Many people in the United Arab Emirates (UAE), especially in Dubai, are searching for secure and efficient ways to buy, sell, and store cryptocurrencies.
One of the most popular and widely recognized platforms worldwide is Coinbase.
But is Coinbase available in Dubai and the UAE in 2024?
In this article, we’ll explore everything you need to know about using Coinbase in the UAE, including how to open an account, available payment methods, and alternatives for investing in cryptocurrencies.
Is Coinbase available in the UAE and Dubai in 2024?
No, Coinbase is not available in the UAE, as of October 2024. According to Coinbase support, “UAE residents cannot create Coinbase accounts”:
Alternatives to Coinbase in the UAE and Dubai
Although Coinbase is a great option, there are other cryptocurrency trading platforms available in the UAE that you might consider:
- Binance: One of the largest cryptocurrency platforms in the world, offering a wide range of assets and competitive fees.
- eToro: Offers an easy-to-use interface and advanced trading options.
- Sarwa: A trading platform based in the Middle East that is popular among UAE residents.
Comparison table for Coinbase alternatives in the UAE
| Feature | Binance | eToro | Sarwa |
|---|---|---|---|
| Cryptocurrencies offered | 300+ | 70+ | Limited |
| Fees | 0.1% (can be reduced with BNB) | 1% per crypto trade | Varies (competitive) |
| Ease of use | Moderate (advanced features) | Easy (beginner-friendly) | Very easy |
| Funding options | Bank transfer, credit/debit cards (AED) | Bank transfer, credit/debit cards, PayPal, Skrill | Bank transfer (AED) |
| Regulated | No (not locally) | Yes (global regulations) | Yes (DFSA, ADGM) |
| Social trading | No | Yes | No |
Top alternatives to Coinbase in the UAE
Since Coinbase is not an option, let’s take a closer look at alternatives mentioned above:
1. Binance
Overview: Binance is the world’s largest cryptocurrency exchange by trading volume and offers an extensive range of cryptocurrencies to trade. It is known for its low fees, advanced trading features, and robust security measures.
Why Binance is a great alternative:
- Wide range ofcryptocurrencies: Binance offers over 300 cryptocurrencies, making it a great choice for investors looking to diversify their portfolios.
- Competitive fees: Binance has one of the lowest trading fees in the industry, starting at just 0.1% per transaction. You can further reduce fees by using Binance Coin (BNB) to pay for your transactions.
- Advanced trading features: For experienced traders, Binance offers advanced tools such as futures trading, margin trading, and staking.
- Binance supports deposits in AED (Emirati Dirham) via bank transfers, making it easy for UAE residents to fund their accounts. You can also use credit/debit cards to purchase cryptocurrencies directly.
Drawbacks:
- The platform can be complex for beginners due to the wide range of features and options available.
- Binance is still subject to regulatory scrutiny in various countries, so it’s essential to stay updated on any changes that might affect your access.
2. eToro
Overview: eToro is a social trading platform that offers a range of investment options, including cryptocurrencies, stocks, ETFs, and more. It is known for its user-friendly interface and social trading features.
Why eToro is a great alternative:
- User-friendly interface: eToro is ideal for beginners because of its simple, easy-to-navigate platform.
- Social trading: One of eToro’s unique features is the ability to follow and copy the trades of successful investors, which is perfect for those new to crypto trading.
- Diverse investment options: Besides cryptocurrencies, eToro offers access to other asset classes such as stocks, commodities, and forex, allowing you to diversify your investments.
- AED is accepted: eToro allows UAE residents to fund their accounts via bank transfer, credit/debit cards, and e-wallets such as PayPal and Skrill.
Drawbacks:
- Higher fees compared to other platforms, with a 1% fee for crypto trades.
- Limited selection of cryptocurrencies compared to Binance.
3. Sarwa
Overview: Sarwa is a UAE-based investment platform that recently expanded its services to include cryptocurrency trading. It is well-regulated, making it a trustworthy option for residents in the UAE.
Why Sarwa is a great alternative:
- Local presence: As a UAE-based platform, Sarwa is fully regulated by the Dubai Financial Services Authority (DFSA) and the Abu Dhabi Global Market (ADGM), offering a sense of security and compliance.
- Ease of use: Sarwa has a straightforward and intuitive interface, making it ideal for beginners who want to start investing in cryptocurrencies.
- Investment guidance: Sarwa offers advisory services to help you create an investment strategy based on your financial goals, which is beneficial if you’re new to investing.
- AED is accepted: You can fund your Sarwa account using AED via bank transfers, making it convenient for UAE residents.
- Cryptocurrencies: Sarwa allows you to invest in a range of cryptocurrencies, although the selection might not be as extensive as Binance.
Drawbacks:
- Limited cryptocurrency options compared to Binance and eToro.
- Slightly higher fees compared to Binance, but reasonable considering the added value of advisory services.
Proof of residency for UAE customers
If you’re a UAE resident, you might be asked to provide proof of residency.
| Type | Documents accepted |
|---|---|
| Permanent residency | – Emirates Identity Card – UAE Permanent Residence Permit (Golden Visa) – Document issued in the last 12 months by a government authority confirming permanent residency |
| Temporary residency | – Any document from the permanent residency list – Unexpired UAE Driving License – Unexpired UAE Residence Permit – Tax Residence Certificate (issued in the last 12 months) |
Why is Coinbase unavailable in the UAE?
Coinbase is not available in the UAE, which means that residents cannot fully access its services for several reasons:
- Regulatory challenges: Cryptocurrency regulations vary greatly from country to country. Coinbase, being a US-based exchange, is bound by stringent compliance requirements and tends to operate in markets where regulatory frameworks are more clearly defined. The regulatory environment in the UAE for cryptocurrency is still evolving, which could be a reason why Coinbase has not established its presence there.
- Licensing requirements: To operate legally in the UAE, a cryptocurrency exchange must obtain appropriate licenses. Since Coinbase hasn’t acquired these licenses, it has not expanded its services to the UAE market.
- Market prioritization: Coinbase may be prioritizing other markets where it has a larger customer base or sees greater growth potential. The UAE, while a growing hub for crypto, might not be high on their expansion list compared to other regions.
Conclusion
While Coinbase may not be available in the UAE, there are several excellent alternatives that cater to both beginners and experienced cryptocurrency traders. Binance offers a comprehensive selection of cryptocurrencies and advanced trading features, making it ideal for those who want more options. eToro is perfect for beginners who want to explore social trading and diversify their investment portfolio. Finally, Sarwa provides a locally regulated, user-friendly platform, ensuring a safe and compliant trading experience.
Choosing the right platform will depend on your trading experience, investment goals, and preferences. No matter which platform you choose, always conduct thorough research and ensure you’re comfortable with the risks involved in cryptocurrency trading.
Franklin has three years of experience in Wealth Management as a Fund Research Analyst, has passed the CFA level II, and is the host of the "Edge Over Hedge" YouTube channel.
