With about 65,000 residents constituting nearly 1.9% of the country’s adult population, crypto trading is still limited in Oman though the interest in them is increasing. The cryptocurrency industry in Oman may further develop with its Vision 2040 program and the proposed regulatory framework for virtual assets.
As of now, crypto trading remains legal but unregulated in Oman. Cryptocurrency exchanges including those specifically for the Middle East operate in the country. Among these, if you are looking to find the best crypto exchanges in Oman, you are in the right place. We have compiled a list of the top crypto exchanges in Oman for your perusal.
However, note that this list is only for educational purposes and should not be considered a substitute for financial advice from a professional.
Top 7 Cryptocurrency Exchanges in Oman
Rain
The first exchange on our list is Rain- a Bahrain-based cryptocurrency brokerage that serves customers across the Middle East including Oman. With Rain, you can buy, sell and swap 70+ cryptocurrencies including Bitcoin and Ethereum. It claims to have a 0% trading fee and provides bank-grade security for assets.
Rain’s user interface is quite simple and intuitive. Traders with different levels of crypto trading experience can easily use it. It is a multi-lingual exchange that generally supports the language(s) of the territories it operates in. Further, you can use Rain across multiple devices and manage your portfolio from anywhere.
Rain is a KYC-compliant exchange and allows you to conveniently buy cryptocurrency with your debit or credit card.
Features
✔️Caters to the Middle East region
✔️70+ cryptocurrencies available
✔️Shariah-compliant exchange
✔️Supports Omani Rial(OMR)
Pros and Cons
✅No trading fees ❌Fewer cryptocurrencies available
✅Supports fiat-to-crypto trades
✅Mandatory KYC verification
✅Offline cold storage for assets
Trading Fees
Rain trading fees
Customer Reviews
Rain has good customer service
Users allege that swaps are not actually free on Rain
Why We Picked It
Rain is a trusted cryptocurrency exchange operating primarily in the Middle East. It is a user-friendly exchange that claims to not charge any fees for trades or swaps. Rain is a secure exchange that strictly follows KYC norms and keeps the majority of the digital assets in cold storage.
BitOasis
UAE-based BitOasis is a leading cryptocurrency exchange in the Middle East and North Africa(MENA) region. It is a secure and reliable platform to buy, sell and trade cryptocurrencies in the region. BitOasis offers 60+ cryptocurrencies for trading to both first-time buyers and professional traders.
It is a KYC-compliant exchange and allows you to view and manage your portfolio from multiple devices with its Android and iOS apps. Apart from the Lite platform which is for everyone, BitOasis has a Pro version that can be used by experienced traders.
Along with 200 trading pairs, BitOasis Pro offers highly-liquid orderbooks and advanced features such as real-time price charts and indicators. The exchange also offers OTC services at competitive rates and a dedicated support team for users.
Features
✔️Developed for the MENA region
✔️60+ cryptocurrencies available
✔️BitOasis Lite and BitOasis Pro platforms
Pros and Cons
✅Supports debit and credit cards ❌Limited cryptocurrencies available
✅KYC verification is compulsory ❌High withdrawal fee for non-UAE users
✅Cold wallets for storing assets
✅Advanced tools on BitOasis Pro
Trading Fees
Trading fees for BitOasis Lite
Trading fees for BitOasis Pro
Trading fees for crypto-fiat pairs
Customer Reviews
BitOasis has great customer service
The verification process can be lengthy and complicated on BitOasis
Why We Picked It
BitOasis is an excellent option for both beginner and advanced traders. You can easily buy cryptocurrency with bank transfers or debit or credit cards on BitOasis Lite. With the Pro platform, you can access features like real-time market charts and indicators.
Coinbase
Coinbase is a simple and accessible cryptocurrency exchange for beginner-level traders. With around 250 assets, you can find nearly all major and some niche coins as well on Coinbase.
If you’re in search of something more advanced, check out the Coinbase Pro platform. It features advanced charting and market tracking tools, unlike the basic version which is meant more for executing simple trades.
With the Coinbase mobile app, you can trade and manage your assets from anywhere. It is a solid app available on both Android and iOS devices and pretty much functions the same as the web version.
Coinbase, like most other exchanges, stores the majority of the user assets offline for security reasons. However, in addition to that, it has something called Coinbase Vault where you can enable time-delayed withdrawals for added safety of your funds.
Coinbase also supports many Web3 apps and you can the Coinbase wallet to explore popular Web3 apps such as Galxe, OpenSea and Magic Eden.
Features
✔️250+ assets for trading
✔️Basic and Pro versions available
✔️Native Coinbase wallet
✔️Cold storage and Coinbase Vault for security
Pros and Cons
✅Fantastic crypto selection ❌Expensive trades on basic version
✅Navigable interface ❌Customer service has bad reviews
✅App for Android and iOS devices
✅Advanced tools on Coinbase Pro
Trading Fees
Coinbase fees breakdown
Customer Reviews
Coinbase is a largely secure and reliable exchange
ID verification can often be a frustrating experience on Coinbase
Why We Picked It
Coinbase is a very beginner-friendly and accessible platform. It has been in the industry for more than a decade and offers a solid trading experience to users. There is an excellent portfolio manager and you can safely keep your assets in the Coinbase Vault.
Bybit
Bybit is a famous cryptocurrency exchange that regularly features on CoinMarketCap’s list of top crypto exchanges. Primarily for derivatives trading, Bybit has plenty on offer for spot traders as well.
On Bybit, you can use USDC and USDT as collateral while swapping perpetuals. For inverse contracts and options contracts, you can use USDT as collateral. You can also get started with copy trading wherein you can copy the strategies of top traders without having to learn about complex trading strategies.
Bybit gives you personalized recommendations for investment tools by analyzing your investment profile with the help of AI. It also has an in-built crypto wallet that enables you to dive into the world of DApps and Web3.
Features
✔️Chiefly for derivatives trading
✔️280+ spot pairs for trading
✔️Has the largest USDC Options Marketplace
✔️Native Bybit wallet available
Pros and Cons
✅Simple to use exchange ❌Not very suitable for spot trading
✅Trades are not costly ❌Trading stats are not verified
✅Supports many order types
✅Demo trading feature
Trading Fees
Bybit trading fees categorization
Customer Reviews
Bybit is an excellent exchange for cryptocurrency trading
Accounts are sometimes locked on Bybit
Why We Picked It
Bybit is an excellent option particularly for derivatives trading. It has a slick user interface and extremely fast transaction settlements. The crypto collection is adequate and you can also explore DApps with the Bybit wallet.
Kraken
Kraken is one of the oldest cryptocurrency exchanges that started operations more than a decade ago with just Bitcoin, Litecoin, and Euro trades. It has grown tremendously since then and now features 200+ cryptocurrencies that are available for trading.
In addition to that, Kraken has crypto indices, OTC services and lucrative staking opportunities for users. It supports both flexible and bonded products and you are bound to find something that suits your investment goals.
Kraken is quite transparent about its reserves and has even published the Proof-of-Reserves report on its website. Therefore, you can also access and verify these reports if you wish to.
Further, you can contribute towards making Kraken a safer platform by reporting vulnerabilities in the exchange via its Bug Bounty program and get rewarded for the same.
Features
✔️200+ cryptocurrencies for trading
✔️Basic and Pro platforms available
✔️Dynamic rates on the basic version
✔️Runs an active bug bounty program
Pros and Cons
✅Highly liquid exchange ❌Trading on basic version can be
✅Crypto indices available expensive
✅Excellent learning material ❌Reports of compromised accounts
✅Opportunities for staking assets
Trading Fees
Kraken Instant Buy fees explained
Trading fees for Kraken Pro
Customer Reviews
Kraken is a fine exchange for trading cryptocurrency
Reports of accounts being closed on Kraken
Why We Picked It
Whether you’re just starting out or have been in the crypto world for years, you will find something of use on Kraken. Apart from regular spot trading, you can also invest in crypto indices or take advantage of OTC services on Kraken. Its high liquidity provides a great trading experience and you can get some good returns on staked assets.
OKX
Seychelles-based OKX is not just a cryptocurrency exchange but a whole crypto ecosystem unto itself. Its whole ecosystem is powered by its native blockchain called OKX Chain and its native token OKB. The OKX exchange is particularly known for its fast transactions, low trading fees and strong APIs.
It supports spot, margin and options trading as well as also enables perpetual swaps. Crypto lending and crypto mining are also possible on OKX. The exchange’s native OKX Wallet is compatible with nearly 40 networks and can be used to explore DeFi apps. OKX also enables DeFi token farming via its Jumpstart Mining Initiative.
Features
✔️400+ cryptocurrencies for trading
✔️Native token OKB and native OKX Chain
✔️40+ networks compatible with OKX Wallet
✔️Jumpstart Mining for DeFi token farming
Pros and Cons
✅Fees are on the lower side ❌Covoluted fee structure
✅Multiple payment options ❌Poor customer service reviews
supported
✅Educational material available
✅Supports demo trading
Trading Fees
OKX trading fees breakdown
Customer Reviews
OKX is user-friendly and easy to navigate
OKX’s customer service is not very good
Why We Picked It
OKX is quite easy to navigate and supports a variety of trading options. It also has a demo trading feature where you can test out your strategies. You can also check out DApps, try mining cryptocurrencies or farm DeFi tokens on OKX.
Paybis
UK-based Paybis is a trusted cryptocurrency exchange with seven years of experience in the crypto industry. With just 30 cryptocurrencies, it does not have the largest crypto collection but it is a reliable exchange to buy and sell cryptocurrency.
On Paybis, you can easily buy cryptocurrencies like Bitcoin and Ether with your credit or debit card. The commissions here are very low and settlements are lightning-fast. You get your Bitcoin as soon as you make the payment. Paybis also features a conversion calculator that you can use to estimate the cost of purchasing a particular cryptocurrency.
Features
✔️30+ cryptocurrencies for trading
✔️Accepts debit and credit cards
✔️Has a crypto conversion calculator
Pros and Cons
✅Quick transactions ❌Fewer cryptocurrencies available
✅Active customer support ❌Mobile app not available
✅Multiple payment options supported
✅Fee structure is transparent
Trading Fees
Paybis fees explained
Customer Reviews
Paybis is an excellent professional exchange
Payments may fail on Paybis
Why We Picked It
Paybis is a professional no-nonsense exchange for cryptocurrency trading. You can easily estimate the cost of purchasing any cryptocurrency with its conversion calculator. There is also 24/7 multilingual customer support to attend to your queries.
Top 4 Decentralized Cryptocurrency Exchanges in Oman
UniSwap
Any review of decentralized exchanges is incomplete without the mention of UniSwap. This Ethereum-based exchange is one of the most famous Automated Market Maker(AMM) platforms.
AMM is a system wherein smart contracts are used to automate the entire process of providing liquidity on a DeFi platform by laying out everything about the process of providing liquidity, the formation of liquidity pools and the standard method of swapping assets.
UniSwap owes its popularity in large part to its accessible nature. It is quite a simple and navigable platform as far as decentralized exchanges go. Plus, since it runs on Ethereum, UniSwap gives traders access to a huge amount of ERC-20 tokens for swapping.
Therefore, all you need to do is connect a crypto wallet such as Metamask or Trust Wallet to trade any ERC-20 token on UniSwap. Depending on the nature of the pair you’re swapping, your transaction may fall into any of the following fee tiers- 0.05%, 0.30% or 1%. It generally depends on whether the pair being swapped is a ‘stable’ one or an ‘exotic’ pair.
Features
✔️Developed on the Ethereum blockchain
✔️Uses AMM protocol
✔️Three tiers for pool fees
✔️Native token is called UNI
Pros and Cons
✅Access to ERC-20 tokens ❌No verification of coins before listing
✅Maintains privacy and anonymity
✅User-friendly exchange
✅Has a bug bounty program
Trading Fees
UniSwap fees explained
Customer Reviews
UniSwap is an easy-to-use standard decentralized exchange
UniSwap has no official customer support
Why We Picked It
UniSwap is a famous DeFi exchange that can be used with any major crypto wallet. It is quite an accessible platform and gives you access to several ERC-20 tokens for trading. Your privacy is maintained while using UniSwap as no personal information has to be submitted prior to trading.
PancakeSwap
PancakeSwap is also a popular decentralized exchange. However, one key difference between PancakeSwap and its contemporaries like UniSwap is that the former has been developed on the BNB Chain while the latter runs on Ethereum.
The BNB Chain has helped PancakeSwap avoid the problems of network congestion and extremely high gas fees which are common among Ethereum-based DeFi platforms. One thing to note about PancakeSwap is that since it uses the BNB Chain, mostly BEP-20 tokens can be swapped here. The number of ERC-20 tokens available is quite small.
The PancakeSwap v3 has introduced four tiers for charging fees for swap transactions. The fees are lower than the industry average which is good news for traders. For stable pairs, PanckaeSwap has a StableSwap feature which facilitates stable pair trades with lesser slippage and more efficiency.
Features
✔️Developed on the BNB Chain
✔️Four tiers for trading fees
✔️Native token is called CAKE
✔️Community governance by CAKE holders
Pros and Cons
✅No registration required ❌BTC trading not available
✅Trading of BEP-20 tokens ❌Problem of scams
✅StableSwap for stable pair trades
✅Has yield farms for staking tokens
Trading Fees
PancakeSwap trading fees
Customer Reviews
PancakeSwap is a great exchange with many tokens available for swapping
PancakeSwap has an issue with low-quality coins and scams
Why We Picked It
You don’t need to register to trade on PancakeSwap. Just connect your crypto wallet and you are good to go. It has several crypto-related products that are bound to get your attention. Further, you get to vote on proposals related to the development of the platform if you hold the CAKE token.
dYdX
dYdX is a next-generation DeFi platform meant primarily for derivatives trading. Its use of StarkWare- an Ethereum Layer 2 solution provides users with a fast and seamless trading experience. Apart from that, StarkWare also helps it provide better security and privacy on the platform.
Though it was developed with mainly derivatives trading in mind, you can also conduct spot and margin trades on dYdX. The maker and taker fees are also quite low here with the highest maker fee tier being 0.020% and the highest taker fee tier being 0.050%.
Further, trading on dYdX has the advantage of utilizing dynamic interest rates and not having to pay gas fees.
Features
✔️Runs on the Ethereum chain
✔️Derivatives trading exchange
✔️StarkWare Layer 2 solution for smooth trading
✔️Native coin called DYDX token
Pros and Cons
✅Transactions are quickly ❌Limited trading pairs
settled
✅Low-volume trades are free
✅No gas fee for perpetual trading
Trading Fees
dYdX trading fees
Why We Picked It
dYdX is a good option for derivatives trading as it has very low fees, dynamic interest rates and no gas fees for trading perpetuals. It has a mobile app that is on par with the web version in terms of functionality.
DODO
DODO is a platform that improves upon the limitations of AMM-based exchanges. For this reason, it has adopted the Proactive Market Maker(PMM) system to ensure better liquidity and price stability on the platform. DODO does this by using oracles for better price discovery.
The token listing process on DODO is quite easy and you can do it for free via Initial DODO Offerings(IDOs). For liquidity providers, there are no minimum deposit requirements or a minimum lock-up period for tokens. Further, DODO supports cross-chain trading and enables users to create liquidity markets with the help of the DODO Vending Machine.
Features
✔️Runs on the Ethereum chain
✔️Utilizes PMM system
✔️Native token is called DODO Coin
✔️Uses oracles for better price discovery
Pros and Cons
✅Enables cross-chain trading ❌Relatively lower usage
✅Easy coin listing
✅No minimum deposit for liquidity
providers
Trading Fees
DODO trading fees explained
Why We Picked It
DODO has overall better price stability and no possibility of impermanent loss. It makes it easy to list tokens on the platform and gives you the freedom to create liquidity markets with the DODO Vending Machine. DODO also allows cross-chain trading which is a big plus for many traders.
Is Crypto Allowed in Oman?
Cryptocurrencies are not exactly legal in Oman but there is no law prohibiting crypto trading either. While Omanis do hold and invest in cryptocurrency, the Central Bank of Oman(CBO) has adopted a more cautious approach.
In October 2022, it released an advisory asking citizens to be cautious while dealing with cryptocurrencies due to the risk of fraud.
Since then, the CBO has issued advisories from time to time stating that it has not licensed any cryptocurrency trading platforms and the country’s currency banking laws do not cover digital currencies and activities related to them.
However, Oman’s Vision 2040 seeks to transform the Gulf country’s economy. Keeping in line with this, the country’s financial market regulator, the Capital Market Authority(CMA) is looking into establishing a regulatory framework for the crypto industry.
The framework is expected to include a licensing process for virtual asset service providers(VASPs) and a proper regime to mitigate risks related to virtual assets. Activities like initial coin offerings, crypto products and services and the issuance of crypto assets.
Conclusion
Cryptocurrency trading is still somewhat of a niche industry in Oman though interest in cryptocurrencies is increasing day by day. Although there is no licensing regime, many cryptocurrency exchanges are operating in Oman and offering their services in the country.
Finding the best crypto exchange may seem like a difficult task but our review of different exchanges in Oman will make it easier.
Ultimately though, what is best depends on your investment goals and preferences. The only thing to remember here is that cryptocurrencies are extremely volatile assets and you should exercise caution while investing your money in them.