Coindcx Vs. Wazirx, Which Crypto Currency Exchange Is Better? | Crypto Taxes In India

Crypto Currency exchanges include WazirX and CoinDCX. Where you can buy/sell Bitcoins, other crypto currencies like Ethereum, Ripple, and Litecoin directly using INR.Like the BSE and NSE stock exchanges, crypto Currency exchanges function similarly.

  • Since there are no stock brokers involved, crypto Currency exchanges facilitate faster access to the platform.
  • Crypto currencies can be exchanged for one another. In other words, you cannot purchase TCS shares using Samsung shares on a conventional stock exchange.
  • WazirX and CoinDCX are now included in the top 50 crypto exchanges worldwide by Coin Market Cap.2018 saw the launch of the WazirX and CoinDCX crypto Currency exchanges for building a marketplace where regular people may purchase and sell bitcoins.
  • However, if you have Ethereum or another crypto Currency with you, you can buy Bitcoins straight on a crypto Currency exchange.

Crypto Currency: What Is It| Define Crypto Currency

  • Any digital money protected by cryptography is referred to as a crypto Currency. Obscure codes that are impossible to decode. Similar to how we use conventional money, it is a type of virtual Currency that is increasingly being utilized for commerce and transactions across the globe. 
  • The most well-known crypto Currency is Bitcoin, which has all but supplanted all other crypto currencies. At this time, there are 7500 or more crypto currencies in circulation, and the number is growing daily.

About WazirX

  • A major crypto Currency exchange with its headquarters in Mumbai, WazirX was established in 2017. Later, it was purchased by Binance Holdings, the largest crypto Currency exchange in the world by trading volume. 
  • It ranks among the most reputable crypto Currency exchanges in India as a result. WazirX can be used to invest in Binance if your main goal is to trade crypto Currency. For its users, WazirX offers a variety of benefits and advantages.
  • In order to strike a balance between the world now governed by monetary system and the always changing crypto Currency, WazirX P2P boasts of having the very first auto-matching P2P technology in the entire world.
  • The organization’s native crypto asset is the WazirX token, also referred to as WRX coins. The purpose of it was to fairly reward the WazirX club for their work in raising it up. 
  • WazirX was formerly only accessible to Indian crypto Currency investors, but as of 27-March-2019, they are now open to all crypto traders. PCs and mobile apps both provide access to the web interface for WazirX. 
  • Since these currencies may be exchangedagainst INR, there is no need to exchange them for USDT or USD when liquidity arises. In addition to supporting crypto-INR contracts, WazirX also offers crypto-WRX, crypto-USDT, and crypto-BTC. Its spot trading volume during a 24-hour period of around USD 43 million places it in thirty-first place among all crypto Currency exchanges.

About Coindcx                               

  • A large selection of more than 200 coinswith great liquidity is available, and the user interface is highly friendly.  
  • The trading commission can be as little as 0.1% and it permits limitless trading.CoinDCX, which debuted in 2018, is one more well-known and top crypto Currency exchange in India.  
  • Money can be deposited and withdrawn without cost. It also features an Instant function that lets you purchase more than 40 crypto currencies using INR in under a minute. 
  • Using a single, robust portfolio wallet, CoinDCX offers access to trading items like spot, leverage, derivatives, and borrowing.

 Coindcx V/S WazirX

Further Differentiation |  Coindcx V/S WazirX

  • In order to address the concerns, WazirX and CoinDCX, two freshly established crypto Currency exchanges, are expanding their IT infrastructure and staff.
  • To use the benefits of a CoinDCX account, you must through a KYC and bank verification process. For increased protection, you can access your trading account using 2FA (two-factor authentication). 
  • 95 percent of CoinDCX’s cryptoCurrency is kept in offline, off-the-internet cold wallets, and 5 percent is kept in online hot wallets. 
  • These guards against hacking of your crypto Currency. Additionally, BitGo insures every crypto Currency traded on CoinDCX. On the other hand, WazirX does KYC and bank verification throughout the account opening procedure. 
  • You need to use 2FA in order to access your trading account and get email or SMS alerts. In order to keep your money safe from hackers, WazirX stores practically all of it in offline cold storage.

Trading futures while using margin

  • Margin trading is the practice of purchasing and selling digital assets backed by a deposit and measuring the difference between the profits made on the purchase and sale. Margin trading can be dangerous and requires a thorough knowledge of the market, as well as the broad upward and downward trends. 
  • Profiting from market speculation and movement is the goal of futures trading. You can use leverage and set aside a portion of your capital when you trade futures, allowing you to buy when the price speculation matches the market price. 
  • Trading on margin should be avoided by beginners. After carefully weighing the benefits and drawbacks, one may start trading futures. The ideal course of action is to begin with spot trading. It facilitates comprehension of a crypto Currency platform’s trade scenario.

Are Crypto Currencies A Good Investment? Is It An Impending Bubble ?

The crypto Currency explosion has not yet taken place! Crypto experts claim that there are still many more price peaks to come, and that the price bubble of 2021 was just one high point.Crypto currencies, in simpler terms, are volatile, but the future of this digital money appears promising, especially because progressive nations like India, the USA and some European countries are recognizing it. But investing in them without proper knowledge may result into undesirable circumstances.

Bottom Line | Conclusion 

When making any financial decisions as an investor, you should always take your long-term financial objectives and risk tolerance into account. Please speak with a crypto professional and research the movement in the industry. And then choose the best crypto Currency to invest in. We appreciate your support and time.

(Note: We thank all the mentioned sources for valuable research materials. It is our sincere wish that you find value in this article. These articles are intended solely for informational purposes; if further clarification is required, please consult appropriate professionals. Nothing on this site is for sale or promotion.)                                   

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