Market Analysis Report (16 Jun 2021)
16 Jun 2021
Looking for the best WazirX alternatives?
And why would you not?
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Even though WazirX is one of the top Indian exchanges, it is currently struggling to keep up with the huge demand by Indian users. This is resulting in poor customer support, and a lot of queries are unresolved even after weeks of follow-up. This is the true story of our teammate who has been waiting for over 10 days to get his 2-factor authentication issue resolved. Unfortunately, there is no response from the WazirX team, and he missed out on investing in many projects he was interested in. For reference, his unresolved ticket number is: 501608
Now, your story could be the same or similar, and just because of the incompetence of WazirX, you don’t want to miss out on investing in projects that could be bigger in no time. After all, every second matter in the world of the cryptosphere. To ease your pain, here I’m sharing a list of alternatives to WazirX that directly or indirectly deals in INR, and helps you invest or trade in cryptocurrencies.
Just to be on the same page, I still like WazirX and I feel it is one of the best Indian exchanges for cryptocurrencies, however, they could definitely do better regarding their laggard customer support.
Moving ahead, here are the top WazirX competitors that you could sign up for.
A lot of Indians are unaware of this site, but this may surprise you that WazirX is owned by Binance. Binance is an international crypto-exchange, and the biggest one at the time of writing. Like WazirX’s WRX token, they also have a token called BNB, which offers many more features than WazirX.
The best thing is, you can transfer USDT for free from WazirX to Binance using their internal transfer mechanism. To get started with Binance from India, you need to deposit INR to WazirX or any other competitor of WazirX (Listed below), convert that INR to USDT, and then transfer that USDT to Binance. From here on, you can start trading or invest using Binance, and when you have to book profit, you can transfer the USDT back to your Indian exchange, and withdraw INR to your bank account.
Watch this video to learn how to transfer funds for free between WazirX to Binance and vice versa:
For a beginner user, the Binance interface could overwhelm, and that’s why I have created this video guide which will help you understand how to use Binance mobile app.
Another reason to use an exchange such as Binance is; due to the indecisive crypto regulations of India, the growth of Indian exchanges is not as par as international counterparts. While we hope that the Indian government takes a positive stance for the cryptocurrency industry in India, you are better off using an exchange that gives you a world-class experience.
Once you start using the Binance mobile app, you would know why Binance is touted as the #1 crypto exchange in the world. Also, Binance is the only platform in this list that let you invest in 400+ crypto assets and offers amazing features such as:
And numerous other features. You can watch the above video to understand some of the popular features of Binance exchange.
You can signup for Binance using the link below, this will help you save 20% on your trading fees for the lifetime.
CoinDCX is an Indian crypto exchange that offers decent liquidity, instant INR deposit and withdrawals, have a great reputation, and perhaps better customer support than WazirX.
If you have used WazirX before, then you will have no problem getting started with CoinDCX. CoinDCX was founded on 7th April, 2018, and has offices across India. At the time of writing this resource, CoinDCX lets you invest or trade in almost 375+ Cryptocurrencies. CoinDCX is available on the web and also has a mobile app for all Android and iOS.
If you want to learn more about CoinDCX, you can read my earlier CoinDCX review.
A few years back, BitBNS used to be the #1 alternative of WazirX, but now it is surpassed by Binance and CoinDCX. However, it does not makes this platform any lesser, as this platform ranks 13K on Alexa global chart.
At the time of writing, BitBNS let you invest in 112+ cryptocurrencies, and offer many unique features such as:
And many more features. Read my earlier review of BitBNS to learn more.
For Instant INR deposit and withdrawal, BitBNS is indeed a loved platform by fellow Indians.
ZebPay is the oldest Indian crypto exchange, and they have quite a story. The one complaint I have with ZebPay is, when regulations become tough in India (After RBI temporary Ban), ZebPay shut down its operations in India. It was only in recent time, ZebPay resumed its service in India, and based on traffic and engagement chart, they rank the lowest as a WazirX alternative. It would be exciting to see if ZebPay could get its old status of #1 exchange back or not.
Also see: ZebPay Alternatives
However, this should not be meant their service quality is poor, as they have one of the finest mobile apps for Indian crypto investors. According to the CoinMarketcap data, ZebPay lets you invest in only 42 crypto-assets. ZebPay also charges membership fees from users who are not actively trading on the platform.
Well, the answer lies in your understanding of the cryptocurrency world. If you are a complete newbie, you are better off using something like CoinDCX or BitBNS. They both have been around for a while, and they are adding quality projects at speed.
However, if you are someone who has been dabbling with cryptocurrencies for a while, you should be using an international alternative to WazirX, and that is Binance. The fun fact is, Binance owns the WazirX, but that should not the decision criteria. The fact that Binance charges only 0.1% transaction fees, and here you can get more discounts by using the BNB token, which is the native coin of Binance. Also, they add more quality projects than all the above exchanges combined. You will get exposure to those cryptocurrency projects, which otherwise you might have missed out on.
The way to get started with Binance from India is:
Your return is directly proportion to how effectively your funds are deployed. Binance enables you to find the world’s best projects, and you would also save 0.1% on each trade, as WazirX charges 0.2% per trade. Even if your investment is small, you will save a lot of money in trading fees, and have access to better ecosystem.
I find WazirX to be a better exchange than BitBNS and ZebPay.
If you can relate to and understand the above steps, then Binance is for you. If you can’t, then to make life-changing money, you got to be leveling up your crypto knowledge by reading more of CoinSutra.News appeared first on: Coinsutra.com