Top 5 Crypto Exchanges in MENA

Published October 15th, 2021 - 03:00 GMT
Top 5 Crypto Exchanges in MENA
A crypto exchange is the place where you transfer money from your bank account to convert it to Bitcoin or any other altcoin. (Shutterstock)
Highlights
Here are our very hand-picked 5 of the best crypto exchanges that allow you to buy Bitcoin and other altcoins in the MENA region.

Picking the right crypto exchanges is a very important step to ensure the safety of your investments. A crypto exchange is a business that provides a marketplace in which users can buy, sell, and trade their crypto assets in exchange for fiat money or other cryptocurrencies.

Things to Consider Before Opting for Crypto Exchanges

Crypto exchanges

So basically it’s the place where you transfer money from your bank account to convert it to Bitcoin or any other altcoin. There are a lot of crypto exchanges out there so you should check a few things like transaction fees, and geographical restrictions for support purposes, founders, the variety of cryptocurrencies offered and security of the platform.

Without any further ado, here are our very hand-picked 5 of the best crypto exchanges that allow you to buy Bitcoin and other altcoins in the MENA region.

Top 5 Crypto Exchanges

  1. BitOasis
    UAE-based BitOasis is considered to be the oldest, largest, and most trusted cryptocurrency platform in the MENA region. Established in 2015 by Ola Doudin and Daniel Robenek, BitOasis is the first regulated crypto exchange to operate in the region. 

Pros:

  • It is regulated by UAE
  • Allows MENA users to deposits and withdrawals with crypto.
  • Allows buying crypto with a debit or credit card.
  • Supports crypto-to-crypto trading for altcoins against BTC, including these trading pairs: (ETH/BTC), (XRP/BTC), (LTC/BTC), (ZEC/BTC), (BCH/BTC), (ETC/BTC)

Cons:

  • It only supports 6 countries to deposit with fiat money, which are the United Arab Emirates, Bahrain, Oman, Kuwait, Saudi Arabia, and Qatar.
  • High exchange rates if you use USD
  • Bank cards are only accepted from GCC
  • You can only buy a maximum of 2,000 AED using your debit, credit card
  • You can only trade crypto coins against AED
  • Supports limited options of cryptocurrencies
  1. CoinMENA
    CoinMENA is a Bahrain-based Sharia-compliant crypto exchange founded by Dina Samaan and Talal Tabaa in 2020. It is licensed and regulated by the Central Bank of Bahrain (CBB). CoinMENA allows MENA users to buy, sell, store, and receive digital assets safely and securely, as well as deposit and withdraw in local currency. 

Pros:

  • Regulated Officially and licensed digital asset operator by the Central Bank of Bahrain
  • Sharia Compliant and is certified by the Shariyah Review Bureau
  • Zero trading fee
  • Traders cab deposit, trade, and withdraw in their respective local currencies

Cons:

  • Supports only GCC countries so far
  • Offers only 5 cryptocurrencies
  1. CEX IO
    Founded in 2013 by Oleksandr Lutskevych, the UK-based crypto exchange was among the first ones to offer fiat-to-crypto transactions with card payments and bank transfers to clients around the world.

Pros:

  • Multiple payment methods: Visa, MasterCard, bank transfer (SWIFT, SEPA, ACH, Faster Payments), cryptocurrency
  • Reasonable fees
  • Dedicated support via email, phone, and live chat around the clock to answer your questions at any time
  • Complies with the legal requirements of the countries where it functions
  • Supports trading of around 200 crypto markets

Cons:

  •  Not MENA focused
  • Requires $20 minimum for card deposits
  • Might lack crypto options
     
  1. Rain
    Founded in 2019 by Changpeng Zhao, the Bahrain-based Rain is a reputable crypto exchange that is GCC-focused and operates in Oman, The UAE, and Saudi Arabia among others.

Pros:

  • You can buy crypto with a Credit or Debit Card
  • Allows local currencies licensed and regulated by the Central Bank of Bahrain

Cons:

  • Only serves in Bahrain, Kuwait, Oman, Saudi Arabia, and UAE
  • Only supports 4 main cryptocurrencies High fees High buying limits ​
  1. Binance
    Founded in 2017 by Changpeng Zhao, Binance is the most popular crypto exchange among traders and considered the world's leading cryptocurrency exchange in terms of the daily trading volume of cryptocurrencies as it spans an entire ecosystem by itself. Binance's headquarters are at Cayman Islands; Mahé, Seychelles.

Pros:

  • Supports the widest range of coins and tokens among all exchanges
  • Fast transactions
  • Lowest fees

Cons:

  • Limited customer support in MENA
  • The account verification process is hard
  • Not fully regulated in MENA
  • Doesn't support local currencies

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