There are various crypto trading exchanges available in India. So today, we will compare India’s 3 best crypto trading exchanges, i.e., WazirX, CoinDCX, and Bitbns.
Summary (TL;DR)
- The three leading cryptocurrency trading platforms of India are WazirX, CoinDCX, and Bitbns.
- WazirX is the one with the maximum number of users; whereas, CoinDCX and Bitbns provide various trading options.
- The mobile apps of CoinDCX and WazirX are way better than the Bitbns app.
- CoinDCX and WazirX offer a simple and easy-to-use mobile app; however, Bitbns tries to make its mobile app attractive but fails to do so.
- WazirX and Bitbns charge the highest fees in the market; whereas, CoinDCX charges a minimal trading fee.
- You can easily connect WazirX with Binance and transfer all your funds to Binance without any transfer charges.
- The security at all three platforms has been a primary concern of the founders. All of them have not suffered any type of breach until now.
CoinDCX vs WazirX vs Bitbns: Overview
WazirX
WazirX is among India’s top crypto exchanges and provides one of the most secure services. The exchange has its token known as WRX, which is based on the Binance chain. There are multiple benefits of using WRX on WazirX, such as getting a discount on the trading fee.
Binance acquired WazirX by the end of 2019. Hence, you can easily connect both the exchanges to deposit INR at WazirX and then transfer USDT at Binance.
To learn more read our WazirX review. If you wish to invest in bitcoin, you can read our guide on How to buy bitcoin at WazirX?
CoinDCX
CoinDCX was created by a company based in Singapore named DCX and has been active in India since 2018. The platform supports a wide range of cryptocurrencies; however, you can withdraw only a limited number of crypto assets.
To learn more read our CoinDCX review. You can also refer to our guide on How to buy Shiba Inu at CoinDCX?.
Bitbns
Bitbns was started by IIT graduates in 2017 and the platform now supports trading in more than 90 crypto assets. Apart from this the platform offers a Grade-A security level and owns reliable customer support.
To learn more read our Bitbns review. You can also refer to our guide on How to buy Shiba Inu at Bitbns?
If you’re a beginner and wish to learn where to begin your trading journey, we have you covered. Refer to our guide to invest in cryptocurrency to learn everything you need to know before trading.
Bitbns vs WazirX vs CoinDCX: Trading Options
As a crypto trader, you need to understand all the trading options available on any platform. So here we are going to cover everything on all three platforms.
WazirX Trading Options
- Spot Trading: Spot trading at WazirX allows you to place a Limit, Market, or Stop-limit order. If you select a limit order, your order gets executed only when the market meets your set price. Whereas in a Stop-limit order, your limit order is placed only when the market hits the stop price.
- WazirX P2P exchange: WazirX P2P automatically matches the buyer with a seller when your order requirements are met. Once you successfully verify your payment the platform will release your funds. The point to be kept in mind is that you can only deal in USDT while operating on WazirX P2P.
- WazirX Smart Trading Fund(STF): The WazirX STF is similar to copy trading as it connects professional traders with beginners. These professional traders charge a percentage of your profit and maintain your portfolio. However, you can withdraw your funds only once a day, and you will receive your investment amount based on the professional trader’s portfolio distribution.
- WazirX coin: WRX is a WazirX coin that you can use to get discounts on your trading fee or trade for other crypto assets. The exchange is out with its own NFT platform, leading to a sudden rise in the value of WRX. If you own a WazirX coin, you are entitled to many benefits, including airdrops, discounts, etc.
CoinDCX Trading Options
- Spot Trading: CoinDCX has the option of spot trading for all its users, backed by a world-class matching engine. The exchange offers high liquidity on all the limit and market orders.
- Margin Trading: It is among the first Indian trading platforms to support margin trading with leverage of up to 10x. You can margin trade on bitcoin and almost 250+ altcoins. The platform does not charge any interest on borrowed funds in the first 24 hours. Thereafter a nominal interest rate of 0.05% is applicable.
- Futures Trading: Futures trading allows you to buy/ sell a commodity at a predetermined price in the future. You can trade futures on CoinDCX with leverage of up to 15x.
- CoinDCX lending: While crypto lending, the borrowers lend from the investors and pay an interest in a return to the investors. The maximum lending time is seven days, and you can withdraw your funds anytime.
- CoinDCX Staking: While using CoinDCX staking, you must lock your assets for a specified amount of time to validate the blockchain network. You earn rewards on successful validations of the blocks.
Bitbns Trading Options
- Spot Trading: Bitbns spot trading offers high liquidity in the Indian crypto market. You can trade in more than 130 crypto assets in INR/ USDT/ BTC.
- Margin Trading: At Bitbns, you can leverage up to 4x on 28 crypto assets. As a beginner, you should stay away from margin trading as it can also incur high losses.
- Margin Lending: This feature is available inside the margin trading option on Bitbns. You earn from margin lending by earning interest over a period on the assets you lend.
- Fixed Income Plan (FIP): Fixed Income Plan or FIP allows you to invest USDT or BTC for a fixed amount of time and rate of return. You can choose any one of the plans available on your dashboard. However, each plan has an allocation limit, preceding which you will not be able to add any more investments in that particular plan. To learn more about FIP, refer to the Bitbns blog.
WazirX vs CoinDCX vs Bitbns: Fees
You might not realize, but the trading fees play a crucial role in crypto trading. You must do your research and search for a platform with a minimal trading fee; as we know that, if you win a trade, then you get less than what you win, and if you lose a trade, you lose more than your actual loss.
WazirX Fees
WazirX charges high trading fees when compared to CoinDCX but lower than Bitbns. No fees is applicable on WazirX P2P. However, you have to pay a maker/ taker fee of 0.2% in spot trading.
Apart from this, on deposits through bank transfer, INR 6.7 is charged as a transaction fee. No fees are applicable while making deposits through UPI. However, deposit through Mobikwik has around 2% deposit fees. Also, 25% of your profits through STF goes to the skilled trader.
CoinDCX Fees
CoinDCX has low trading fees as the maker fee is 0.04%, and the taker fee is 0.06%. However, the exchange charges high withdrawal fees, which are 0.001 BTC on each BTC withdrawal. The platform charges an interest of 0.05% on borrowed funds.
Bitbns Fees
Bitbns fees is one of the highest among the Indian crypto trading platforms. It charges a maker and taker fee of 0.25% from its traders. Talking about margin trading, only lenders have to pay a 15% fee on the interest they charge from the borrowers.
The platform does not charge any deposit fees. However, a withdrawal fee is applicable on all transactions. For detailed information on Bitbns fees, you can refer to Bitbns fee structure.
WazirX recently switched to MobiKwik for deposits and started charging approximately 2% of your deposit amount. Although, you can also use WazirX P2P for deposits, which is completely free. CoinDCX does not charge any deposit fee, and the same is the case for Bitbns. However, you can save on your trading fee at WazirX by transferring your funds to Binance without any withdrawal fees.
CoinDCX vs Bitbns vs WazirX: Mobile apps
Mobile phones are an integral part of our life and play an essential role in crypto trading. You can trade, transfer funds, analyze the market, and do everything using a mobile app.
WazirX App
WazirX app has a simple user interface. The app does not compromise with its features and has almost all the elements, just like its official website. These features include spot trading, WazirX P2P, etc. You can also refer your friends and earn a 50% commission on their trading fees.
Apart from this, the WazirX app is available for all Android and Apple devices (Referral Code – ad4e888q). You can also use the WazirX app to deposit funds using UPI; however, WaxirX faces problems in INR deposits and frequently changes its deposit methods.
CoinDCX App
CoinDCX mobile application known as CoinDCX Go is only available for android users. The app allows you to buy crypto assets instantly by linking your bank account. However, there is a monthly INR deposit limit on an account without KYC verification. The CoinDCX Go mobile app often hangs and does not respond to slow internet speeds.
Bitbns App
Bitbns mobile application is available for both Android and IOS users. You can deposit funds through UPI, place bracket orders, lend/ borrow, withdraw, etc. using the Bitbns app. However, the Bitbns app contains a lot of bugs and often lags.
WazirX app beats the CoinDCX and Bitbns as it offers a simple UI and works in all types of market conditions. Whereas the other two experience heavy loads on extreme market conditions.
To learn more read our guide on the best Bitcoin app in India.
WazirX vs CoinDCX vs Bitbns: User Interface
User Interface plays a vital role in determining your interaction with the website. The simpler the UI, the easier it is for you to trade on the exchange.
WazirX UI/UX
WazirX has a simple and intuitive user interface. Things are easy to understand on its website as well as the mobile application. You can very easily trade, deposit, and withdraw funds through the WazirX app.
CoinDCX UI/UX
CoinDCX offers a simple and interactive user interface. Things are simple on the website, but the mobile application is a bit complex due to so many features offered by the platform.
Bitbns UI/UX
Bitbns offers a very colorful and eye-catching user interface. It is an excellent option to kickstart your journey as a trader if you are a fan of fascinating illustrations. However, the mobile interface might feel odd, as the icons and buttons are mainly misaligned.
All three exchanges have a simple and straightforward user interface. However, the UI of WazirX is simpler and easier to use than the other two platforms.
WazirX vs CoinDCX vs Bitbns: Security
WazirX: Is WazirX safe?
WazirX stores 95% percent of its users’ funds in offline cold storage. Hence, your funds are secured and prevented from hackers. Apart from this, you must always enable two-factor authentication and use the official website and mobile application.
CoinDCX: Is CoinDCX safe?
CoinDCX is among the most secure trading platforms across India. So, the platform maintains proper security of your data, and it is up to you to secure all your passwords. You must also enable two-factor authentication for a safer trading experience.
The platform asks you to create a new withdrawal password every 30 days, and the password only gets enabled 24 hours after the change. This enhances the security of the platform.
Bitbns: Is Bitbns safe?
Bitbns beats its rivals when it comes to security. It has an advanced security architecture with a grade-A security feature. This allows your INR volumes, data, crypto assets, and wallets, to be completely secured. On the other hand, Bitbns also supports google authentication or 2FA authentication.
WazirX vs CoinDCX vs Bitbns: Support
Customer support is an integral part of customer satisfaction on any crypto trading platform. If the customer support is neglective, then you as a user have to face many troubles.
WazirX support
You can reach out to the WazirX support team by writing a request, and do not forget to attach the necessary documents with it. The team from WazirX might reach you through email as soon as possible.
CoinDCX support
CoinDCX offers 24 hours support through email. However, telegram channel and chat support timings are from 6.00 AM to 11.00 PM.
Bitbns support
Similarly, like the other two platforms, you can reach out to Bitbns support through Telegram, Instagram, Facebook, etc. Alternatively, you can also submit your queries/ issues by submitting a ticket. Also, reach out to Bitbns through their telegram channel and also follow up on their announcements. Further, you can contact them through the Bitbns Twitter account by tagging them or messaging them personally.
WazirX vs CoinDCX vs Bitbns: Conclusion
WazirX, CoinDCX, and Bitbns are among the top 3 crypto exchanges in India. In contrast, WazirX best suits beginners; however, it charges high trading fees. On the other hand, CoinDCX has some of the lowest trading charges to be an option for you. Talking about Bitbns, it charges the highest trading fees in the market and provides an attractive but disoriented user interface.
However, WazirX might win the race in every term as you can use the platform to deposit INR and convert it into USDT. You can then create an account on Binance and connect both accounts. This will allow you to transfer funds directly to your Binance account without any charges.
Frequently Asked Questions
How do I process CoinDCX INR withdrawal?
First of all, you’ll have to login into your CoinDCX account. Then head over to the funds section from the bottom navigation bar on the DCXgo mobile app and click on the INR Wallet. Enter the amount you wish to withdraw, and go through the verification process to transfer the amount.
How long would it take to withdraw cryptocurrencies from Bitbns?
The withdrawal time of cryptocurrencies depends on the particular crypto asset and the amount of asset you are withdrawing. For example, bitcoin requires four-block confirmation for a successful transfer. It might take a few minutes to a couple of hours for your funds to reflect in your receiving account.
Is trading on WazirX risk-free?
WazirX is a crypto exchange platform and takes all the necessary precautions to safeguard your funds. However, you must realize that every type of investment is subject to market risk, especially crypto assets, as cryptocurrencies are highly volatile. And hence, no investment is market risk-free.
