In recent years, there has been a surge in the number of cryptocurrency exchanges in the Indian market as more people embrace digital assets trading.
However, as any cryptocurrency expert will tell you, it is always better to stick with well-established exchanges like Wazirx and Zebpay.
Introduction: WazirX vs. Zebpay
Wazirx and Zebpay control a huge chunk of the market, with millions of active traders on both platforms. But, if you are starting and have to pick just one among them, things can get a little confusing without a clear understanding of what each has to offer.
Wazirx has been in operation since March 2018, and in 2019 the company was acquired by Binance, one of the top cryptocurrency derivatives exchanges. The company has more than 2 million users, and monthly trade volumes are currently above $5 billion.
Zebpay is one of India’s oldest digital assets exchanges as it has been in business since 2014. The company now has more than 3 million users and has processed over $3 billion in crypto exchange transactions.
With both Wazirx and Zebpay, you can trade a wide variety of cryptocurrencies, meaning the two exchanges will give you good options to make profits on your digital assets.
However, when it comes to the coin offering, Waxirx seems to outperform Zebpay and most other Indian trading platforms as they offer way more options. The platform has over 165 different cryptocurrencies available for traders to trade against BTC, INR, and the USDT.
The supported cryptos on Wazirx include the more popular options like Bitcoin, Ripple, Ethereum, and Litecoin. Also, they have others like Tezos and Icon to allow traders to enjoy the low volatility of the less known assets. Better still, the company also has its WRX tokens.
Although you do not get hundreds of trading pairs on the Zebpay exchange like you would when using Wazirx, they still offer at least a dozen different trading pairs. The exchange supports over 20 assets, including the 6 frontline ones: Bitcoin, Litecoin, Ethereum, Bitcoin Cash, EOS, and Ripple.
You can form over 40 different trading pairs on the Zebpay exchange as all the coins will trade for USDT, INR, and BTC.
Wazirx and Zebpay charge what most traders consider standard industry fees, and they are some of the cheapest crypto exchanges you can use in India. Both companies charge maker and taker fees like many international trading platforms.
When using the Wazirx exchange, you can expect to part with a 0.2% maker and taker fee when exchanging their coins with USDT, BTC, and INR. Unlike most other exchanges, the costs remain the same regardless of your volume. However, any deals you make against their WRX have 0.0% maker and trader fees.
On the other hand, Zebpay uses a tiered system that charges the fees according to a trader’s average 30-day trading volume. The company has 4 trader levels, which are: Regular, VIP1, VIP2, and VIP3. Also, the fees depend on whether you are trading crypto exchange or trading the assets against the USDT and INR.
The regular traders exchanging their crypto assets against the INR will pay 0.15% maker fees and 0.25% taker fees. For the VIP3 traders, the cost drops to 0.06% for the maker fee and 0.10% for taker fees.
Also, note that Zebpay has intraday fees that will also depend on your trading levels. For example, regular traders pay 0.10% while VIP3 only part with 0.0% in intraday trading fees.
Although Wazirx and Zebpay are dominant players in the Indian cryptocurrency exchange market, they allow traders from various countries to use their platform.
Following its acquisition by Binance in 2019, Wazirx announced its exchange was open for use by traders from across the world. You can now use the trading platform from most countries except for the few that the business still does not support.
Some of the countries that Wazirx will not support are Iran, North Korea, Iraq, Somalia, Sudan, and Lebanon. You can find a complete list of countries not supported on their website. Also, note that you cannot use the exchange in the USA as it is not licensed to operate in the market.
Zebpay is now available in more than 162 countries from across the globe. However, at least 95% of its users are from India. The company also provides a complete list of all the countries you can use their exchange from and so it should be easy to figure out whether your country is supported.
Account Funding Methods
You need first to add funds to your account before you can start using Wazirx or Zebpay, but the good news is that both companies provide multiple and easy methods of financing your account.
With Wazirx, you can add money to your account through bank transfer via NEFT, IMPS, RTGS, and UPI. There will be no deposit fees when using UPI, and the transaction will take around 15 minutes to complete. For bank transfers, the time and cost will largely depend on the specific bank you are using.
Besides the fiat deposits, traders on the Wazirx exchange can also add cryptocurrency assets to their accounts through peer-to-peer transactions. However, it is essential to know that the company has yet to accept credit cards as a deposit method.
Zebpay allows traders to add money to their accounts through two main channels. You can fund your account using bank transfers via NEFT, RTGS, and IMPS or use Netbanking. Bank details need to be approved before you can make a transfer to your Zebpay account.
Also, the transaction takes between 1 and 2 business days, but you will get an email notification once complete. Additionally, the exchange will not allow you to fund the account using credit cards.
Opening Account & Account Limits
It should only take you a few minutes to register an account on Wazirx or Zebpay, as the process is relatively straightforward. However, it is essential to know that both platforms will require KYC verification before starting the process, meaning you cannot trade anonymously.
Another crucial factor to keep in mind as you join the exchange is the account limits that the companies will impose.
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With Wazirx, the minimum deposit you can make to your account is Rs. 100, but you can add as much money as you want, given there is no maximum limit. The withdrawal limits differ from one currency to the other. For example, traders can withdraw a minimum of 0.001 BTC and a maximum of 3 BTC per day.
Zebpay account limits will largely depend on specific assets and the transaction method. Traders can deposit a minimum of 0.000001 BTC and a maximum of 300 BTC per day. The minimum amount is 0.0005 BTC for the withdrawals and the maximum of 4.71 BTC per day if you are a whitelisted trader.
How to Open a Wazirx Account
- Go to Waxirx.com and open the sign-up page
- Add your email address and create a password
- Agree to the terms and click the sign-up button below this
- Check your email and verify the address
- Login to the account and set up your 2FA security
- Verify your ID and KYC by submitting the required documents
- Add bank details and make a deposit to start trading
How to Open a Zebpay Account
- Visit Zebpay.com and click the sign-up button
- Add mobile number, name, email address, and set the 4-digit pin
- Click continue to get the verification code
- Submit required documents for KYC verification
- Add funds to your account and start trading
Ease of Use & Interface
Wazirx provides a simplistic user interface that even an absolute newbie will find easy to comprehend and use. There are no highly advanced or complicated indicators and charting tools, but the exchange still has all the basic ones you need to analyze and keep track of your trading.
Additionally, the Wazirx exchange allows users to trade across multiple platforms as the company supports both web and mobile-based trading with apps for Android and iOS smartphones.
Zebpay also offers a simplistic user interface that will be super easy to use and reduces clutter to give traders a clean and intuitive platform. Besides their web-based platform, they also have apps for Android and iOS devices.
Another element of the Zebpay platform many users will love is the Lightning function. This unique protocol on the interface allows traders to make super-fast and low-cost exchanges without waiting for the blockchain confirmation period.
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Although Wazirx and Zebpay have been in the market for quite some time now, they have not had any serious security issues where traders have lost any assets. There have not been any hacking incidents for both exchanges, which indicates they have good security features.
Wazirx invests in strict and regular audits that help ensure their platform remains highly secure. Additionally, they have multiple security layers for trader accounts and the platform, including advanced encryption and 2FA.
Zebpay uses the traditional security measures that most exchanges use, such as 2FA and advanced encryption, and has unique multi-layered security protocols. Better still, the company tests its platform constantly to look for potential security vulnerabilities.
If you have any issues when using Wazirx or Zebpay, you can be sure of prompt customer support across multiple channels.
Wazirx provides a dedicated help center with enough articles and other resources on a wide variety of topics to help answer most trader questions. Also, the exchange has a responsive email ticketing system and is available on all leading social media platforms.
Zebpay also provides a helpful support page with lots of materials and a reliable support ticket system that should help solve all trader issues. Better still, you can also give them a call and find them across all social media channels.
Is Wazirx a safe exchange?
Wazirx is a safe enough exchange for all traders as it employs multiple security features to keep their assets and funds secure. The company makes unauthorized access hard and keeps most trader assets on offline cold storage for maximum security.
Is Zebpay a safe exchange?
Zebpay has a robust security system that makes use of multi-chain security systems to protect all transactions. Better yet, they have adequate internal controls and advanced mechanisms that ensure there is never a single point of failure. All this and the fact that 98% of the assets are in cold storage make this a safe enough exchange.
Wazirx and Zebpay are two highly reliable and beginner-friendly trading platforms that any Indian crypto trader should try.
However, Wazirx is a relatively better option as it seems to outperform Zebpay in most aspects. The exchange provides way more cryptocurrency trading pairs, is easier to use, and has some of the most advanced security features.
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