As the popularity of cryptocurrency has grown, so has the need for cryptocurrency exchanges. Crypto trading platforms like Binance make it easy for people to approach cryptocurrencies and invest in them. From just a few niche platforms just a decade ago, there are hundreds of crypto exchanges now available with several crypto-related products and services.
In Kuwait, there are both international as well as localized exchanges focusing on the Middle East market available. We have compiled this list of the best crypto trading platforms in Kuwait to give you an overview of the various crypto exchanges in the country.
However, you should remember that cryptocurrencies are banned in Kuwait and trading crypto may be in violation of the country’s anti-money laundering laws. Therefore, you should properly weigh the pros and cons of crypto investments before putting your money in them.
Top 7 Cryptocurrency Exchanges in Kuwait
Rain
The first exchange on our list is Rain- a Bahrain-based cryptocurrency brokerage that serves customers across the Middle East including Kuwait. With Rain, you get 70+ cryptocurrencies for buying, selling and trading including Bitcoin and Ethereum. The platform claims to have a 0% trading fee and bank-grade security for assets.
Rain’s is quite a simple and intuitive exchange. Traders with differing levels of experience can easily use it. Rain generally supports the language(s) of the territories it operates in. You can also use it across multiple devices and manage your portfolio from anywhere.
Additionally, Rain is KYC-compliant and lets you conveniently buy cryptocurrency with your debit or credit card.
Features
✔️Caters to the Middle East region
✔️70+ cryptocurrencies available
✔️Shariah-compliant exchange
✔️Supports Kuwaiti Dinar(KWD)
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 great customer service
Users allege that swaps may not be truly free on Rain
Why We Picked It
Rain is a trusted cryptocurrency exchange primarily for crypto traders in the Middle East. It is a beginner-friendly platform that claims to not charge any fees for trades or swaps. Rain is secure, follows KYC norms and keeps the majority of the digital assets in cold storage.
BitOasis
BitOasis is a leading cryptocurrency exchange based out of the UAE and operating mainly in the Middle East and North Africa(MENA) region. It is a reliable platform for buying, selling and swapping cryptocurrencies in the region. There are 60+ cryptocurrencies available on BitOasis for both new and experienced traders.
BitOasis follows all KYC norms and enables you to view and manage your portfolio from multiple devices with its Android and iOS apps. It has a Lite platform which is for everyone and a BitOasis Pro version that can be used by veteran traders.
Apart from 200 trading pairs, BitOasis Pro has highly liquid orderbooks and advanced features like real-time price charts and indicators. The exchange also provides a dedicated support team and OTC services to 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 excellent customer service
The verification process is complex and lengthy 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.
Kraken
Kraken is one of the oldest crypto trading platforms that started operations more than a decade ago with just Bitcoin, Litecoin, and Euro trades. It has grown a lot since then and now offers over 200 cryptocurrencies for trading.
Kraken further has crypto indices, OTC services and many lucrative options for staking. The exchange supports both flexible and bonded products and you can always find something that suits your investment goals.
Kraken is a platform that is transparent about its reserves and has even published the Proof-of-Reserves report on its website. You can always access and verify the results if you wish to do so. You can also contribute towards making Kraken a safer platform by reporting vulnerabilities in the exchange via its Bug Bounty program and getting 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 crypto traders
Reports of accounts being closed on Kraken
Why We Picked It
It doesn’t matter if you’re just starting out or have been trading cryptocurrency for years, you will find something of use on Kraken. Here, you can invest in crypto indices or check out OTC services if you want to go beyond regular spot trading. Its high liquidity gives you a smooth trading experience.
Bybit
Bybit is a famous cryptocurrency exchange that is a regular on CoinMarketCap’s list of top crypto exchanges. Although it is mainly an exchange for derivatives trading, spot traders will also find Bybit to be plenty useful.
Bybit is an exchange where you can use USDC and USDT as collateral while swapping perpetuals. USDT is also used as collateral for inverse and options contracts here. You don’t need to learn complex trading strategies and can use the copy trading feature to copy the strategies of top traders.
Bybit anaIyzes your profile with AI’s assistance and then gives recommendations for investment tools. It also has its own 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 a great platform for trading crypto
User accounts are locked on Bybit
Why We Picked It
Bybit is an excellent choice particularly for derivatives traders. Its user interface is very smooth and it has high transaction settlement speeds. The crypto selection is adequate and you can dive into the Web3 world with the Bybit wallet.
OKX
OKX is a Seychelles-based crypto trading platform that rather than an exchange is a whole crypto ecosystem. This platform is powered by its native blockchain called OKX Chain and its native token known as OKB. OKX is particularly popular among crypto traders for its fast transactions, low trading fees and strong APIs.
Along with spot, margin and options trading, perpetual swaps are also available on OKX. Crypto loans are available here and crypto mining is also supported on OKX. The platform’s OKX Wallet is compatible with 40+ networks and you can use it to explore DeFi apps.
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 a user-friendly platform that is easy to use
OKX’s customer service can be better
Why We Picked It
OKX is an easy to navigate exchange that also supports a variety of trading options. The platform has a demo trading feature where you can test your trading strategies. Here, You can also explore DApps, try crypto mining or farm DeFi tokens.
eToro
eToro is not a proper cryptocurrency exchange but more of a platform for social trading and investment that also supports some cryptocurrencies. Therefore, the cryptocurrencies available here are less in number than other crypto exchanges but it makes up for that with a wide variety of other asset classes. You can, hence, trade different types of assets such as stocks too on eToro.
When it comes to security, eToro follows the highest possible standards. A combination of hot and cold wallets is used here for storing funds. eToro also uses encryption and masking technologies to protect users’ personal and financial information. It is one of the most secure platforms as it is heavily regulated by the relevant authorities in many countries such as Australia and the USA.
Features
✔️Mainly a social trading and investment platform
✔️75+ cryptocurrencies available for trading
✔️Has crypto, ETFs and stocks
✔️Five-level VIP club for users
Pros and Cons
✅Allows copy trading ❌Fewer cryptocurrencies are available
✅Properly regulated platform ❌Charges fees on inactive accounts
✅No charges for card deposits
✅Demo trading is supported
Trading Fees
Trading fees for the eToro platform
Wallet fees for eToro
Customer Reviews
Several asset classes are available on eToro
Some users are unsatisfied with eToro’s customer service
Why We Picked It
eToro features a wide variety of assets and not just cryptocurrencies. You can diversify your portfolio and keep your several investments in one place by using eToro. You will not find eToro’s social trading experience anywhere else.
Uphold
Uphold is not a cryptocurrency exchange exactly but rather a multi-asset trading platform that also supports some cryptocurrencies. While cryptocurrencies may not be its sole focus, Uphold still offers a decent choice of over 250 coins for trading.
Additionally, you can trade fiat currencies like USD and precious metals like gold and silver on it.
Uphold provides users with BTC worth $50 as a welcome bonus if they sign up and trade atleast $600 in an asset. The platform supports cross-asset trading as well i.e. you can trade BTC for USD or gold or silver if you wish to. You can also schedule regular trades on Uphold to minimize the impact of price volatility on your trades.
Uphold does not charge maker and taker fees like most other cryptocurrency exchanges. Instead, what it charges is a spread every time you trade on the platform. It is usually around 1.8% for areas outside the US and Europe. The spread can, however, be wider for assets with low liquidity
Features
✔️Multi-asset trading platform
✔️Over 250 crypto coins available for trading
✔️Charges spread on every trade
✔️Runs a bug bounty program with rewards
Pros and Cons
✅Supports cross-asset trades ❌Spreads are expensive
✅Excellent crypto selection
✅Offers a debit card
✅Minimal deposit requirements
Trading Fees
Service fees for Uphold platform
Customer Reviews
Uphold is a platform that is quite easy-to-use
Uphold’s customer service can be better
Why We Picked It
Uphold is an excellent choice to grow and diversify your investment portfolio. You can schedule automatic trades with a minimum impact of price volatility on your trades on Uphold. The minimum deposit amount here is low and it also offers a welcome bonus if you trade for trading above a certain threshold.
Top 4 Decentralized Exchanges in Kuwait
UniSwap
If we are talking about decentralized exchanges, we have to mention UniSwap. After all, this platform, developed on Ethereum, is one of the most famous Automated Market Maker(AMM) platforms.
AMM is a type of protocol wherein smart contracts are used to automate the process of providing liquidity on a DeFi platform. It is done by employing smart contracts where everything about the process of providing liquidity, the formation of liquidity pools and the standard method of swapping assets is detailed.
UniSwap is famous in large part due to its accessibility. It is quite a simple and navigable platform as far as decentralized exchanges go. Additionally, as it is based on Ethereum, traders on UniSwap can get access to a huge amount of ERC-20 tokens for swapping.
Hence, all you need is a crypto wallet such as Metamask or Trust Wallet to trade any ERC-20 token on UniSwap.The fees largely depend on the nature of the pair you’re planning to swap. Therefore, your transaction may fall into any of the four tiers for pool fees based on whether the pair being swapped is a ‘stable’ one or an ‘exotic’ pair.
Features
✔️Developed on the Ethereum blockchain
✔️Uses AMM protocol
✔️Four 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 decentralized platform
UniSwap does not have proper customer support
Why We Picked It
UniSwap is a DeFi platform popular among decentralized crypto trading enthusiasts. This exchange is very accessible and can be used with most mainstream crypto wallets. Here, you can get access to a variety of ERC-20 tokens for swapping. You don’t have to worry about your private information being compromised as UniSwap does not ask for it in the first place.
PancakeSwap
PancakeSwap is another popular decentralized trading platform. The main difference between PancakeSwap and its contemporaries like UniSwap though is that the former has been developed on the BNB Chain while the latter was built on Ethereum.
A major advantage of BNB Chain is that it helps PancakeSwap avoid the problems of network congestion and extremely high gas fees which are common among Ethereum-based DeFi platforms. However, since it uses the BNB Chain, mostly BEP-20 tokens can be swapped on PancakeSwap. The number of ERC-20 tokens available here is limited.
With the introduction of PancakeSwap v3, there are now four tiers for charging fees for swap transactions. Plus, the fees are far lower than the industry average. Here, you can also trade stable pairs with more efficiency and less slippage.
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 lots of tokens for swapping
PancakeSwap has a problem of pump and dump schemes
Why We Picked It
PancakeSwap does not ask for any sort of registration and you are good to go after connecting your crypto wallet. There are many crypto products available that you can check out. PancakeSwap also facilitates community governance by enabling CAKE holders to vote on governance proposals.
DODO
DODO is a DeFi project that addresses the limitations of AMM-based exchanges. This is why, it has adopted the Proactive Market Maker(PMM) system which helps provide better liquidity and price stability on the platform. DODO achieves this by utilizing oracles for better price discovery.
The token listing process is very easy here and you can do it for free with Initial DODO Offerings(IDOs). There are also no minimum deposit requirements or a minimum token lock-up period. Additionally, DODO allows cross-chain trading and helps users 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 offers traders price stability and zero impermanent loss. The platform also makes it easy to list tokens and gives you the freedom to create liquidity markets with the DODO Vending Machine. Cross-chain trading is also supported on DODO which is a big plus for many traders.
dYdX
dYdX is a next-generation DeFi project for derivatives trading. This is a platform that uses StarkWare- an Ethereum Layer 2 solution to provide users with a fast and seamless trading experience. Along with that, the use of StarkWare also helps dYdX provide better security and privacy on the platform.
Though it was developed primarily for trading derivatives, you can also conduct spot and margin trades on dYdX. The maker and taker fees are also not very high here with the highest maker fee tier being 0.020% and the highest taker fee tier being 0.050%.
Trading on dYdX has the additional benefit of using 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 choice if you want to trade derivatives as it has very low fees, dynamic interest rates and no gas fees for trading perpetuals. The mobile app is on par with the web version in terms of functionality which means you can trade from anywhere with dYdX.
Can I Trade Crypto in Kuwait?
All operations involving cryptocurrencies are prohibited in Kuwait. In July 2023, Kuwait’s financial regulator, the Capital Markets Authority(CMA) issued a circular confirming that cryptocurrencies and operations involving them such as mining, investments and payments were banned in the country.
Kuwait’s local regulators are further not allowed to issue licenses to firms providing virtual asset services as a commercial business. However, securities regulated by the Central Bank of Kuwait and other financial instruments regulated by the CMA are excluded from the latest prohibitions on cryptocurrency.
Additionally, the CMA has warned customers to be cautious of the risks associated with virtual asset trading. The CMA has also stated from time to time that cryptocurrencies have no legal status in Kuwait.
These measures including the ban on cryptocurrencies are a part of Kuwait’s efforts towards combating money laundering and terror financing.
The Bottom Line
Although there are crypto exchanges offering their services in Kuwait, they are not officially licensed as Kuwait has put a complete ban on cryptocurrency and related activities. However, there are still some platforms where you can access cryptocurrency even using the KWD.
Since cryptocurrencies are prohibited in Kuwait, it is always better to be cautious and aware of the regulations and penalties regarding the same. Crypto trading is a risky venture, especially in places where they are not allowed and therefore, you should carefully weigh the pros and cons before investing in cryptocurrencies.