The number of crypto traders and investors in India is growing at a rapid pace. Nearly 15 million Indians have invested a combined USD 40 billion in cryptocurrency. With crypto investment on the rise, many new India-based exchanges are entering the crypto space.
Introduction: WazirX vs. CoinSwitch
Two popular names are WazirX and CoinSwitch. WazirX is the most popular crypto exchange in India in terms of total users and daily volume.
CoinSwitch is a new entrant in the crypto space, but it has managed to acquire many users in a small-time period.
Here is a head-to-head comparison between WazirX and CoinSwitch to help you choose the best exchange for trading cryptos.
WazirX is one of the largest cryptocurrency exchanges in India, with over 90 listed cryptocurrencies. Whether you are looking for popular cryptocurrencies like BTC, ETH, and XRP, or less popular ones like TRX, WIN, and PNT, you can find them on WazirX.
Additionally, WazirX has its native token – WRX – currently priced at INR 84 (~USD 1). If you are looking for an exchange that offers a wide range of cryptocurrencies to trade from, your search could end at WazirX.
CoinSwitch is another popular trading exchange based in India that lists over 100 cryptocurrencies, as mentioned on the exchange website. Like WazirX, CoinSwitch lists tokens that include popular names like BTC and ETH and new entrants like Civic and distric0x.
Verdict: It’s a tie, as both the exchanges offer multiple cryptocurrencies to choose from.
WaxirX and CoinSwitch implement different trading fee structures. WazirX has a market maker and market taker fee structure. It has a flat fee model and charges a 0.2% fee on market maker and market taker orders regardless of your position size.
Traders can get an additional discount of 50% by using the WRX token to pay the fees.
The concept of market-taker is new, as most traditional stockbrokers use a commission-based fee model. If you don’t know how the maker-taker fee structure works, here’s a quick explanation.
Crypto orders are of two types. One adds liquidity to the market, while the other reduces liquidity in the market. Liquidity-adding orders are called market maker orders, and liquidity-reducing orders are market taker orders. Limit orders are market maker orders, whereas market orders are market taker orders.
CoinSwitch, on the other hand, follows a commission-based trading model. The fees on CoinSwitch can vary between 0% and 0.49% of the total trade amount. Furthermore, CoinSwitch may also charge extra network fees.
Verdict: WazirX is the winner, as it charges lower fees and has a more transparent fee structure.
Account Funding Methods
WazirX is a comprehensive crypto exchange that offers various deposit methods. These include:
- Fiat Deposits: You can deposit funds using INR and other fiat currencies. WazirX supports multiple payment methods, such as net banking, UPI, bank transfer, and IMPS/NEFT/RTGS.
- Crypto Deposits: If you have crypto assets, you can make crypto deposits into your WazirX account.
Earlier, CoinSwitch was a crypto-only exchange and didn’t support fiat deposits. Now, you can deposit funds through UPI and direct bank deposits after completing the KYC verification.
Opening Account & Account Limits
Neither WazirX nor CoinSwitch has mandatory KYC requirements. However, completing KYC will give you access to all the features of the platforms.
Non-verified users on WazirX can only deposit funds and trade cryptos. To withdraw funds or use other features like the P2P marketplace, you’ll need to complete KYC verification. Here’s a step-by-step process of opening an account on WazirX.
- Visit the WazirX website.
- Click on Sign Up and register with your email and password.
- You’ll receive an activation link by email from WazirX. Click on the link to activate your account.
- Log into your account with your credentials.
Non-verified users are only allowed to deposit cryptos and trade funds. To get complete access to your WazirX account, you’ll need to complete the KYC verification. Here is a step-by-step guide to doing so.
- Visit the Profile section in your account and click on Complete Verification.
- Enter your information as per the government-approved IDs.
- Enter your bank details as asked. WazirX will use these details in times of deposit or withdrawal.
- Upload an image of your Aadhar card, PAN card, and a selfie in PNG or JPG format.
- WazirX takes 24-48 hours to verify your details. Once done, you can deposit funds, trade cryptos, withdraw funds, and use the P2P transfer feature.
Once you are registered and verified, head to the Exchange tab, where you can trade cryptos.
You can download and use the CoinSwitch app with KYC. However, to deposit and withdraw funds, you’ll need to complete your KYC. Thankfully, CoinSwitch offers a straightforward KYC process that takes no more than 15 minutes to complete.
The following documents are needed to complete the KYC:
- PAN Card
- Passport/Voter ID/Aadhar Card
CoinSwitch usually verifies your account on the same day after submitting your documents. CoinSwitch has three stages of KYC verification:
- Basic Verification
- Pan Card Verification
- Identity Card Verification
After completing the verification process, you can start trading on CoinSwitch for as low as INR 100.
Verdict: It’s a tie, as both the exchanges have a similar registration process.
Ease of Use & Interface
The performance of the trading platforms is one of the key factors to consider in a crypto exchange. Let’s compare the trading platform performance and interface of the two exchanges.
WazirX has an industry-standard trading platform similar to most global crypto exchanges. It uses the TradingView charting system and comes with all the technical and fundamental analysis tools required to make informed trading and investment decisions.
The trading tools include multiple time frames, hundreds of free indicators, and drawing tools exclusive to TradingView. These features make WazirX ideal for everyone, from beginners to professional traders.
Other features of WazirX include:
- Easily switch between trading pairs
- Real-time order book, market depth, order volume, and trading history
- Multiple order types: limit, market, stop-limit
WazirX also has an intuitive mobile app. It comes with all the features and functionalities available on the desktop version. You can perform all activities, from KYC verification to depositing and withdrawing funds from the mobile app.
The biggest drawback of the CoinSwitch exchange is that it doesn’t have a desktop trading platform. Also, it doesn’t have a proprietary charting system and doesn’t partner with providers like TradingView.
The app only allows you to see the price of the coins and their historical line graph. If you want to conduct technical analysis, you’ll have to use another charting tool like TradingView alongside CoinSwitch.
That said, the mobile app is intuitive and user-friendly. If you’re looking for a mobile app to buy and sell cryptos seamlessly, CoinSwitch is one of the best options out there.
Verdict: WazirX is the winner as it has a more powerful and feature-rich trading platform.
Both WazirX and CoinSwitch implement effective security features to provide a safe trading experience to their users. Let’s discuss the security measures taken by both exchanges.
Like all the renowned crypto exchanges, WazirX uses a multi-signature cold wallet system to store 95% of its user’s funds. This way, the funds are shielded against hacking attempts.
WazirX users can turn on two-factor authentication functionality to prevent unauthorized access to their accounts. Other security features include manual withdrawal authorization, mandatory KYC for withdrawals, and SSL encryption.
CoinSwitch is a safe and stable cryptocurrency exchange that implements similar security features like WazirX. These include cold wallet storage, mandatory KYC, and withdrawal authentication.
Verdict: It’s a tie, as both the exchanges use leading-edge security features.
Customer support is another critical element of choosing a cryptocurrency exchange. Let’s see how the two exchanges compare in terms of customer support.
WazirX has one of the best customer support systems in the entire crypto space. It offers support and service in many ways, including:
- Live Chat: You can access the live chat from the WazirX help center.
- Email: You can submit a request and send an email regarding your query.
- Knowledge Base: WazirX has a comprehensive knowledge base and an FAQ section that answers common questions and queries.
CoinSwitch also has a live chat support feature accessible from the website. The live chat support is active from 7 am to 10 pm. The average turnaround time is 12 hours. You can also contact the customer support team by email.
CoinSwitch has a brief knowledge base section that provides answers to some common queries.
Verdict: WazirX is the winner, as it has faster turnaround times and a more detailed knowledge base.
- Is WazirX a Safe Exchange?
Yes, WazirX is a safe exchange. It implements cutting-edge security features and has mandatory KYC requirements to create a safe trading environment for everyone.
- Is CoinSwitch a Safe Exchange?
Yes. CoinSwitch is a completely safe and legal exchange. The services it provides are ISO 27001-compliant and SOC2 Type II certified. It also has mandatory KYC requirements.
Let’s recap this review by discussing the key pros and cons of the two exchanges.
WazirX is overall a better platform to trade and invest in cryptos. It offers a wide range of cryptos, has a flat fee model, and offers a best-in-class trading platform. Security and customer support are also top-notch.
CoinSwitch is an excellent exchange, but it lacks a desktop trading platform, a major drawback. If you’re a beginner looking for a mobile app to buy and sell cryptos, you could use CoinSwitch.
But if you need a complete crypto trading platform with global-standard features and functionality, WazirX will be a better choice.
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