Binance and WazirX are the leading names that come up while talking about trusted Cryptocurrency Exchanges. But which one is better? Which one of them lacks in something and which is more efficient in something? Here’s what you need to know.
Due to the innate nature of Crypto and Blockchain technology, crypto exchanges started to rise to the top too, trying to out-best the others in terms of the fee charged or User-Interface(UI).
Cryptocurrencies have seen an enormous surge in popularity in the past year. From a millionaire to a middle-class household, everyone can see the vision of investing in this market and expect good returns.
With thousands of exchanges emerging in the world, know what suits you.
Binance is the world’s largest cryptocurrency exchange in terms of daily trading volume. Founded by Changpeng Zhao in 2017, it was initially based out of China but later, it moved its headquarters out of the country due to the Chinese government’s opinions on cryptocurrencies. Currently serving users across 180 countries and expanding.
WazirX is the leading and the largest cryptocurrency trading platform in India. Born in 2018, it has grown to be the country’s most trusted cryptocurrency exchange. Binance acquired WazirX in 2019 to have a good grip and infrastructure in India. With 6 million users and new users joining at an exponential rate.
WazirX has just touched its feet on Indian soil and is on its way to higher highs of users as Crypto becomes more and more liked by Indian citizens. They have recently gone global.
Both the exchanges have cross-platform Web and Mobile Applications on Android, iOS, Windows, and Linux.
In addition to this, Binance offers a lite version of the application listing the leading cryptocurrencies in one navigation tab down below and a small dialogue box which enables the users to buy and sell different cryptocurrencies with great ease.
The landing page, called the “Exchange page”, offers oversight of different Fiat exchange rates on the left with information about your personal open and closed orders on the right. Finally, the central area covering the graph and order history of the currency is selected with various time-frames and a bunch of graph tools.
WazirX has made full efforts to make its interface as simple as possible yet giving every necessary option to the user. For example, the Buy/Sell dialogue box appears on the right corner and is easy to use with simple input options and a final confirmation before executing an order.
On the other hand, Binance has built an excellent infrastructure, keeping their “Markets” page as simple as possible. With a comprehensive listing of the currencies corresponding to their Markets and the necessary information.
Binance offers a considerably higher in-depth analysis of the market movement. For example, they have a dedicated “Overview” section with everything from graphs to Pie-charts, whereas WazirX doesn’t analyse or summarise the market movements.
Both the exchanges offer a neat little feature of giving the users the option to mark their personal favourites, which helps them track their prices closely.
Mobile Application Comparison
Binance works on a beautiful mobile application which, in my experience, works swiftly. A Home section gives a complete overview of the Features, which include quick links to Deposits, Referrals, P2P Trading with a few listings of top Cryptocurrencies of the week. The bottom Menu logs the buttons to switch between different tabs such as Markets, Trade, Futures, and a Wallets section listing all the cryptocurrencies owned by the user and the balances.
WazirX app starts open on the Exchange tab with a small navigation tab on the top to cycle through different exchange currencies. It also displays a neat colour scheme, highlighting the tab of the cryptocurrency based on its recent moments. With a navigation bar at the bottom listing Info tab which catalogs the recent news and schemes offered by WazirX, and the Exchange tab having crypto listings and an Orders tab logging all the open and closed orders executed by the user and then finally the Funds section indexing all the Cryptocurrencies owned by the user and their respective balances with a highlighted Number at the top indicating the total value of the user’s portfolio which gets updated in real-time.
Binance application offers both Light and Dark modes for users similarly. A default Dark theme is present in WazirX with the option to switch to a Light mode.
Payments and Security
Binance payment options range from Bank Transfers to Credit/Debit card transactions with a dedicated Peer-to-Peer engine for direct P2P payment option, same as WazirX, which supports Bank Transfers through IMPS and Net Banking only, UPI support with a direct and optimised P2P engine.
Both the exchanges have done well in the domain of Security, and they have lived up to their expectations. They offer Two-Factor Authentication (2FA), supporting a trusted Authenticator app and a One-Time Password (OTP) gateway.
In addition to this, Binance offers a bunch more options for securing the account. These include Email verification to a Security-key verification available on the Web-version of the exchange. And both of them also give logs of recent account activities such as login, and it also gives the control to see on which the account has been opened and when by logging the IP while logging in.
WazirX launched the world’s first auto-matching P2P (Peer-to-Peer) engine to help traders convert INR to Crypto and back. The engine allows users to directly match with other users who want to exchange their currency and per your needs. The Security of the engine lies with the fact that WazirX works like an escrow service and holds the currency to be exchanged and transferred to the recipient itself once the other person confirms their end of the exchange. This is a pretty neat feature with marginally low transitional fees making it very efficient for users to convert their money even if the amount is considerably low. The number of exchanges adopting this engine after this rose significantly.
The two exchanges also offer referral programs of their own. For example, under Binance, if a person creates a trading account using your referral, you will get a commission ranging from 20 to 40 percent on all of that person’s trade. And WazirX offers a considerably high commission rate of about 50 percent.
Both the exchanges’ UI has their own set of pros and cons like WazirX UI may seem a bit overwhelming to beginners, but UI is one of many decisive points to consider while choosing an exchange to trade. In addition, factors like Transactional fees, Withdrawal Fees, Back-end infrastructure, etc. contribute highly to the decision. Therefore, it is recommended to do your research as well before forming your opinion.