactive|
|Mobile Application||WazirX app is available for both Android and Apple.||Available for Android and Apple users.|
|Market Place||Spot Exchange|
Peer to Peer
|CoinDCX Spot Exchange|
What is WazirX?
Nischal Shetty is the founder of the WazirX crypto exchange, and Zanmai Labs Private Limited is the owner. It is among India’s top crypto exchanges. In addition, WazirX provides a token of exchange called WRX. WazirX also allows UPI for depositing apart from NEFT, RTGS, IMPS, and bank transfer.
Crypto assets are also transferable to your WazirX wallet. By the end of 2019, Binance acquired WazirX. Therefore, you can easily connect these two exchanges; for depositing INR at WazirX and transferring USDT at Binance.
What is CoinDCX?
Sumit Gupta is the founder of CoinDCX, and Primestack Pte Limited owns it. DCX, a Company based in Singapore, created it and has been active since 2018 in India. In India, the office of CoinDCX is in Mumbai.
The exclusive feature of CoinDCX is that it offers various cryptos such as Bitcoin, Ethereum, and many other types of altcoins. Hence, traders using different altcoins do not have to wander elsewhere.
Some leading investors in CoinDCX funding in the current day are:
Wazirx vs CoinDCX: Trading Options
1. Spot Trading: Spot trading at WazirX allows the placing of a:
- Stop-limit order
On selecting a limit order, your order gets placed but only when the market meets the price set. On the other hand, if you select Stop-limit order, your limit order will be placed just when the market hits the stop price.
2. WazirX P2P exchange: When your order requirements are met, WazirX P2P automatically matches the buyer with a seller. On successful verification of your payment, the platform releases your funds. On an important note, you can deal only in USDT when you operate WazirX P2P.
3. WazirX Smart Token Fund (STF): It connects beginners with professional traders. It is similar to copy trading. However, these professional traders maintain a portfolio and charge a percentage of your profit. On the other hand, withdrawal of your funds is possible only once a day. In addition, you will receive the investment amount based on the distribution of the professional trader’s portfolio.
4. WazirX coin: WRX is a WazirX coin that you can use for getting discounts on the trading fee for the other crypto assets. This exchange has its own NFT platform. In addition, you can avail of many benefits if you own a WazirX coin, like airdrops and discounts.
- Spot Trading: CoinDCX offers spot trading for all its users, and a world-class matching engine backs it. This exchange has high liquidity on all limits and market orders.
- Margin Trading: CoinDCX is one of those first trading platforms in India that supports margin trading. It has a leverage of up to 10x. You can margin trade on almost 250+ altcoins, including bitcoin. In the first 24 hours, you don’t have to pay any interest on borrowed funds. Hence, a nominal interest rate of 0.05% is applicable.
- Futures Trading: It allows buying or selling of a commodity in the future at a predominant price. You can trade futures on this platform with leverage of up to 15x.
- CoinDCX lending: Here, borrowers lend from the investors and then pay interest during the return. Seven days is the maximum lending time, but withdrawal can be made anytime.
- CoinDCX Staking: You must lock all your assets for a specified period while using CoinDCX staking; for validating the blockchain network. You can even earn rewards on successful validations of blocks.
WazirX vs CoinDCX: Fees
WazirX charges high trading fees as compared to CoinDCX. However, no fees are applicable on WazirX P2P, but a maker/ taker fee of 0.2% in spot trading is required.
In addition, you will be charged INR 6.7 as a transaction fee on deposits through bank transfer. While making deposits through UPI, no fees are applicable. On the other hand, deposits through Mobikwik have 2% deposit fees. Lastly, 25% of your profits through STF will go to the skilled trader.
CoinDCX has low trading fees. The maker fee is 0.04%, and the taker fee is 0.06%. On the other hand, the exchange charges high withdrawal fees; 0.001 BTC on each BTC withdrawal.
The fee is relatively below the industry average, providing users with another reason to prefer CoinDCX over WazirX. The current industry average of this platform is around 0.10% – 0.15%.
WazirX vs CoinDCX: Earning Options
STF: A Smart Token Fund or STF is a way that enables the connection between skilled traders and not-so-experienced traders. In a way, that helps them to help each other in building a portfolio.
Also, it has similarities with copy trading, as if you are buying a portfolio of professional investors. He will make all the trades for you. On the other hand, since cryptocurrencies are asset classes of a highly volatile nature, you can continue to have market risks.
1. CoinDCX lending: It is an alternate form of investment. Here, borrowers lend from the investors and then pay interest during the return. Seven days is the maximum lending time, but withdrawal can be anytime. The maximum annual rate of interest is 16.25%.
Also read, Crypto Lending vs Crypto Staking
2. CoinDCX Staking: It is comparable to mining. You must lock all your assets for a specified period while using CoinDCX staking; for validating the blockchain network. You can even earn rewards on successful validations of blocks.
To initiate staking:
- You should register,
- Have a minimum balance of the supported cryptocurrencies,
- Be eligible to earn the rewards.
WazirX vs CoinDCX: Security
Is WazirX safe?
With storage of 95% of your funds in offline cold storage, WazirX keeps it safe from attempts of a hack. Also, you will have to enable two-factor authentication while using the mobile application and the official website.
Is CoinDCX safe?
Despite the well-built security system of WazirX, CoinDCX offers more weightage to its security. Let us see how:
- CoinDCX is on the list of most secure trading platforms in India.
- Maintains proper security, helping you to secure all the passwords.
- Two-factor authentication enables a safer trading experience.
- CoinDCX asks the users to create a new password for withdrawal every 30 days.
- The password is enabled after 24 hours of its change, enhancing the security platform!
WazirX vs CoinDCX: Support
By submitting a request, and attaching the necessary documents, you can avail WazirX support. The support team will revert as soon as possible.However, this does not promise faithful customer support as it is unsure when you can hear back from them.
Providing the users with the best services is the main business of CoinDCX to rise and flourish. Let us look into its exclusive customer service features.
- 24 hours customer support is available for the users.
- Users do not have to worry about time zones because of the 24 hours service.
- Services such as INR management, onboarding, and ticketing also have assistance support for 24 hours.
- Telegram channel and chatting time extends from 6:00 AM to 11:00 PM.
- Due to these benefits, the users do not have to wait for hours to solve any queries.
WazirX vs CoinDCX: Pros and Cons
|You can deposit INR directly from your bank account for exchanging and buying crypto of your choice.||The exchange hangs or freezes at the time of major crypto movements.|
|It has an easy user interface and does not require much technical knowledge to buy or sell crypto.||It does not offer Future or Margin trade, but only buying and selling.|
|The majority of Cryptocurrencies are available on Wazirx.||The USDT price is higher than that in the international market.|
|Binance (the market leader among international exchanges) backs WazirX.||There is no availability of Dark Mode for the users.|
|WazirX also offers direct buying with INR. Hence, users do not need to buy USDT first.||There is no program for Crypto Staking in the exchange.|
|Disappointing and sluggish customer support.|
|A wide range of coins is available for trading.||INR is their only FIAT currency. Any other option is not available for the users.|
|It has adequate liquidity and trading pairs.||Verification for higher FIAT values is needed.|
|Low trading charges.|
|The minimum amount for trading is low.|
|Just one tap enables buying and selling.|
|Margin trading is around six times the leverage on various assets.|
|They accept UPI and IMPS for payments.|
|Their futures trading is 20 times the leverage.|
|Available for multiple platforms.|
Summing up, we can say that despite the pros and cons of both the platforms, CoinDCX is presently the more user-friendly in all the mentioned aspects. Everyone looks for the best when it comes to choosing a cryptocurrency exchange platform. You should thoroughly research the apps of these platforms before investing in them.
Frequently Asked Questions
1. Is CoinDCX legal?
As a part of the disclaimer, cryptocurrency exchange platforms like CoinDCX and WazirX presently show that Cryptocurrency is an unregulated digital currency and is not a legal tender, subject to market risks.
2. Can CoinDCX be trusted?
Definitely! This crypto exchange platform is simple, safe, and trustworthy.
3. What is the difference between CoinDCX and CoinDCX Go?
Both are almost the same but have a slight difference in functionalities. The CoinDCX Go app is primarily for cryptocurrency investment and has 500k downloads currently. But, the CoinDCX Pro app functions for cryptocurrency exchange, with current downloads of 100k.