Top 2 Crypto Investment Exchanges in India: WazirX and CoinDCX
WazirX and he must have heard about CoinDCX if you are an investor in cryptocurrencies and are a resident of India.
WazirX and CoinDCX are two platforms for buying, selling, or trading cryptocurrency. Or Make crypto trading possible.
The most pleasing aspects of each platform will be covered in this essay, along with which ones are superior. Finally, a thorough study of these two platforms is given to help you select the platform that best meets your investment objectives.
It’s critical to comprehend what Crypto is and what Exchange does because we constantly write with novices, intermediate investors, and experts in mind. In reality, I’d want to explain quickly why investing in crypto assets is right for you.
You can scroll down and get immediately to the crucial analyses of WazirX and CoinDCX, as well as their comparative study.
Cryptocurrency: What is it?
Any digital currency secured by cryptography is a cryptocurrency (unbreakable cryptographic code).
Similar to utilizing physical money, it is a virtual currency increasingly used for trade and transactions globally (credit and debit cards).
The most well-known cryptocurrency is bitcoin, which has practically lost all meaning. Currently, there are over 8000 cryptocurrencies in existence, and that figure is rising daily.
Should I make a bitcoin investment? Is it a bubble that is going to pop?
Yes, if given the first question’s response. But, unfortunately, most of the time, NO is the response to the second question (but purchase at your own risk and understanding).
The cryptocurrency boom hasn’t started yet! The price bubble of 2021 has just reached one peak, according to the bitcoin guru, and there will be many more.
In summary, although cryptocurrencies are risky, they appear to have a bright future, especially as forward-thinking nations like India, the US, and the UK have adopted this.
Is cryptocurrency always risky?
Investing involves risk. Surely banks will blow up? Even during the pandemic, we’ve lately witnessed that. To withdraw money, scammers send phony URLs to your phone. Stagnant stocks plunge.
Investments are risky by nature. Scale, power, and risk tolerance are factors.
The cryptocurrency market is far more erratic than the stock market. Volatility often occurs and is severe. This implies that a currency’s value can change dramatically in just a half-day. The cryptocurrency market is accessible round-the-clock.
And with regulation increasingly encroaching on the cryptocurrency industry, it might take a few more years before high-end cryptocurrency volatility stabilizes.
different kinds of cryptocurrency exchanges
Ironically, cryptocurrencies are traded on centralized exchanges regulated by governments despite being designed to aid people in managing their money.
Centralized exchanges function with the aid of intermediaries who supervise the entire trading process, guarding investor cash against hacking attempts and serving as currency storage: a completely centralized exchange, WazirX.
Soon, a decentralized exchange will go live on WazirX. On the other side, CoinDCX is a centralized exchange that exhibits decentralization. Staking is a decentralized function offered by CoinDCX. In the section that introduces CoinDCX features, Staking is described.
There is no central authority overseeing decentralized exchanges.
By connecting their wallets to decentralized exchanges, users can conduct transactions. Since the principle of decentralization is at the core of cryptocurrencies, decentralized exchanges make the concept more appealing.
The whole point of cryptocurrencies was that they weren’t meant to be treated like money that could be controlled or manipulated by any authority.
Smart contracts and blockchain rules govern decentralized exchanges. WazirX’s features
By using Binance, the biggest cryptocurrency exchange in the world, WazirX is made possible.
One of WazirX’s most vital characteristics is the fact that Binance powers it. This is because one of the more regulated cryptocurrency exchanges is Binance.
Let’s look at what causes WazirX’s massive user base, which currently numbers over 7.3 million users.
Prices in INR, USDT, and BTC
The WazirX dashboard displays cryptocurrency rates in INR, USDT*, BTC, and their token WRX under the Exchange tab (WazirX Token).
(*Not to be confused with USD, USDT is a stable cryptocurrency based on the US dollar with a similar value to USD.)
How does that assist?
Assume you are accustomed to peer-to-peer (P2P) transactions. Essentially, he is exchanging his INR for USD on a person-to-person basis (paying his INR value in USD obtained from verified sellers on the WazirX platform).
Without creating a Mobikwik wallet or an account with a WazirX-supported bank, he can instantly purchase USDT from any P2P exchange and convert it to cryptocurrency if WazirX does not support your bank. You could invest.
Assume you used USDT to purchase BTC.
After a few days, you can purchase a different coin using the same BTC you initially purchased. Instead of making another P2P trade or depositing more INR, you can use the BTC amount.
Pairings are what we call these. WazirX permits the following four pairs: INR, USDT, BTC, and WRX. P2P WazirX
WazirX makes P2P swaps possible. Through peer-to-peer Exchange, you can purchase USDT from reputable vendors who change USD into INR. Starting a trade using WazirX P2P only costs $16.
P2P is crucial for WazirX because many banks do not allow quick deposits. Additionally, although we attempt to make it a reliable deposit and withdrawal alternative, his UPI capability for deposits is not always available.
There is just one available wallet. Mobikwik. If you don’t have that wallet, P2P exchanges are the fastest and safest option to acquire money to purchase cryptocurrencies and tokens.
fee schedule
Deposits made using net banking are charged a fee of Rs 47.2 per transaction.
The price for using Mobikwik Wallet to make deposits is 1.77% per transaction.
There are no costs other than the regular shift of the rate from INR to USD because the P2P Exchange uses the dollar exchange rate.
UPI transactions are not available on WazirX accounts. UPI, on the other hand, offers the quickest deposit times and the lowest costs (it was probably free when it first became accessible).
In addition to the cost of depositing funds, WazirX charges variable trading fees for various crypto assets. To view them, please visit https://wazirx.com/fees.
User experience + Account opening
Purchasing from WazirX is very easy.
After making a deposit, you can check your balance on the Balance tab. If you are doing P2P trading, you can buy in with INR or USDT.
You can choose between white and dark modes (appearance) in the settings. Opening an account is quick and easy. KYC is in place, and the verification process is fast.
Effortless use
6 out of 10. Deduct 3.5 points for the apparent lack of a “Deposit” or “Add Funds” button in the “Money” tab.
To see the Deposit and Withdraw choices, you must click on the INR section under the Funds tab. If you hide a Deposit from a clear view on an exchange website, in my opinion, that is a negative aspect.
Turning Dust Into WRX Tokens
I appreciate this quality. In WazirX, the minimum amount to invest in cryptocurrency is Rs. 50. The minimum purchase amount can also change from token to token if you’re paying in USDT.
Let’s imagine you have $100 in your WazirX Account and spend $97.81 to buy one Solana (SOL) token (charge at the time of scripting this article).
After purchase, there’s $2.19 remaining. This quantity of “dust” can be exchanged for WazirX’s WazirX (WRX) token. Using this option, you can purchase WRX tokens rather than saving up little amounts until your next investment.
fast purchase
You can acquire popular coins, and tokens right now are displayed in the Quick Buy tab. Only INR values are shown in the results of Quick Buy. Transaction and order histories
You can view your open orders and order history on the Orders tab.
Go to the Settings tab and click the Obtain trade report link to download your trading report.
Limit orders plus spot trading
WazirX allows spot trading or buying and selling simultaneously using their fiat or cryptocurrency pairs.
Additionally, you can establish a Limit so that the program will only purchase your selected cryptocurrency when the price reaches the predetermined amount you’re willing to pay.
Cryptocurrency Exchange CoinDCX: CoinDCX Features
index-capabilities
I’m no longer sure, but I think the DCX in CoinDCX stands for decentralized and centralized Exchange (I performed a quick study on the DCX component).
No significant online records were found; therefore, I was able to doubt my conclusions.
Staking is allowed on CoinDCX.
What is at stake?
Staking is the process of receiving incentives (returns) for cryptocurrency fraud into your CoinDCX wallet. the process of staking is as similar to a saving accounts
When you stake your cryptocurrency (decided on ones) with CoinDCX, they praise you with returns on your investment.
You can take these profits out and put more into your cryptocurrency wallet to increase your wagering and HODL (HODL is short for “hold onto dear life”).
Staking is a good choice for you if you’re a long-term investor.
The engine behind CoinDCX is Coinbase. After Binance, Coinbase is the second-largest cryptocurrency exchange.
Account creation
The account opening procedure, KYC, and bank verification are made simpler by CoinDCX. They request paperwork, pictures, and bank information and may verify your identification in as little as two hours. For example, my CoinDCX Account was validated within 5-7 minutes after opening, and trading began 10 minutes later.
User Interface + Usability
CoinDCX’s user interface and ease of use will convince you. Simple, self-explanatory tab names include Home, Prices, Orders, Invest (shows coins or tokens invested), and Account.
The dashboard shows the latest crypto asset launches and the top gainers and losers of the day.
Furthermore, it shows the cryptocurrencies that new investors are looking for.
Checklist and market
Watchlist and All Coins are two options in the Pricing tab. All CoinDCX listed coins can be found in the All Coins tab. When you tap a coin, you have two options: watch list and price alert.
Add coins to your price alert list to buy them when the price drops.
Additionally, you may add it to your Watchlist to quickly see the price of your preferred coins.
The price chart provides a clear picture of how the coin fared over the hour, day, week, month, and year. Along with 1-year highs and lows, it also displays 24-hour highs and lows.
Using the peak information, you may better understand the performance (and volatility) of your coin or token.
Spending + Staking
For long-term cryptocurrency owners, staking rewards on any DeX or partial DeX like CoinDCX is advantageous. Owning cryptocurrency tokens boosts their INR/USD worth in addition to collecting rewards.
Trading futures while using margin.
Margin trading is purchasing and selling digital currency based on a trading profit ratio to available collateral. Margin trading can be dangerous and requires in-depth knowledge of market dynamics and broad ups and downs trends.
Futures trading profits from the speculative activity and market changes. When your price speculation equals the market price, futures trading enables you to leverage and lock in a portion of your wealth.
For novices, margin trading is not advised. Futures trading might begin after carefully weighing the advantages and disadvantages. Starting spot trading is the best course of action. It aids in your comprehension of the trade circumstances on crypto platforms.
Maximum order
Limit orders are recognizable if you’ve used a stock market app. For example, setting the buying price and quantity of virtual money is a limit order.
When the cryptocurrency price hits this level, the app will automatically buy.
For erratic markets, limited orders are a great feature. It’s also fantastic for those who infrequently look at market charts. Study DCX
The educational division of CoinDCX is called DCX Learn.
You may learn about blockchain and cryptography principles using DCX Learn. Every DCX course is free. In addition, the Blockchain Council offers several methods for a fee.
The educational platform from DCX is a significant development. Encourage novices to invest in cryptocurrencies and offer assistance with the trading environment.
Fee schedule
The cryptocurrency trading cost on CoinDCX is 0.2%. The complete list of fees may be found here: https://coindcx.com/costs. Withdrawal fees are asset-specific.
The link above also contains trading costs for futures, spot, and margin transactions.
CoinDCX vs. WazirX
Security plus simplicity
The two apps are simple to use. However, CoinDCX is more user-friendly for novices.
It is supported by the interface of CoinDCX, which is reminiscent of modern Indian stock trading apps. As a result, Zerodha is almost as simple to use.
WazirX is likewise simple to use; it is not overly complicated like CoinDCX.
Both WazirX and CoinDCX offer simple registration and KYC approval processes. In addition, for increased security, both apps’ features included 2FA authentication.
Trading activities
There are many more features in CoinDCX. Stakes, spot, margin, and futures trading are all permitted on CoinDCX. Only spot trading is allowed on WazirX. cost
The costing strategy for both applications is relatively simple. Compared to his CoinDCX, powered by Coinbase, WazirX, powered by Binance, is considered to offer reduced costs.
Buy a set
Four pairs are available for purchase on WazirX: COIN/INR, COIN/USDT, COIN/WRX, and COIN/BTC.
If you already own Bitcoin, you can purchase additional coins by swapping your Bitcoin for the desired coin’s value.
Similarly, you can exchange WRX, USDT, and INR to purchase other coins.
Only fiat money can be used to purchase cryptocurrencies on CoinDCX; however, INR is also an option. Here, WazirX comes out on top.
P2P trading
Peer-to-peer sharing is made possible through WazirX. This excellent functionality is absent from CoinDCX. Insurance and regulation
Binance and Coinbase, respectively, power WazirX and CoinDCX. Binance has better licensing and insurance.
Coinbase also ensures a specific quantity of digital assets.
BitGo’s insurance policy covers CoinDCX. WazirX maintains 95% of its money in offline storage to keep hackers out. Unfortunately, no recognized regulatory agency in India oversees WazirX or CoinDCX.
It is anticipated that the government will likely establish cryptocurrency regulators or place them under SEBI after completing crypto legality in this 2022 budget.
Amount of assets
WazirX offers a wide variety of various crypto assets for traders to pick from. In addition, new coins are frequently added to WazirX for trade.
In contrast, the number of tradable assets on CoinDCX is constrained.
Possibilities for payments
Both WazirX and CoinDCX accept bank payments. Few banks are supported, though. As soon as governments approve cryptocurrency, other banks might be added.
Both platforms support his Mobikwik wallet.
Which is Better Between WazirX and CoinDCX, in Conclusion?
Both WazirX and CoinDCX are reliable platforms for exchanging cryptocurrencies.
WazirX offers a wide range of coins and fees, while CoinDCX is easier to use and offers all the popular coins that new investors want to buy.
Staking and holding capabilities are available on CoinDCX, and WazirX intends to introduce a decentralized exchange shortly.
To determine which software is best for you, install both or choose one first. Then, start modestly and discover for yourself which programs will facilitate your investment.
Our advice: WazirX is the best platform if you’re daring and want to invest in coins other than the Big 10 (BTC, ETH, BNB, SOL, ADA, XRP, MATIC, etc.).
The user-friendly interface of CoinDCX may appeal to you if you are a beginner who only wants to invest in the top 5–10 cryptocurrencies.
Because of the hype around cryptocurrencies as the new future, it makes sense that including a cryptocurrency component in your portfolio could be beneficial.
You may begin with 500. We got off to a remote start. But, in a few years, we might be able to see a return on our investment when the world becomes crazy over cryptocurrencies.