Binance is the largest crypto exchange in the world in terms of spot trading volume. It also leads as the leading provider of cryptocurrencies, currently listing over 250 coins.
WazirX is one of India’s most popular spot trading exchanges, and it is gradually acquiring a global user base. It shares many features with Binance futures and other global exchanges.
With both the exchanges offering similar features and functionalities, choosing the best exchange to trade cryptos in India can be challenging.
Here is an in-depth comparison between WazirX and Binance based on supported cryptocurrencies, trading fees, deposit methods, user interface, and more.
Binance Vs WazirX: Supported Cryptocurrencies
Both WazirX and Binance offer many cryptocurrencies to trade. Let’s look at a head-to-head comparison between the coins offered by the two exchanges.
- Binance
Binance has over 250 cryptocurrencies for day trading, ranging from popular coins like BTC, ETH, and XRP to newly listed cryptocurrencies like SXP, DASH, and DRK.
Binance also has its native token—Binance Coin (BNB), currently priced at USD 374.31.
The average trading volume is another important feature to consider when choosing a crypto exchange.
Binance has a 24h spot trading volume of USD 24.9 billion, the highest in the world.
- WazirX
With over 100 supported cryptocurrencies, WazirX is one of the leading exchanges regarding the coins offered. WazirX has a 24h trading volume of USD 162 million, the 25th-highest in the world. It also has its native token (WRX) priced at $1.38.
Verdict: It’s a tie, as both the exchanges offer hundreds of cryptocurrencies to choose from.
Trading Fees
Both WazirX and Binance follow a market maker-taker fee method. Here’s how it works.
When you place an order, it will either enter the order book and add liquidity to the market or get executed immediately without entering the order book and reduce liquidity from the market.
Orders that add liquidity to the market, such as limit orders, are known as market maker orders. Similarly, orders that reduce liquidity from the market, like market orders, are known as market taker orders.
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WazirX follows a flat fee trading structure. It charges a flat 0.2% for both market maker and market taker orders. You can claim a 50% discount on the fee by using the WRX token for paying the fee.
Binance uses a tiered fee trading fee, and the fee charged depends on the last 30d trading volume. There are ten account tiers (VIP 0 to VIP 9).
Users with the last 30d trading volume of less than 50 BTC and/or BNB balance of less than 50 BNB fall into the VIP 1 tier. For VIP 1 traders, the spot market maker/taker fee is 0.1%/0.1%.
Similarly, users with the last 30d trading volume of over 150,000 BTC and/or BNB balance of over 11,000 BNB fall into the VIP 9 tier. For VIP 9 traders, the market maker/taker fee is 0.02%/0.04%.
Verdict: It’s a tie. Binance charges lower fees, while WazirX has a simpler fee structure.
Supported Countries
WazirX and Binance are global platforms and allow people from most countries to trade cryptos. However, both exchanges have put restrictions on some countries.
For instance, WazirX doesn’t offer services in over 25 countries, including Croatia, Iran, Iraq, North Korea, Serbia, Somalia, Sudan, and the United States.
Binance is available in over 180 countries worldwide. However, Binance is withdrawing support in the UK, the USA, and parts of Canada.
Account Funding Methods
WazirX and Binance allow you to deposit funds as cryptocurrencies and fiat currencies.
WazirX allows you to deposit INR to your account and trade cryptos against INR. The P2P trading allows you to perform transactions in EUR, IDR, INR, NGN, RUB, SAR, TRY, and UAH paired against USDT. You can deposit INR using net banking, IMPS, NEFT, and UPI.
WazirX enables seamless transfer of cryptos from all the major crypto wallets to your WazirX.
Binance supports fiat deposits using a wide range of currencies, including EUR, GBP, INR, RUB, CNY, and more. You can deposit funds using bank transfers or third-party payment gateways. Binance also enables you to transfer cryptos from other crypto wallets like Coinbase.
Verdict: WazirX is the winner in India, as it offers broader payment options.
Opening Account & Account Limits
Binance and WazirX offer an effortless account opening process. Let’s look at how you can open an account with WazirX and Binance.
- WazirX
You can visit the WazirX website and click on “Sign Up Now” to create an account. You can sign up and create an account using your email address. Though WazirX doesn’t have mandatory KYC requirements, non-verified users can only deposit funds and trade cryptos.
If you want to withdraw funds or use other services like P2P, you’ll need to complete the KYC verification. The verification process takes 24-48 hours. After verifying your identity, you can enjoy all the features offered by WazirX.
- Binance
Binance offers one of the simplest account opening processes in the crypto space. You can visit the Binance website and click on “Register Now” to create an account.
Binance doesn’t have mandatory KYC requirements, but it has limits for non-verified users. The withdrawal limit for non-KYC users is 0.06 BTC and the lifetime fiat withdrawal limit is $300.
After completing identity verification, the daily withdrawal limit increases to $50,000 and 100 BTC for intermediate KYC and $200,000 (no BTC limits) for advanced KYC users.
Verdict: Binance is the winner, as it allows you to deposit and withdraw funds without KYC.
Ease of Use & Interface
WazirX and Binance both have industry-leading trading platforms and interfaces. Here is a head-to-head comparison between the trading platform and user interface of Binance and WazirX.
- WazirX
WazirX has a standard trading interface seen in most crypto exchanges. It has the list of cryptocurrencies on the left from where you can choose the coins you want to trade. You can choose whether you want to trade coins settled in INR, USDT, WRX, and BTC with a single click.
At the center of the trading panel is the charting system powered by TradingView. Key features of the charting system of WazirX include:
- Multiple time frames from 1 minute to 1 week
- Candlestick charts
- Hundreds of built-in indicators
- Drawing tools
- Real-time volume and high-low data
Below the charting system are the order book, market depth, trade history, and order volume sections that help you better understand how the market is behaving. On the right side of the charting area is your orders section, where you can see open and completed orders.
Below the order section is the order form where you can place orders. WazirX supports three types of orders: Limit, Market, and Stop Limit.
WazirX has a mobile app available for iOS and Android devices. The app offers an amazing user experience. You can perform all the actions, such as creating an account, depositing funds, completing KYC, placing trades, and withdrawing funds from your mobile.
- Binance
Binance has an advanced trading platform and is the first choice for professional and institutional traders worldwide. It has one of the most robust trading systems, comprising all the features needed for a seamless trading experience.
Binance uses a black background for its trading panel, which gives an ultra-modern look and feel. The first thing you’ll notice on the trading panel is the charting system.
Binance uses two chart visualization tools. One is Binance’s proprietary tool, and the other is in integration with TradingView.
Both tools are effective, but the Binance tool is ideal for beginners. TradingView charts retail all the advanced features, including multiple chart types, time frames, indicators, drawing tools, and more.
Below the chart is the position manager, where you can oversee your open orders, order history, trade history, and funds. When you move to the right, you’ll see the Order Book and recent trades that will help you understand the market sentiment better.
Towards the right end of the panel is the Order Form that allows you to place buy and sell orders. Binance supports four order types: you can select the order type, set the margin (if applicable), and place the order.
- Limit
- Market
- Stop-limit
- OCO
Binance has a highly intuitive mobile app that offers a user-friendly trading experience. It has one of the best apps for mobile crypto trading and investing.
Verdict: It’s a tie. WazirX and Binance have similar trading interfaces and share almost the same features.
Security Features
You don’t need to worry about security when trading cryptos on Binance or WazirX. Both the exchanges implement industry-leading security measures, including:
- Cold Storage System: Both the exchanges use a multi-signature cold wallet system to store over 95% of users’ funds. This protects the funds from hackers and breaches.
- Two-Factor Authentication: WazirX and Binance allow users to activate two-factor authentication (2FA) to prevent hackers from accessing your account.
- Account Limits: Both the exchanges set limitations for non-KYC users to create a safe trading environment for everyone.
- Cutting-Edge Technology: WazirX and Binance implement technologies like SSL encryption, IP whitelisting, and more to enhance the security of their platforms.
WazirX requires you to complete KYC to withdraw funds. Hence, the entire user base of WazirX is verified, giving it an edge in security over Binance. Also, Binance has been hacked once before.
Verdict: WazirX is the winner as it has mandatory KYC requirements.
Customer Support
WazirX and Binance offer similar customer service features. Both the exchanges provide live chat support accessible from their website. You can raise a ticket from their website and reach the team by email for comprehensive queries.
Binance and WazirX have vast knowledge bases comprising FAQs and blog posts that answer all the common queries.
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Is WazirX a Safe Exchange?
Yes, WazirX is a safe exchange. It has mandatory KYC requirements and implements best-in-class security features to provide a secure experience to its users.
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Is Binance a Safe Exchange
Yes, Binance is one of the safest cryptocurrency exchanges in the market. It uses top-notch security features to create a safe trading experience for all users.
Conclusion
Binance and WazirX are both great exchanges, and there is no clear winner. However, both exchanges have certain pros and cons that traders must keep in mind.
Binance offers more trading options. It has more cryptocurrencies and also supports derivatives trading. WazirX has fewer cryptocurrencies and is a spot-only exchange.
WazirX has a simpler trading fee structure, and its user interface is ideal for new traders.
If you want to trade cryptos in India, WazirX can be a better pick as it allows you to trade cryptos against INR and supports payment methods like UPI, NEFT, and IMPS.
In all, WazirX is better for trading cryptos for new traders in India. If you are looking for a more global and robust platform, Binance could be a better pick.
Here is How Binance & WazirX Compares To Other Crypto Exchanges
- KuCoin vs Binance
- BitMEX vs Binance
- StormGain vs Binance
- Coinbase vs WazirX
- CoinDCX vs WazirX
- CoinSwitch vs Wazirx
