The rise of the crypto space has created the rapid evolution of the related services and products. The following guide will offer you a comparison among the best crypto exchanges that are presently operational in India. Let us begin with CoinSwitch Kuber vs WazirX.
Both CoinSwitch Kuber and WazirX are Indian based digital currency exchanges. These two exchanges have successfully survived the RBI ban. There can also be comparisons on WazirX vs CoinSwitch vs CoinDCX vs Binance, but we will start with two this time. Even though both these exchanges are best for the Indian market, still with this comparison on CoinSwitch Kuber vs WazirX we will see which one is better.
CoinSwitch Kuber Vs WazirX: An Overview
Before we get into the comparison of CoinSwitch Kuber vs WazirX, let us get some idea about these exchanges individually. Here is an overview of the exchanges.
WazirX is a cryptocurrency exchange channel. Basically, a crypto exchange is an application or website where the user can trade various digital coins and currencies using their national currency. This is among the largest digital currency exchange that is based in India. It is a Mumbai based company that was launched in 2017. Later this company was acquired by Binance Holdings, which is the largest crypto exchange in the world. The key highlights of this exchange include:
- Very trusted, owned by Binance
- Buy, sell, and trade over 100 digital currencies
- Instant deposits and withdrawal
- Low withdrawal fees.
CoinSwitch Kuber is a famous crypto exchange that is based in India. It starts back in 2017 and now serves nearly 7.5 million traders. The platform provides over 100 digital currencies with famous names like Matic, Bitcoin, Ethereum, Dogecoin, and many more. The exchange is connected with varied crypto wallets and also exchange services. The key highlights of this exchange include:
- Start trading in digital currencies with as low as ₹100
- Instant deposit and withdrawal
- User-friendly platform
- No Withdrawal charges
CoinSwitch Kuber Vs WazirX: Account Creation
There are various parameters based on which this comparison of CoinSwitch Kuber vs WazirX is based. Let us begin with which platform enables account creation, an easy task.
Signing up for a WazirX account is convenient and includes the following steps. The email id and password have to be selected, and a password is set. With one click of sign up, the email id will be authenticated by sending a verification email to the address that has been provided. After the email verification, mobile verification is done. An OTP will be sent via SMS, the user will have to enter that OTP for verification.
The next task is to upload documents for KYC; you can select to skip this step, but doing so will not enable you to withdraw your cryptos. If KYC is done, then withdrawal, trading, and deposits can be made. The KYC can be verified in 24 to 48 hours, and once accepted, you can begin to use the account.
The process of opening an account in CoinSwitch is very simple. Enter the email id and create your password. Verify the phone number by entering your phone number. A verification code will be sent, and you can begin creating transactions. No account is required to create a transaction as there are many exchanges on this platform that provides anonymous trading.
CoinSwitch Kuber Vs WazirX: Fees
Another important thing to consider when you are choosing an exchange is the trading fee that you will have to pay. Different exchanges set different trading fees. You will have to find the best deal that is ideal for you.
WazirX is fully honest when it comes to its charges. WazirX charges a flat 0.2% fee on all crypto trading or transactions. Moreover, depositing money via bank transfer costs Rs.5.9, and withdrawing money from WazirX charges Rs.5 to 10. Apart from the trading fees this exchange also charges withdrawal fees when you shift your crypto money. The withdrawal charges differ from currency to currency and are subject to maximum and minimum amounts. But WazirX has not listed any of its deposit fees on the website. Only digital currency wise minimum deposit amount is stated.
Now let us come to CoinSwitch Kuber fees. CoinSwitch Kuber does not charge for withdrawing or depositing on or from the application, they do have hidden charges. The charges are the variation in the buy and sell price of the currencies. For instance, If the BTC buy price is 38,00,000 INR then, the selling value will be 37,65,000 INR which is a big difference between the sell and buy price.
If you wish to start trading in digital currency at the same time and also wish to explore the digital currency market in depth we suggest going for WazirX. There you can also register and trade crypto coins there to earn a decent amount of money.
Both these crypto exchange applications have a fairly good reviews in the Google Play Store. A few complaints regarding CoinSwitch Kuber on the Play Store include that the application becomes quite laggy at times. In the case of WazirX, most of the reviews are on the positive side, but people have issues with the high charges on deposits and withdrawals.
But after this comparison on CoinSwitch Kuber vs WazirX, if we look at the broader image, then WazirX is a better option and one of the big reasons for that is it is handled by Binance which itself is the best crypto exchange in the world. Also if you compare CoinsWitch Kuber vs Wazirx vs CoinDCX, then also the winner will be WazirX.