Established in 2018, WazirX is a platform that has been satisfying the demands of its clients in the crypto trading field.
Alternately, the product of three entrepreneurs, CoinSwitch, was started in 2017 with a reputation as one of the best exchange platforms.Â
WazirX and CoinSwitch collect a minimal fee for every transaction.
Both of them operate with two-factor authentication.
WazirX and CoinSwitch Kuber boast a smooth, hassle-free user interface and lucrative charges.
We shall have a comparative discussion about both platforms in detail below.
What is WazirX?
WazirX came into existence in 2018 and was brought in by Nischal Shetty, Sameer Mhatre and Siddharth Menon. It has been gaining momentum in the cryptocurrency community, mostly after its acquisition by Binance, a large cryptocurrency exchange, in 2019.
This acquisition armed WazirX with more sophisticated technologies and skills, boosting the platform and its services.
Thus, WazirX has become a substantial player in the Indian crypto market.
Moreover, it has concentrated on millions of users and contributed to the growth of the digital equity ecosystem in the region.
Features of WazirX
Several features of WazirX make it stand out from the rest of the platforms. Some of them are listed below:
- WazirX provides users with multiple order types but is not limited to stop-loss, take-profit, trailing stop, and more.
- In addition to this, it allows margin trading for those who wish to use leverage for their trading.
- The platform is equipped with a user-friendly and easy-to-use interface that has a simple and lightweight construction.
- The support web is available 24/7 to tackle users’ issues at any point in time. Hence, users can reach out anytime they face any difficulty while trading.
- It enables users’ KYC verification to be performed within 3–4 hours of user signup. Thus, allowing for a faster and smoother process.
What is CoinSwitch?
CoinSwitch is a comprehensive cryptocurrency exchange aggregation platform for the ease of crypto trading by users.
It works as an intermediary between different exchanges that offer cryptocurrencies.
This means that you can compare the prices and buy or sell the participating coins using only one account.
Furthermore, CoinSwitch features an intuitive UI, live market prices, and safe trading, allowing many cryptocurrency enthusiasts to pick it as a tool for convenient trading.
Features of CoinSwitch
Let us now look at some of the noteworthy features of CoinSwitch that make it stand out from the rest:
- The platform charges a low commission for every transaction, which can be paid in BTC or other coin options provided by CoinSwitch.
- The process of converting cryptocurrency into fiat money takes less than an hour. Hence, the platform is not very time-consuming and is easy to use.
- It operates as a P2P exchange platform where there is a direct connection between buyer and seller. Thus, middleman involvement is eliminated, which leads to increased satisfaction for both of them.
- The Coinswitch platform permits its users to effortlessly buy and sell the crypto they use of any payment method available. It has a user-friendly interface, highlighting the convenience of its users trading Bitcoin or other coins.
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CoinSwitch vs Wazirx: Which is best?
When the question of priorities between Coinswitch and WazirX arises, there are some points that might come to mind.
First, the user interfaces and experience of both systems are indispensable tools for enabling seamless trading operations.
One other critical factor that plays a huge role is the fee structure of the supported cryptocurrencies and trading pairs, as these can greatly affect the trading experience.
The implementation of security measures such as two-factor authentication (2FA) and cold storage goes a long way toward making certain that a cryptocurrency platform is not susceptible to numerous security threats.Â
Besides, regulatory compliance is particularly vital as the industry moves swiftly in countries like India, where the regulations are still developing.
People may also choose platforms that guarantee compatibility with local laws and have transparent practices for legal and legitimate exchange purposes.
Finally, it should be emphasised that the decision to use Coinswitch or WazirX depends on individual taste, objectives related to trading, and specific demands.
Thoroughly conducting the research, reading reviews, and testing out both platforms can save users from a dilemma and lead them to a profitable cryptocurrency trade that satisfies their needs and goals.
Conclusion
By referring to the facts, we can assert that both of them have their pros and cons. WazirX is a user-friendly platform with a 0.1Â trading fee when you use the WRX coins and a wider range of cryptos offered. Also, you can get INR directly from your registered bank account.
On CoinSwitch, trading fees are decreased and it is possible to trade margins if 95% of crypto assets are stored in cold wallets and only 5% is available in hot wallets.
Consequently, your cryptos are saved from hacking. That allows new investors to easily invest in any of the major cryptocurrencies while bypassing the spot screen, which for many looks harsh and scary.
