While still in their early stages, cryptocurrencies and the blockchain technology show extraordinary potential in the Middle East area. Given the cultural, religious, social, and political peculiarities in the area, with special emphasis on the organizations that comply with sharia laws and Islamic scholars, one issue rises: is the concept of trading crypto coins accepted in the Arab world? The short answer is yes. Gradually, Bitcoin and other popular forms of cryptocurrency have been given the green light in many of the states of the region. The news is excellent for businesses and governments eager to start reaping the benefits of using the virtual coins that have taken the entire world by storm.
Plus, the future’s looking bright when it comes to the use of top crypto exchanges in the MENA region, and more growth and innovation are expected in the coming years. Middle Eastern central banks and governments are becoming more involved in cryptocurrency trading as more advanced Cryptocurrency Trading guides see the light of day.
If you are thinking about exploring the idea of investing in Bitcoin, Ethereum, Dogecoin, or other cryptocurrencies in the Middle East, here are a few of the most popular exchanges to consider.
What To Look For in a Cryptocurrency Exchange?
If you are interested in buying or selling cryptocurrency, the number one focus should be on finding a reliable exchange that will help facilitate the process for you. Luckily, there are plenty of providers cropping up in this space. If you have zero experience with comparing cryptocurrency exchanges and aren’t sure how to discern what is good and what is bad, you need extra help.
Know what to look for:
- Low fees charged by the exchange
- Good reputation recognized domestically or internationally
- Clearly listed cryptocurrency markets and good market diversity
- Suitable payment options that comply with your needs
Top-rated cryptocurrency exchanges in the Middle Eastern area:
1. eToro: The Best Crypto Trading Platform In The Middle East
eToro is only one of the most successful and sought after cryptocurrency trading platforms on the planet right now. It has also reached impressive usage figures in the Middle East. This is due to its ability to secure investors’ assets and funds and make their transactions safely online. The platform complies with the requirements of the world’s mos stringent financial regulators. ASIC, FCA, and CySEC all share responsibility for approving and regulating eToro’s platform. Investors in the Middle East can use this safe environment to get acquainted with the complex and fascinating universe of cryptocurrency exchanges without having to fear for their security. In addition to all the security, the minimum investment of $25 makes it an option for almost any investor.
eToro solely charges the spread when an investor decides to complete a trade. This fee is set at 0.75%, making it one of the most competitive rates in the cryptocurrency exchange sector.
Those new to the concept of buying and selling cryptocurrencies, are primarily concerned with security. The exchange enables them to easily purchase, swap, sell, as well as store cryptocurrencies on the platform. Cashing out an investment at eToro is easy and can be done by simply generating a sell order. This is a marked improvement over completing several transactions between third-party cryptocurrency exchanges and wallets online.
eToro works with Bitcoin, Litecoin, Ethereum, Ripple, Polkadot, Aave, Shiba Inu, Algorand, and many other popular or less known cryptocurrencies.New accounts are eligible for ‘demo portfolios’ with $10,000 in capital. This is a free service that allows new traders to practice. It is also possible to copy the trades made by an experienced trader on the platform with the help of the Copy Trading tool.
eToro is excellent for new traders and it is currently used by more than 20 million people worldwide. It accepts e-wallets, credit and debit cards, and bank transfers for payment.
2. Nexo: Earns Investors Daily Interests
Nexo’s trading platform’s biggest advantage is a credit line dedicated to cryptocurrency trading. If that wasn’t enough of an incentive, Nexo’s platform also offers a 12% yearly interest, paid daily, on cryptocurrency investments. It is an extension of the same service they offer for USD, EUR, and GBP fiat currencies.
Nexo features an unparalleled cybersecurity infrastructure that guarantees maximum asset protection 24/7. The exchange has more than 10 years of experience in using advanced financial technologies. The platform boasts over 2 million users worldwide and is also popular for its risk assessment strategy. Nexo is insured for up to $375 million by BitGo and Ledger. This insurance is available in over 200,000 jurisdictions.
Nexo has issued its own card that is accepted by more than 40 million global merchants.The card enables users to spend the value of their cryptocurrencies without selling them. Purchases also bring Nexo card users important cashback bonuses.
3. Coinbase: Top Exchange For Beginners
With smooth and simple navigation, a minimum investment of only 2 units of a chosen currency, and millions of satisfied users, Coinbase is an all-time favourite for many investors. This is true across the world but it is particularly popular in the Middle East. The list of trading options include: Bitcoin, Dogecoin, Litecoin, Polkadot, Solana, Polygon, Yearn Finance, and Dai.
Coinbase does charge a 1.49% commission for trading operations, while as much as 98% of users’ funds are stored in cold wallets for enhanced protection against potential cyber-attacks. The platform displays the whitelisting opt-in alternative and relies on two-factor authentication for an added layer of protection.
These are three of the most popular crypto exchanges and trading platforms that are currently available in the Middle East. As the market for cryptocurrencies develops there will be dozens of others developed. The technology of blockchain and its uses are still in their infancy so the future is still unclear.
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