With the advancement of the cryptocurrency industry, the importance of making the right choices when it comes to investing your money in the right platform becomes highly critical. Especially with plenty of options. In this article, we will go through the 5 Best Crypto exchanges in UAE in detail.
Summary
| Names | Supported Currencies | Security | Mobile Application | Customer Support | Trading Fees |
|---|---|---|---|---|---|
| Binance | 500+ | Non-custodial, Biometric marker system for authentication | Android and iOS | Good | 0.20%-0.10% |
| CEX.io | 80+ | AML/KYC and Two Factor Authentication. | An Android and iOS | Great | 0.25% – Taker fee, 0.16% – Maker fee |
| BitOasis | 15 | a strong password and 2-factor authentication | Android and iOS | Poor | 0.5% |
| Wirex | 18 | SSL, 2FA, Multi-signature technology, | Android and iOS | Great | 0.20% |
What is Cryptocurrency Exchange?
A cryptocurrency exchange is a platform for buyers and sellers to exchange their digital cryptocurrencies. Further, these are platforms where trade and instant transactions with cryptocurrencies take place. Trade is set up to exchange your cryptocurrency for fiat currencies or electronic monetary units of another digital asset.
1st of Best Crypto Exchanges in UAE: Binance
Binance exchange is for experienced traders and investors. With users in more than 180 countries worldwide, Binance is the world’s largest cryptocurrency exchange by volume. The official mobile wallet of Binance is Trust Wallet.
To know more, read our review on Binance.
Binance Features
- This wallet supports more than 40 blockchains that imply hundreds of supported cryptocurrencies and tokens.
- Further, it is a decentralized application with a built-in Web3 browser that allows you to explore Decentralized Applications of the decentralized internet safely.
- Trust wallet possesses a swap feature that quickly swaps one cryptocurrency for another, whereas exchange is more advanced and allows more control over your trading.
Binance Fees
Although traditional cryptocurrency or fund deposits are free, withdrawals come with a transaction fee that varies depending upon the cryptocurrency and amount. Binance charges a 0.1% trading fee and using BNB to pay the fees you can avail 10% discount. However, one of its attractive features is that it allows you to earn by Binance staking different altcoins at 7.21% APR.
Use the button below and avail extra 10% off on trading fees.
Is Binance Safe?
- Trust wallet commits to the necessity of user protection; it’s also a non-custodial wallet.
- If something happens, the wallet provides a backup feature, and the security can be enhanced by enabling biometric marker systems for authentication, such as fingerprint scanning or PIN.
Pros and Cons
| PROS | CONS |
|---|---|
| Trust Wallet supports a wide array of bitcoins and tokens. | There is no 2-Factor Authentication. |
| It has a wide range of features – Decentralized applications, WEb3 Browsers, in-built exchange, backup feature etc. | It is a hot wallet. |
| In addition, it allows you to earn from the crypto-assets through staking. | It is not available in seven U.S. states. |
| It has very advanced security features. | It is less secure than a hardware wallet. |
2nd of Best Crypto Exchanges in UAE: CEX.io
CEX.IO is among one of the oldest Bitcoin exchanges still operating. It’s integrated into a cryptocurrency exchange.
To know more read our review on CEX.IO.
Features
- Firstly, CEX.IO exchange supports around 80 different cryptocurrencies and other altcoins that can be stored as well.
- Secondly, one of the features it possesses that makes it more is the separate tabs that display a simplified form for beginners and an expert oriented one for experts.
- Moreover, it saves your time and money by trading your coins straight from your wallet. Furthermore, you can sell your cryptocurrency coins for fiat money which transfers into your bank account or debit card.
- CEX.IO staking feature allows you to receive rewards by staking your coins; that is, you allow them to increase your earnings while they’re sitting in your account.
Cex.io Fees
CEX.IO charges a cex.io withdrawal fee of up to 3% and additional service charges of $25, depending on your currency and payment method. Lastly, there is a separate section dedicated to margin trading with a 0.5% fee.
Is Cex.io Safe?
It appears that CEX.IO is secure accordingly.
- Firstly, The safety measures include AML/KYC and Two Factor Authentication.
- According to its website, 0% of customers’ funds have also been lost or stolen.
Pros and Cons
| PROS | CONS |
|---|---|
| This exchange wallet supports around 80 different cryptocurrencies and altcoins. | Strict KYC requirements for account verification |
| It offers features like margin trading, staking rewards, crypto-backed loans for individuals who need it. | The Services of CEO.IX is not available to residents of New York or Virginia |
| It is simple to use and has separate tabs for both experts and beginners makes it very user-friendly. | CEX.IO offers limited coin options; only 80 cryptocurrencies are available. |
| CEX.IO is registered under Money Services Business with FinCEN in the USA. | It does not have live customer support; only simple email service is available. |
3rd of Best Crypto Exchanges in UAE: BitOasis
BitOasis is a hybrid between a BTC wallet and an exchange website. This exchange is based in the United Arab Emirates likewise.
Features
- The website claims that it has the best trading fees in your local currency.
- It offers 10+ Digital Assets, 15+ Trading Pairs and is ideal for cryptocurrency traders based in Middle Eastern countries but allows deposits and withdrawals globally. However, users from only six specific countries of the Middle East can deposit funds with fiat money – United Arab Emirates, Bahrain, Oman, Kuwait, Saudi Arabia, and Qatar.
- BitOasis exchange also provides many tools for trading as downloaded content for your computer.
BitOasis Fees
If you are a ‘market maker’, the trading fee is less than $250,000 per month: 0.25%, and if you’re a ‘market taker’, the fee is less than $250,000 per month: 0.5%. Moreover, apart from the six supported countries, its fiat currency withdrawal fees are hidden, and the withdrawal process lasts for 10 working days.
Is BitOasis Safe?
The multi-signature feature of BitOasis increases the security level of all transactions happening on the website. Apart from multi-signature, the three keys with which BitOasis provides security are as follows:
- Firstly, a strong password and 2-factor authentication.
- Secondly, implementing a trusted third party oracle, provided by BitGo, co-signs user transactions after examining the transaction to detect any potential wallet compromise or fraud.
- Thirdly, a recovery key is kept in cold storage by an independent legal entity for recovery in case of any service compromise.
Pros and Cons
| PROS | CONS |
|---|---|
| It is a user-friendly website. | It works better only if you are living in the Middle East region. |
| Further, it is very comfortable to operate if you are living in the Middle East region. | The process of withdrawal can also take up to 10 days which is a long duration. |
| Moreover, it also offers some special offers from time to time. | While using the website, a lot of advertisements for its products are displayed. |
| It also provides several tools for trading as downloaded content. |
4rth of Best Crypto Exchanges in UAE: Wirex
Wirex, which was earlier known as E-coin. Among numerous websites and platforms, Wirex crypto exchange has made its place in the leading social trading platform.
Features
- Wirex can hold both fiat currencies and cryptocurrencies in a single account. It also enables the users to perform the exchange of 18 different cryptocurrencies at low fees.
- Further, Currently operates in around 130 countries. It also provides many services to its users, like sending money to contacts(other Wirex users worldwide) using various fiat and cryptocurrencies with no extra cost.
- Moreover, Wirex charges Zero exchange fees and up to 2% cryptocurrency rewards on all spending. At point-of-sales, it also offers a real-time conversation.
- It also allows a direct connection with your debit and credit cards.
Wirex Fees
The Wirex application is entirely free and also rewards every new user with USD 10 per sign up. However, external transfers using cryptocurrencies are charged with network fees. Although traditional cryptocurrency is free and with an external debit/credit card, a 1% fee is charged for digital cryptocurrency. Following along with the ATM charges, Foreign transaction fees apply for withdrawals abroad. In the U.K., the fees are £1.75, while the international fees are £2.25.
Is Wirex Safe?
- Wirex is certified with PCI-DSS level 1, a 3D secure enrollment that can ensure everyone is protected both online and offline and implements 2-factor authentication.
- It stores all customer’s private data with TLS and 265-bit AES encryption and, lastly, the multi-signature technology, making this wallet extremely safe to use.
Pros and Cons
| PROS | CONS |
|---|---|
| Free transfer between Wirex users. | Wirex is not accepted worldwide yet. |
| Further, it gives a cashback reward for every new signup. | There are a limited number of supported cryptocurrency |
| It also provides educational resources via the Wirex Help Center, Wirex Community, and the Wirex Blog. | The customer care service is also not very active |
| All-in-one cryptocurrency exchange and multi-currency payment card. | If you spend money in a different currency, you’ll also be charged a 3% fee on the purchase you’re making. |
Best Crypto Exchanges in UAE: Conclusion
In conclusion, choosing the right exchange platform is a significant step when it comes to investing in cryptocurrency to secure your investments and profit from this progressive industry. Therefore, we selected the 5 best cryptocurrency Exchanges in the UAE.
Frequently Asked Questions
Which is the largest cryptocurrency exchange in the Middle East Region?
BitOasis, based in the United Arab Emirates, is one of the largest cryptocurrency exchange platforms in the Middle East Region. Its website claims that it has the best trading fees in your local currency.
Which countries’ users can access BitOasis?
BitOasis allows Cryptocurrency funds to be deposited and withdrawn globally, but users of only six specific countries can deposit their funds with fiat money. Those six countries are the United Arab Emirates, Bahrain, Oman, Kuwait, Saudi Arabia and Qatar.
