How to Buy Cryptocurrency in United Arab Emirates
Buying cryptocurrency in United Arab Emirates
The United Arab Emirates has been considered one of the most progressive crypto countries worldwide. A government-owned licensing company, Kiklabb, even lets its clients pay the Dubai Financial Services Authority for their trade license or their visa fees with digital assets. As part of its business plan for 2021, the Dubai Services Authority announced to work on establishing a regulatory framework for cryptocurrencies. What’s more, the United Arab Emirates and Saudi Arabia are allegedly teaming up to work on a joint central bank digital currency study initiative, which has been dubbed “Project Aber”. Blockchain technology was also recognized by the United Arab Emirates’ government very early on. Most of the United Arab Emirates’ population seems to have acknowledged their government’s initiatives in blockchain technology. Regarding cryptocurrency, it is speculated that a big part of the population (especially investors), have to a degree, invested in or are involved in different cryptocurrencies.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from United Arab Emirates. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
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eToro
eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also have an innovative Copy Trader feature where you can choose to follow other successful traders and automatically copy their trades to hopefully share in their success
Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
Fees (spreads) are high
- Only USD as base currency
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Bybit
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
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Bitfinex
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
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OKEx
OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required
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Kucoin
Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
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