WazirX vs Binance: Fees, Coins, Safety Comparison
Binance is the world’s largest cryptocurrency exchange. WazirX is one of the top exchanges in India. Therefore many clients from India wonder which of these platforms they should choose. Every option has its pros and cons and TU analysts have prepared a detailed analysis of them. The experts compared key indicators of Binance and WazirX and prepared their assessments and conclusions about these cryptocurrency exchanges.
Start trading crypto right now with Binance!
WazirX vs. Binance: Ranking
WazirX is the exchange primarily designed to serve the customers from India. Binance is an international platform working with clients from all around the world. Some of the features of the exchanges are related to this peculiarity. For example, WazirX supports only Indian rupee (INR) as fiat currency, while Binance has over 60 fiat currencies.
Binance is a larger exchange that surpasses WazirX by certain indicators. Nonetheless, WazirX can compete in some aspects, for example analytics. The exchange also lags slightly behind in terms of the list of trading instruments, commissions and fees and some other indicators.
| Feature | WazirX | Binance |
|---|---|---|
Overall |
3.8 |
4.6 |
Regulation |
3.0 |
3.0 |
Fees |
4.1 |
4.8 |
Trading Assets |
4.5 |
5 |
Investment Instruments |
4.1 |
4.7 |
Platforms and Charting Tools |
3.7 |
4.9 |
Deposit and Withdrawal |
3.4 |
4.7 |
Research |
4.6 |
4.6 |
Education |
4.0 |
4.8 |
Support |
3.7 |
4.8 |
Promo |
3.1 |
4.2 |
Binance vs. WazirX: A Brief Introduction
WazirX and Binance Pros and Cons
| WazirX | Binance | |
|---|---|---|
Overall Pros |
2 FA Authentication |
Trading With Leverage up to 1:100 |
Low Minimum Deposit |
Low Trading and Non-Trading Fees |
|
Passive Income With Staking |
3 Account Fiat Currencies + 50 Crypto |
|
Minimum maker fee $0 |
Derivatives, NFT, ETF Available |
|
Indicators Available |
Debit/Credit Card Withdrawal Fee – 0% |
|
Derivatives, NFT Available |
Indicators Available |
|
Strong Research |
Passive Income With Staking and Mining Pool |
|
Strong Research |
||
Special Offers for Traders |
||
Overall Cons |
No tier-1 Regulation |
No tier-1 Regulation |
Market and Trailing Stop orders are not available. |
||
Only 1 fiat currency supported – INR |
||
Deposits and withdrawals via e-wallets are not available |
||
No Special Offers |
WazirX vs Binance: Safety and Regulation
Both cryptocurrencies exchanges are not regulated. Neither Binance nor WazirX hold licenses for financial activity. This is a drawback for both cryptocurrency exchanges. Both exchanges do their best to protect the accounts of their clients. Specifically, the accounts are protected by two-factor authentication; also end-to-end encryption is used. As for the incidents, WazirX has not had any hacks. Binance faced such issues in the past. The last incident happened in 2019.
| Regulated By: | WazirX | Binance |
|---|---|---|
SEC |
No |
No |
FINRA |
No |
No |
SEBI |
No |
No |
SIPC Protection |
No |
No |
Other Regulators |
Not Regulated |
Not Regulated |
Binance vs WazirX: Trading Conditions
When considering trading conditions it is important to take into account that Binance is focused on international markets, while WazirX is primarily designed to work with the clients from India. Both exchanges offer low minimum deposit requirements. The selection of cryptocurrencies is good on both platforms, but Binance still has more, as well as more markets. There is an important peculiarity that is related to the base account currencies. WazirX supports only one fiat currency – Indian rupee (INR). The choice of fiat currencies on Binance exceeds 60.
| Trading Conditions | WazirX | Binance |
|---|---|---|
Minimum Deposit |
INR 100 ($1) |
$10 |
Trading Platforms |
Web, Mobile |
Web, Mobile, Desktop |
Leverage |
1:1 |
1:10 |
Number of Markets |
405 |
1,677 |
Number of coins |
236 |
391 |
Number of Trading Accounts |
1 |
1 |
Base Account Currencies |
INR, 50+ Crypto |
USD, EUR, GBP +60 fiat currencies, 100+ Cryptocurrencies |
WazirX vs Binance: Trading Assets
The choice of cryptocurrencies on Binance is wider, but WazirX also offers a worthy selection of digital assets. Both platforms offer popular and less popular but promising digital assets. In addition to spot trading, Binance and WazirX also offer access to trading futures and DeFi tokens. Each platform also has its own NFT marketplace.
| Asset Name | Huobi Global | Binance |
|---|---|---|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
Yes |
Yes |
|
DeFi Tokens |
Yes |
Yes |
Binance vs. WazirX Fees
Cryptocurrency exchanges Binance and WazirX use the standard Maker and Taker model. The trading conditions on Binance are better. The maximum fee does not exceed 0.1%. WazirX uses a fixed fee of 0.2% for all trading pairs, with the exception of the pairs with the cryptocurrency exchange’s native token WRX. For cryptocurrency pairs traded with this token, the fee is 0%. Absence of the possibility of direct purchase of cryptocurrency with a credit or debit card is a drawback of WazirX. Binance offers such an option and charges a 1% fee.
Binance Fees ReviewTrading Fees
| Fee | WazirX | Binance |
|---|---|---|
Max Maker |
0.2% |
0.1% |
Max Taker |
0.2% |
0.1% |
Min Maker |
0% |
0.012% |
Min Taker |
0% |
0.024% |
Debit/Credit Card Purchase Fee |
- |
1% |
Non-Trading Fees
| WazirX | Binance | |
|---|---|---|
Account Fee |
0% |
0% |
Deposit Fee |
0% for fiat deposit |
0% |
Bank Transfer Withdrawal Fee |
10 INR |
1.5 USD |
Debit/Credit Card Withdrawal Fee |
10 INR |
1% |
Inactivity Fee |
0% |
0% |
WazirX or Binance: Passive Income Tools
Passive income on WazirX and Binance is provided through staking. Staking involves freezing cryptocurrency for a certain period of time. During this period, the user acts as a transaction validator in the network. Upon expiry of the staking period, the client gets cryptocurrency and profit in the form of interest rate. The advantage of Binance is also that it has a pool for mining cryptocurrencies.
| Investment Tools | WazirX | Binance |
|---|---|---|
Staking |
Yes |
Yes |
Mining Pool |
No |
Yes |
Managed Accounts |
No |
No |
MAM/PAMM |
No |
No |
Other |
No |
No |
Best Trading Platform: WazirX or Binance
Trading platforms of WazirX and Binance are similar, but there are certain important peculiarities. This is primarily about the orders. On WazirX, only Limit, Stop Loss and Stop Limit orders are available. Market and Trailing Stop orders are not available on this cryptocurrency exchange. Meanwhile, all types of orders are available on Binance. The other key differences include unavailability of graphic tools for technical analysis on WazirX, while Binance offers this feature. Both platforms offer indicators.
| WazirX | Binance | |
|---|---|---|
Web |
Yes |
Yes |
Desktop |
No |
Yes |
Mobile (Android, iOS) |
Yes |
Yes |
Trading Platforms Features
| WazirX | Binance | |
|---|---|---|
SMS Based 2 FA |
Yes |
Yes |
App Based 2 FA |
Yes |
Yes |
Voice Call 2 FA |
No |
No |
Search Bar |
Yes |
Yes |
Filters |
Yes |
Yes |
Technical Analysis/Charting Tools
| WazirX | Binance | |
|---|---|---|
Indicators |
Yes |
Yes |
Drawing Tools |
No |
Yes |
Historical Trades |
Yes |
Yes |
Live 2 Quotes |
Yes |
Yes |
Mobile Trading
| Features | WazirX | Binance |
|---|---|---|
iOS Version |
Yes |
Yes |
Android Version |
Yes |
Yes |
Apple Watch App |
No |
No |
Touch ID |
No |
Yes |
Face ID |
No |
Yes |
Types of Orders
| WazirX | Binance | |
|---|---|---|
Market |
No |
Yes |
Limit |
Yes |
Yes |
Stop Loss |
Yes |
Yes |
Stop Limit |
Yes |
Yes |
Trailing Stop |
No |
Yes |
Binance vs WazirX: Deposit and Withdrawal
The choice of deposit and withdrawal options on Binance is better. The exchange offers all main methods of performance of financial transactions, including bank transfers and electronic wallets. The list of payment methods on WazirX is limited to debit/credit card and cryptocurrencies. Another important nuance is that deposits and withdrawals with debit/credit cards on WazirX are available only to verified clients.
| Deposit and Withdrawal Method | WazirX | Binance |
|---|---|---|
Bank Transfer |
No |
Yes |
Credit/Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
Yes |
Crypto |
Yes |
Yes |
Binance vs WazirX: Research
Both cryptocurrency exchanges offer good analytics. Binance and WazirX offer their clients news feeds, reports on cryptocurrencies, market updates, etc. You can subscribe to newsletters and receive the latest information to your email.
| Research Type | WazirX | Binance |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
No |
No |
E-Mail Reports |
Yes |
Yes |
WazirX vs Binance: Education
Binance has a much larger education section than WazirX. The largest crypto exchange has a full-fledged trader academy with a large volume of materials. WazirX does not offer a full-fledged educational video course, only tutorials on certain topics on the exchange’s YouTube channel. Binance has courses for traders with different levels of expertise. Both exchanges offer educational articles to beginners.
| Education Type | WazirX | Binance |
|---|---|---|
Demo-account/Paper Trading |
No |
No |
Courses |
No |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Webinars |
Yes |
Yes |
Books |
No |
No |
WazirX vs Binance: Support
Customer support of Binance and WazirX operate 24/7. Binance offers more ways to contact support, including via messaging apps.
| Support Features | WazirX | Binance |
|---|---|---|
Working Days |
24/7 |
24/7 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
Telegram |
Binance vs WazirX: Promo
Best Crypto Sign-Up Bonus Offers and PromotionsWazirX does not have bonuses for cryptocurrency traders, while Binance offers several types of bonuses. For example, there is a $100 welcome bonus. The cryptocurrency exchange also has frequent promotions limited in time. Their list is regularly updated. Both cryptocurrencies offer partnership programs, with conditions being better on WazirX. You can get up to 50% of the fees paid by the referred user. Binance has a similar partnership program, but the ceiling for payouts is 40%.
| Promo | WazirX | Binance |
|---|---|---|
Special Offers |
No |
Yes |
Referral Program |
50% of the trading fees paid by the referred user |
40% of the trading fees paid by the referred user |
WazirX or Binance: Which is Better in 2024?
Overall, Binance cryptocurrency exchange is better for trading compared to WazirX, as it offers better trading conditions, lower fees, good opportunities for analysis, education, etc.
However, WazirX is not far behind in many aspects. For example, the exchange can compete with Binance by the analytics it provides as well as some other types of trading conditions and the number of available trading assets. Binance is a larger exchange with better conditions, but WazirX is generally not far behind.
Binance vs WazirX fees - How Do They Compare?
Both cryptocurrency exchanges use the Maker and Taker fee policy. Binance has more beneficial fees, which can be reduced depending on the trading volume and the use of BNB cryptocurrency. WazirX has fixed fees, but for the trading pairs with WRX, the fee is 0%.
Binance vs WazirX Safety
Both cryptocurrency exchanges are not regulated and do not hold licenses for financial activity. It is a serious drawback of both platforms. However, the exchanges have solid protection of accounts and data encryption.
Binance vs WazirX – Which Is Better For Day Trading?
Binance offers a wider choice of cryptocurrencies and lower fees, which makes this exchange better for day trading.
Summary
Binance is certainly a better exchange compared to WazirX, but the Indian trading platform is not lagging far behind. By some indicators, WazirX is as good as Binance or rather close to it to be considered competitive. Therefore, both cryptocurrency exchanges are well suited for trading cryptocurrencies in India. For traders from other countries, WazirX won’t be such a good choice.
Top 5 Reviews on Binance
-
Comment
Prefer using Binance because of their low fees. They are the catalyst of low trading costs at a time users are sick of getting burned by high trading fees on platforms like Coinbase. I remember clearly that upon its entry in the market, these platforms all raced to lower their fees because of knowing they will clearly lose market share to this newcomer. Binance has had a 0.1% spot trading fee since the beginning. Because it’s low I never bothered to check if they charge the exact amount in all of my trades, in small or big amounts. I just know that they always offer the best prices for the assets that I trade (I only trade in the spot market) and have an extensive list of tradable tokens. Cheap + flexible… the best one in the crypto market yet.
-
Comment
I like Binance’s trading terminal. It is modern, sleek, and shows relevant information you need for your trades spot on. At the same time, it is not intimidating to navigate around which is a common problem for crypto platforms that prioritize a modem vibe in their UI. It instantly shows the summary of my crypto portfolio, the distribution between assets and the amount, and has the daily PnL (profit and loss) record for the day. This way it is so easy to track which assets performed well in the last 24 hours and which ones lagged behind. I like to hold only a handful of assets for easy traceability of my wins. But even when I add a couple more, it is still uncomplicated to make sense of my stats. Love that crypto is now in a rollercoaster that only goes up and seeing all those greens in my portfolio gives me a great sense of motivation.
-
Comment
Binance has been super flexible when it comes to payment methods. It offers the usual mediums like bank deposit, debit card/credit card, crypto deposit, while also supporting newer ones like my favorite e-wallet. Integrating my e-wallet with my Binance account made all the withdrawals instant whenever I sell USDT in the P2P marketplace. The conversion rate is also attractive, making this method favorable to those who are frequently buying and selling on the platform. I withdraw money from them at least once a month and never experience delays. On a side note, I always use the same e-wallet account and had not tried doing it using bank transfers because of fees associated with doing so. There is no fee on this method so I prefer to use it over others.
-
Comment
Despite the growing number of reported hacks in the crypto space, I never once felt worried about using Binance as my crypto exchange. They have the most extensive security verification methods, and this makes me feel that trusting my funds with them is one of the best decisions I’ve made. Earlier this year I lost my phone number to which my Binance acct was connected and got very worried that my funds will be compromised. Turns out, it was easy to replace my old contact info with my new number, and they also suggested that I activate my 2-factor authentication for an extra layer of protection. I have also recently activated my passkeys for added security. All these years, Binance has been nothing but a trustworthy platform to me. I only trade crypto with them and nowhere else.
-
Comment
I created my account with Binance four years ago. It was during the middle of the crypto boom. I thought it was just a phase and would completely forget about it after the pandemic. But it turns out it is not :D. I still actively trade with the same account. Probably what made me stay is the ease of use, either when I am trading with the website or through the Binance app. Features in both platforms are easy to understand and use. I never had to consult YouTube videos as I normally do with my other brokerage accounts to figure out how a certain tool/button works. What you see is what you get. Never had issues with order execution, deposits, and withdrawals either which made the overall trading experience an excellent one all these years. I think Binance took over the crypto market easily for the same reason. It sold us the idea that trading is easy after all.
Top 5 Reviews on WazirX
-
Comment
WazirX boasts an extensive selection of cryptocurrencies. But the fee structure is disproportionately high compared to competitors, eating into profits and discouraging active trading. Hidden fees and unclear pricing models only add to the frustration, leaving traders feeling nickel-and-dimed at every turn.
-
Comment
Of course, they threw me beautifully at WazirX. At first everyone was so friendly. Filled them with money - immediately the attitude changed. And then they just did everything to drain my money. I do not recommend!
-
Comment
I can't call WazirX normal. They interfere with work, so it’s impossible to trade profitably. They leaked me a couple of times, I decided to leave. I withdrew the balance from the account for 2 months. I do not recommend trading with this company.
-
Comment
I decided to open a trading account with WazirX. I registered, and immediately the manager of this company called me. I didn't like his aggressive demeanor. I told him about it. In response, insults rained down. I immediately knew who I was dealing with. Didn't even make money.
-
Comment
This is my first time working with the Indian stock exchange, although I have heard that this country is actively developing in the field of technology. And WazirX seems to be a good exchange. Assets are popular, for the most part, except that you need to get confused with commissions, for some cryptocurrencies they are not very profitable. But the terminal is great! Clear, simple, I still have enough functionality, but we'll see. This is enough for my current level, but I think if I decide to increase volumes, I won’t stay at WazirX: it’s more pleasant to have bonuses at high volumes, which WazirX cannot offer. I recommend it for beginners and amateurs. There will be no problems with speed, replenishment and withdrawal. The rest is up to you and your work.
FAQs
Which exchange has higher liquidity?
Binance is the exchange with higher liquidity.
Is verification required on WazirX and Binance?
Verification is mandatory on Binance, and not mandatory on WazirX. However, users without verified accounts will not be able to use a debit/credit card for deposits and withdrawals and withdrawal limits will apply to them.
What amount should I start trading with?
Both cryptocurrency exchanges offer low entry thresholds. However, trading cryptocurrencies with a minimum amount is not the best decision. It is better to start trading with $100-500.
What means of account security are employed by Binance and WazirX?
Password protection and two-factor authentication are available on WazirX and Binance.
Glossary for novice traders
-
1
Limit order
A limit order is a type of order used in trading where an investor specifies a particular price at which they want to buy or sell a financial asset. The order will only be executed if the market price reaches or exceeds the specified limit price, ensuring that the trader gets the desired price or better when the trade is executed.
-
2
Extra
Xetra is a German Stock Exchange trading system that the Frankfurt Stock Exchange operates. Deutsche Börse is the parent company of the Frankfurt Stock Exchange.
-
3
Paper trading
Paper trading, also known as virtual trading or simulated trading, is a practice where individuals or traders simulate real-life trading scenarios without using real money. Instead of placing actual trades with real capital, participants use a simulated trading platform or keep track of their trades on paper or electronically to record their buying and selling decisions.
-
4
Cryptocurrency
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
-
5
Leverage
Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.
Related Articles
Team that worked on the article
Dwight specializes in risk, corporate finance, alternatives, fintech, general business trends, and financial markets, and he has broad experience managing complex projects. Dwight is an author for the Traders Union website.
Dwight was a financial columnist for The Wall Street Journal and The New York Times during the Great Financial Crisis. He has served as Editor-in-Chief of Worth, a personal finance magazine for the wealthy, and as Editor of Risk, the premiere global publication about derivatives, risk management, and quantitative finance, based in London.
He has also served as Managing Editor at The Economist Group and ran the Americas operations of two British trade publications.
For the last 12 years, Dwight has worked as a freelance writer and editorial project manager, serving clients in the financial technology, banking, broker/dealer, consulting, asset management, and corporate sectors. This has given him considerable experience in idea generation and project management, working collaboratively to help clients meet their goals with little or no supervision.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).