The advent of cryptocurrency brought with it an onslaught of choices. With the booming popularity of cryptocurrency, there is much to think about when choosing an option for crypto exchange.
The increasing crypto trading in Dubai urges everyone to look for profitable and secure crypto exchange solutions.
Here, we are presenting you with valuable insights into some of the prominent crypto exchanges to buy any crypto in Dubai.
Introduction To Crypto Exchange
The crypto exchange is a crypto platform that allows users to buy, sell, manage, and trade cryptocurrency. Crypto exchange essentially works as a comprehensive bridge that enables buyers and sellers to meet and exchange cryptocurrencies or fiat currencies like US dollars, euros or Japanese yen, etc.
In this technologically advanced digital marketplace, the crypto exchange platform effectively allows users to loan their crypto assets for a particular rate of interest.
The working of a crypto exchange involves users creating an account and going through a verification process to ensure compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
After the verification is done, users can deposit funds into their exchange accounts either by bank transfer or credit card. Users can then easily use these funds to buy and sell cryptocurrencies.
Why Do We Need Crypto Exchanges In Dubai?
The groundbreaking real estate, rich culture, and modern infrastructure are what make Dubai a city of dreams for everyone. Recently, Dubai has seen growing interest in the cryptocurrency industry which looks promising for the crypto exchange market.
Crypto exchange platforms significantly make it easier for people to buy and sell cryptocurrencies which comes in very handy for people in Dubai to conduct business online.
Seeing the importance of innovation and entrepreneurship in Dubai, cryptocurrency is a propitious market that can greatly contribute to economic growth in Dubai. By creating new jobs and attracting lucrative investment possibilities, cryptocurrency exchanges can open new doors of profitable opportunities.
Dubai being the major hub for international trade can grab many opportunities for cryptocurrency exchanges that will help in facilitating cross-border transactions. Through buying and selling cryptocurrencies in different currencies, Dubai can gain much profit through a crypto exchange.
Top 6 Crypto Exchanges In Dubai
1. OKX
One of the most popular crypto exchange platforms is OKS. It effortlessly allows users to buy, sell and trade cryptocurrencies with a wide range of trading pairs. Founded in 2017, OKX is headquartered in Malta but also has offices in Hong Kong and Singapore.
OKS offers a variety of cryptocurrencies including but not limited to Bitcoin, Ethereum, etc. Along with this, the trading pairs of OKX have fiat-to-crypto and crypto-to-crypto pairs.
A noteworthy feature of OKX is that it can easily integrate with TradingView, both mobile and web. The liquidity of OKS is very high and has an average spot trading volume of $1,789,789,248/day.
This crypto exchange platform has a built-in NFT marketplace that has the access to the biggest brands including but not limited to ENS, CryptoPunks, etc. OKS offers a wholesome listing of transaction history, digital assets, and portfolio performance.
2. Coinbase
A dynamic crypto exchange platform that facilitates users in buying, selling, and trading various cryptocurrencies. Coinbase was founded in 2012 and is currently headquartered in San Francisco, California.
It is one of the best crypto exchange solutions for new investors with its numerous features and facilities. With its availability in more than 100 countries, Coinbase supports over 100 currencies.
Coinbase offers its users a powerful crypto wallet, an all-inclusive platform for merchants to transact in cryptocurrencies, and an API for developers to build impressive cryptocurrency applications.
The many features of Coinbase include but are not limited to
- Remarkable trading limits
- Great liquidity options
- Easy user interface
- Safe and secure crypto exchange platform
3. Bitstamp
It is one of the most trusted and widely used best crypto exchanges in Dubai. With its easy and intuitive user interface, Bitstamp is easily the best choice for a crypto exchange platform.
Bitstamp was founded in 2011 and is headquartered in Luxembourg with offices in London and New York. This Crypto exchange platform offers a multitude of services that can include a cryptocurrency wallet and an API for developers to build cryptocurrency applications.
The advanced trading tools that Bitstamp comprise, harbor over 23,000 retail investors who buy and sell crypto token effortlessly. Furthermore, Bitstamp can easily deposit money immediately by using a credit card.
The privacy policy of Bitstamp is very good and it supports a privacy data encryption policy (PGP). This crypto exchange platform supports over 80 cryptocurrencies and offers dynamic APIs, limitless availability, etc.
4. Binance
An honorable mention in the list of crypto exchanges to buy any crypto in Dubai is Binance. It is the world’s largest crypto exchange platform with a spot-day trading volume of $22,371,084,011 (BTC).
With access to over 500 different cryptocurrencies, Binance facilitates its users with crypto futures, advanced features, derivatives, NFTs, etc. This crypto exchange has the lowest fees among others which make it the optimum choice for users.
Binance trading platform provides users with desktop, web, and mobile apps. Binance offers cryptocurrency trading pairs like Bitcoin, Ethereum, Litecoin, etc. The extensive features of margin trading, lending, etc.
There are very low trading and withdrawal fees on bank transfers in Binance. With its great customer support, Binance also has a live chatbot option that remarkably facilitates users anytime and anywhere.
5. CoinMena
A novice in the world of crypto exchange, CoinMena recently made its appearance in the world of crypto. Based in Bahrain, CoinMena is a crypto exchange platform that facilitates users with the buying and selling of different digital assets, including Ethereum, Bitcoin, and Litecoin.
CoinMena was launched in 2019 and is regulated by the Central Bank of Bahrain (CBB). It offers various features including advanced trading tools, multiple payment methods, and 24/7 customer support.
This trading platform offers a tremendously competitive fee structure that offers volume-based trading prices. With two-factor authentication, cold storage, and advanced security measures, CoinMena aims to provide a secure and user-friendly platform for traders and investors in Dubai.
CoinMena is mostly famous for its secure, simple, and agile methods to trade crypto assets. There are almost no fees for bank and crypto deposits that encourage users to use CoinMena.
CoinMena provides remarkable bilingual customer support to its varying range of users.
6. Kraken
It is probably one of the most popular crypto exchange platforms that facilitates users with advanced features and tools. With low trading fees, Kraken offers a wide range of trading pairs including fiat-to-crypto and crypto-to-crypto pairs.
Kraken was founded in 2011 and is based in San Francisco, California. This crypto exchange platform offers staking services for certain cryptocurrencies, allowing users to earn rewards for holding their coins on the exchange.
Supporting over 40 cryptocurrencies including Bitcoin, Waves, Ripple, etc, Kraken provides extreme ease to its users. This crypto exchange platform can be accessed from anywhere in the world except in some particular countries.
The distinct features of Kraken include low trading fees, extreme security, and 24/7 live support.
How To Select The Best UAE Crypto Exchange?
Choosing the best UAE crypto exchange is surely not an easy decision to make. There are several factors and aspects that you need to take into consideration before deciding on the best crypto exchange.
Security should be your top concern while choosing the best UAE crypto exchange. Try to look for an option that has two-factor authentication and SSL encryption. Secondly, look and compare the varying prices asked by these crypto exchanges against the services they are offering.
Having robust customer support should be important too when choosing a crypto exchange. A responsive and agile customer support system that can help your customers promptly will be very helpful for your business.
You should thoroughly consider the above-mentioned important facets and make an intelligent decision regarding your crypto exchange platform.
Conclusion
Ever since the advent of crypto exchange platforms, Dubai is prominent in providing profitable and beneficial solutions to lovers of cryptocurrencies. But every business has its distinct needs and that help in defining the right type of crypto exchange platform for them.
We have mentioned some prominent crypto exchange platforms to buy any crypto in Dubai. Vigorously research and evaluate the needs of your business to make the right decision about the right crypto exchange platform.
FAQs (Frequently Asked Questions)
1. Are Crypto Exchanges Legal in Dubai?
Ans. Crypto exchanges are legal in Dubai but they have to follow some regulations implemented by the Dubai Financial Services Authority (DFSA). Under these guidelines, you can obtain a license to operate in Dubai.
2. Which crypto app works in the UAE?
Ans. Several crypto apps work in the UAE including OKX, CoinMena, Bitstamp, etc.
3. Can I trade crypto in Dubai?
Ans. Yes, you can surely trade cryptocurrencies in Dubai. You only need to sign up for an account with a crypto exchange that is licensed to work in the UAE.
4. Do I need a license to trade crypto in the UAE?
Ans. Yes, you do need a license to trade crypto in the UAE, regulated by the Dubai Financial Services Authority (DFSA).
5. How do I start crypto trading in Dubai?
Ans. First, you need to get a secure cryptocurrency exchange platform. Then, you need to register and verify yourself to start the trading process.
6. Is crypto trading taxable in UAE?
Ans. Yes, crypto trading is taxable in the UAE