BINANCE IN UAE: TRADE CRYPTOS AT THE WORLD'S TOP EXCHANGE
Buy & sell Crypto in minutes with Binance from the United Arab Emirates
Is Binance available in the UAE?
First, many locals and expats are asking us whether Binance is available to clients in the UAE. The answer is yes: Binance allows Emirati residents to open, buy and trade Cryptocurrencies through its prime app. Also, it allows deposits and withdrawals with AED, allowing you to avoid high-cost conversion fees.
In recent years, the UAE has tried to regulate the crypto industry, which has faced uncertainty due to factors like the crypto winter. The nation has looked to global regulatory developments, such as those in the US and UK, which focus on protecting retail investors through regulation rather than enforcement.
The legal situation in the UAE is complex since the seven emirates (Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, Fujairah, and Ras Al Khaimah) has its regulations in areas where there is no federal law.
In 2020, the Abu Dhabi Global Market's Financial Services Regulatory Authority (FSRA) released guidance on the regulation of digital securities. This was followed in 2022 by the Guidance on the Regulation of Virtual Asset Activities. Additionally, the Securities and Commodities Authority (SCA) introduced the Crypto Assets Activities Regulation (CAAR) in 2020, which regulates various aspects of dealing in crypto assets, such as issuance, promotion, exchange operation, and custody. Furthermore, in early 2022, Dubai established the Virtual Assets Law and the Virtual Assets Regulatory Authority (VARA) to oversee virtual assets regulation in the Emirate.
An Introduction to Binance [brief]
Binance operates the world's leading cryptocurrency exchange in daily volume and transactions (1.4 million per second). It is, by far, the most popular Crypto platform in the UAE, given the facilities that it offers to Emirati residents (like allowing trading cryptos in Dirham).
Changpeng Zhao, better known as CZ, is the founder and CEO of Binance, the cryptocurrency exchange that became the largest on the planet in just under 180 days. This Chinese-Canadian programmer, seasoned in developing high-frequency trading systems for Wall Street flash boys, knew how to redirect his experience in this field and apply it to the emerging crypto environment.
Binance's mission is to enable a global, decentralised, and trustless digital exchange. This means that it creates a system where all kinds of transactions are available, regardless of whether they involve fiat money, cryptocurrencies, or the transfer of money through the Binance wallet.
In addition, it wants to create a working ecosystem of startups, backed by a solid team of employees and crypto enthusiasts, to build a decentralised financial platform based on cryptocurrency.
As for CZ, he believes that cryptocurrencies will be used everywhere. "I strongly believe that decentralised currencies will displace the current money supply," he said in a past interview with CNBC. He believes that this idea will be easy to implement in the UAE, as the UAE does not suffer from capital controls and provides financial services for all, making it a top place for financial services.
Cross-border Cryptocurrency Transactions
Binance presents several pros for Crypto traders in the UAE. Besides being the world's top crypto wallet and providing many features related to the Blockchain ecosystem, it allows locals to deposit and buy tokens in Dirham. Let's move on to the key aspects that you should know about Binance.
Binance has features that make the trading process with cryptocurrencies easier than other exchanges in the UAE. Its integrated payment system allows users to make cross-border transactions in seconds.
The Binance EcoSystem
Beyond being the largest cryptocurrency exchange by volume, Binance offers multiple products and services; its core objective is to build a broad ecosystem in the blockchain sector. In this regard, this ecosystem consists of numerous variants. Of course, the cryptocurrency exchange stands out among them and the wallet services for its users, crypto laboratories (to launch new tokens), charity, information, and education, among many others.
Binance recently announced Binance Pay, a contactless, borderless, secure cryptocurrency payment technology. It allows users to pay and receive crypto payments from friends and family worldwide and is available to all Binance users.
Also, they have launched Binance Smart Chain, one more step towards achieving their decentralisation goal.
Binance Crypto Offering
If you want to go ahead and buy Bitcoin, Ethereum, Cardano, or even Binance Coin, it's easy. However, you are probably searching for low-cap altcoins, supposedly those with higher potential (Disclaimer: This is not financial advice, it is indeed the riskiest possible financial move, so beware and take care of your capital). If this is the case, Binance divides the coin offering into sections to make the search more accessible, so whichever "group" of coins you are interested in, you may filter them from the sea of available tokens.
Categories are:
DeFi: DeFi is short for "decentralised finance," an umbrella term for various financial apps in cryptocurrency or blockchain geared toward disrupting financial intermediaries. The most popular DeFi coins by Market Cap are Uniswap (UNI), ChainLink (LINK), Terra (LUNA), PancakeSwap (CAKE) and Aave (AAVE)
Innovation: This is the group of new, innovative tokens that are likely to have higher volatility and pose a higher risk than other tokens. The most popular tokens on this group are Sushi (SUSHI), 1inch (1INCH), and Bitcoin Cash ABC (BCHA).
POS: With Proof of Stake (POS), cryptocurrency miners can mine or validate block transactions based on the number of coins a miner holds. Top POS coins at Binance are BNB (BNB), Cardano (ADA), and VeChain (VET).
Polkadot: Polkadot is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. The top Coin is (by far) Polkadot (DOT), followed by Kusama (KSM) and Reef Finance (REEF).
NFT: Nonfungible tokens prove ownership of a digital item – image, sound file or text – in the same way people own crypto coins. Unlike crypto coins, which are identical and worth the same, NFTs are unique. The top NFTs are Chiliz (CHZ), Decentraland (MANA) and Enjin Coin (ENJ).
POW: Short for Proof of Work is an algorithm used within a Blockchain network to achieve trustless and distributed consensus. In short, what started the Crypto revolution. In this group, you find the big boys: Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin Cash, etc.
BSC: Binance Smart Chain (BSC) is a blockchain network for running smart contract-based applications. BSC runs in parallel with Binance's native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC. In this group, you will find every token which runs in the Binance ecosystem.
Storage: These tokens provide an economic incentive to distributed cloud storage networks. The top coins in this group are Filecoin (FIL), BitTorrent (BTT) and Holo (HOT).
A view of Binance' Crypto Trading Platform
How to Open a Trading Account with Binance from the UAE
Register and upload an ID through the Platform's App (Passport or Emirates ID).
Once their administration team approves your account, it's time to deposit funds. The depositing and withdrawing money methods are usually Credit Cards (through Third Party Services like BANXA or Simplex), Bank Transfers, or, if you already hold Cryptos on other platforms, you may transfer them as well.
Once Binance applies your funds or crypto assets to the account, you are ready to buy and trade crypto.
Is it easy to trade with Binance?
Binance allows crypto trading straightforwardly through an optimised trading app. Designed in a way that the investor can learn and start trading very quickly, without the need for much prior knowledge, to buy, for example, Bitcoin, or the vast amount of available altcoins, you have to:
open the trading account as explained before,
deposit money,
Search for "Bitcoin" or "NEO" (Or whichever token you wish to acquire) on the Binance trading platform, and
press the "Buy" button.
And, done, you are officially trading in crypto assets with Binance.
Binance Minimum Deposit in the UAE
Binance does not require a minimum deposit amount; you literally can start trading with 1 Dirham. If you deposit with a Credit Card, fees range from 2 to 3% in depositing commissions. Cryptos can be transferred without incurring depositing fees.
How Can I Withdraw Money from Binance in UAE?
Go to Wallet and choose P2P: From your homepage, on the upper menu, hover over the “wallet” and select “P2P”. Then, choose the currency in which you wish to withdraw, we will use Bitcoin (BTC) in our example. You may also use USDT, BUSD, BNB, DOGE, ETH and DAI.
Change Transfer Flow and Confirm Amount: Change the transfer flow by switching from 'Spot wallet' to 'P2P'. Then, select the amount that you want to sell, and click “Confirm Transfer”. You are now transferring the amount of BTC you have selected to your P2P account.
Trade Through P2P: Once you are done transferring the amount to your P2P account, Go to 'Trade' and choose 'P2P' (On Binance Main Bar).
Change Currency: Again you will have to select your desired currency. Select AED. Also, click on "Sell". It will show you a list of people willing to Buy your BTC with their AED. You are now about to make a transaction.
Choose Bank Transfer: Choose the “Bank Transfer” payment option. There are many other options such as cash deposit to your bank account, Skrill and Western Union.
Finding the Right Peer: When you are happy with the provided exchange rate, and you have chosen the peer with the highest completion rates as they should be more reliable, click on “Sell BTC”.
Choosing the Quantity: Choose the quantity of BTC you want to sell, and click “Set a Payment Method”
Add a Payment Method: You will now be redirected to a page where you need to add a payment method. Choose bank transfer as a payment method. Add your bank account details. Be accurate as you don’t want to enter wrong figures and end up stuck with this transaction.
Finalize the Transaction: After that, you will have to wait a few minutes, to allow the buyer to transfer the fiat money into your bank account. Once the money is transferred by the buyer, you will be notified that your transaction was successful. You shall then receive the amount you have exchanged in your bank account.
Bottomline
Binance, an international, reliable and robust crypto trading platform, provides you with live access to crypto markets quickly and straightforwardly. So good luck and trade safely.