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Best Cryptocurrency Exchanges in UAE 2024

Crypto Nerd

April 28, 2024

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Introduction

Cryptocurrency exchanges have become increasingly popular in the United Arab Emirates (UAE) in recent years. They offer a convenient and secure platform for individuals, businesses, and institutional investors to buy and sell cryptocurrencies. This article will explore some of the best cryptocurrency exchanges in the UAE and discuss their features and benefits.

There are now many cryptocurrency exchanges to choose from. Besides, centralized exchanges (CEXs) offer a relatively straightforward and beginner-friendly method for converting money into coins and tokens.

Crypto exchanges vary in experience, with some having more experience than others. Exchanges can be compared based on their fees, cryptocurrency selection, advanced trading features, and customer service capabilities.

There are several things (restrictions/limitations) that one should keep in mind while choosing a cryptocurrency trading platform i.e. does the exchange have the required license and is it a regulated platform? (This only applies if you’re looking to trade on a centralized cryptocurrency exchange such as Binance, Bybit, etc.)

Now, since we’re talking about UAE we’ll only be talking talking about those platforms that are legally allowed to operate in the UAE. Because if you’re not a beginner then you’re probably already familiar with Decentralized Exchanges (DEXs), this article was specifically written for those who are newcomers or beginners and are looking to start their journey.

In the United Arab Emirates, there are four judicial authorities: the Federal judicial authority, Abu Dhabi, Dubai, and Ras Al Khaimah.

The UAE’s financial scene is mainly ruled by the Central Bank and the Securities Authority. However, Dubai’s special “DIFC” zone offers independent rules and attracts fintech companies, even allowing cryptocurrency businesses.

Best Crypto Exchanges in UAE

• Binance: Global reach and vast crypto selection.
• Bitget: Free trading bot to automate your strategies.
• PrimeXBT: Invest in diverse assets beyond just crypto.
• Bybit: Derivatives hub for experienced traders in the UAE.
• PHEMEX: Beginner-friendly interface and social trading features.
• OKX: A solid alternative to major exchanges.
• BitOasis: AED pairs for seamless local trading.
• CoinMena: Licensed and secure, operating from Bahrain.
• Kraken: Leverage trading for advanced investors.
• KuCoin: Convenient crypto purchases and tons of other features for beginners.
• M2 Crypto Exchange – Fastest Growing Crypto Exchange In UAE

Binance

Binance reigns supreme as the world’s most popular crypto exchange, and the UAE is no exception. Its dominance can be attributed to several key factors:

1. Unmatched Breadth: Binance boasts over 500 cryptocurrencies, dwarfing most competitors and offering access to virtually any major asset. This diversity attracts both seasoned traders seeking specific coins and newcomers exploring the crypto landscape.

2. Pro-Trader Paradise: Binance caters to professional traders with advanced tools like margin trading, futures contracts, and powerful technical analysis features. This allows sophisticated strategies and potentially higher returns.

3. User-Friendly Interface: Despite its depth, Binance’s interface is surprisingly user-friendly. Its intuitive design makes it accessible to beginners while offering advanced features for seasoned traders, contributing to its wide appeal.

4. Customer Support: Binance’s customer support is often praised for its responsiveness and helpfulness, a crucial element in navigating the complex world of crypto. This stands out in an industry known for sometimes-opaque support channels.

5. Global Reach: With operations in over 100+ countries, Binance offers a seamless experience for traders worldwide, including those in the UAE. This global reach fosters liquidity and contributes to competitive trading fees.

Beyond these factors, Binance’s popularity is further solidified by its impressive trading volume, exceeding $200 billion daily. This high volume ensures liquidity and tight spreads, crucial for efficient trading.

In conclusion, Binance’s combination of vast asset offerings, advanced tools, user-friendly interface, and stellar customer support has made it the go-to platform for both professional traders and crypto enthusiasts in the UAE and beyond.

Read the detailed Binance Review Here Or Click Here To Sign up.

Bitget

Bitget offers a fast and easy-to-use digital currency exchange, ensuring convenient access for users to begin and end their trading. The platform is renowned for its outstanding support team, which is ready to help at all times.

Established in 2018, Bitget is a cryptocurrency exchange that offers various trading services like leverage, direct peer-to-peer (p2p), social trading, immediate trades, and derivatives trading. It supports a wide selection of over 550 digital assets, including popular cryptocurrencies like Ethereum (ETH), Bitcoin (BTC), and many other sought-after tokens. The platform places a high priority on keeping its users’ assets safe and secure.

Read the detailed Bitget Review Here Or Click Here To Sign up.

PrimeXBT

PrimeXBT stands out as a margin trading platform catering to experienced traders seeking leverage and diverse asset options not just limited to cryptocurrencies.

Pros:

• High Leverage: Trade with up to 100x leverage on a wide range of assets, including crypto, forex, commodities, and indices.
• Diverse Asset Selection: Trade over 50 cryptocurrencies, major forex pairs, popular commodities, and global indices.
• Advanced Trading Tools: Utilize technical analysis indicators, charting tools, and order types for sophisticated trading strategies.
• Copy Trading: Follow and copy the trades of successful traders on the platform.
• Low Fees: Competitive trading fees and no deposit or withdrawal fees.
• Security: Robust security measures and cold storage for user funds.

Cons:

• Limited Fiat Options: Primarily focuses on crypto deposits and withdrawals.
• Leverage Risks: High leverage can amplify losses significantly.
• Steep Learning Curve: The platform may be complex for beginners.
• Limited Customer Support: Customer support may not be readily available in certain regions.

Read the detailed PrimeXBT Review Here Or Click Here To Sign up.

Bybit

Bybit, registered in the British Virgin Islands, is a titan in the global cryptocurrency market. In fact, it consistently ranks among the top three exchanges in terms of 24-hour contract trading volume, trailing only the behemoth Binance. This dominance speaks volumes about Bybit’s popularity and reliability.

But Bybit’s appeal goes beyond sheer volume. It offers a diverse arsenal of order types to cater to various trading styles, from the basic market and limit orders to advanced tools like stop-loss, conditional orders, and instant buys. This flexibility empowers traders to execute their strategies with precision.

Accessibility is another key strength. Bybit is readily available through a user-friendly web interface and mobile apps for iOS and Android, making it accessible on the go. And for those seeking automated or social trading options, Bybit offers bot integration and copy trading features, allowing users to leverage the expertise of others.

The UAE, with its rapidly growing crypto market and progressive regulatory environment, has become a natural home for Bybit. In fact, Bybit recently opened its global headquarters in Dubai, demonstrating its commitment to the region and its confidence in its potential. This move further strengthens Bybit’s position as a leading force in the UAE’s crypto landscape.

Bybit’s key statistics in the UAE:

• Ranks among the top 3 crypto exchanges by volume in the UAE.
• Secured a full spectrum of virtual assets license from the Dubai Virtual Assets Regulatory Authority (DVARA).
• Opened its global headquarters in Dubai in April 2023.
• Actively participates in local events and initiatives, fostering the UAE’s crypto ecosystem.

Bybit’s combination of global reach, diverse features, and strategic focus on the UAE makes it a compelling choice for both experienced and novice crypto traders in the region.

Read the detailed Bybit Review Here Or Click Here To Sign up.

PHEMEX

Phemex, a Singapore-based cryptocurrency exchange, has carved a niche for itself with its focus on derivatives trading and innovative features. While not as established as giants like Binance, it’s rapidly gaining traction, especially in the UAE. Here’s a quick rundown:

Key Features:

• Contract-Based Trading: Phemex specializes in perpetual contracts, offering high leverage (up to 100x) and 24/7 trading on various crypto pairs.
• Zero-Fee Trading: Phemex boasts a unique “maker-taker rebate” model, rewarding both buy and sell orders, effectively making most trades fee-free.
• Advanced Features: Phemex offers advanced order types, charting tools, and margin trading for sophisticated investors.
• Fast & Secure: The exchange boasts a high-performance matching engine and cold storage for user funds, prioritizing speed and security.

UAE Appeal:

• Dubai Headquarters: Phemex recently established its global headquarters in Dubai, demonstrating its commitment to the UAE market.
• DVARA License: The exchange secured a full virtual asset license from Dubai’s DVARA, ensuring regulatory compliance and legitimacy.
• Growing Userbase: Phemex is experiencing rapid user growth in the UAE, attracting both retail and institutional investors.

Interesting Stats:

• Phemex handles over $20 billion in daily trading volume, making it a significant player in the global crypto market.
• The exchange claims over 2 million registered users, with a growing number based in the UAE.
• Phemex offers over 100 perpetual contract pairs, providing traders with ample trading opportunities.

Overall:

Phemex, with its innovative features, commitment to the UAE market, and impressive stats, is a rising star worth watching. While not as established as some competitors, its focus on derivatives and fee-free trading makes it attractive to experienced traders seeking high leverage and advanced tools. As the UAE’s crypto scene matures, Phemex is likely to play a significant role in shaping its future. Read the detailed Phemex Review Here Or Click Here To Sign up.

OKX

OKX isn’t just another trading platform; it’s a crypto power player with a robust suite of features and a burgeoning presence in the UAE. Here’s a glimpse:

Features:

• Vast Marketplace: Trade over 500+ spot cryptocurrencies, one of the largest selections available.
• Beyond Spot: Leverage margin trading and borrowing for advanced strategies.
• Passive Income: Earn passive rewards through savings & staking plans or crypto-backed loans.
• Mining Powerhouse: Mine your own crypto through the OKExChain mining pool.
• Technical Savvy: Utilize a wealth of technical analysis tools and customizable charts to make informed decisions.
• Orderly Trading: Place market and limit orders with ease and access comprehensive details on your open positions.
• Bot-Friendly: Integrate your own trading bots with the OKX API.

UAE Status:

• DVARA License: Operating under a full virtual asset license from the Dubai Virtual Assets Regulatory Authority (DVARA), ensuring compliance and security.
• Local Partnerships: Collaborates with leading UAE firms like Emirates NBD and Mashreq Bank, facilitating seamless fiat-to-crypto conversions.
• Growing Community: Actively engages with the local crypto community through events and educational initiatives.

Some Statistics:

• Handles over $18 billion in daily trading volume, placing it among the top global exchanges.
• Boasts over 20 million registered users, with a significant and growing UAE base.
• Offers a user-friendly mobile app for on-the-go trading and access to features.
• Click here to join OKX!

BitOasis

Tailored for the UAE: BitOasis stands out as a local exchange and broker catering specifically to users in the United Arab Emirates and MENA. This focus translates into several advantages:

• UAE Dirham (AED) Support: Deposit and withdraw funds seamlessly using your local currency, minimizing foreign exchange fees.
• Simple Interface: Designed for both beginners and experienced traders, the platform boasts a user-friendly interface with clear navigation.
• Regional Reach: Accepts deposits from six Gulf Cooperation Council (GCC) countries, making it accessible across the region.

Coin Selection & Features: While not offering the most extensive coin selection (60+), BitOasis covers popular options like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), and Litecoin (LTC). Additionally, it provides:

• Trading Tools: Utilize basic technical analysis indicators and charting tools to inform your trading decisions.
• Competitive Fees: Enjoy minimal fees for AED purchases and deposits, making it cost-effective for local users.

However, there are some drawbacks to consider:

• Limited Coin Variety: Compared to global giants, BitOasis offers a smaller selection of cryptocurrencies.
• Advanced Features Lacking: Sophisticated traders may miss advanced features like margin trading, derivatives, and staking options.
• Regional Focus: While convenient for UAE residents and 14 countries across MENA, BitOasis might not be ideal for users outside the GCC.

Key Statistics:

• 10+ years in operation, making it a well-established player in the UAE crypto scene.
• Serves over 300,000 registered users.
• Over USD 3 billion in trading volume and counting

Overall: BitOasis offers a user-friendly and accessible platform for UAE residents looking to buy, sell, and trade popular cryptocurrencies with minimal fees. However, its limited coin selection and lack of advanced features might not appeal to experienced traders or those seeking broader exposure. If you have further questions you can check their FAQs section here.

CoinMena

CoinMENA, though a newcomer in the crypto arena, is already making waves in the Gulf region with its ambitious expansion plans and feature-packed platform. Licensed by The Central Bank of Bahrain as a crypto asset service provider (category-3) and Virtual Asset Regulatory Authority (VARA): VASP License – Broker-dealer services, it stands out as the only regulated exchange in the region, offering a secure and trustworthy environment for your crypto journey.

Rapid Growth: Despite being a relatively new platform, CoinMENA boasts impressive statistics:

• Over 900K+ registered users: A testament to its rapid adoption and growing popularity.
• $1 billion+ in monthly trading volume: Proving its traction among traders in the region.
• Expansion to 7 countries: Bahrain, UAE, Saudi Arabia, Kuwait, Oman, Qatar, and now Egypt, showcasing its commitment to serving the Gulf market.

Feature-Rich Experience: CoinMENA goes beyond just trading. It offers:

• Wide Coin Selection: Trade over 52+ cryptocurrencies, including major players and promising new projects.
• Advanced Trading Tools: Utilize technical indicators, charting options, and order types to refine your strategies.
• Copy Trading: Learn from the pros by mimicking the trades of successful traders on the platform.
• Demo Account: Practice your skills and test your strategies without risking real funds.
• Educational Resources: Stay informed with market news, analysis, and tutorials to make informed decisions.

Easy Access & Convenience: CoinMENA prioritizes user experience:

• Intuitive Mobile App: Trade on the go with a user-friendly and powerful app.
• Simple Account Opening: Get started quickly and easily with a streamlined onboarding process.
• Competitive Fees: Enjoy transparent and competitive fees for trading and withdrawals.

CoinMENA, with its rapid growth, feature-rich platform, and focus on user experience, is a strong contender in the Gulf’s crypto space. However, both Bitoasis and CoinMENA have limited volume and coin listings that might be a problem for you in the long run if you’re looking for high liquidity and futures trading with higher leverage.

Kraken

Kraken, a veteran in the crypto arena, has carved a reputation as a trustworthy marketplace for buying, selling, and trading digital assets. Its appeal extends to both individual and institutional investors, making it a versatile platform. Here’s a snapshot of Kraken’s strengths:

Proven Performance: Established in 2011, Kraken is one of the oldest and most respected crypto exchanges, boasting a strong track record of security and reliability.

Diverse Offerings: Trade over 50 cryptocurrencies at competitive rates, from popular choices like Bitcoin and Ethereum to lesser-known gems.

Trading Options: Kraken caters to both beginner and advanced traders. Choose from spot trading for straightforward buying and selling, or delve into cryptocurrency futures for advanced strategies.

Advanced Tools: For seasoned investors, Kraken Pro offers sophisticated features like margin trading and futures functionalities, allowing high-leverage strategies for experienced users.

UAE Access: Kraken officially entered the UAE market in 2022, securing a license from the Abu Dhabi Global Market (ADGM). While it initially faced challenges and scaled back its operations, it remains accessible for traders in the region.

Latest Stats (as of Jan 08, 2024):

• Over 8 million registered users worldwide.
• $2 billion+ in daily trading volume.
• Top 7 ranking in global exchange volume by CoinMarketCap.

Kraken’s established reputation, diverse offerings, advanced tools, and recent UAE entry make it a compelling option for both novice and experienced traders seeking a secure and reliable platform. However, its scaling back of operations in the UAE warrants further monitoring for future developments.

KuCoin

KuCoin, a global exchange with over 800+ supported cryptocurrencies, offers a diverse and feature-packed platform for UAE traders.

Here’s a breakdown of its pros, cons, and features for local users:

Pros:

• Wide Range of Cryptocurrencies: Trade over 700 crypto assets, including mainstream coins and promising new projects.
• Competitive Fees: Enjoy tiered fee structures with discounts for holding KuCoin’s native token (KCS).
• Advanced Features: Utilize margin trading, futures contracts, and staking options for sophisticated strategies and passive income.
• User-Friendly Interface: Both the desktop and mobile platforms are intuitive and easy to navigate, even for beginners.
• Secure Platform: Robust security measures and cold storage for user funds ensure peace of mind.
• UAE Accessibility: KuCoin operates in the UAE, though local regulations may restrict certain features like margin trading.

Cons:

• Limited Customer Support: Support responsiveness can be inconsistent, especially for non-English speaking users.
• High Trading Volume: The exchange’s high volume can lead to occasional platform lag or order execution delays.
• Focus on Advanced Features: Beginners might find the array of features overwhelming at first.

Features for UAE Users:

• AED Trading Pairs: Trade select cryptocurrencies directly with UAE Dirhams (AED) for seamless transactions.
• Local Payment Options: Deposit and withdraw funds using popular UAE payment methods like bank transfers and digital wallets.
• UAE-Focused Community: Connect with other local KuCoin users through online forums and social media groups.

UAE Statistics:

• KuCoin ranks among the top 5 crypto exchanges by trading volume Globally and in the 2nd in UAE.
• The platform boasts a growing user base in the region, attracted by its diverse offerings and competitive fees.
• KuCoin actively participates in local events and initiatives, demonstrating its commitment to the UAE market.

KuCoin offers a comprehensive and feature-rich platform for UAE crypto enthusiasts. However, potential limitations due to regulations and its focus on advanced features should be considered. Click here to join KuCoin.

M2 Cryptocurrency Exchange Review

Now this exchange is relatively new and is exclusively available for the residents of UAE. You can read the detailed review of M2 Exchange here. And here’s a quick rundown of the exchange: M2 is a full-service cryptocurrency exchange based in the United Arab Emirates. The company has obtained several international licenses, including those from the Abu Dhabi Global Market (ADGM) and the Bahamas, which allow it to offer a range of services such as crypto trading, staking, and custody.

The exchange has a strong focus on security and transparency, with proof of reserves and external audits. M2 offers a variety of crypto-earning products, including on-chain staking, off-chain yield, and advanced yield. The company also has a utility token, MMX, which serves as a differentiator and revenue driver.

The token has a fixed supply and burn mechanism, making it deflationary. Users can boost their deposits and loans by buying and burning MMX, and receive attractive yields for committing MMX to M2 Earn.

The company is led by a team of over 100 people with experience in financial services, crypto, and tech. The exchange is fully licensed and regulated and has integrated compliance solutions and real-time transaction monitoring for AML and KYC.

The company also has a secure environment for storing and transferring virtual assets, and the majority of client assets are stored offline in cold wallets. The exchange also has comprehensive insurance coverage against theft and hacks.

Click Here to visit the official website of M2 Crypto Exchange UAE!