Binance vs. WazirX: A Brief Comparison
Binance is an international cryptocurrency exchange with millions of trading volumes. WazirX is a locally popular platform that attracts traders and investors from India. Both platforms offer some competitive advantages. For instance, WazirX allows you to start with a lower minimum deposit, while Binance offers almost 400 trading assets that you can buy and sell.
Both cryptocurrency exchanges allow you to start with a comparatively low sum. You can invest as little as $1 to become a WazirX trader, while the minimum required amount for trading with Binance is $10. As you can see, WazirX offers better conditions when it comes to the minimum deposit. However, in trading, this is not the main thing that you should focus on when opting for a particular cryptocurrency exchange.
The leverage at Binance is higher. You can trade assets with a credit of up to 1:100 from the platform, which looks attractive as you can increase your buying opportunities by 100 times. When it comes to the WazirX exchange, the leverage here is 1:1, meaning you can’t rely on any credit from the company.
Binance offers almost 400 coins, and this number is constantly increasing as the platform adds new tokens and digital currencies all the time. Wazir’s portfolio of assets is less attractive as you can find about 260 coins and tokens there. As you can see, WazirX looks less competitive when it comes to the portfolio of assets. However, if you are not looking for some exotic altcoins, both exchanges offer enough coins to add to your investment pool.
Another aspect that we should mention is the availability of fiat currencies. WazirX is a pure Indian cryptocurrency exchange, meaning you can use Indian rupees as a trading currency. You can also deposit and withdraw with INR. Binance is an international platform, where you can find a lot more fiat currencies to deal with. In particular, Binance offers EUR, GBP, USD, and others.
To continue this Binance vs. WazirX comparison, we should mention some additional features that both cryptocurrency exchanges offer to their clients. For instance, Binance offers its own educational program within the Academy feature. WazirX has nothing to offer in this field, meaning the first has an advantage for beginner traders and investors.
Both cryptocurrency exchanges allow you to conduct deep market research using various technical indicators. Their proprietary trading platforms provide you with technical indicators and various drawing tools.
If you are still wondering which cryptocurrency exchange to choose, you can read this article to understand the major benefits of each of the two. Both exchanges have some features to offer to their clients, including some investment opportunities. Binance has attractive trading conditions, while WazirX may seem like a better solution for Indian traders and investors.