Cryptocurrency in India is still in its early stages, but it’s booming at a rapid pace. New cryptocurrency exchanges are emerging, as users are looking for effortless ways to trade and invest in cryptos.
WazirX and CoinDCX are two of the most popular Indian crypto exchanges. WazirX was founded in 2018 and was one of the first crypto exchanges in the country. CoinDCX was also founded in 2018.
While WazirX and CoinDCX are similar in many ways, there are certain differences you should know about before trading on them.
Here is a comprehensive comparison of CoinDCX and WazirX based on aspects like trading fees, trading platform, security, support, and more.
CoinDCX vs. WazirX: Supported Cryptocurrencies
WazirX offers a wide range of cryptocurrencies to choose from. At the time of writing, it offers more than 90 cryptocurrencies. These include popular cryptocurrencies like BTC, ETH, USDT, and DOGE and less popular coins like LUNA, COTI, ETC, and DENT. You can trade these coins directly against INR without the need for converting them into USD or USDT.
Apart from crypto-INR contracts, WazirX also offers crypto-USDT, crypto-WRX, and crypto-BTC contracts. WRX is the native token of the WazirX exchange.
WazirX has a 24h spot trading volume of USD 43 million – the 30th-highest in the crypto space.
CoinDCX supports more than 40 cryptocurrencies. Like WazirX, it offers cryptocurrencies ranging from popular coins like BTC and ETH to less popular coins like AAVE, CHR, and BAT. It offers three trading products:
- Spot Trading: Trade crypto assets against INR, BTC, ETH, USDT, BNB, USDC, BUSD, DAI, TUSD, TRX, and XRP
- Margin Trading: Trade cryptocurrencies with a 6x margin
- Futures Trading: OE and BM BTC futures with up to 20x settled in USDT and USD
CoinDCX has a 24h spot trading volume of USD 19 million – the 52nd-highest in the crypto space.
Verdict: It’s a tie. WazirX supports more cryptocurrencies, whereas CoinDCX offers more trading options and leverage.
Both WazirX and CoinDCX use a market maker-taker fee structure. However, WazirX uses a flat-fee model, whereas CoinDCX has a tiered fee structure. Let’s discuss the fee structures of the two exchanges.
WazirX charges a 0.2% market maker fee and a 0.2% market taker fee on spot trading of all cryptocurrencies, regardless of how they are settled. Additionally, WazirX charges no P2P fee and takes a 25% fee on profit for STF.
CoinDCX has ten clubs: Genesis, Pro, Bronze, Silver, Gold, Emerald, Diamond, Platinum, Elite, and Bitcoin, based on the last 45d trading volume.
Traders with a 45d volume of 0-5 BTC fall into the DCX Genesis club. For Genesis users, the spot/margin maker/taker fee is 0.100%/0.100%. Similarly, traders with a 45d trading volume of 25,000-100,000 BTC fall into the DCX Bitcoin club. The market maker/taker fee for Bitcoin users is 0.040%/0.060%.
Verdict: It’s a tie. While WazirX charges a higher fee, it has a straightforward fee structure. CoinDCX charges a lower fee, but the fee structure is complex.
Account Funding Methods
Both WazirX and CoinDCX support fiat currency deposits with INR. WazirX and CoinDCX support the following deposit methods: IMPS, UPI, NEFT, and RTGS, along with Mobikwik deposits.
CoinDCX doesn’t charge any deposit fees; however, WazirX charges an INR 5.90 deposit fee on IMPS, NEFT, and RTGS transfers and INR 4 on UPI transfers. Both the exchanges take up to 72 hours to process deposit requests, with the minimum deposit amount being Rs. 100.
Both the exchanges charge a withdrawal fee that is unique to the withdrawal currency. WazirX charges a 0.0005 BTC withdrawal fee for BTC withdrawals, and CoinDCX charges a 0.001 BTC withdrawal fee.
Verdict: It’s a tie. Both the exchanges offer similar account funding methods.
Opening Account & Account Limits
Neither WazirX nor CoinDCX has a mandatory KYC requirement; however, both the exchanges impose certain limits on unverified users. Let’s discuss the account opening procedures and account limits of the two exchanges.
WazirX offers a seamless account opening process. It allows you to open an account without a KYC. However, you can only deposit funds and trade using a non-verified account. If you want to withdraw funds or use the P2P functionality, you’ll need to verify your account.
WazirX takes 24-48 hours to complete the KYC process, after which you can enjoy all the features of the WazirX platform.
CoinDCX also doesn’t have mandatory requirements. However, non-KYC users can withdraw funds up to INR 10,000 only, whereas verified users can withdraw up to INR 5,00,000 per day. Like WazirX, CoinDCX takes 24-48 hours to complete the KYC verification process.
Verdict: It’s a tie.
Ease Of Use & Interface
Both WazirX and CoinDCX have robust trading interfaces and cutting-edge trading platforms. Let’s compare the trading platforms of the two exchanges.
WazirX boasts a simple, easy-to-use, and user-friendly trading platform. On the left side of the panel is the list of supported cryptocurrencies. You can simply switch between INR, USDT, WRX, and BTC-settled coins.
At the center of the panel is the charting system powered by TradingView. It comes with all the TradingView charting features, including:
- Multiple Time Frames: WazirX has time frames ranging from 1 minute to 1 week.
- Multiple Chart Types: WazirX has two main types of charts: Area chart and Candlesticks chart.
- Indicators: WazirX supports hundreds of built-in indicators to help you perform accurate technical analysis.
- Drawing Tools: WazirX has dozens of drawing tools to help you plan your trades better.
Below the chart, you have the Order Book, Market Depth, and Order Volume sections to help you understand market sentiment and make better decisions. Below that is the trade history section where you spot real-time long and short trades.
At the right side of the trading the panel is the Order Form, where you can place Buy and Sell orders. WazirX supports three types of orders:
- Market: Place orders at the current market price
- Limit: Place orders at a specified market price
- Stop Limit: Place limit orders against an open position, either in the same direction or the opposite direction of the trade.
WazirX has a mobile app for iOS and Android platforms. The app allows you to perform all the tasks, from opening an account to placing trades to depositing and withdrawing funds.
CoinDCX also has a modern-looking, highly intuitive trading platform. Similar to WazirX, it has the list of cryptocurrencies on the left side and the charting view in the center. CoinDCX uses its proprietary charting system that is similar to TradingView but has limited features.
It has limited chart types, indicators, and drawing tools. This makes CoinDCX ideal for beginner crypto traders and investors.
Like WazirX, CoinDCX supports three order types: Limit, Market, and Stop Limit. The Order Form is located at the bottom right section of the trading panel.
CoinDCX also has a simple and user-friendly mobile app for iOS and Android devices.
Verdict: WazirX is the winner, as it offers a more powerful and intuitive trading platform compared to CoinDCX.
WazirX and CoinDCX deploy the exact same security features. These include:
- Cold Wallet Storage System: Both the exchanges store 95% of their users’ funds in an offline, multi-signature cryptocurrency wallet.
- Two-Factor Authentication (2FA): WazirX and CoinDCX encourage users to activate 2FA to prevent unauthorized logins.
- KYC Verification: Both the exchanges support KYC verification to make their user base verified and create a secure trading experience for everyone.
- Cutting-Edge Technologies: Additionally, both the exchanges deploy technologies like IP whitelisting and SSL encryption to enhance security.
CoinDCX also partners with BitGo, a digital asset insurance company, to secure all the cryptos on the platform.
Verdict: It’s a tie, as both the exchanges implement similar security features.
Customer support is one of the most important aspects to consider when looking for a cryptocurrency exchange.
Indian crypto traders have faced issues with delayed payments and trade execution issues in the past on both exchanges. Therefore, it’s critical to pick an exchange that has top-notch customer service.
WazirX has live chat support from 11 am to 8 pm (IST). You can access the live chatbox on their website. You can also communicate with them by email by raising an issue from the website. Additionally, you can connect with the WazirX team on various social media channels.
CoinDCX offers support via email only. You can also connect with the CoinDCX team on social media.
Both WazirX and CoinDCX have comprehensive knowledge bases with answers to various common queries.
Verdict: WazirX is the winner, as it offers live chat support and has a more active customer support team.
- Is WazirX a safe exchange?
Yes. WazirX is a safe exchange. It has mandatory KYC requirements for withdrawing funds and implements leading-edge security features.
- Is CoinDCX a safe exchange?
Yes. CoinDCX is a safe exchange. It requires users to complete a KYC to withdraw more than INR 10,000. It also secures all crypto assets on the platform using BitGo.
Both WazirX and CoinDCX are excellent exchanges. However, there are certain areas where WazirX has an edge.
WazirX lists over 90 cryptocurrencies and keeps on listing new coins on their exchange. If you are looking for various trading options, WazirX will be a better pick.
The biggest benefit of using WazirX is its robust trading platform. If you are an experienced trader looking for an institutional-grade trading platform, WazirX will be an ideal choice for you. CoinDCX, on the other hand, is better suited for beginners.
All in all, you can opt for WazirX if performance and customer support are your priorities. If you are a beginner who wants to try out crypto trading, you can use CoinDCX.
- What Is Bitcoin Private Key? Everything You Need To Know !! - June 2, 2023
- Best Cardano (ADA) Wallets To Use In 2023 - May 7, 2023
- What Does A Bitcoin Looks Like? - May 7, 2023