An Overview of the crypto industry:
Almost daily, our smartphones are flooded with information regarding cryptocurrency trading, crypto exchanges, new crypto investors, and countries legalizing payments on various e-commerce and lifestyle stores via digital assets or in terms of cryptocurrencies. The journey of Blockchain and cryptocurrency has been through several ups and downs since 2009 when Bitcoin was officially launched. The prices of prominent cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and various altcoins such as Bitcoin Cash (BCH) have seen a major upward swing despite the rough patches and frequent volatility.
India ranks above the United States of America, China, Germany, and Japan when it comes to the number of active users trading in crypto assets. According to a report published by economic times, there are 20 million active investors trading on various crypto exchanges. At this point in time, several Indian investors hold $5.3 billion worth of crypto assets. However, Bitcoin (BTC) still dominates the market in terms of volume and price. A survey conducted by Inc 42 states that the number of Blockchain and cryptocurrency exchanges has risen to 300+ in the year 2021 with a daily trading volume of $350-$500 million.
Moreover, the legal status of cryptocurrency and cryptocurrency trading platforms is still hazy and imprecise. But recently the Finance Minister announced that a tax of 30% will be levied on cryptocurrency, Non-fungible tokens or NFTs and other digital assets.
Let’s discuss the two prominent cryptocurrency trading platforms; Wazirx and CoinSwitch Kuber. These are the two safest, and most secured platforms for crypto transactions in India and both were able to survive the RBI ban. Wazirx was acquired by the largest cryptocurrency exchange, Binance, and Coinswitch has launched another platform naming it CoinSwitch Kuber.
All about Wazirx:
Wazirx is one of India’s largest cryptocurrency trading platforms, launched in the year 2017 by Nishal Shetty and Siddharth Menon. The company was acquired by the world’s largest cryptocurrency exchange, Binance, in November 2019. WazirX is headquartered in Mumbai and has an office in Bangalore as well.
However, according to the recent news from the Co-founder and Chief technology officer of WazirX, Sameer Mhatre quotes that “We are a remote-first organization with employees from over 70+ locations in India. This gives an option to all the employees of the company to work from anywhere unless they are called to office officially.”
The cryptocurrency exchange WazirX has all the major cryptocurrencies listed on its trading platform, including Bitcoin, Ripple, Litecoin, Ethereum, Polkadot, Cardano, Uniswap, Dogecoin, Binance Coin, Bitcoin Cash, Stellar and many more. Recently WazirX launched its own utility token, WRX backed by Binance. WRX token was launched with a mission to reward the people according to their contribution to WazirX success.
This is how the peer-to-peer engine of WazirX works:
- Buyer places USDT buy order and gets instantly matched with a seller
- Direct payments through the seller’s bank account
- Confirmation of payment from both buyer and seller
- WazirX transfers the USDT from the escrow account to the buyer’s wallet.
WazirX P2P 2.0 is the most efficient system for depositing and withdrawing fiat currencies. P2P 2.0 was the topmost choice of Indian investors and traders in the year 2018, and since then, the peer-to-peer network has been growing at a rate of 9.5% per month. The total number of P2P trades is 1.3 million, and more than 90% of the trades get completed within 10 minutes or even less.
Moreover, the Smart Token Fund (STF) launched by WazirX is a game-changer for people who do not have appropriate cryptocurrency knowledge and time to trade crypto coins. Under the Smart Token Fund or STF, there are various pro traders listed on the platform who can trade in digital assets on behalf of the new entrants and can earn a decent commission on the profits they make.
Additionally, the security infrastructure of the top-notch cryptocurrency exchange consists of various features like a multi-signature wallet system, majority of funds in cold storage, two-factor authentication for any withdrawal or deposit, backed by strong AML or KYC guidelines, and regular security audits.
All about CoinSwitch Kuber:
CoinSwitch Kuber was launched in the year 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari. The present Chief technology officer of CoinSwitch Kuber is Govind Soni. The cryptocurrency exchange is trusted by 15 million Indians and is headquartered in Bengaluru, Karnataka, India.
The cryptocurrency platform CoinSwitch Kuber has listed 100+ cryptocurrencies for trading on its user-friendly app. The foremost point due to which CoinSwitch Kuber is the most opted cryptocurrency platform is its simplistic user interface. On the platform, you can start trading with as low as INR 100, and you don’t have to pay any fees for deposits and withdrawals. However, the platform does have hidden charges involved in the process of trading and crypto transactions.
Recently on 24th February 2022, CoinSwitch Kuber introduced a Recurring Buy Plan (RBP) for its users and investors. The Recurring Buy Plan is similar to a Systematic Investment Plan (SIP), through which investors or traders can decide which cryptocurrency they want to buy and don’t have to pay a hefty amount all at once. Instead, they can set up a monthly cycle to pay the amount in small chunks. This is one of the most effective programs launched by CoinSwitch Kuber in which the buyers can mitigate the risk involved while trading coins. With the help of SIP, investors and regular buyers can play safe by accumulating crypto-assets of their own choice and at their own pace.
Five topmost features that are making CoinSwitch Kuber crowd’s favourite:
Investors and traders can begin investing in cryptocurrency with an amount as low as INR 100. There are 100+ cryptocurrencies listed on the platform with vital information like market cap, circulating supply, trading activity and so on. You can add the cryptocurrency to your watchlist to keep a tab on its market movements, and when the price of that crypto moves by 5%, we notify you.
Being an investor, you can instantly order a cryptocurrency eliminating the wait time. We all know how frequently cryptocurrencies swing their prices. So, when you find a cryptocurrency of your choice at a perfect buy price, don’t wait and place the order instantly. In this way, you can acquire the cryptocurrency in just a few taps.
A quick and hassle-free process of doing KYC or know your customer, Which is a required guideline from the government perspective, to avoid financial fraud. On CoinSwitch Kuber, you can complete your KYC in no time. Just enter your Aadhar card details and pan card and take a selfie from your smartphone.
Implementing limit orders is a great way to reduce your losses even while you are sleeping and increase your profits. A limit order means setting a price for buying or selling the crypto. Hence, when the cryptocurrency reaches that price, CoinSwitch Kuber will automatically buy or sell your holding. Limit orders help you tackle the volatility of the crypto market easily and to an extent.
Instant liquidity is one of the crowd’s favourite features in CoinSwitch Kuber. When you want to sell the coin at a certain price, you do not have to wait for a buyer to agree. Instead, on CoinSwitch’s platform, your sale is executed almost instantly, and the money will reflect in your account immediately.
Bottom Line:
While studying the features, functionality, and origin of WazirX and CoinSwitch Kuber. It’s tough to comment and state any one platform as a better trading platform. However, WazirX is a global exchange with 80+ cryptocurrencies listed on the platform, and it charges a flat fee of 0.2% for trading transactions. Moreover, it charges INR 5.9 for depositing money through bank transfers and charges between INR 5 to INR 10 for withdrawing money.
Additionally, CoinSwitch Kuber does not charge any fee on deposits and withdrawals, but the platform has some hidden charges involved. So, in a crux, if you want to explore the cryptocurrency market, signup as a trader on WazirX. However, if you are a beginner and do not have much knowledge about cryptocurrency and price swings. Select CoinSwitch Kuber due to its Systematic Investment Plan, and investment can be as low as INR 100.
