Top Crypto Exchanges in the UAE

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The UAE is now a prominent cryptocurrency trading hub. It is also one of the sites of consistent blockchain innovation. Progressive culture and the growing interest in digital assets have allowed several exchanges to thrive. At the end of 2021, there were more than 5000 crypto exchanges in the world. Although the cryptocurrency ecosystem is brimming with opportunity, choosing the right exchange is vital. In this article we will guide you to find the top crypto exchanges in the UAE.

How to Choose the Top Crypto Exchanges in the UAE? 

The top variables to consider while choosing a crypto exchange are security compliance, trading prowess, fee and cost analysis, user accessibility, reputation, add-on features, geographic restrictions/supported currencies, and transparency. 

Top Crypto Exchanges in the UAE 

Here are the top crypto exchanges in the UAE based on these variables.

1. Uphold

Uphold is one of the top contenders for the top crypto exchanges in the UAE. It’s key attributes are security and transparency. It is a multi-asset trading platform functioning in more than 150 countries. It has audited proof of reserves, making it one of the most transparent platforms. It has an easy-to-use platform with hundreds of tokens and various trading tools. It allows regular transactions and limits order automation without locking up the funds.

 Prime Features

•  Multi-asset and multi-currency platform
• Transparent fee structure with zero trading commissions
• Simplified asset management features
•  Option to link bank account to the platform for easy transfer
• Long-term holding in vaults
• Crypto-backed loans
• Option to send funds to mobile money services for international transactions

Read More: Top White Label Crypto Exchange Providers in 2023

2. OKX

OKX is one of the prominent derivatives exchanges with a very large user base and trading volume. Thus, it has a high liquidity. There are several options for portfolio creation. 

The OKX platform has an in-built NFT Marketplace. It gives access to several top brands. It has a reasonable taker and maker fee. The platform has a simple trading platform, an advanced version, and a crypto app.

Prime Features

• 365 crypto assets and 675 pairs
• Futures and perpetual swap trading
•  Reliable trade execution with a slippage score of 500
•  Passive income options like high-yield crypto saving, staking, and liquidity farming
• Proof of reserves (1:1)
• Fiat to crypto onramps
• Global presence

3. eToro

eToro is one of the leading crypto exchanges in the UAE. It has a beginner-friendly landscape. It has easy-to-use tools, low trading fees, a simple design, various educational materials, and multiple-device accessibility. The trademark of eToro is its social copy trading features. It is regulated by ASIC, SEC, CySEC, and FCA. 

Prime Features 

• Integrated hot wallet
• Copy and social trading features
•  Easy buy/sell options
•  Low minimum deposit and average trading fee
•  Free demo account
•  Virtual trading portfolio for practice trading
  

4. Crypto.com

Crypto.com is an end-to-end crypto ecosystem. It includes an exchange, loans, an NFT marketplace, crypto debit cards, and more. It supports several cryptocurrencies and fiat currencies. It offers several trading options and passive income streams. Its competitive advantages are high liquidity, competitive spreads, and a deep order book.

Crypto.com is a good choice for a large-volume trader. The platform is integrated with TradingView, a charting and analysis platform. Thus, users can have access to advanced charting tools and analytic results.

Prime Features

• Leverage trading
• High-end analysis tools
• Crypto loans by using the crypto assets as collateral
• DeFi wallet with full access to private keys for decentralization
• Option to pay for goods/services with partner merchants
• NFT platform
• Crypto debit cards

5. Binance

Binance is a global crypto exchange. It has a huge daily trading volume and a large collection of crypto instruments. It supports several fiat currencies and offers several order types. Since it does not charge a withdrawal or deposit fee, it has one of the cheapest overall trading costs. The platform also provides APIs for users to integrate its features into trading bots or other applications.

Prime Features

• Low risk of slippage
• Staking rewards
• Binance LaunchPad – buy newly-launched tokens
• Educational resources
• High-end security
• Cryptocurrency debit card
• Crypto savings products
• Binance Launchpool

6. Kraken

Kraken is both a client interface and an advanced trading platform. It is the top choice for those looking to trade currencies with leverage (1:5). It has more than 65 cryptocurrencies, high liquidity, and advanced trading features. It has API support for traders and for automated trading. The platform has several educational resources including the ‘Kraken Security Masterclass’. It publishes research reports and market analyses via its Kraken Intelligence division.

Prime Features

• Proving Grounds – a feature to test strategies in a virtual environment
• Separate mobile app for futures trading
• High-end security features with regular security audits
• Staking options
•  Interest on cryptocurrency holdings
• Minimal slippage

7. Huobi

 Huobi is another global cryptocurrency exchange. It offers several trading options and supports 445 cryptocurrencies. It has high-end security features including anti-phishing code confirmation and multi-signature cold storage. It is suitable for several trading styles as it offers bot implementation, automated trading, and margin trading.

Prime Features

•  High-yield saving opportunities
•  Base trading fee, which can be lowered by holding HT tokens
•  200:1 maximum leverage
• Perpetual swaps allow leverage trading with no expiration date
• Hedging opportunities
• Passive income through staking

8. Bybit

Bybit is a crypto derivatives exchange with more than 400 coins and several order types. It offers trading pairs, automated trading, copy trading, and more. The platform has several passive income streams through crypto staking, DeFi mining, liquidity mining, and dual asset farming. Apart from taker and maker fees, Bit also charges funding and net platform trading fees.

Prime Features

•  Leverage trading
•  Inverse perpetual contracts
•  Access to deep order books and competitive spreads
• Cross and isolated margin trading modes
• A demo trading mode with virtual funds
• Multi-platform access
• Advanced liquidation engine

9. BitOasis

BitOasis is a leading crypto exchange platform customized for Middle Eastern clients. It supports more than 40 leading cryptocurrencies and AED trading pairs. The platform is packed with high-end trading tools. It offers a separate trading platform for advanced traders – the BitOasis Pro. 

The BitOasis Pro offers additional trading pairs and advanced order types suitable for professional traders. The platform has a BitOasis wallet for safe storage. It has security features like multi-signature technology and user-controlled private keys.

 Prime Features

•  Good liquidity and competitive spread
• Auto Buy feature for those looking to accumulate cryptocurrencies over time
• Buy/sell crypto using fiat currency
• Cryptocurrency visa card and an option to pay merchant bills using BitOasis Pay
• Top-notch educational resources

10. YaCrypto

YaCrypto is also in the list of top crypto exchanges in the UAE. It offers access to a wider market range with advanced tools customized for both beginners and experienced traders. The regulated exchange offers diverse investment options and end-to-end educational resources. Beyond the top cryptocurrencies, the platform supports several altcoins. It has a simple and quick signup process. 

YaCrypto is also a popular choice among forex brokers for cross-border transactions. The platform also shares associations with other major crypto exchanges, and over a million clients spread across more than 50 countries. Participants in YaCrypto enjoy high liquidity, evident from daily transaction volumes exceeding 40000. 

Prime Features

• High-end security, transparency, and faster processing
• Nominal deposit and withdrawal fee
• Options for collateral deposit for brokers
• Options for lending and borrowing cryptocurrencies
• User-friendly interface
• Copy trading and social trading
• Advanced trading tools
• Compliant with all UAE regulatory requirements

Why Top Crypto Exchanges in the UAE Prefer this Country?

The cryptocurrency market in Dubai has expanded in the last few years. The UAE government helps crypto investors to save taxes. This is because it offers a full exemption on taxes. The exemptions include all forms of operations. This includes mining or sale of NFTs, algorithmic trading, and sales.

In many countries, people need to report their profits in either FIFO (First in First out) or LIFO (Last in First out). This system varies according to the regulations. However, in the UAE, one need not worry about the costly calculations.

1. Diverse Financial Services Industry:

Dubai has a diverse financial services industry. This is crucial for the success of the cryptocurrency. Moreover, Dubai also has an advanced banking system. This is because the city along with the whole country is dotted with numerous local and international banks. The UAE also has enormous financial stability that offers liquidity, transactions, and secured storage. The country has a prosperous ecosystem and has much governmental backing for financial services.

2. Investor-Friendly Atmosphere for Top Crypto Exchanges in the UAE

Cryptocurrencies need fewer restrictions and regulations, otherwise, they discourage prospective clients. Fortunately, the UAE focuses strongly on attracting investments for the crypto industry. There are many free zones in the country such as Dubai Multi Commodity Center (DMCC). In Abu Dhabi, they have the Abu Dhabi Global Market (ADGM). Both these businesses have general trade licenses in Dubai. Furthermore, these free zones offer an ideal environment for attracting international investors. It also helps in better collaboration and innovation.

3. Favorable Regulations

Crypto innovations can thrive in environments in which the UAE backs favorable regulatory environments. The government takes many measures to establish regulatory frameworks for cryptocurrency. In 2021, the country has allowed the “Regulations of Crypto Assets” framework. This helps in better investor protection and guarantees stability. It improves anti-money laundering compliance. Moreover, many financial institutions will facilitate international partners and efficient communication.

4. Superior Technological Support

The country focuses on the development of Blockchain technology and Artificial Intelligence. This government has started many ambitious projects. There are many projects such as the Smart Dubai initiative. This will help the city into a leading smart city. It will help to empower blockchain technology. Technological commitments can help in creating a supportive ecosystem. It may improve research institutions and give businesses cutting-edge infrastructure. Moreover, it can improve the skilled workforce.

5. Indian Support for Crypto Innovations

India and the UAE enjoy good political relationships. In the current times, Dubai has become India’s crypto capital. This is because many Indian-origin workers spend their lives working in Dubai. The favorable policy environment does not curtail any form of innovation. It also provides many perks. The city offers a high quality of life and provides access to international markets. Ease of doing business and transparency are two other favorable factors in the UAE.

Dubai is the most popular crypto innovation center in the world. Top crypto exchanges in the UAE get taxation benefits and Dubai is a strategic location for strong monetary services. The city also offers an investor-friendly atmosphere which is crucial for crypto currencies in the world. It also establishes successful ventures in the world.

Wrapping Up

The cryptocurrency landscape is in a constant state of evolving. Thus, it is wise to trade in an exchange with a regulated trading environment, high-end tools, and compliances. A sustainable crypto brokerage or trading income depends on the reliability and quality of the exchange. Regulatory compliance, liquidity, fee, security, passive income streams, OTC services, trading options, and others should be the prime elements to consider.