List of some major cryptocurrency exchanges
Bitcoin is a peer-to-peer electronic cash system that employs peer-to-peer technology. It is used by individuals or businesses to make fast payments without the involvement of a third party.
Bitcoin is purchased as an investment or for usage as a currency. Bitcoin is a digital currency that can only be held in the hands of computers or cellphones. You can’t store it in your pockets like ordinary currency like the Dirhams, Dollar, Euro, Yen, or Rupees.
With the help of Crypto Exchanges in Dubai, you may buy or sell Bitcoin just like in any other place in the world.
1. RAIN
Rain is another famous cryptocurrency exchange in the Middle East. Even though this cryptocurrency platform is situated in Bahrain, it accepts clients from the United Arab Emirates. Rain is authorized and regulated by the Central Bank of Bahrain in terms of security (CBB). The platform also complies with anti-money laundering regulations, which means you’ll have to provide identification before you can trade.
Pros
- The user interface is simple.
- Debit/credit cards, as well as bank account transfers, are all supported.
- Bahrain’s Central Bank is in charge of regulation.
Cons
- Trading commissions of 1.5 percent are prohibitively expensive.
- Only four digital currencies are supported.
- According to reports, the KYC process is lengthy.
Type of trade: Spot trading
Speed: Average
Reputation: Trusted
Limits: High (AED 9742.76per day)
2. eToro
eToro is a cryptocurrency exchange and trading site. It accepts Bitcoin, Ethereum, Litecoin, Zcash, and a variety of other cryptocurrencies.
Deposits can be made rapidly using various methods, including bank transfer, SEPA, NETELLER, PayPal, and others. It also has one-of-a-kind features like copy trading.
It begins at 0.75 percent, which is extremely low in this business. One of the scariest aspects of purchasing cryptocurrency for newcomers is securing them safely.
Pros
- Firstly it offers a one-of-a-kind copy exchanging function.
- Secondly, A reputable exchange with a long history in traditional finance.
- The user interface is simple.
- Good for beginners.
Cons:
- For technical traders, it can be a little too basic.
- MT4 and MT5 are not supported.
Speed: Average (Up to 5 working days)
Reputation: Trusted
Limits: High ($40,000 per transaction) Debit card
3. Coinbase
This platform is extremely user-friendly, making purchasing digital currencies a stress-free experience for users of all skill levels. Furthermore, the service provider serves millions of customers all around the world. The starting point for this asset type is 2.00 units in your currency.
Speed: Average (3-5 business days)
Reputation: Trusted
Limits: High ($50,000/day)
Pros
- One of the most well-known crypto exchanges
- More than 56 million people utilize it.
- Purchases made with a debit card can be made instantly.
- There are many different digital currencies to select from.
- Security procedures that are fit for a university
Cons
- Debit card deposits are expensive at 3.99%
- You will pay a standard trading commission of 1.49%
4. BitOasis
BitOasis is a cryptocurrency exchange situated in Dubai that was founded in 2015. The site has considerable popularity in the UAE, mainly crypto asset prices are dominated in AED. BitOasis is a cryptocurrency exchange that supports a wide range of cryptocurrencies, from Bitcoin and Ethereum to Compound and Balancer. EOS, Stellar, NEO, and Litecoin are some of the other popular marketplaces.
Speed: Average (up to 10 working days)
Reputation: Trusted
Limits: High (AED 17,000)
Pros
- It supports Debit and credit card
- Multi-sig security measures
- User-friendly interface on Android and iOS
Cons
- It just supports 5 countries.
- It has high trading rates.
5. LocalBitcoins
It is a peer-to-peer (p2p) trading network that connects buyers and sellers to conduct direct bitcoin transactions.
We are a Bitcoin exchange where users may buy and sell Bitcoins with one another. Users, referred to as traders, create adverts that include the price and payment method they wish to offer. You can check a website for trade ads and find a payment option that suits you. Traders can purchase and sell Bitcoins for more than 60 different payment methods on the internet.
Speed: Average
Reputation: Trusted
Limits: High
Pros
- It is absolutely free to register, purchase, and sell Bitcoin.
- Incoming transactions to bitcoins are totally free.
- Provide fast customer services
Cons
- Users that create adverts on LocalBitcoins are charged a 1% fee for each completed deal.
- Advertisements that are bogus.
6. Paybis
Paybis is a well-known bitcoin trading platform. They are registered with FinCEN and service 180 countries and 48 US states, making them a more trustworthy and regulated exchange. Paybis has insanely high limits and lightning-fast payouts, not to mention 5-minute ID verification and near-perfect Trustpilot ratings.
Speed: Average (taking 15 min on average)
Reputation: Trusted
Limits: High
Pros
- Live 24/7 support
- Provide Instant verification
- Additionally, a transparent fee structure
Cons
- For expert traders, there is no standard order book.
How to be safe when you transfer the bitcoin to the address?
1. You should back up your entire wallet.
A backup of your wallet, kept in a secure location, can safeguard you from computer failures and a variety of human errors. If you keep your wallet encrypted, you may be able to recover it after your phone or computer has been taken. up.
2. Online backups should be encrypted.
Any backup kept on the internet is extremely vulnerable to theft. Malicious malware can infect even a computer that is linked to the Internet. As a result, it is smart security practice to encrypt any backup that is exposed to the network.
3. Use a variety of secure venues.
Security is harmed by single points of failure. It’s less probable that a terrible incident will prohibit you from recovering your wallet if your backup isn’t reliant on a single spot. You might also want to think about using multiple types of media, such as USB keys, papers, and CDs.
4. Make a secure password.
Any password made up only of letters or easily recognizable words is considered weak and easy to crack. A strong password must be at least 16 characters long and comprise letters, numbers, and punctuation marks. Passwords produced by systems intended particularly for this purpose are the most secure. Strong passwords are typically more difficult to remember, so take care when learning them.
5. Use Multi-Signature options
The concept of a multi-signature has gained traction; it entails obtaining approval from a group of people (say, 3 to 5) before a transaction can be completed. The risk of theft is reduced because transactions cannot be carried out by a single controller or server (i.e., sending bitcoins to an address or withdrawing bitcoins). The persons who can transact are chosen at the start, and anytime one of them wants to spend or transmit bitcoins, the transaction must be approved by the rest of the group.
6. Updating your software is essential
You can get crucial stability and security fixes by updating your Bitcoin software to the newest version. Updates can help you avoid problems of varying severity, add new features, and keep your wallet safe. It’s also crucial to keep all other software on your computer or mobile up to date to keep your cash safe.
