An Introduction to Crypto Exchanges in UAE
Since the recent boom of cryptocurrency exchanges in the Middle East and North Africa (MENA) region, much talk about the United Arab Emirates gradually becoming a hotspot for crypto assets. With the soaring popularity of cryptocurrencies in the region, there has never been a bigger need for local crypto exchanges. Luckily, many world’s largest cryptocurrency exchange companies have fulfilled this need by establishing numerous crypto exchanges in the UAE and MENA region.
When it comes to the best crypto exchange, UAE has many contenders fighting it for that elusive top spot. Below, we look at the best crypto exchanges in UAE as of 2022.
Best Cryptocurrency Exchanges in UAE 2022
Why Do We Need Crypto Exchanges?
Online cryptocurrency exchanges work similarly to brokers, enabling users to buy and sell cryptos like Bitcoin, Litecoin, Tether, and Ethereum, amongst many others. While there are many different types of crypto exchanges in the market, the best ones make it immensely easy for common individuals from all walks of life to buy crypto and sell other assets with low fees and the highest security standards.
Essentially, all online crypto exchanges allow users to buy and sell cryptocurrencies, thereby helping them trade one crypto for the other or buy cryptos using fiat currencies. However, since the market for cryptos is huge, different cryptocurrency exchanges compete with each other to offer customers the most value. For instance, some crypto exchanges offer zero-fee transactions, while others entice customers with innovative reward programs. Ultimately, the goal is simple for every crypto exchange in UAE, to get as many customers to use the exchange service as possible.
5 Best Crypto Exchanges in UAE
Big crypto exchanges worldwide are setting up offices in the UAE, and if reports are to be believed, the total crypto trading volumes have grown by over 500% in recent years.
With pro-crypto laws being laid down and licenses being passed regularly, the United Arab Emirates is on its way to becoming a global crypto hub. However, with so many best crypto trading platforms in Dubai, how do you decide upon the best one?
Below are the five top crypto exchanges in the UAE and MENA region.
BitOasis – Best Overall Cryptocurrency Trading Platform
Exciting Features of BitOasis
BitOasis is the first exchange in the list of best cryptocurrency exchanges in the United Arab Emirates and is considered the best overall crypto trading platform. Established in 2015, BitOasis has been a pioneer in the cryptocurrency space and is often recognized as the first cryptocurrency exchange in the MENA region. This crypto exchange has been helping countless satisfied users in trading their crypto assets with ease. The platform offers a highly competitive fee structure where advanced traders pay an average trading fee of about 0.5% against AED (United Arab Emirates Dirham). This world’s largest cryptocurrency exchange platform is especially a good bet for UAE residents as it allows users to buy Bitcoin using AED in huge trading volume.
BitOasis Pros and Cons
|Highly reputed and trusted as one of the first cryptocurrency exchanges in the MENA region.||Fiat currency deposits and withdrawals are only allowed for a few nations in the MENA region.|
|Supports over 40 cryptocurrencies.||No call or live chat support.|
|Accepts credit and debit card payments.|
|Very well-designed, intuitive cryptocurrency exchanges website.|
|Mobile wallet availability for iOS and Android users.|
The exchange supports over 40 cryptocurrencies; some are Bitcoin (BTC), XRP (XRP), Ethereum (ETH), Tether (USDT), Litecoin (LTC), Bitcoin Cash (BCH), EOS (EOS), Uniswap (UNI), USD Coin (USDC), Dogecoin (DOGE), Solana (SOL), Cardano (ADA), etc.
The exchange is available in any country not facing any international sanctions by the UN, UAE, FATF, or OFAC, such as the residents of Cuba, North Korea, Syria, Iran, etc. The platform is available in UAE, Kuwait, Saudi Arabia, Bahrain, Qatar, Oman, Egypt, Lebanon, Morocco, Jordan, etc.
CoinMENA – Best Upcoming Crypto Exchange in the UAE
Exciting Features of CoinMENA
CoinMENA is a relatively new entry into the crypto trading space in UAE. Headquartered in Bahrain and regulated by the Central Bank of Bahrain, CoinMENA offers one of the simplest, safest, and fastest methods to trade crypto assets. The cryptocurrency exchange features a highly competitive fee structure that offers volume-based trading fees. One of the best parts about CoinMENA is that it doesn’t charge any fee for bank and crypto deposits. CoinMENA charges a fixed fee of 3.5 % for card deposits, which is low compared to the industry average of more than 5%. Withdrawal fees can vary depending on the type of currencies being transacted.
CoinMENA Pros and Cons
|A solid crypto assets portfolio with support for all common cryptocurrencies.||Doesn’t support many cryptocurrencies.|
|Zero-fee policy for bank and crypto deposits.|
|Sophisticated trading tools enable massive trading volumes.|
|Simple and efficient mobile app for iOS and Android.|
|Excellent and bilingual customer support.|
The platform supports over 20 cryptocurrencies, they are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Uniswap (UNI), USD Coin (USDC), Tether (USDT), etc.
Like BitOasis, the exchange is available in any country not facing any international sanctions by the UN, FATF, OFAC, or Kingdom of Bahrain, such as the residents of Cuba, North Korea, Syria, Iran, etc. The platform is available in Bahrain, UAE, Saudi Arabia, Kuwait, Oman, Qatar, etc.
Binance – Best for High Liquidity and Trading Volumes
Exciting Features of Binance
Binance is no stranger in the crypto trading space, being a massive cryptocurrency exchange that allows you to place trades in over 500 cryptocurrencies across 180 countries around the world. Binance review mentions, Binance is the world’s largest exchange in terms of registered users and trading volumes, and this renowned cryptocurrency exchange trades over USD 10 billion every day. In the UAE, it offers one of the lowest trading fees while offering top-notch security to its users. At Binance, spot trading fees start as low as 0.1%, and the crypto exchange does not charge any deposit fees, thus making it a very good option for cash-strapped individuals in the United Arab Emirates.
Binance Pros and Cons
|Supports over 500 tradeable cryptocurrencies.||Limited bank transfers in a crypto exchange trading platform because of legal issues.|
|Does not charge any deposit fees whatsoever.||Restrictions in trading volume are imposed by different countries.|
|Very low trading and withdrawal fees on bank transfers.|
|Huge selection of advanced trading tools.|
|Great customer support with a live chat option available.|
Binance supports over 500 cryptocurrencies, including old and new ones in the market. While it would be too cumbersome to mention all of the cryptos supported by Binance, some popular cryptos supported by the platform are Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), USD Coin (USDC), Dogecoin (DOGE), etc.
Likewise, Binance is available in any country not facing any international sanctions by the UN, FATF, or OFAC. The platform is available in over 180 countries; some are UAE, Saudi Arabia, Qatar, Oman, Jordan, Lebanon, USA, France, Germany, Spain, etc.
Coinbase – Best Cryptocurrency Exchange for Beginners
Exciting Features of Coinbase
As per Coinbase review, it is one of the best crypto exchanges for novice investors in the UAE. However, it offers numerous advanced trading tools for experienced investors. It is available in more than 100 countries worldwide and supports over 100 cryptocurrencies.
Coinbase Pros and Cons
|Safe and secure cryptocurrency exchange of global renown.||Fees can be slightly higher than competitors.|
|Supports over 100 cryptocurrencies.|
|Very impressive trading limits and liquidity options.|
|Easy and intuitive user interface perfect for beginners.|
|Mobile wallet availability for iOS and Android users.|
Coinbase currently supports over 100 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), USD Coin (USDC), Dogecoin (DOGE), Solana (SOL), etc.
Coinbase is available in any country not facing any international sanctions by the UN, FATF, OFAC, EU, or HM Treasury’s Financial Sanctions, such as the residents of Cuba, North Korea, Syria, Iran, Sudan, etc. The platform is available in UAE, Bahrain, Kuwait, Jordan, Oman, Turkey, USA, UK, Spain, Germany, etc.
Exciting Features of Kraken Crypto Exchange UAE
Kraken is one of the best crypto exchange platforms that provide many features to users; according to Kraken review, starting from offering the best safety features to funding options, Kraken takes care of all the expectations and needs of the traders. The fee structure of the platform is also simple. The platform charges 0.9% fees on stablecoins and 1.5% on other cryptos or FX pairs. The payment card and digital wallet processing fee is fixed at 3.75% plus 0.25 USD/EUR. The fees for online banking or ACH are fixed at 0.5%. Moreover, the crypto exchange platform provides many funding options, staking opportunities, margin trading, indices, futures, OTC, Account Management, Cryptowatch,…
Read More: Best Crypto Exchange UAE | Top 5 Exchanges