Binance vs WazirX | Which Is A Better Crypto Exchange For Investment?

The swiftly growing user base of cryptocurrencies in India has pushed crypto to emerge as a big investment opportunity. People are rapidly moving from traditional modes of investment to crypto due to single-point access provided by crypto exchanges like Binance and WazirX. However, multiple options of crypto exchange also means a greater degree of confusion with respect to which crypto exchange is better than others, thereby, keeping investors away from investment. And it becomes even more difficult when they are to choose from two equally popular exchanges. To help you out with this situation, we have come up with a detailed comparison of Binance vs Wazirx, which are both popular crypto exchanges. In this article, we will give you deep insight into various trading factors of both exchanges to help you decide which option you should go for. Biance vs WazirX: Introduction One of the largest and most popular crypto exchanges in the world in terms of volume, Binance was founded by Changpeng Zhao in Hong Kong in 2017. Headquartered in the Cayman Islands, Binance offers trading, buying, and selling of a wide selection of cryptocurrencies on its interface. It provides crypto-to-crypto trading in more than 500 cryptocurrencies and virtual tokens. Users are also provided with a crypto wallet to store their electronic funds and assets. Binance has launched its own token called Binance Coin (BNB), which is one of the most widely traded blockchain currencies globally. With 24 hours trading volume of $76 billion, it has approximately 28.5 million users worldwide. WazirX, founded by Nischal Shetty and Siddharth Menon in 2017, is an India-based crypto exchange that offers trading in more than 250 coins. Emerged as one of the largest India-based cryptocurrency exchanges, it has acquired over 10 million users. Its 24 hours trading volume is $190 million, which is the highest among India-based exchanges. It supports UPI and bank transfers in INR. Users can buy cryptocurrencies by depositing INR via UPI or IMPS. Lower withdrawal fee and the highest liquidity are also something that makes it stand out among other exchanges. Security Security remains one of the most important factors while choosing the best crypto exchange. Although Binance boasts of advanced security features, it witnessed a large-scale security breach in November 2020, when 7,000 bitcoins worth $40 million were stolen by hackers from their hot wallet. To strengthen its security, Binance has launched hardware, app, SMS, and email-based two-factor authentication (2FA) for its users to secure their funds. WazirX also provides 2FA security on its trading app and website for login and funds withdrawal. It stores most of its funds in cold storage wallet to protect it from hacking. Unlike hot storage, cold storage is not connected to the internet, which makes it safer than the former. User Interface Since Binance is developed keeping in view the worldwide users, its interface offers more features than WazirX, which is designed exclusively for Indian users. It provides various options such as trade history, order book, and price charts to its users to access their portfolio conveniently. On the other hand,  WazirX’s user interface is equipped with real-time open order books, stop limits, trading view charts, price tickets, etc. The 19 languages that Binance is available in are English, Turkish, German, French, Spanish, Korean, Russian, Traditional Chinese, Simplified Chinese, Dutch, Vietnamese, Italian, Indonesian, Bulgarian, Polish, Slovene, Ukrainian Filipino, and Portuguese. On the other hand, WazirX is available only in English. Payment Methods Including debit/credit card and bank transfers, Binance’s P2P interface mechanism supports over 300 payment methods. It allows buying in INR and other 70 fiat currencies. It accepts payments via UPI (GPay, PhonePe, and Mobikwik), Bitcoin, ADVcash, Samsung Pay, Banxa, Simplex, Paybis, etc. You need to visit the marketplace and tap the Wallet option, where you can see all payment options by clicking on the P2P option. Although WazirX has limited payment options, it facilitates popular payment methods in India i.e. P2P and UPI transfers. Funds can also be deposited in INR on WazirX, through UPI, Net Banking (IMPS, NEFT, or RTGS). Trading:  Binance Vs WazirX Both crypto exchanges have different trading features and requirements, depending upon the type and value of the transaction. The minimum trading amount for Binance is $10, while on WazirX it is $14.50. With a trading volume of around 1,023,663,221.0, Binance offers over 600 trading pairs. It also provides fiat and margin trading, which allows the investors to borrow crypto funds for investments. Far less than Binance, WazirX’s trading volume stands at 430,019.0. With 250 available trading pairs, WazirX supports fiat trading. However, it does not offer margin trading to its users. Fees and Charges Investors keep a sharp eye on different charges levied by a crypto exchange on withdrawal, trading, and transaction to make a final selection. These charges have a big impact on … Continued

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