When bitcoin crossed $100,000 per BTC in December 2024, it was another reminder that cryptocurrencies have become mainstream.
By learning how to buy cryptocurrency in the UAE, you can enjoy higher risk-adjusted returns and diversify your portfolio.
In what follows, we consider 5 cryptocurrency platforms that allow you to invest in bitcoin and altcoins in the UAE.
1.Sarwa
Sarwa is a UAE-based trading platform that offers access to cryptocurrencies in addition to stocks, ETFs, stock options, bonds, and real estate investment trusts (REITs).
Best known for:
Sarwa is best known for providing an all-in-one platform where users can create a portfolio of multiple assets.
Key advantages:
- Free deposits and withdrawals: Deposits from (and withdrawals to) local UAE bank accounts are free.
- Low entry barrier: The minimum account balance is $5, making it easy for anyone to get started.
- Safe crypto storage and trading: You don’t need to bother about creating wallets and keeping your cryptos safe. Your crypto assets are held by Sarwa’s partner broker – Alpaca – which uses BMO Harris Bank as its custodian.
However, you can’t withdraw your crypto assets into another wallet or deposit to your account from another wallet. All deposits and withdrawals are in fiat currency. This minimizes the risk of falling victim to crypto scams.
- Multiple orders: You can create market, stop, and limit orders.
- Fractional trading: If you can’t buy a share of a cryptocurrency, you can buy a fraction of a share.
- Competitive spreads: Sarwa includes a competitive 1.5% spread on crypto prices. There are no extra fees.
Ideal for:
Sarwa is ideal for investors who are investing in cryptocurrency as a part of a diversified portfolio that also includes other assets.
2.Rain
Rain is a cryptocurrency exchange that focuses on the Middle East market (licensed in the UAE).
Best known for:
Rain is best known for being the first licensed crypto asset provider in the Middle East.
Key advantages:
- Competitive fees: Rain charges a 0.1% maker fee (for placing limit orders) and a 0.25% taker fee (for placing market orders).
- Custodial and transferable wallets: Rain handles crypto storage on behalf of its users. However, you can receive cryptos from (and transfer crypto to) other wallets outside of Rain.
- Flexibility: While there is a basic platform for beginner investors and traders, experts can use advanced tools on Rain Pro.
- Low entry barrier: You can start with as little as $1.
Ideal for:
Rain is ideal for investors who want a single platform devoted only to cryptocurrencies, and expert investors who want to use advanced tools.
3.Bybit
Bybit is a global cryptocurrency exchange that provides a wide range of crypto trading services, including copy trading, P2P trading, decentralized finance, web3 trading, and derivatives trading, among others.
Best known for:
Bybit is best known for being an all-in-one cryptocurrency platform that meets the needs of all types of crypto investors and traders.
Key advantages:
- Competitive fees: Bybit charges a 0.1% fee for spot trading and between 0.01% and 0.06% for futures trading.
- Advanced tools: There are advanced tools for those interested in derivatives trading.
- Global reach: Bybit is available in more than 160 countries, which makes it a very liquid platform.
- Early offerings: Investors seeking high returns can find early token offerings with good potential.
Ideal for:
Bybit is ideal for experienced crypto traders who need a wide range of crypto services.
4.eToro
eToro is a global investment platform with a license to operate in the UAE. It offers access to cryptocurrencies as well as stocks, forex, commodities, ETFs, among others.
Best known for:
eToro is best known for its copy trading product, which allows beginner investors/traders to copy the moves of experienced ones.
Key advantages:
- Crypto ETFs: In addition to individual cryptos, you can also purchase bitcoin and ethereum ETFs.
- Crypto staking: If you are a long-term investor, you can earn passive income on your holdings by staking them.
- User-friendly interface: The eToro interface is user-friendly, while providing the tools you need to invest and trade.
Ideal for:
eToro is ideal for investors who are investing in cryptocurrency as part of a diversified portfolio and beginners who want to copy the trades of experts.
5.OKX
OKX is a global cryptocurrency platform that provides access to multiple cryptocurrency services, including spot trading, derivatives trading, decentralized finance, copy trading, and web3 trading.
Best known for:
OKX is best known for its global reach and multiple cryptocurrency services.
Key advantages:
- Competitive fees: OKX charges a 0.08% maker fee and a 0.1% taker fee.
- Passive income: Long-term investors can earn passive income through staking and lending.
- High liquidity: Its global reach makes it a liquid exchange.
- Advanced trading: Experienced investors and traders can explore advanced tools.
Ideal for:
OKX is ideal for experienced crypto investors and traders.
Final thoughts
If you are new to the cryptocurrency world, a platform like Sarwa is a good place to start.
You don’t need to receive cryptos from external wallets or send cryptos to them. You can easily sell your crypto for fiat and withdraw to your bank account.
Moreover, since it is an all-in-one platform, you can invest in cryptocurrency as part of your diversified portfolio.
Finally, the security offered by the platform will insulate you from some of the fraud and scams that only experienced crypto traders can detect and avoid.
