The United Arab Emirates(UAE) is one of the progressive destinations when it comes to cryptocurrency and digital assets. With its UAE Blockchain Strategy 2021, it aims to become a global center for crypto businesses in order to boost its economy.
With its transparent regulations and business-friendly infrastructure, the UAE has attracted lots of fintech firms to start operations in the country.
UAE residents can, therefore, legally buy, sell and own cryptocurrencies. With many international exchanges setting up bases in the country and new local exchanges coming up, Emirati traders are spoilt for choice.
Let us have a look at some of the best cryptocurrency exchanges in UAE to help you better understand the features and fee systems of different platforms. This will definitely help you in making a more informed decision regarding whether to go for crypto trading or not.
Top 8 Cryptocurrency Exchanges Operating in UAE
Rain
Rain is a Bahrain-based cryptocurrency brokerage serving customers across the Middle East including the UAE. It is a KYC-compliant exchange where you can directly buy cryptocurrency with your debit or credit card. Here, you can buy, sell and swap over 70 cryptocurrencies including Bitcoin and Ethereum.
Rain provides bank-grade security for assets and claims to have zero trading fees. It is a straightforward and intuitive exchange so that all types of crypto traders can easily use it. Rain is a multilingual exchange and is available in Arabic as well as English. It is compatible with multiple devices and can be used anywhere anytime.
Features
✔️Developed for the Middle East region
✔️More than 70 cryptocurrencies available
✔️Compliant with the Shariah
✔️Supports Emirati Dirham(AED)
Pros and Cons
✅Zero trading fees ❌Limited cryptocurrencies
✅Fiat-to-crypto trades supported
✅KYC-complaint exchange
✅Assets kept in cold storage
Trading Fees
Trading fees for Rain
Customer Reviews
Rain is an easy-to-use and friendly platform
Users say trades are not really free on Rain
Why We Picked It
Rain is a trusted and safe cryptocurrency exchange with mandatory KYC verification. It has been created keeping in view the specific needs of crypto traders based in the Middle East. Rain is quite user-friendly and claims not to charge any fees for trades or swaps.
BitOasis
BitOasis is a home-grown exchange that caters primarily to crypto traders in the Middle East and North Africa(MENA) region. It is one of the leading and most secure exchanges to buy, sell and swap cryptocurrencies in the UAE. Here, you can easily buy 60+ cryptocurrencies with the Emirati Dirham(AED).
Besides the web version, BitOasis has mobile apps for Android and iOS devices so you can view and manage your portfolio from anywhere. There are essentially two versions of the platform- BitOasis Lite for casual traders and BitOasis Pro for experienced traders.
The Lite platform can be used by everyone for trading cryptocurrencies while the Pro version has more advanced features such as real-time price charts and indicators. BitOasis Pro also has highly-liquid orderbooks along with 200+ trading pairs. Additionally, it also offers OTC services to users.
Features
✔️Local home-grown exchange
✔️Over 60 cryptocurrencies available
✔️Two versions- BitOasis Lite and BitOasis Pro
Pros and Cons
✅Accepts debit and credit cards ❌Fewer cryptocurrencies available
✅KYC is mandatory
✅Assets kept in cold wallets
✅BitOasis Pro for advanced traders
Trading Fees
BitOasis Lite fees
BitOasis Pro fees
Crypto-fiat pair trade fees
Customer Reviews
BitOasis has excellent customer service
The verification process is lengthy on BitOasis
Why We Picked It
BitOasis is a great platform for all types of crypto traders- whether beginners or veterans, casual or professional. On BitOasis Lite, you can directly buy cryptocurrency with your debit or credit card. The Pro version gives you access to several features like real-time price charts and indicators.
Binance
Binance is a famous exchange that offers its services in several countries across the world including the UAE. This exchange has a plethora of options for you- whether in terms of trading or other crypto-related products and services. It has a variety of 350+ cryptocurrencies for trading which ranges from always in-demand ones like BTC to more niche ones like ILV.
If spot trading is too basic for you, you can check out margin or derivatives trading, P2P trading or swap farming on Binance. With its strategy trading feature, you can also trade like a pro by simply copying the strategies of top traders.
Binance’s NFT marketplace carries several popular collections and many fan tokens and open mystery boxes. Further, it is a completely KYC-compliant exchange and ensures that all data is secured with end-to-end encryption such that only the users can access it.
Features
✔️World’s largest cryptocurrency exchange
✔️Over 350 cryptocurrencies available
✔️Native token is called BNB
✔️NFT marketplace with fan tokens and IGOs
Pros and Cons
✅Excellent coin selection ❌Can be complicated to use
✅Many trading types supported ❌Major hacks and cyber attacks
✅Offers a Binance Visa card
✅Supports strategy trading
Trading Fees
Binance trading fees explained
Customer Reviews
Binance Visa card is liked by users
Binance can be sometimes complicated to use
Why We Picked It
Binance can be a good option due to its variety of cryptocurrencies and crypto-related products. However, it is a platform that is suited more for intermediate and above-level traders rather than beginners. It has several features and products that are worth exploring.
Coinbase
Coinbase is one of the oldest cryptocurrency exchanges and a great place to start your crypto journey due to its straightforward and minimalist interface. You can use the web version and/or the mobile app which has all the features and simplicity of the web version.
Coinbase’s native wallet is a self-custody wallet i.e. it allows you to retain the control of your private keys. The Coinbase Vault offers additional security for your assets with its time-delayed withdrawal feature. Further, the exchange holds user assets on a 1:1 basis. It is also quite open about the way it collects and uses the users’ data.
Features
✔️Second-largest cryptocurrency exchange in the world
✔️250+ assets available for trading
✔️Two versions of the exchange- Basic and Pro
✔️In-built Coinbase wallet
Pros and Cons
✅Fantastic crypto selection ❌Fees are on the higher end
✅Public company ❌Bad reviews for customer service
✅Self-custody wallet
✅Solid mobile app
Trading Fees
Coinbase trading fees explained
Customer Reviews
Coinbase is a fine exchange for trading cryptocurrency
The charges on Coinbase can be expensive
Why We Picked It
Coinbase is a straightforward and intuitive exchange that is a fantastic option for traders that are just starting out with cryptocurrency trading. Since it is a public company, its accountability standards are higher than many of its contemporaries. Further, the Coinbase wallet lets you retain control of your private keys and its mobile app provides a seamless trading experience.
Bybit
These days, one exchange that is on every crypto trader’s radar is Bybit. This is not just because it has a great 280+ spot trade pairs but also because of its extremely competitive fees.
For instance, the spot fees even at the lowest non-VIP level are just 0.1% on Bybit. Even the derivatives fees at 0.06% taker fees and 0.01% maker fees are quite reasonable. Even this comes down to zero maker fees for higher VIP levels.
Bybit has a 100k TPS matching engine and 99.99% system functionality to make sure that there is minimum to no delay in processing transactions. It takes utmost effort to ensure that users don’t face any inconvenience due to server downtime.
Bybit is perfect for both beginner and advanced traders. While new traders can just buy cryptocurrency with fiat, experienced traders would like its advanced charting and analysis tools.
Features
✔️Largest USDC Options marketplace
✔️Over 280 spot pairs available
✔️Supports spot, derivatives and options trading
✔️Multilingual exchange
Pros and Cons
✅Low trading fees ❌Derivates can be risky
✅Fast transaction settlements ❌Trading stats are not
✅Beginner-friendly exchange verified
✅Spot grid bots to automated trades
Trading Fees
Bybit trading fees explained
Customer Reviews
Bybit has a fantastic interface and several trading options
Accounts may get locked on Bybit
Why We Picked It
Bybit is an excellent cryptocurrency exchange for beginners and professionals alike. It has low trading fees and supports several order types including options and perpetual trading. Its 100k TPS matching engine ensures transactions are quickly settled and there is also an insurance fund to protect user assets.
eToro
eToro, while mainly a social trading and investment platform, also offers cryptocurrencies for trading to its users. It is a brokerage that promises a unique social experience while trading cryptocurrencies and other assets.
In fact, eToro was one of the first places to introduce the concept of copy trading on their platform. With copy trading, you can follow and imitate the strategies of established traders and apply them to your trades.
eToro’s prices may seem high with its flat 1% fee for buying and selling cryptoassets but it is a good trade-off for the level of security and regulation provided by the platform.
On joining eToro’s VIP club, users get several benefits depending on their level of membership. The benefits of these five levels range from Trading Central access to discounts on withdrawal fees and dedicated account managers.
Features
✔️Mainly a social trading and investment platform
✔️Over 75 cryptocurrencies available
✔️Supports stocks, crypto and ETFs
✔️Runs a VIP club with five levels
Pros and Cons
✅Copy trading supported ❌Limited cryptocurrencies available
✅Heavily regulated exchange ❌Inactivity fee charges
✅Free card deposits
✅Demo trading available
Trading Fees
eToro trading fees explained
eToro wallet fees explained
Customer Reviews
eToro has a wide variety of assets for trading
Users are not impressed with eToro’s customer service
Why We Picked It
Along with cryptocurrencies, eToro also offers stocks and ETFs for trading. Therefore, for people who want to invest in different asset classes in one place, eToro is a good option. It is heavily regulated by authorities around the world and offers a unique trading experience that may not be found elsewhere.
OKX
Seychelles-based crypto exchange OKX is quite easy to use even if you don’t have much experience with cryptocurrency trading. It has a healthy collection of 400+ cryptocurrencies for users to choose from. Not only that but it also has its own OKX blockchain, a native token OKB and a native crypto wallet.
If you want to go beyond basic crypto buying and selling, OKX offers crypto asset staking in its mining pools with some lucrative returns. Margin and derivatives trading are also supported here and you can also explore DApps with the OKX Wallet.
Not only does OKX use cold storage for user assets but it also makes sure that not more than 1,000 BTC are kept in one cold wallet address. The exchange also maintains an asset risk reserve fund for protecting user assets. Beyond 2FA, you can also switch on anti-phishing code and mobile verification on OKX.
Features
✔️More than 400 cryptocurrencies available
✔️Native OKX Chain and native OKB token
✔️OKX wallet supports 40+ networks
✔️Layout can be customized on advanced platform
Pros and Cons
✅Multiple order types ❌Several controversies related to
✅Several payment options supported the exchange
✅High APY on staked assets ❌Complicated fee system
✅Demo trading feature available ❌Poor customer service
Trading Fees
OKX trading fees explained
Customer Reviews
OKX provides a smooth trading experience
OKX’s customer service is not very responsive
Why We Picked It
OKX has a fantastic interface that makes it easy to use across devices. Its layout is quite simple and beginners would not have much problem navigating the exchange. Further, OKX’s FAQ section is very comprehensive and has detailed answers for nearly every possible query.
Uphold
Uphold, launched in 2015, is a multi-asset platform for trading different types of assets such as fiat currencies, precious metals like gold and silver as well as cryptocurrencies. There is no commission for trading on Uphold though it does charge a spread for the same. The spread is generally around 1.8% for regions outside Europe.
There are many opportunities for staking assets on Uphold and you can earn rewards for the same. Its “Cryptionary” section teaches you about terms associated with crypto trading and even about the crypto world in general.
Maintaining strong passwords and enabling 2FA is standard security procedure on Uphold. Security audits and penetration tests are also conducted here on a regular basis.
Features
✔️Several asset types supported
✔️200+ cryptocurrencies available for trading
✔️Offers a debit card with rewards
✔️2FA and security audits to maintain platform safety
Pros and Cons
✅Wide variety of assets ❌Spreads are costly
✅Supports cross-asset trading ❌Limited customer support
✅Crypto staking opportunities
✅Comprehensive learning resources
Trading Fees
Uphold service fees explained
Customer Reviews
Uphold is an easily navigable platform
Withdrawing funds can be a frustrating experience on Uphold
Why We Picked It
Uphold has a wide variety of assets- bet it fiat currencies, precious metals or cryptocurrencies. Even among cryptocurrencies, it has a great selection of 200+ coins for trading. You can easily trade crypto with fiat or precious metals like gold or silver here.
Top 2 Decentralized Exchanges in UAE
UniSwap
UniSwap is a popular decentralized exchange for swapping ERC-20 tokens. An Ethereum-based platform, it uses the Automated Market Maker(AMM) system for its core functions.
AMM refers to a collection of smart contracts that tell everything about the way liquidity is to be provided, liquidity pools are to be created and assets are to be swapped.
The biggest advantage of UniSwap is that you don’t need to hand over any sort of identifying information to trade on it. You just need a crypto wallet that is compatible with the platform and you are good to go.
Fee charges are applied on UniSwap as per the nature of the pair being swapped. Your swap pair can fall into any of the four tiers of 0.01%, 0.05%, 0.30% and 1% depending on whether it’s a “stable” pair or a “wild” one.
Features
✔️Created on the Ethereum blockchain
✔️Native token is called UNI
✔️Platform governed by UNI holders
✔️Four tiers for pool fees
Pros and Cons
✅Enables instant trading ❌Ethereum gas fees can be costly
✅Privacy and anonymity maintained ❌Coins are not vetted
✅Democratic governance
✅Compatible with major crypto wallets
Trading Fees
UniSwap v3 trading fees explained
Customer Reviews
UniSwap is a decentralized exchange widely popular among traders
Uniswap has no customer service mechanism
Why We Picked It
UniSwap is quite simple as far as decentralized exchanges are concerned which makes it ideal for new traders. There is no registration or ID verification process and you can start trading as soon as you connect your crypto wallet to the platform.
PancakeSwap
PancakeSwap, like the similar-sounding UniSwap, is a decentralized exchange where you can swap cryptocurrencies without needing to go through a registration and identity verification process. Connect any crypto wallet that is compatible with PancakeSwap and you can instantly start trading.
What majorly differentiates PancakeSwap from other similar platforms is its underlying blockchain. Most AMM-based decentralized exchanges run on Ethereum but PancakeSwap has been developed on the BNB Chain to avoid issues like network congestion and prohibitively high gas fees.
Further, since PancakeSwap is a non-custodial exchange, you never hand over assets to anyone and always retain control over your private keys. It has some unique products like lottery programs where you can win CAKE tokens and syrup pools to stake CAKE.
Features
✔️Created on the BNB Chain
✔️Employs the AMM protocol
✔️Native token is known as CAKE
✔️Uses multisig smart contracts for security
Pros and Cons
✅BEP-20 token swapping ❌Limited ERC-20 tokens
✅Users retain custody of private keys ❌BTC not available
✅Ingenuine product suite
✅Community governance
Trading Fees
PancakeSwap trading fees explained
Customer Reviews
PancakeSwap is a fine exchange liked by users
PancakeSwap may have a problem with low-quality tokens
Why We Picked It
PancakeSwap’s biggest advantage is that it does not face problems like slow transaction speeds and high gas fees common among Ethereum-based exchanges. Further, its v3 has introduced higher liquidity and more capital efficiency. The platform is also very open about the way trading fees are used and allocated.
Is Crypto Legal in Dubai?
Yes, cryptocurrency is allowed in Dubai. In fact, not just Dubai but the whole of UAE has a favorable attitude towards cryptocurrencies. The Central Bank of the UAE(CBUAE) started regulating cryptocurrencies in 2017 and stated that digital asset transactions of any sort had to be done through authorized exchanges.
Therefore, there is a great emphasis on regulating cryptocurrencies to prevent their use for illegal activities such as money laundering and terror financing. For this, the Securities and Commodities Authority(SCA) issued a federal-level regulation for crypto assets in 2020.
This regulation covers various aspects related to digital assets and lays down standards for offering, issuing and trading crypto assets via Initial Coin Offerings(ICOs) and exchanges. It also sets requirements for crypto market participants such as investors, custodians and trading platforms.
Among the seven Emirates that constitute the UAE, Dubai has emerged as a particularly crypto-friendly destination which is why many cryptocurrency exchanges have been setting up their headquarters there. It passed the Virtual Assets Law in 2022 to provide legal definitions for digital assets and establish a licensing regime for crypto exchanges.
Note here that the term digital asset covers cryptocurrencies as well as tokens and Non-Fungible Tokens(NFTs). The Virtual Assets Law has also established the Dubai Virtual Assets Regulatory Authority(VARA) to regulate and govern cryptocurrencies and other digital assets like NFTs.
Further, since there are zero taxes on capital gains for tax residents in Dubai and crypto assets are treated as property, investors don’t need to pay taxes on profits gained from cryptocurrency trading in Dubai.
Conclusion
The UAE and Dubai particularly are emerging as crypto-friendly destinations in the Middle East region. The clear regulatory terms and the favorable taxation regime has attracted lots of crypto firms to the country. UAE residents, therefore, can easily invest in cryptocurrencies and trade them on authorized exchanges.
There are a plethora of options available for crypto traders in the UAE- whether in terms of centralized or decentralized exchanges, the number and type of assets available or the trading types supported. Of course, among all these, the best cryptocurrency exchange is always the one that is compatible with your personal investment style and goals.