WazirX and CoinDCX over the last couple of years have become some of the most influential crypto exchanges. On these platforms, which were way ahead of the curve, you can use INR to buy and sell bitcoins, cryptocurrencies, Altcoins, Crypto tokens and even stable coins.
However, for a beginner, it becomes important to know which among them are better and therefore, running a comparative analysis becomes vital.
- The founder: While Nischal Shetty is a Computer Science graduate and is a part of Forbes 30 under 30 entrepreneurs in India is the founder of WazirX, he is pitted against Sumit Gupta, a graduate from IIT Mumbai and co-founder of CoinDCX.
Winner: Tie – as both are equally skilled in their respective trades and have taken their companies to great heights in no time.
- Security: In this, CoinDCX has an edge since it stores 95% of cryptos in Cold wallets and the rest in hot wallets. WazirX also does the same, however, CoinDCX has the edge since its customers are protected with an additional BitGo insurance policy
- Partners: the metric of a real company is who it does business with. Binance – the world’s largest Crypto exchange is a holding company of WazirX. Investors in CoinDCX however include Coinbase, Bain Capital, Bitmex and Polychain.
- Media outlets: You can trust companies when they have transparent media outlets. WazirX has more additional media channels like FB and LinkedIn. While both are equally reliable, WazirX has more of a media presence than CoinDCX.
- Ease of withdrawal: WazirX does not allow withdrawal if you have not completed KYC and Bank verification whereas CoinDCX can help you deposit and withdraw up to Rs 10,000 even if your KYC is pending.
- Access to DeFi applications: When it comes to access to DeFi applications, WazirX has none, whereas in CoinDCX, you have access to lending and staking DeFi applications.
Winner: The obvious winner in this case would CoinDCX.
- Trading pairs: In terms of trading pairs, WazirX offers 4 base trading pairs with whom other Cryptos are matched. WazirX offers 70 cryptos paired against INR. This simply means that you can buy them directly using the rupee amount which is deposited in your account. On the other hand, CoinDCX offers 11 base pairs offering you a wider choice, but you only have 32 cryptos paired against INR. This means that on CoinDCX, for buying the rest of the cryptos you first need to buy USDT and then use it to buy the cryptocurrency that you are looking for.
Winner: There is no doubt that on this parameter, WazirX is a clearer winner considering it offers you more crypto options that you can purchase directly using INR.
While it might be hard to pick one, it eventually depends on what features you consider more important. The winner for you could be that which benefits you more. The right way to go about this is to ascertain what would benefit you and offer you sufficient flexibility with your cryptocurrency. The research is yours, and if you do it right, the winner is you.