Best Cryptocurrency Exchanges in UAE
If you are a UAE resident and have made your mind up to invest in cryptcurrencies, then one of the biggest confusions you are faced with is selecting a cryptocurrency exchange. Choosing a reliable cryptocurrency here is necessary.
Many exchanges in the past have engaged in fraudulent practices which have cost a great deal of financial loss to their users. Thus, you must be careful which cryptocurrency you choose. Following are the list of cryptocurrencies that are accessible and have been generally considered as trustworthy by the public.
BitOasis started its operations in 2015 and is located in Dubai which makes it one of the favorite options for UAE cryprocurrency traders. It allows transactions in USD and AED as well as the use of local credit cards. It helps buyers buy and sell Bitcoin and other cryptocurrencies and also provides an option for users to store crypocurrencies on its platform through online web wallets.
Like all the international cryptocurrency exchanges, Bitoasis has been keen to provide security to its users and allows multi-signature features for transactions. Moreover, it provides three different keys to its users. Firstly, there is a BitOasis key. Secondly, there is an Independent Security key. Thirdly, there is a Recovery key in the case of a disaster. The only downside of BitOasis is that they have one of the highest fees in the crypto exchange world. They are capitalizing on the fact that they are almost in monopoly in the Middle East.
To test out their platform yourself just click here.
Palmex was recently created by Arabianchain Technology in UAE. The company is focused on boosting the progress of Blockchain and cryptocurrency technologies in UAE. Palmex consists of advanced features for trading that consist of trading charts and tools used heavily by professional cryptocurrency traders.
Currently, Palmex is working to integrate a bunch of fiat currencies for depositing funds. However, it accepts Bitcoin and Ethereum for trading as well as regional cryptocurrencies like DubaiCoin. The trading tools provided by Palmex are amongst the best in the industry but due to its nascent state, it requires some time to become stable and establish itself along with the top exchanges of the world.
Changelly is one of the oldest Bitcoin exchanges, founded in 2013. Today, it stands as one of the most popular and reliable exchanges to trade Bitcoin. It supports almost 80 cryptocurrencies including Ethereum, Monero, Dash, Stellar and others. Similar to other international exchanges, Changelly also provides two-factor authentication.
Moreover, it possesses one of the most beautiful websites, especially when compared to other exchanges. However, sometimes the website gets slow, and the user-experience suffers. Additionally, the API of Changelly has been misused by hackers as part of their phishing campaigns to cheat cryptocurrency investors.
Are you confused about choosing which cryptocurrency exchange to buy from? We would advise you to spread yours funds to multiple exchanges. It would be better to choose the local crypto exchange BitOasis to buy Bitcoin and Ethereum as it has become a preferred option for many locals.
Moreover, Palmex can be used alongside to gain insights related to trading. With local exchanges, you can always contact them and meet them physically if something goes wrong, something which you cannot do with other international exchanges like Changelly.