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Choosing the best crypto exchange in Dubai

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Investing in cryptocurrencies is an alternative way to enter the market. The cryptocurrency world has seen immense growth over the past few years, with people investing in it more often than before. However, certain factors must be considered while choosing a crypto exchange. A crypto exchange is a place where investors can buy, sell or exchange cryptocurrencies for others or fiat currencies.

Liquidity

An asset’s ease to be purchased or sold without disturbing the general stability of its price is called liquidity. This factor becomes pertinent because coin prices are ever fluctuating. If one wishes to sell their cryptocurrencies quickly, they need to ensure sufficient liquidity is provided on the exchange.

Payment methods available

There are exchanges where only fiat currency can be exchanged for cryptocurrencies, whereas some allow traders to buy cryptos using credit cards and debit cards. However, before signing up with any crypto exchange, it is crucial to check on these payment options and inquire about charges levied per transaction. These charges differ from exchange to exchange, and this depends heavily on what type of trader you are, i.e., a high-frequency trader would want to opt for a platform that would not charge them high per transaction.

Supported Digital currencies

This factor is vital for those looking to trade globally and is not restricted by geographical borders. There are exchanges like Bitfinex and Bittrex, which claim to support more than 190 cryptocurrencies, whereas some restrict themselves with just 5-6 cryptos on their platform. Thus, before signing up with any crypto exchange, check the supported digital currency list, as this will play a huge role in investing your money into the right cryptocurrency. Factors such as the age of the currency and volatility also contribute towards its long-term growth potential.

Security features provided

Various security measures protect cryptocurrencies stored on different exchanges. For example, Binance has a multi-factor authentication process to ensure the safety of clients’ funds. All traders must know these security features before signing up with any exchange. This factor becomes even more critical in case trades are carried out on an online platform as opposed to physical exchanges where traders can physically verify their account balances.

Crypto exchanges in Dubai

BitOasis

BitOasis is a cryptocurrency exchange based in Dubai, UAE. It was established in January of 2016 by Ola Dudin and Hassanath Al-Kitbi. The company focuses on the Middle Eastern market. BitOasis is registered with FINCEN (US), is governed by AML/KYC (Anti-money laundering / Know Your Customer) policies and implements both 2 Factor Authentication (2FA) to logon accounts and email verification for withdrawals. It is also one of the few exchanges that work with verified investors worldwide.

BitBay

BitBay has two crypto exchanges; one based in Poland called BitBay.net, and another in Dubai called BitBay.ae. It is an online platform for buying and selling cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Monero, etc. and Fiat (USD/EUR). The exchange was founded by David Zimbeck and can be accessed through a custom website or trading platforms like Metatrader4 (MT4) and Mac Trading.

Palmex

Palmex is UAE’s first Crypto Exchange that focuses on the internal market (UAE Dirhams only). With an easy to use interface and secure transactions, it became one of the preferred exchanges in the Middle East region. Palmex offers investors a high level of security with its two-factor authentication option. It also provides high liquidity for its trading platform. Additionally, it offers low fees for withdrawals and deposits, making it a cheap option to trade in the UAE Crypto market.

Bits Blockchain

Bits Blockchain is another crypto exchange based out of Dubai. It has been operative since 2016 and is registered with FINCEN (US). However, the company hasn’t implemented the same security features as BitOasis or BitBay and can easily target hackers. Furthermore, most users feel that transactions on Bits blockchain take longer due to a lack of proper infrastructure.

CoinDCX

CoinDCX is a Singapore-based cryptocurrency exchange that enables you to buy/sell Bitcoins in INR or USD. The company places a great emphasis on security as it offers 2-factor authentication to its users, advanced encryption technology used by banks, and follows strict KYC norms.

You can read more about cryptocurrencies here.

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