WazirX vs. CoinSwitch: Which is Better in 2024?
CoinSwitch and WazirX are two of the biggest crypto exchanges in India, but which is better in 2024? Learn about CoinSwitch vs. WazirX features, fees, and more.
WazirX vs. CoinSwitch: At a glance
| Feature | WazirX | CoinSwitch |
|---|---|---|
| Fees | Maker/taker up to 0.4%, other transactions vary | Maker/taker up to 0.49%, other transactions vary |
| Account minimum | 0 INR, minimum deposits apply | 0 INR, minimum deposits apply |
| Supported cryptocurrencies | 350+ | 80+ |
| User interface | User-friendly with advanced trading features | User-friendly, mobile-first approach |
| Security | 2-step verification, cold storage | 2-step verification, cold storage |
| Customer support | Email, live chat, phone | Email, live chat |
| Other crypto products | Smart token funds, P2P trading, limit orders, staking | Limit orders, DCA |
| Trust | Services from Binance, subject to a large hack in 2024 | Generally trusted |
Read next: Best Crypto Exchanges India
WazirX vs. CoinSwitch Kuber: An overview
WazirX
WazirX, co-founded in 2018 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon, is a leading crypto exchange in India. It is known for its auto-matching P2P engine and a wide range of more than 350 cryptocurrencies. With services provided by Binance, WazirX offers various features for both novice and experienced traders, though it has faced some regulatory scrutiny from Indian authorities.
Read next: WazirX Guide & Review
CoinSwitch
CoinSwitch, launched in 2020 by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni, is designed for simplicity and ease of use. It supports trading in over 80 cryptocurrencies and is known for its low fees and user-friendly interface. CoinSwitch aims to make crypto trading accessible to Indian users, emphasizing a seamless and secure trading experience.
WazirX vs. CoinSwitch: Key features
Fees
WazirX: Charges up to 0.4% for maker/taker transactions based on 30-day trading volume, with considerable discounts available for WRX holders.
CoinSwitch: Charges up to 0.49% for maker/taker transactions based on 30-day trading volume.
Supported cryptocurrencies
WazirX: Supports over 350 cryptocurrencies, providing a broad selection for investors looking for new altcoins.
CoinSwitch: Supports over 80 cryptocurrencies, focusing on more established coins like Bitcoin, Ether, and Dogecoin.
Read next: How to buy crypto in India
User interface
Both platforms are designed with user-friendliness in mind. WazirX offers advanced trading features that might be more suitable for experienced users, while CoinSwitch focuses on a simple, mobile-first approach ideal for beginners.
Security
WazirX: Implements 2-step verification, cold storage, and insurance for digital assets. However, in July 2024, WazirX was subject to a cyber attack, resulting in a loss of $230 million. The platform is attempting to recover funds.
CoinSwitch: Utilizes 2-step verification, cold storage, and emphasizes robust security measures.
Read next: How to sell crypto in India
Customer support
Both platforms offer customer support via email and chat, but WazirX also provides support through its customer care phone line. Like the majority of other crypto exchanges, both platforms score poorly on Trustpilot for customer support.
Other products
WazirX: Offers Smart Token Funds (STF) for portfolio management, auto-matching P2P trading, and staking options.
CoinSwitch: Variety of automated order types, systematic investment plan (DCA), and API trading.
Read next: Investing in Crypto in India
Trust and reputation
WazirX: Generally well-trusted thanks to strong security measures and has some services provided by Binance. Although the platform has faced some regulatory scrutiny in India.
CoinSwitch: Generally considered to be trustworthy within the community, although not as well established as WazirX in terms of user base.
So which is better out of WazirX vs. CoinSwitch?
Choosing between WazirX and CoinSwitch depends on your investment strategy. If you’re looking for a platform with advanced trading features and a wider variety of crypto products, WazirX might be the better choice. However, if you’re a beginner looking for a user-friendly platform, CoinSwitch may be the better choice for you.
Don’t forget your tax bill…
Whether you’re using WazirX or CoinSwitch to invest, you’ll need to pay any tax due as a result. Koinly can help keep your crypto taxes simple and supports WazirX via API and CoinSwitch by uploading a CSV file of your transaction history. Sign up free today.
Read next: Crypto Tax Guide India
