In this review, we walk you through the ins and outs of finding the best crypto exchange, so you start investing in cryptocurrency easily and securely in 2022.
Some of the best crypto trading platforms and top Bitcoin exchanges in UAE include:
Now that we have identified the best crypto exchange in UAE, let's look at our options more exhaustively.
eToro is currently one of the top crypto exchanges in the UAE. Interestingly, it didn't start as a crypto exchange.
Founded in 2007, eToro started as a stock trading app. However, the service now offers access to a broad asset class. From traditional stocks and bonds to cryptocurrencies and exchange-traded funds (ETFs), eToro offers access to everything you need as an investor. This broad asset class is working well for it. Furthermore, you can buy cryptocurrency with a minimum investment of just $10.
Currently, you can gain access to over 40 cryptocurrencies on eToro. You can also buy Bitcoin and other cryptocurrencies. These include the likes of Ethereum, XRP, Litecoin and more. For beginners, eToro offers an easy-to-understand interface as well as a low minimum balance. Depending on where you are, you can get started with as little as $10.
eToro also offers a CopyTrader feature that allows you to search for top traders on its platform and copy their trades. The feature might not be useful for people who simply want to buy or sell, but for traders looking to speculate, this feature is amazing. It ensures that when these top traders make money, you do as well.
Pros
Cons
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Alvexo is an online forex broker that was founded in 2014. The service is owned by VPR Safe Financial Group Ltd – a financial services firm based in Cyprus. Alvexo is easily the best crypto exchange across the board.
Alvexo offers multiple asset classes for trading. Its versatility is a benefit. The service is available on mobile, although its user interface isn't the best. But, with enough time, you should be able to get used to it.
For crypto traders, Alvero is a great option. It offers margin trading, with up to 1:300 leverage outside of Europe. Spreads and trading fees are competitive, and Alvexo offers research tools to help manage your portfolio – or if you just want to know more about an asset.
Unresponsive support team
Capital.com is an interesting platform in the industry. The online broker is a renowned CFD platform that makes it easy for investors to buy and sell cryptocurrencies. CFD or contracts for difference are financial products that allow the investor to long or short an asset.
Capital.com offers access to hundreds of cryptocurrencies and an abundance of other CFD products. You can even get crypto-to-crypto crosses and pricing in lesser-known currencies like the Belarusian ruble. It has an attractive fee structure, including free deposits and withdrawals.
Pros
Binance is the world's largest Bitcoin exchange and one of the top cryptocurrency exchanges in UAE. It handles billions of dollars in daily trading volumes, and its services are used across the globe – even in the UAE.
Binance offers a mobile app and a desktop trading platform, impressive customer support, and top-notch security. Binance also offers margin trading for advanced traders, allowing you to access leverage of up to 1:30 to facilitate your trades. For advanced traders, Binance is a great option.
Fees on Binance are also pretty competitive – they're not the lowest in the industry, but they're not the highest as well. The exchange supports different deposit and withdrawal methods, and your transactions will be processed in minutes.
As long as you can get over Binance's clunky interface, you shouldn't have any problem whatsoever.
Cons
CoinMama is an up-and-coming crypto exchange based out of Israel. The service facilitates seamless trading and crypto purchases, allowing you to invest from the comfort of your home.
Unlike most exchanges, however, CoinMama doesn't just bring buyers and sellers together. The platform sells cryptocurrencies from its vault. This way, you transact with the company be assured there is no fraud.
CoinMama also has several payment options available, so you don't feel stranded. The service even accepts Apple Pay for purchases. That's how broad the payment options available to you are.
Transactions take minutes, and you can get your Bitcoin order fulfilled even faster, thanks to the exchange's considerable liquidity.
Pros
A crypto exchange is a service that facilitates the purchase and sale of cryptocurrencies. Exchanges bring buyers and sellers together, offering an enabling environment for them to do business.
The buyer leaves with their desired amount of cryptocurrencies, while the seller leaves with the money. Exchanges charge a fee for their service.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Crypto exchanges exist to connect buyers and sellers. Some do this by allowing peer-to-peer transactions, while others get involved and sell to – or buy from – their customers directly.
Crypto exchanges are divided into two types; centralised and decentralised crypto exchanges. While both facilitate the easy transfer of digital assets, they operate very differently.
Centralised exchanges (CEX) are the most popular means several crypto investors use to buy, sell, and trade cryptocurrencies. These exchanges usually serve as intermediaries or third parties and mediate between buyers and sellers.
Centralised exchanges hold the crypto assets of both transacting parties, with the buyer and seller not having express access to their crypto funds. CEX usually features the regular trading of a traditional market with popular offerings like margin and futures trading, spot and perpetual. Popular CEX platforms include Binance, Kraken, Coinbase, FTX, Bybit, and hundreds of others.
While CEX platforms have helped to onboard more investors, the absence of privacy and questionable securities due to hacks have seen several investors clamour for a more user-oriented exchange channel.
As the name denotes, a decentralised exchange is intrinsically different from a centralised exchange. Instead of relying on the order book to provide liquidity, decentralised exchanges use smart contracts and allow anyone to provide liquidity on a given asset. DEXes are also faster and enable more digital token transfers and swaps between popular and new digital assets.
Decentralised exchanges are mainly non-custodial, meaning users still retain ownership of their funds. This way, the chances of the funds being stolen through a security breach or the platform folding up and investors losing their money is minimal. They also eliminate the single point of failure since they are decentralised. While centralised exchanges charge in percentages, DEXes charges a blockchain fee, usually called a gas fee.
Some of the top DEX platforms are UniSwap, SushiSwap, PancakeSwap, and others.
Bitcoin exchanges are becoming increasingly popular, making it difficult to choose the right one. To help you through this, we have highlighted a few metrics you should look out for when selecting a crypto exchange.
We recommend using a crypto broker with the relevant regulatory licenses. The best crypto exchange is supervised by a top-tier financial authority such as the FCA. This ensures that your crypto funds and personal details are safe. Some regulatory bodies you should look out for are the FCA, CySEC, ASIC, SEC, and FinCEN.
Trading crypto can be a costly process, especially if you use a high fee-paying crypto exchange. We recommend using a crypto broker with a reasonable fee structure. eToro is our number pick in this regard. The platform allows you to trade for low fees, culminating in good savings in the long term. You should look out for deposit, withdrawal, and trading fees as well.
Every crypto platform supports different payment methods, and you should research to find out which. The best crypto platforms blend bank wire transfer, credit/debit card and e-wallet solutions like PayPal.
Even though cryptocurrencies are complicated by nature, a crypto platform should be easy to use. As a beginner investor in the crypto niche, you should look for a user-oriented trading platform that makes it easy for you to buy and sell cryptocurrencies with the click of a button.
If you are always on the move, then using a mobile trading app would go a long way in making your crypto investing journey easy. A top mobile app would come with all the attributes of the desktop application with a deposit, withdrawal, and token transfer. Real-time price alerts and advanced trading tools should also feature predominantly.
Customer support is also necessary for addressing issues that may come up. A top crypto platform is renowned for 24/7 support and remarkable response time. eToro offers some of the best customer service support in the crypto industry.
Here are the steps to follow to sign up on eToro – our pick for the best crypto exchange.
Navigate to the eToro website and click on the 'Join Now' button to access the registration page. You will need to provide your full name, mobile number, email address, and password. Alternatively, you can easily sign up with your Google or Facebook accounts.
eToro is a regular entity so you will need to complete the KYC process. To do this, upload a snapshot of your driver's license or official passport. You will also need to submit a copy of your recent utility bill or bank statement to verify your account.
To deposit, click on the action tab and click the 'Deposit Fund' button. Tap it to open the deposit portal. Select your preferred payment method and insert how much you want to fund your account.
Next, search for the crypto you want to invest in by typing the ticker symbol into the search bar.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
To buy the crypto you want, click on 'Trade' to open the order page. Once there, insert how much of the crypto you want to buy and click on 'Open Trade' to complete the process. The relevant amount of crypto assets will be deposited into your account. You can then transfer the crypto to your etoro crypto wallet.
For instance, if you want to buy BTC, insert the amount of Bitcoin and click on 'Open Trade' to conclude the transaction.
Cryptocurrencies have seen remarkable adoption partly due to the proliferation of crypto exchanges. These trading platforms have boomed with the broader crypto ecosystem providing an easy and simple format to buy and own blockchain-based assets.
From our review, we consider the social trading platform eToro as the best cryptocurrency exchange in UAE. The platform has a user-friendly interface, low deposit and trading fees, copy trading capability, and responsive customer support.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection. Your capital is at risk. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
The best crypto exchange for investors based in the UAE is eToro due to its plethora of digital assets, payment methods and low fees. We also recommend Alvexo, Capital.com, Binance, and Coinmama as the best cryptocurrency exchanges in UAE.
Although there are several options available, we recommend using eToro due to low fees, high security, copy trading tools, and multiple payment options.
eToro ranks as the safest Bitcoin exchange to use in the UAE. The social trading platform has no recorded history of suffering a security breach of users losing their funds due to its strict security measures. It is also heavily regulated by top-tier financial authorities including the SEC, FCA, CySEC, and ASIC.
You can easily sell Bitcoin on the eToro platform. To get started, select the top crypto asset and click on the 'Sell' button to liquidate your position. Once you are ready to withdraw, click on the relevant button to change your crypto assets back to fiat currency.
In terms of low fees, eToro ranks top. You get zero deposit fees for all supported payment methods and only pay a withdrawal fee of $5. This contrasts with Coinmama's deposit fee of 5% and Binance's fee structure for payments via debit cards.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.