As cryptocurrencies get more and more popular around the world, a lot of new people have started getting involved with investing in cryptocurrencies. However, getting into crypto is not as easy as it appears, and people should do thorough research before getting involved with cryptocurrencies. But crypto exchanges like Binance and Coinbase have made it easier for the common man to get into crypto, by creating a platform where people can buy crypto easily and securely.
Even in India, people have started investing in cryptocurrencies. While the RBI had banned cryptocurrencies in India in 2018, the Supreme Court reversed their order in March 2020. Since then, slowly but surely crypto has become a rising industry in India. In this article, we will take a look at Binance vs WazirX, and compare the two for the benefit of our readers.
Binance vs WazirX
Before going further, it should be mentioned that Binance actually acquired WazirX back in 2019. This enables WazirX users from India to directly link their accounts from WazirX to Binance and trade on the Binance platform by buying the USDT currency from WazirX. When looking for the best cryptocurrency exchange in India, people often think of WazirX as the premier exchange because the company has been operational in the country since 2018.
As for the comparison between these two, WazirX will simply be the better choice for Indian users, because of the exorbitantly high withdrawal fees charged by Binance. Binance is an international crypto-exchange, so their withdrawal charges are higher, even if their transaction fees for crypto transactions remain lower. Binance charges a minimum of $100 in withdrawal fees, which is about Rs. 700 INR, whereas WazirX charges Rs. 5 to 10 per withdrawal, depending on the type of withdrawal you use. However, for people who want to do high volume trading, Binance is the better option, as it has a lot more cryptocurrency options and fast servers that don’t crash as much during peak trading times. However, readers are requested to do their own research before choosing a crypto exchange.