Binance vs Wazirx is a hard comparison, let’s see which one is better. Over the years since their debut, different cryptocurrencies have emerged, and others have become more popular than others. Moreover, the emergence of these cryptocurrencies has pushed the crypto industry to develop more crypto exchanges, which is a remarkable advancement.
More people are currently trading cryptocurrencies, and countries that were yet to embrace crypto trading, such as India, are loosening up and adopting the new financial wave. This crypto exchange review compares Binance, which ranks among the most prominent cryptocurrency platforms globally, and WazirX, the fastest-growing crypto platform in India.
The comparison of Binance vs. Wazirx is a close one, and this review will dive deep into the reasons why they are the most relevant crypto exchanges in the market. Notably, both platforms share the mission to improve people’s lives and increase the freedom of money worldwide.
Binance vs Wazirx – Introduction
Even though the comparison hovers around Binance vs Wazirx, it is essential to note that Binance acquired Wazirx back in 2019. This means Wazirx is technically part of Binance. Binance is currently the largest crypto exchange globally regarding the degree of trading volumes. Millions of dollars in Bitcoin and other cryptocurrencies exchange accounts daily on Binance.
Changpeng Zhao, popularly known as CZ, founded Binance in 2017 with his partner Yi He, a developer with a previous profile of creating high-frequency software for trading. Binance tokens were distributed in three ways: 40% was given to the founding team, 80 million BNB; the public traders were allocated 50%, which was 100 million BNB, while the remaining 10% was allocated to angel investors, which was 20 million BNB.
On the other hand, Nishchal Shetty founded WazirX in 2018, and as of March 2022, it has over 10 million users. The primary purpose of Wazirx was to make cryptocurrency available to people in India.
Binance vs. Wazirx – Features Comparison
Binance embraces features like cross collateral that allows users to collateralize crypto assets against another. In addition, the leader board lets its users view the positions of the best traders on the Binance platform. Finally, the battle feature allows the traders to be on a head-to-head battle to gauge who is more profitable over a certain period.
When it comes to Wazirx, the platform has many features, but some of the key elements that stand out are the Instant INR (fiat) deposit and more than 150 tokens. It also includes the intelligent token fund, which helps to find traders and have them manage cryptocurrency portfolios and the log-in via Binance option, considering it was acquired by Binance already.
Finally, the platform embraces the Auto-matching P2P engine where matching and orders are completed within a record time. It is also available 24 hours every day and has zero learning curve.
Binance VS Wazirx – Fees Comparison
When comparing the fees between Binance and Wazirx, it is essential to understand that WazirX is an exchange that has been designed for the Indian market and will, therefore, always be best suited for them. There are several types of fees charged between Binance and Wazirx.
Looking at Binance fees, it is considered one of the lowest fees in the industry, even though US users always end up paying slightly more on the platform. This is because there are currently no fees charged on the Binance wallet. However, when it comes to debit and credit card transfers, a 4.5% fee is applied.
ACH transfers are usually free for all users with a $15 charge on wire transfers. However, a 0.5% fee is applied to every transaction when buying and selling crypto. Binance charges 0.0005 BTC per withdrawal and a taker fee of 0.10% for withdrawals.
Wazirx fees, on the other hand, are slightly different compared to that of Binance. There are currently no deposit fees on Wazirx even though they charge 0.0006BTC for every withdrawal. Regarding the taker fee, Wazirx charges a fee of 0.20%, which is slightly above that of Binance, and a marker fee of 0.10%.
It is important to note that Wazirx offers a 50% discount on all users who use its native WRX coins to pay. There are no charges on the staking fees, wallet maintenance, or the crypto transfer to Binance. The intelligent traders’ STF fees allow them to get 25% profits.
Other Important Things to Mention
Wazirx, whose utility token is WRX, operates on the Binance blockchain after the latter acquired it. The total supply of the WRX token is over one billion, and the token holders are usually rewarded with benefits like the trading fees discounts, the token airdrop, the margin fees, and many more.
It is backed up by entrepreneurs in India who have over ten years of experience building and scaling products in and out of India. The average rating of the app is 4.6 stars out of five. In addition, Binance and WazirX launched a blockchain fund for India with $50 million USD. This development makes WRX exchange currently available for the global audience.
WazirX tokens can be bought on cryptocurrency exchanges such as Binance, FTX, KuCoin, HitBTC, and Gate.io. There are only slight differences in WazirX vs Binance comparison, and you should note these features.
Which One Is Better?
For Binance, there are different ways the Binance coins can be used, such as credit card payment where one pays for their crypto card bills. Additionally, the Binance coin can be used for booking hotels and flights on some websites, entertainment where one can buy lottery tickets or even virtual gifts.
Some other uses of the Binance coin include making investments, applying for loans and transfers, and payment processing to customers. In the Binance whitepaper, it uses 20% of its profits to buy back and destroy Binance coins for every quarter. This practice is expected to continue until 50% of the supply, close to 100 million Binance coins, has been destroyed, making them scarce and valuable.
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Binance vs Wazirx: Conclusion
From instant INR deposit and automated P2P engine on the Wazirx platform to the leaderboard and cross collateral features in Binance, the features we have seen testify to a robust and reliable crypto exchange. Besides, they have been merged shows a future in this cryptocurrency exchange.
Wazirx has a vast potential to blow off in the Indian market and globally if the goal is followed. The team is also trying to make it scarce by recycling and burning the excess with that in mind. It is a game-changer, and Binance is here to stay by all indications. If you’re looking for a Binance vs WazirX comparison, this review offers tips to get you started.