Crypto is not the future anymore; it is the present of transaction technology for significant countries throughout the globe now. Like many other states, UAE has also opened doors for multiple cryptocurrencies for transactions over blockchain and crypto exchanges.
Table of Contents
- Why Should You Even Consider Going With A Local Crypto Exchange In The First Place?
- The Possible Benefits Of Getting Associated With A Local Crypto Exchange In The UAE
- The Final Verdict
Why Should You Even Consider Going With A Local Crypto Exchange In The First Place?
As a crypto enthusiast based in the UAE, you might be thinking about this already. Should I sign up with a local crypto exchange or do things my way?
Only one person can answer this question, you. We can mention the possible benefits you will be enjoying with a local crypto exchange in the UAE. The final decision is all yours.
Getting independent in the crypto space with separate wallets and NFTs projects is not a good idea. This is only applicable to the residents of the UAE. The government is still working on crypto laws and regulations. Waiting for a final verdict is better until getting independent in this space.
The Possible Benefits Of Getting Associated With A Local Crypto Exchange In The UAE
Detailed Outlook On The UAE Law
The UAE law regarding cryptocurrencies will have to do everything with your investment. As an independent crypto enthusiast, you won’t be much guided about it within the premises of the UAE. As a result, the UAE has established a regulatory body known as VARA (Virtual Assets Regulatory Authority), whose major goal is to offer a check and balance on digital asset service providers. Investors in the UAE are feeling more confident as a result of this action.
Secure And Real-Time Transaction Handling
Signing up with a local crypto exchange gives you more skin in the market, and that’s a fact.
On your own, you will constantly miss investment capitalization opportunities just because you can’t handle everything alone.
Once you sign up with the exchange setup, the exchange will be responsible for your investments and capitalizing them successfully.
You can even market certain limits upon which the platform will be authorized to carry out the transaction for you safely. This is an excellent option for safeguarding your crypto investment.
Get An Independent Crypto Wallet
Within the premises of the UAE, there are local crypto exchanges like BitOasis that offer independent crypto wallets for your access.
These wallets are integrated with high-security protocols and are safe up to a great extent. You can then use these wallets for storing and digital trading assets.
If we talk about BitOasis in particular, there are certain wallet levels. Upon success, the user gets a multi-signature wallet.
This wallet is practical for dealing with Bitcoin. After completing the verification process, the wallet is upgraded to a core level where all UAE-eligible crypto-assets can be managed.
The world of digital assets is all about convenience and liquidity. With the help of local exchange, you can get a lot of help regarding the conversion dynamics of digital assets. But you need to keep one thing in mind as well. Most UAE-based crypto exchanges deal in AED (UAE Dirham) only.
But that will be important if you are cashing in your digital assets for fiat currency. If you are looking for currency conversion within digital assets, a local crypto exchange will be a great option. They will thoroughly explain the certain crypto assets allowed in the UAE for now.
Competitive Withdrawal Fee Structure
Withdrawing comes when you are converting your digital assets into fiat currency. We are talking about the UAE so we will be addressing the issue accordingly. For all the eligible digital assets, you can only get AED through the majority of the exchanges.
If you are willing to do so independently, the result will be the same. But the important thing will be the withdrawal fee. The withdrawal fee is relatively higher for independent transactions than local currency exchanges.
The Final Verdict
The UAE government is quite serious when it comes to keeping an equal pace with the rest of the world in terms of technology. The introduction of crypto assets, up to some extent, is a clear example of that.
Considering the so far crypto regulation within UAE, it is a good idea to go and sign up with a local crypto exchange. The services offered by exchanges like BitOasis are quite up to the expected standard.