If you live in the Middle East, you may have heard of the recent cryptocurrency craze. Dubai, Saudi, and other Middle Eastern countries are beginning to see the benefits of cryptocurrency.
On the other hand, cryptocurrencies have been most volatile in recent times. Here is the bitcoin price for Jan 2022:
Hence, I have a ‘Golden Rule for Crypto Investments’: Only invest what you are ok to lose!
Cryptocurrency trading is becoming more and more popular in the Middle East. As a result, many exchanges have popped up in the region. But, users in Dubai and the Middle East have the following questions:
- Is Cryptocurrency legal in Dubai or UAE?
- What platforms are best for trading cryptocurrencies in Dubai or UAE?
- Is crypto banned in UAE or Middle East?
By the end of this post, you will learn about these questions and will learn about the Best Cryptocurrency exchanges in Dubai and the Middle East. I am writing this out of my own experience in buying and selling bitcoin on these cryptocurrency exchanges.
At the moment, there is no ban on trading cryptocurrencies in UAE. Hence, we consider it legal to trade cryptocurrencies. UAE and Bahrain are at the forefront of innovation in the crypto sector and are actively encouraging entrepreneurship in this sector. UAE regulates cryptocurrency exchanges through ADGM (Abu Dhabi General Markets), Dubai World Trade Centre, DIFC. Bahrain regulates cryptocurrency exchanges through the Central Bank of Bahrain.
Top Crypto Exchanges – List
You can use the following crypto exchanges to trade bitcoin and other cryptocurrencies.
|Crypto Exchange Name
|Link to Crypto Exchange
Important Disclosure: Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
Detailed Review of Cryptocurrency Exchanges
BitOasis is a popular and one of the oldest bitcoin and crypto exchanges in the Middle East. You can buy bitcoin via bank transfer or cash deposit in the United Arab Emirates, Saudi Arabia, Oman, Qatar, Kuwait, and Bahrain. UAE clients may also deposit funds via exchange houses.
Good Things about BitOasis
- One of the easy ways to buy bitcoin in the countries it services
- Multi-sig security measures
- Low 0.5% flat fee on all orders
- Verification not required for amounts below $500 per week
Not So Good Things about BitOasis
- Above $500 per week limit, not private since identity verification is required.
- Higher fees compared to international exchanges
Binance is one of the world’s top cryptocurrency exchanges. They are the leaders due to their coverage and availability of crypto assets on their platform and also for their technology which is easy to use. Binance offers the widest selection of cryptocurrencies in the world.
CEX is an old and leading crypto exchange where you can trade bitcoin and other cryptocurrencies. They are known for their ease of use and user-friendly processes.
Coinmama is a popular crypto exchange and provides an easy way for users to acquire bitcoin and other cryptocurrencies.
CoinMENA is one of the latest crypto exchanges to have started in ME.
My first purchase of cryptocurrency was through Kraken in the year 2014. I use them to date and they have improved so much in the user interface and features.
Rain is one of the newest crypto exchanges serving the Middle East market. They are located in Bahrain and serve Bahrain, Kuwait, Oman, Saudi Arabia and UAE.
Which exchange is best for Cryptocurrency Exchange?
I have dealt with all of the above cryptocurrency exchanges in the past and will continue to deal. I look at the following points when deciding to choose a cryptocurrency exchange:
- User Experience
- Transparency of information
- Buying, selling, trading fees
- Customer support
- Prices of crypto currencies
- Number of coins available
I compared BitOasis and Rain in line with the above points. Watch the video:
Which is the cheapest cryptocurrency exchange?
In my experience, Binance and Kraken are the cheapest cryptocurrency exchange when it comes to fees. However, you must also pay attention to the exchange rates that are applied when you transfer from AED, SAR to USD, EUR.
Is Coinbase crypto exchange available in UAE or the Middle East?
Coinbase is perhaps the most well-known cryptocurrency exchange in the world. Coinbase is currently not available for UAE and Saudi users.
In the middle east, Coinbase is available in the following countries:
Cryptos can be life-changing and at the same time can be painful if the prices keep dropping. My recommendation will be only to invest your spare money which you do not require.
Wish you all the best.