Advertisements about crypto exchanges have flooded television during sporting events. Choosing the right crypto exchange can be a tedious task. However, there are several factors investors should consider before signing up for a crypto exchange. This article will be a battleground for Bitbns vs WazirX.
In this article, we compare two leading crypto exchanges. Bitbns and WazirX are two reputed trading platforms. This review covers the fees, the apps & platforms available, and ease of use.
Bitbns vs WazirX An Overview:
Let’s look at an in-depth analysis of these two cryptocurrency exchanges to simplify the Bitbns vs WazirX debate:
A Quick Glance Of Bitbns crypto exchange
It is an Indian crypto exchange. It offers investment in more than 90 crypto coins. One of its most appealing factors is that it charges the same fee for both the taker and the maker, i.e., 0.25%. This crypto exchange offers 28 digital assets for trading. Users can use INR to fund o this exchange.
Bitbins established this cryptocurrency exchange in 2017. It is one of India’s most popular crypto exchanges. Buyhateke Internet Private Limited owns it. At present, Bitbns has listed over 100 cryptocurrencies on its exchange. The wide selection of cryptocurrencies allows customers to exchange, buy, and sell at the best prices by providing a simple, easy-to-trade, and intuitive user interface.
More than 1.2 million users trade on the cryptocurrency exchange each day. Its trading volume is USD 24 million. This crypto exchange is one of the highest-ranked among Indian users. Moreover, users can access its customer service 24×7.
Bitbns crypto exchange has a social media community on Telegram, Reddit, and Facebook, and a newsroom specializing in blockchain, cryptocurrency news, blockchain information, opinion regarding wallets, blockchain guides, and crypto exchange news.
A Quick Glance Of WazirX crypto exchange
This crypto exchange boasts a user-friendly interface. The WazirX app is a simplified trading app with robust security features. Its integration with Binance has led to advantages like WRX utility coins. Deposits on WazirX using UPI, IMPS, NEFT, and RTGS. This cryptocurrency exchange charges fees of 0.20% for both taker and maker.
On March 8, 2018, Zanmai Labs Private Limited started WazirX. Exchange is currently accessible to users globally.
WazirX is more than just an exchange for cryptocurrencies. WazirX P2P, the first auto-matching P2P engine in the world, offers a special way to bridge the gap between the world now governed by fiat currency and the constantly expanding cryptocurrency. Additionally, it provides the WazirX token or WRX coins, which got introduced to thank the WazirX community for their efforts in bringing it up.
WazirX was initially accessible only to Indian cryptocurrency investors. However, on November 21, 2019, the world’s leading cryptocurrency exchange, Binance, acquired WazirX. And WazirX became available to all cryptocurrency traders worldwide.
This crypto exchange is accessible via the web, desktop, and smartphone apps.
Bitbns vs WazirX: Trading Fees
An investor with $ 25 worth of Bitbns tokens can trade at 0.25%taker/maker fees. If traders use margin trading, they are charged a 15% commission on the interest they get on profit.
The trading fee gets calculated on the volume of the trade.
WazirX charges up to 0.2% in taker/maker fees. The more WRX investors hold, the lower the trading fee will be. Investors can pay the trading fees with WRX in USDT or BTC, but only in India, you can only pay using INR.
Deposit and Withdrawal fee
When a user completes verification on Bitbins, they can deposit funds to their trading wallet in INR. Users can deposit funds using deposit methods like IMPS/NEFT/UPI/RTGS. Also, via credit card, debit card or internet banking, users can deposit funds.
INR’ Deposit Fees
Deposits are free.
- UPI deposit fee: 0%
- Bank account deposit fee: 0%
- Peer-to-peer USDT deposit: 0%
INR withdrawals are free, except for Instant Withdrawals, which get charged upto ₹9 only.
When withdrawing in cryptocurrency, a small fee is charged. Whereas for Waxirx, deposit charges in bank transfers are INR 6.7, while INR 5.9 is levied on NEFT, RTGS, and IMPS transfers. For UPI deposits, charges are insignificant.
WazirX withdrawal fees differ depending on the crypto asset. A 50% trading fee discount gets offered to traders who use WRX coins to pay, whose value gets halved every consecutive year.
- Spot Trading Fees: A 0.2% maker fee is levied.
- P2P Transaction Charges: WazirX charges are nil for a P2P exchange.
- STF Trading Fees: The skilled trader will earn 25% of the profits for STF trading.
Bitbns vs WazirX: Trading Options
The trading options available on both cryptocurrency exchanges are :
Trading Options for Bitbins?
Spot Trading:
In the Indian cryptocurrency market, Bitbns spot trading offers significant liquidity.
In INR, USDT, or BTC, investors can trade more than 130 different cryptocurrencies.
Margin Trading:
Customers at Bitbns have access to up to 4x leverage on 28 crypto assets when trading on margin. Margin trading is not recommended for new users because it might result in substantial losses.
Margin Lending:
The Bitbns margin trading option includes a function called “margin lending.” An investor might profit from margin lending by accruing interest on the assets you lend over time.
Fixed Income Plan (FIP):
With a Fixed Income Plan, consumers can invest in USDT or BTC for a predetermined specific time at a predetermined rate of return. Investors can choose any one of the plans available on the dashboard. However, each plan has an allocation limit, beyond which you will not be able to add any more investments in that particular plan.
For Bitbns, the trading pairs available are
- BUSD/INR
- USDC/INR
- USDT/INR
- BTC/INR
- CHR/INR
- ETH/INR
WazirX Trading Options?
Spot Trading:
WazirX allows users to place a limit, market, or stop-limit order. If they select a limit order, their order gets executed only when the market meets their set price. Likewise, their limit order gets placed only when the market hits the stop price in a stop-limit order.
WazirX P2P exchange:
P2P automatically matches the buyer with a seller when their order requirements get met. Once they successfully verify their payment, the platform will release their funds. Remember that users can only deal in USDT while trading on the WazirX Peer-to-Peer exchange.
WazirX Smart Trading Fund (STF):
The WazirX STF is similar to copy trading as it connects professional traders with beginners. These pro traders charge a percentage of the beginners’ profit and maintain their portfolio. However, users can withdraw funds only once daily, and they will receive their investment amount based on the professional trader’s distributed portfolio.
WazirX coin:
WRX is a WazirX coin that investors can use to get discounts on their trading fees or trade for other crypto assets. The exchange has launched its NFT platform, causing the value of WRX to skyrocket. If someone owns a WazirX coin, they are entitled to many benefits, including airdrops, discounts, etc.
WazirX offers more than 100 cryptocurrency trading pairs. However, the P2P market offers only eight currencies paired with USD Tether (USDT).BTC/USDT
Apart from USD weather crypto trading options, investors can also trade in Bitcoin options, WRX coin pairs and INR pairs. With the crypto/INR pair, it’s possible to buy more than 50 cryptocurrencies directly with INR.
Bitbns vs WazirX: Mobile apps
Let’s discuss the mobile app offered by both platforms to help simplify the Bitbns vs WazirX debate. The Bitbns mobile app works flawlessly on both the Android and iOS platforms. The app is quick and functions the same on all its platforms, viz., desktop and mobile app. For example, traders can deposit their fiat money through the app, and the amount is credited to their account immediately.
A simple interface allows users to easily navigate through the app. For example, the app clearly shows order books and other info, even on small screens.
Comparatively, users of the WaxirX crypto exchange can access the system via a web browser, an Android or iOS app, or a Windows or Mac computer app.
WazirX app can handle LIGHTNING FAST TRANSACTIONS: the system infrastructure can scale up in a few seconds to match surging demand and do millions of transactions simultaneously.
Bitbns vs WazirX: Crypto trading
With Bitbins Currently, customers can trade 73 digital assets. In addition, users can trade the top 11 crypto assets on Bitbns. WazirX offers more than 100 cryptocurrencies for trading.
Bitbns vs WazirX: Crypto assets
Crypto assets offered on this crypto exchange are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Binance Coin (BNB), Neo (NEO) and more.
With Wazirx, customers can buy, sell and trade in numerous crypto assets, including Bitcoin, Ethereum, Ripple, and Litecoin.
Bitbns vs WazirX: Security Feature
- Using Bitbns’ advanced technology and grade A security, the user’s data, cryptocurrency funds and wallets are highly secure. Furthermore, two-factor authentication is there to keep users’ accounts secure.
- It is easy to trade cryptocurrency on this platform. Unauthorised users cannot access this app.
- WaxirX has gained a high-security rating, and investments are secure with encryption in sales and other transactions. The exchange goes through regular security audits.
- With its cryptocurrency exchange, users can safely conduct trading on this platform. The mobile app of this crypto exchange is also fully secure; they have a verification shield from the authenticator.
Bitbns vs WazirX: Customer Support services
In this section of Bitbns vs WazirX, let’s discuss the customer service offered by both platforms. Customer Services is quite remarkable for Bitbns. It provides instant response to trader questions. Users can send emails or tweets to exchange for a quick resolution.
Whereas on Waxirx, customers can go through FAQs provided on the platform. If their queries don’t get resolved, they can access the help centre using support.waxirx.com. Customers can also drop their quarries in Submit a request section on the platform; representatives of customer services will soon contact them on the platform.
Bitbns vs WazirX: Wallets
Cryptocurrency investors can use a standard electronic wallet or hardware wallet to store their cryptocurrency. In addition, Bitbns investment portfolios include numerous programs that are updated monthly. It provides the best crypto wallet for its investors to store cryptos, allowing users to use third-party wallets.
WazirX stores most of its funds in a cold wallet. Sometimes, if the withdrawal requests are high and funds in the hot wallet are insufficient to meet demand, they move funds from the cold wallet to enhance liquidity.
WazirX currently supports Ether (ETH) withdrawals to Smart Contract Addresses. However, it advises not to invest in ICOs using your WazirX wallet, as it will not be able to support any tokens that users receive back from the ICO.
Bitbns vs WazirX: Referral Program
Any person who follows this user’s link and registers on the Bitbins crypto exchange will become a referral. If the referral starts trading without a verification process, they will not get any payments, and the user will get 10% as a commission fee for their trading.
If the referral verifies their identity, completes KYC, and starts trading, new customers will add INR 100 net worth of BTC to the referral’s account. In addition, the person who refers gets 50% of the commission fees. WazirX offers a 50% referral system exclusive to this crypto exchange and trading platform.
Regardless of trading volume, this system’s 50/50 split of WazirX trading fees helps create a long-term return scenario for cryptocurrency adoption. The more people transact on this WazirX trading platform, the more they will save in cryptocurrency trading fees.
Bitbns vs WazirX: Advantages
Bitbns
- Provides an easy-to-use and simple user interface.
- Offers several tokens and cryptocurrencies.
- Withdrawal processes are fast and charge a low trading fee.
- Bitbns app is very user-friendly.
- Offers a referral program for its users.
- Bitbns regularly updates its currencies portfolio.
- Provides training materials for new traders.
WazirX
- A wide range of crypto tokens is supported.
- Easy-to-use and minimal interface.
- No custody of fiat funds.
- Free fiat/crypto swaps.
- Smart Token Funds assist in portfolio building.
| Features | Bitbns | Wazir X |
| Platform Supported | Web, iOS, android | Mac, Web, iOS, Android |
| Withdrawal Fees | It Varies among Different Cryptocurrency | 0.0006 BTC |
| Customer Support | 24/7 via Mail, Raise a Ticket, FAQ, & Social Media Support | Live Chat |
| Educational Content | Available | Available |
| Withdrawal fee | 0.25% for both taker and maker | 0.20% for both taker and maker |
| Trading | 81 TRADING PAIRS | 130 TRADING PAIRS |
| FIAT trading | Not Available | Available |
| Margin Trading | Available | Unavailable |
| Coins | 90 | 73 |
| Deposite Fee | Free | Free |
| Two factor authentication | Available | Available |
| Supported Fiat Currencies | INR | Euro (EUR), Indian Rupee (INR), Russian Rouble (RUB), & 5 more. |
| Minimum Deposit | Rs100 | RS100 |
Bitbns vs WazirX: Final Verdict
After going through this detailed Bitbns vs WazirX, here’s a quick summary of the topic – WazirX and Bitbns are among the top crypto exchanges in India. In contrast, WazirX best suits beginners; however, it charges high trading fees.
As for Bitbns, this crypto exchange offers a low trading transfer fee and a robust list of cryptocurrencies and tokens. For beginners, this exchange is very easy to use as it provides educational material about cryptocurrencies and crypto trading, which helps them understand the platform.
If you are still not sure about either of the platform, then there is another upcoming cryptocurrency exchange, XBO. XBO, with its loyalty program and Bored Ape auditions for a brand face, is creating quite a buzz in the crypto market. The exchange platform has a motto to make crypto available for everyone. And it employs military-grade security to secure its user’s data. So hurry, signup with XBO and get rewarded because it is giving gold tier membership of its loyalty program to the first 10,000 registrations.
