Comparison of Bybit vs Wazirx [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bybit vs Wazirx comparison!

Your expert: Alejandro Borja

Bybit

Your expert: Xavier Tarrasó

Wazirx

Main points

Fees

≤0,10%

Earns

Yes

Customer service

4/5

Fees

0,20%

Earns

Customer service

4/5

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Yes

Passive income

Buy and hold

Yes

Comparison of fees

Rating

4.1 – Low fees with a focus on derivatives trading.

4.0 – Competitive fees with additional rewards for using the native token.

Level

≤0,10%

0,20%

Brief explanation

Bybit’s commission structure is designed to be competitive and appealing to both high-volume traders and occasional participants. The platform primarily charges two types of fees: maker fees and taker fees. The maker fee can reward users for adding liquidity to the market, typically set below the industry average, while the taker fee is slightly higher due to the nature of removing liquidity. For trading derivatives such as perpetual contracts, Bybit charges a taker fee of 0.075% and provides a maker rebate of 0.025%, which means makers actually earn a credit for executing trades. This fee structure is particularly attractive to those who trade frequently or utilize trading bots to maintain liquidity on the exchange. Overall, Bybit’s fee strategy supports a dynamic trading environment, encouraging both the provision and taking of liquidity while keeping costs transparent and manageable for traders of all levels.

WazirX structures its commissions to be competitive within the cryptocurrency exchange market, particularly appealing to Indian traders. The platform charges a flat fee of 0.2% per transaction, which applies to both makers and takers. This straightforward, no-tier fee structure makes it easy for users to understand exactly what they will pay per trade, without any hidden complexities. Additionally, deposit fees are free for cryptocurrencies, but there may be small charges for fiat transactions depending on the method used, and withdrawal fees vary by cryptocurrency, reflecting network fees rather than platform charges.

Bybit

Security Methods: Bybit employs robust security practices, including cold storage for digital assets, real-time risk audits, and two-factor authentication (2FA) to protect user accounts and funds. This comprehensive approach ensures a secure trading environment.
Reputation and Reviews: Since its inception, Bybit has maintained a strong reputation within the crypto community for its reliability, advanced trading features, and user-friendly interface. Positive reviews across various forums and its low incident of security breaches contribute to its credibility.
Trading Volume and Liquidity: Bybit is known for its deep liquidity and high trading volume, facilitating seamless execution of trades without significant slippage, even during volatile market conditions. This is crucial for traders looking to execute large orders.
Transparency: Bybit provides clear and detailed information on trading fees, funding rates, and insurance funds. It regularly publishes updates about system upgrades and security enhancements, demonstrating transparency in operations and communications with its users.
Customer Service: Bybit offers 24/7 customer support with a multilingual team accessible via live chat, email, and social media. This constant availability ensures that user queries and issues are resolved promptly, enhancing user trust and satisfaction.

Wazirx

Year founded: WazirX was established in 2017, quickly becoming a key player in the Indian cryptocurrency space, demonstrating robust growth and longevity in a highly volatile market.
Security methods: WazirX employs a comprehensive set of security measures, including two-factor authentication (2FA) and regular security audits, ensuring a secure trading environment for its users.
Volume managed and trading volume and liquidity: Since its acquisition by Binance, WazirX has seen substantial increases in its trading volumes, benefiting from Binance’s high liquidity pools which enhance trading efficiency and price stability on the platform.
Reputation and Reviews: The platform is well-regarded in the Indian cryptocurrency community, known for its user-friendly interface and reliability. Its strategic partnership with Binance further boosts its credibility among users.
Customer service: WazirX offers a dedicated support team and has a comprehensive FAQ and support section that addresses common issues and guides new users through the trading process, contributing to a supportive user experience.

Product selection

Native token

Token WRX

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Features	Bybit	Wazirx
Minimum Trade	Bybit allows for a relatively low minimum trade size, making it accessible for traders starting with smaller amounts.	WazirX allows users to begin trading with relatively small amounts, making it an accessible option for beginners and those looking to test the waters without significant initial investments.
Trading and Transaction Fees	Bybit is known for its competitive fee structure, which is lower than many other exchanges, benefiting frequent traders.	WazirX charges a flat fee of 0.2% on all trades, which is competitive; however, a lack of fee tiering can deter high-volume traders who typically benefit from reduced rates in other exchanges.
Number of Cryptocurrencies	Offers a diverse range of over 100 cryptocurrencies, providing good options for traders looking to diversify their portfolios.	The platform supports a broad array of cryptocurrencies, providing users with ample opportunities to diversify their portfolios with both popular and less mainstream tokens.
Crypto-to-Crypto Trading Pairs	Provides a wide array of trading pairs, allowing users to trade various combinations of cryptocurrencies efficiently.	Offers a substantial number of trading pairs, which is beneficial for traders looking to capitalize on market movements across various cryptocurrencies.
Website Transparency	The website provides clear and detailed information about trading conditions, fees, and security measures.	Generally, WazirX maintains a transparent approach with visible fee structures and trading terms; however, improvements could be made in the visibility of wallet safety and fund security protocols.
Credit/Debit Card	Bybit does not offer a branded exchange card for in-store purchases or benefits, limiting its functionality in terms of everyday financial transactions.	WazirX lacks an exchange card, limiting flexibility in utilizing crypto assets for everyday transactions and benefits.
Storage Offering	Offers secure storage solutions with a majority of funds kept in cold storage, though it lacks some advanced features found in specialized wallets.	Provides robust storage options with an emphasis on security; includes both hot and cold wallet solutions to ensure the safety of user assets.
Staking and Rewards	Offers basic staking features but is not as competitive as other platforms that provide higher yields and more variety in staking options.	While WazirX offers staking options, the variety and rewards rates are less competitive when compared with larger platforms that specialize in staking and yield farming.
Mobile App and Desktop	Both the mobile app and desktop platform are highly rated for user interface design and functionality, catering well to both beginner and advanced traders.	Both the mobile app and desktop platform are well-designed, offering intuitive navigation and comprehensive functionality that meets the needs of most traders.
Customer Service	Provides 24/7 customer support with multiple channels, though response times can vary depending on the channel and query complexity.	The platform's customer service is an area needing improvement, with reported delays in response times and issues with the effectiveness of the solutions provided.
Deposit and Withdraw	Offers efficient deposit and withdrawal processes, though limited by the lack of direct fiat currency transaction support.	Deposits and withdrawals are processed efficiently, especially for INR transactions. However, the platform could expand its support for additional fiat currencies to enhance user convenience further.

Key features

Analysis tools

Advanced charting, technical analysis tools, and derivatives trading features

Basic charting tools

Mobile APP

Yes

Security

High 4,9/5

High 4,6/5

Additional features

Futures trading, perpetual contracts, staking, Bybit Earn program

Staking, WazirX token (WRX) rewards, WazirX Earn, fiat on/off ramps

Anonymity

Yes

Key points

Available cryptocurrencies

Primarily derivatives, but around 100 cryptocurrencies

100+

User-friendliness

Bybit offers a user-friendly platform that is easy to navigate, with a focus on derivatives trading. The interface is designed to be accessible to both beginners and experienced traders.

WazirX provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

Offers good value for money with low trading fees and advanced trading features, suitable for both retail and institutional traders.

Provides good value for money with competitive fees and a wide range of supported cryptocurrencies, making it an affordable choice for Indian users.

Countries of operation

Singapore, Japan, South Korea, United States, Canada

India, United States, Canada, United Kingdom, Australia

Best for

Great for both retail and institutional traders interested in derivatives trading with low fees and advanced features.

Ideal for Indian investors seeking a user-friendly platform with competitive fees and a wide range of supported cryptocurrencies.

Base currencies available

USD, USDT, BTC

INR, USDT

Account

Trading

Bybit is known for its derivatives trading and leverage options. It offers advanced trading tools and high liquidity but is not suitable for beginners due to its complexity and risk.

WazirX is one of the largest exchanges in India, offering a wide range of cryptocurrencies and easy fiat integration. It has competitive fees and a user-friendly platform but has faced regulatory challenges.

Deposit and withdrawal

Bybit supports cryptocurrency deposits and withdrawals, with no support for fiat currencies. Withdrawals are processed efficiently, usually within a few hours, with low fees.

WazirX is one of the largest exchanges in India, offering a wide range of deposit methods. Withdrawals are processed quickly, with competitive fees.

Account opening process

Bybit offers a seamless and fully digital account opening process. Users need to fill out personal information and verify their identity. The process is quick, typically taking less than a day to complete.

WazirX offers a straightforward and user-friendly account opening process. Users need to provide personal information and verify their identity. The process is efficient and typically takes less than a day to complete.

KYC required?

Yes

Customer Service

Bybit provides extensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

WazirX offers extensive customer support via email, live chat, and phone. The support team is responsive and available 24/7, making it reliable for users in India.

Security

Bybit provides robust security features with 2FA, encryption, and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some users.

WazirX offers comprehensive security measures, including 2FA and cold storage. It is regulated by Indian authorities, ensuring high security for investors.

Which of these exchanges is for you?

Alejandro Borja

As one of the experts here at Threenvest, I’d like to share a brief recommendation about using Bybit. Bybit offers a robust platform that caters well to experienced traders looking for advanced trading options in the crypto derivatives market. Its high-performance trading engine ensures rapid execution of trades, which is crucial during volatile market conditions. If you’re comfortable with high leverage and complex trading instruments, Bybit can be a powerful tool in your trading arsenal. However, beginners should tread carefully, given the platform’s complexity and the inherent risks of leveraged trading.

Xavier Tarrasó

As one of the experts reviewing WazirX, I recommend this platform for Indian users looking for a straightforward entry into the world of cryptocurrencies. Its integration with Binance enhances liquidity and provides a robust range of trading options, which is beneficial for both novice and experienced traders. However, be mindful of occasional technical issues and prepare for potential delays in customer service response times. Overall, WazirX stands as a solid choice, especially if you value an easy-to-navigate interface and a wide selection of crypto assets.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.