With exchange platforms such as WazirX and Binance, the traders can efficiently and effortlessly trade their tokens and profit from them. Further, paying the transaction charges while withdrawing crypto from WazirX can be daunting. However, you can easily transfer your money from WazirX to Binance free of charge.
Summary
- Binance is the centralized cryptocurrency with high volume trading, several cryptocurrencies. In addition, it is among the exchanges with the lowest transaction fees.
- WazirX is a cryptocurrency exchange from India which Binance acquired in 2019. It is a fast-growing and most trusted exchange in India.
- Withdrawing or transferring funds from WazirX to Binance is relatively an easy process after linking both accounts.
- Binance is preferred by many traders who want to trade globally and have more tokens to trade.
- Binance has relatively reasonable transaction fees, but their withdrawal charges are much higher.
What is Binance?
Binance is a centralized cryptocurrency exchange platform known for the primary crypto-to-crypto trading. After its launch in July 2017, founded by Changpeng Zhao, it soon became the largest exchange in terms of daily trading volume of cryptocurrencies globally. In addition, it presently is among the exchanges with the lowest transaction fees for cryptocurrency exchange. Moreover, Binance has high liquidity, and it offers traders a certain amount of discounts who opt to pay in the native BNB cryptocurrency tokens.
Binance has many tokens to trade with; it offers more than 500 coins to start trading, including coins and tokens such as Bitcoin, Litecoin, Ethereum, and its own BNB tokens. Further, the platform claims that it can process around 1.4 million orders per second, making it quite fast. To learn more, read our Binance review.
What is WazirX?
WazirX is a cryptocurrency exchange platform from India. Co-founded by Nischal Shetty, Sameer Mhatre, and Siddharth Menon, it has over 80 Lakh users, making it the fastest-growing cryptocurrency exchange. The growing popularity is because of the medium being the most trusted one. WazirX provides secure trade with several cryptocurrencies such as Bitcoin, Ripple, Ethereum, Tron, Zilliqa. In addition to all the tokens, WazirX has its native crypto token, WRX Token. The native token allows the traders to buy, sell and trade at a much lower fee.
It provides other services such as real-time open order books, charting, deposits and withdrawals, trade history. Several features which make it the largest exchange of India are:
- It has an Automated P2P facility.
- Zero transaction fee. [P2P only]
- Its Dispute Resolution is entirely robust.
- Highest liquidity in INR Market.
- Cryptocurrencies can be bought by depositing INR.
- Easy to use interface.
Also Read: 4 Best WazirX Alternatives in India
How to transfer money from WazirX to Binance?
WazirX is undoubtedly the largest cryptocurrency exchange in India; however, it lacks many advanced crypto trading features. On the other hand, a ton of these advanced crypto trading services and features are available in Binance. Furthermore, Binance allows Indian customers to use these features and buy more cryptocurrencies by linking their Binance and WazirX accounts.
After acquiring WazirX in November 2019, Binance made it relatively easy to link the accounts and transfer funds and cryptocurrencies between the two exchanges directly without any transaction fees.
Before transferring the funds, one should make sure of the following points:
- Binance Account that can be KYC verified or Non-KYC.
- WazirX Account with KYC Verified.
- Both the accounts should have the same email.
Now follow these steps to transfer the funds or withdraw the money from WazirX to Binance.
- Go to Binance and click on ‘Wallet’; users will see the ‘Third Party Account’ option.
- Click on the ‘Third Party Account’ option. A new page will open after clicking on the ‘The Party Account’ option, where there will be an option of ‘WazirX’; click on the ‘Activate’ option to link the accounts. After this, you can log in to your WazirX profile with your Binance account.
- Go to the WazirX App after you have linked your Binance account to your WazirX account.
- Go to the fund’s section and pick any cryptocurrency you want to transfer to Binance. Select the desired cryptocurrency and the amount, then click on withdraw.
- An option to transfer the cryptocurrency to Binance will appear. Utilize the option to transfer the funds efficiently.
Why Choose Binance?
As mentioned earlier, Binance offers a wide variety of coins. Therefore, you can use this platform for trading multiple currencies such as Bitcoin, Bitcoin Cash, Bitcoin Gold, EOS, Litecoin, Ethereum, Ethereum Classic, Dash, NEO, GAS, Ripple, Zcash, and many more. Hence, Binance is the better option for traders wanting to do high-volume trading.
It also offers fast servers that don’t collapse easily during peak trading hours. In addition, the transaction fees for crypto transactions are among the lowest in the world, with only 0.1% to start trading the tokens. Thus, many Indian users use Binance to extract more benefits while trading. Furthermore, Binance acquiring some part of WazirX makes it more accessible for users to trade on either of the accounts.
Also Read: Binance vs FTX: Lowest Fee Crypto Exchange
Pros and Cons
| Pros | Cons |
|---|---|
| Binance is a much better choice for carrying out worldwide trading as it is a global platform. | Their withdrawal charges are higher. |
| Multiple cryptocurrencies to exchange and trade. | |
| Low crypto transaction fees. | |
| Advanced trading and other services with a practical framework for peak hours. | |
| WazirX offers to purchase cryptocurrencies with INR. |
Transfer Money from WazirX to Binance: Conclusion
Transferring or withdrawing funds from WazirX to Binance is a straightforward process. Moreover, the process is no hassle compared to transferring funds from other exchanges because Binance acquires WazirX.
The users interested in high volume trading and low transaction fees are more than eager to transfer their funds to Binance because Binance is among the exchanges with the lowest transaction fees. In addition, Binance is a global exchange platform. Thus, it charges higher withdrawal charges, although it does provide a wide array of advanced services other than trading. Therefore, users should see to their needs and then transfer their funds accordingly.
Frequently Asked Questions:
Is WazirX owned by Binance?
Yes, Binance acquired WazirX in November 2019.
Why can’t I withdraw money from WazirX?
There are several reports of users not being able to withdraw funds from WazirX. It might be due to the users entering incorrect bank details to WazirX or WazirX bank servers being down. However, the funds remain safe with WazirX and can be accessed with the support team’s help.
Can I transfer Bitcoin from WazirX?
Yes, you can transfer Bitcoin and any other cryptocurrencies supported by WazirX to Binance.
Does Binance charge for withdrawing?
Binance offers high rates for withdrawal fees, but deposits on the platform are 100% free.
Which is better, Binance or WazirX?
As for Indian users who do not need global trading and numerous other cryptocurrencies, WazirX is better than Binance because Binance charges high withdrawal fees.
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