Crypto traders looking for a reliable exchange for their digital assets trading in India will always come across BuyUcoin and Wazirx as the two top options. The two companies are India’s largest and most popular exchanges, given their trading volumes and users.
Although you can try out both and choose which one works best for you, a more straightforward and time-saving method is getting a good understanding of what each is all about and what sets it apart from the other.
Introduction: BuyUcoin vs. WazirX
BuyUcoin has been in operation since 2016 and currently has more than a million traders registered on its platform. According to the crypto exchange, their trading volumes exceed $800 million, which gives the company one of the best liquidities in India.
Wazirx is a more recent exchange than BuyUcoin, as it started in 2018. Although the founders are Indian entrepreneurs, it is now a subsidiary of Binance after their 2019 acquisition. The company is the fastest growing exchange in India, with close to half a million traders.
Wazirx and BuyUcoin are large crypto exchanges that support dozens of trading pairs to ensure every trader has several avenues of selling and buying digital assets for maximum profits.
Wazirx supports at least 127 cryptocurrencies that include the popular ones like Bitcoin, Ethereum, and Litecoin. Also, the exchange has others like Ardor Coin and the Basic Attention Token. What’s more, they also have the WRX tokens that they use to reward their loyal traders.
BuyUcoin supports over 50 different crypto assets. The assets range from the traditional ones like BTC to the smaller and less known ones that will give traders more than 130 trading pairs. The trading pairs include BTC-INR and ETH-INR.
Most Indian Crypto trading platforms provide low trading fees to keep up with this highly competitive market. BuyUcoin and Waxirx have some of the lowest trading fees in the Indian market that are also closer to what you pay when using some of the cheapest global exchanges.
When trading on the BuyUcoin exchange, you can expect to part with 0.24% in taker and maker fees, which is still lower than the global average of around 0.25%. These fees will apply for all the currency you trade on the exchange.
Wazirx has even lower trading fees and applies the same fee for both the maker and taker fees. When exchanging the different digital assets on the platform, you can expect to part with 0.2% in maker or trader fee, making this one of the cheapest exchanges in India.
It is also worth noting that when trading on Waxirx, some transactions such as trading ETC with their WRX token has a 0.0% taker/maker fee.
Account Funding Methods
The two exchanges are local Indian companies aiming to provide the most convenient account funding methods for their Indian clientele.
When on the Wazirx platform, you can quickly add Indian rupees to your account using bank transfers. The exchange supports trade wallet funding using channels like NEFT, RTGS, IMPS, and UPI. However, they are still not accepting credit cards as an account funding method.
BuyUcoin now supports credit and debit card deposits to give traders even more options. Also, you can add funds to your account directly from your bank account with a simple transfer and through channels like RTGS, NEFT, UPI, and net banking.
It is also worth noting that both accounts will allow you to add cryptocurrencies directly if you already have them in a wallet, which is highly convenient for the more experienced traders.
Opening Account & Account Limits
You should have your account ready to trade in just a few minutes when using both BuyUcoin and Wazirx exchanges, as they make the registration process quick and straightforward.
Additionally, both exchanges will have certain account limits once you get trading. For example, BuyUCoin allows you to deposit or withdraw a minimum of 20 INR every day. The maximum withdrawal limit depends on the crypto you are transacting.
When withdrawing Bitcoins on BuyUcoin, you have a maximum limit of 10 BTC per day, while the limit for Ethereum is 50,000 ETH per day.
Wazirx allows traders to deposit a minimum of Rs. 100 before they can start trading, but there is no maximum limit on the amount you can add to your account. When it comes to withdrawals, traders can withdraw a maximum of 3 BTC every day.
How to Open Wazirx Account
- Go to wazirx.com and click on “sign up” on the top right corner
- Add your email address, create a password and add a referral code if you have one
- Agree to the terms of service and click “sign up.”
- Do KYC verification by following the prompts and uploading the required documents.
- Add funds to your account and start trading
How to Open BuyUcoin Account
- Go to buyucoin.com and click on “sign up” in the top right corner
- Add your email, password and choose your country
- Click “create account’ to proceed
- Follow prompts to do KYC verification
- Deposit money to the account and start trading
Ease of Use & Interface
The BuyUcoin and Wazirx exchanges are very beginner-friendly, and even if you are a new trader, it should only take you a few minutes to figure out the platforms for smooth trading.
With BuyUcoin, you get a simple TradingView that will show you the basics like your order book, price chart, and your orders’ history.
Besides allowing you to access all your portfolio from a straightforward interface, the BuyUcoin exchange makes it possible to choose between the light and dark modes.
The Wazirx platform aims to give traders a smooth and powerful trading experience. Better still, it supports trading across multiple platforms such as web and mobile apps.
Wazirx exchange integrates all trading tools and functionalities offered by TradingView. Therefore, traders can quickly analyze the market using powerful graphs and reliable indicators.
Over the years, there have been many security issues on different exchanges across the globe, with traders losing their digital assets and money in some instances. This security threat and many others force crypto trading platforms like BuyUcoin and Wazirx to adapt highly advanced security features.
One common security feature on both exchanges is the mandatory KYC verification requirement that ensures the company knows who they deal with.
At Wazirx, you can create an account and deposit without KYC, but you will not be able to make a withdrawal. Additionally, the exchange invests many resources in regular security audits to ensure they keep their platform secure. Other security measures like 2FA make the crypto exchange even more secure.
BuyUcoin uses Salting Algorithm to encrypt the user data such as passwords to ensure no unauthorized access. Also, the company allows traders to set up the 2FA to make access to their accounts by hackers and other unauthorized individuals even harder.
You do not want to stop trading for several days when you have an issue with your account or any other problem. Therefore, you should prioritize customer support when deciding between these two companies or choosing any other trader exchange.
For traders on the BuyUcoin platform, you can get customer support through different channels such as live chat and email. Their live chat team is available round the clock and typically responds to queries in under 30 minutes, while email responses come in less than a day.
You can also call the support team via their numbers on the website if you want an even faster response to your issues. What’s more, the company has lots of articles and other postings on their support center that can be very useful when you have problems.
Wazirx provides most of its support through their help center, and traders can contact them by submitting a request on their ticketing system, which they respond to in just a few hours. Additionally, you can also find them across all the leading social media channels.
Many traders also find their popular articles sections and FAQs very helpful, and in many instances, they provide a solution for their queries, which eliminates the need to contact support.
Is Wazirx a safe exchange?
With the many security features that the company uses to secure their exchange, from KYC verification to 2FA, there is no doubt that it is a safe exchange to use.
Additionally, the exchange keeps most of the user funds in offline cold storage and uses highly advanced encryption protocols that guarantee maximum safety for the traders.
Is BuyUcoin a safe exchange?
BuyUcoin has multiple security layers that make it hard for hackers to access the trader’s assets and funds. They have all the typical security features you can expect to get in a good crypto exchange, from advanced encryption to 2FA, and they also require KYC verification.
Traders on the exchange can also be sure they will never lose their funds even if the company was hacked, given that the company stores at least 95% of their funds in offline cold storage.
Indian traders that want a smooth trading experience and an opportunity to maximize their profits when trading digital assets, BuyUcoin and Wazirx are two of the best platforms to use.
While both crypto trade companies have their positive traits, Wazirx seems to have a slight edge and is the better option of the two for most Indian traders.
Wazirx offers more trading pairs for the traders, has lower trading fees, and its liquidity is relatively better to ensure it can also accommodate the large volume traders.
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