“We have elected to put our money and faith in a mathematical framework … free of politics and human error.” – Tyler Winklevoss, Founder of Gemini Cryptocurrency Exchange.
Cryptocurrency exchange exists because of the need for a safe platform where persons can rest assured in protecting their digital assets. At the very core of cryptocurrencies’ selling points is the security that comes with it. Because of a decentralized ledger, persons can check fraud and ensure transaction trust. Interestingly, it is unsurprising to see cryptocurrency prioritize safety as the technology was born due to the 2008 economic crisis, mainly caused by a lack of transparency and security for traditional assets. However, it is crucial to be cautious when delving into cryptocurrency trading and exchange because several fraudulent platforms are parading authenticity. This article gives insight into five of Dubai’s safest cryptocurrency exchange platforms.
Read: How to Buy Homes in Dubai using Cryptocurrencies
What are the Safest Cryptocurrency Exchange Platforms in Dubai
1. eToro
Founded in 2007, eToro is your go-to cryptocurrency exchange platform as an investor or even a pro. One of the strengths of eToro is its accessibility and user-oriented quality. It is very accessible to all investors and users for dealings in cryptocurrency assets like Bitcoin (BTC), Bitcoin cash (BCH), Dogecoin, EOS, Ethereum (ETH), Uniswap and many more. On many platforms, the general trust rate for eToro stands at 90 per cent, showing that the platform is a well-known cryptocurrency exchange platform within Dubai.
2. Bybit
When you think of Bybit, think of a cryptocurrency exchange platform that guarantees little or no risk for your cryptocurrency assets. Bybit has triple-layer asset protection, essentially preserving users’ assets in inactive wallets. They operate a secure cold storage solution, which would only allow funds to be moved safely once a multi-signature address scheme is provided. The company, ByBit Fintech Limited, is headquartered in Dubai and UAE under ByBit Fintech FZE.
3. Kraken
Kraken was established in 2011. It is another excellent platform that simplifies cryptocurrency exchanges. Initially based in San Francisco, United States, it now has branches globally, including Dubai. The platform has been described as fast, reliable, trustworthy, and user-friendly. After the launch, the company started building to the top, earning the trust of many users. On January 15th, it became the world’s third-largest cryptocurrency exchange. In 2014, its clientele grew to over 10 million.
4. Binance
Binance is likely one of the most popular cryptocurrency exchange platforms; seeing it on this list is not surprising. A key component to build and maintain trust is transparency. That’s what Binance offers. It has robust security and regulatory compliance that gives users access to buy, sell and store their digital assets and gain access to over 350 cryptocurrencies. It was launched in June 2017, and interestingly, within 180 days, it became the biggest cryptocurrency exchange by trading value.
5. Rain
In 2017, a Middle Eastern cryptocurrency exchange known as Rain was established in Bahrain. Several features stand out about Rain, but one spectacular feature is that the Central Bank of Bahrain licenses it. Users’ digital assets are managed through a cold storage system, so your funds are secure. Rain has been able to provide over 70 cryptocurrencies. Above all, it is essential to emphasize that it is backed by Middle East Venture Partners (MEVP), Coinbase, and Dubai International Financial Centre.
Conclusion
The list above clearly indicates trust platforms worth considering for cryptocurrency exchange purposes. However, conducting extra research and findings is essential before proceeding into exchange and dealings. This will aid you in modelling your needs to the services offered by those platforms.
