The UAE (United Arab Emirates) is one of the nations in the world that favors the cryptocurrency world as the taxes imposed are fair.
We will be looking at the 7 best crypto wallets in the UAE
1. eToro
eToro is said to be the best crypto wallet for investors in the nation. The platform comes with a web and mobile wallet and supports more than 90 cryptocurrencies.
Some of these tokens include Bitcoin, Dogecoin, XRP, Vechain, and Tron. Investors can also trade these tokens on the eToro exchange platform which is available on a daily basis at any time. It is licensed within many regions such as Australia, the UK (United Kingdom), and Cyprus. eToro has a wide variety of security control features to ensure the customer’s information is protected. They include two-factor authentication, cold storage, signature mechanisms, and analytic behavior machine learning.
When trading, the investors are charged with a 1% fee. The minimum order size is $10 which translates to roughly 35 AED. Thanks to this wallet, investors can deposit and withdraw money in AED and other payment methods. They include Visa, PayPal, Neteller, Skrill, Mastercard, and Maestro as well as local bank transfers. A 0.5% transaction fee is charged on AED deposits.
The customer service within eToro is available for 5 days a week throughout the day. To access these services, the investor needs to sign into their account and send a message using the eToro live chat box. In addition to this, eToro comes with an inbuilt staking mechanism that allows users to earn passive rewards while staking tokens such as Cardano, Tron and Ethereum.
An investor can also stake up to 90% of their rewards but it depends on the type of account.
In addition to this, eToro account holders can copy trades of anyone they wish to. He or she first chooses a crypto trader to copy and their trades will be replicated on the investor’s account. Multiple trades can be copied and therefore the investor is not limited. The investor is also free to make modifications to their crypto trading portfolio at any time.
To trade on eToro, you need a minimum of $200 which is roughly 730 AED. A variety of smart portfolios that come loaded with their own techniques to override volatility and make profits are common in the UAE. To invest in a smart portfolio, you need roughly $500 or 1800 AED.
Let us take a look at the advantages the eToro wallet has.
Also Read: What Is Crypto Wallets And How Is It Classified?
Advantages of eToro
- It allows storing and trading of more than 90 cryptocurrencies.
- The staking tool offers up to 90% of rewards.
- Avails a ready market for purchasing stocks and ETFs.
- It is regulated by bodies such as the FCA and FINRA making it a reputable wallet.
- Availability of smart portfolios which are good for passive investors.
Disadvantages of eToro
- A 1% trading fee is quite high compared to other wallets.
- The KYC process is necessary for all new account holders.
2. Metamask
This is the most preferred wallet by customers who like non-custodial storage. This implies that there is no need for an intermediary when storing their crypto tokens. The users access their private keys using a 12-word passcode which can only be seen by the wallet owner.
In case one forgets or misplaces the password, then the wallet becomes unrecoverable. The security features are also quite limited compared to the eToro wallet. MetaMask is at the disposal of investors through browser extensions or a mobile application that is compatible with both Android and iOS. The good thing with this wallet is that there are no transaction costs applied to storing and receiving cryptocurrencies.
Outgoing transfers are also not charged but in this case, the GAS fees are moved to the blockchain in actual time. The wallet has an inbuilt Ethereum wallet address which accepts any ERC-20 tokens such as DAI, Tether, and USD. Other networks for instance, Binance Smart Chain, Avalanche, and Optimism can be integrated into the Metamask wallet.
The wallet has charges when it comes to a few features such as AED deposits, token exchange, and Ethereum 2.0 staking.
Pros
- It favours Ethereum investors.
- Investors can stake Ethereum 2.0 at an APY of 3.96%
- It is possible to add a variety of networks such as Optimism.
- The investors are responsible for their own keys.
Cons
- It does not support Bitcoin
- Purchasing crypto using AED charges a 5% transaction cost.
3. Trezor
This wallet, according to cryptonews.com, is regarded as the best one if the investor has a large amount of cryptocurrencies at his or her disposal. In other words, it is one of the most secure hardware wallets. Trezor does not have any connection to the internet and it is termed as the cold wallet.
It is impossible to move cryptocurrency holdings out of the wallet until you key in the pin. Moreover, the Trezor transactions can be executed without a server. All the individual needs is a USB type A or type C cable. This is dependent on the type of Trezor model bought.
For the Trezor model T, it costs $219 which is roughly 800 AED. It is also equipped with a digital touchscreen for performing transactions. The other model, the Trezor Model One costs $69 which is roughly 250 AED and it makes use of a two-pad button.
Both models are secure and support more than 1,000 coins. Bitcoin and Ethereum are included in the list.
Advantages
- It supports over 1000 coins.
- Enhanced security features such as cold storage and key input are necessary.
- Remote access is possible if the device is stolen or lost.
Cons
- The Model T supports staking.
- The transaction process is inconvenient and hence not suitable for short-term traders.
4. Binance
This wallet is widely used by many short-term traders in the UAE. The FSRA holds its license in Abu Dhabi. Binance now accepts payment in AED. To use the wallet, you need to log in with your username and password. The security service available is two-factor authentication.
The Safe Asset Fund for Users (SAFU), an insurance fund for Binance, going for more than $1 billion in the market. The wallet also has an IP whitelisting feature. In the event that a user signs in from a new address, a two-factor authentication is done. Binance offers more than a hundred cryptocurrencies. For UAE traders and investors, they are charged 0.1% when trading. Other activities compatible with the wallet include staking, yield farming, as well as a savings account.
This wallet offers an APY of more than 30% while some staking pools up to 20%. Binance is facing healthy competition as it’s putting up quite a fight. There are also a few derivatives that are offered by the platform including perpetual contracts, Bitcoin futures, and options. The customer support is top of the line with the availability being every hour throughout the week.
Pros
- It has the approval of the FSRA in Abu Dhabi.
- The availability of a two-factor authentication to secure it.
- The yields offered on the savings accounts and staking pools are high.
Cons
- The AED deposit transaction costs are unclear.
- The wallet was hacked in 2022.
5. Trust Wallet
It is available on a wide range of devices and provides self-custody cryptocurrency storage. An investor can access the wallet using Android, iOS or by logging in to Chrome. Only he or she has access to the private keys. The wallet here is also encrypted with a 12-word passcode.
The users can exchange coins across a variety of blockchains without the need to leave the wallet. Staking is also accepted by Trust Wallet. If an investor stakes their APY here, they can gain up to 10% on Kava and 19% on Cosmos. Payments in AED are supported by Simplex in the wallet and this will attract a 5% fee. Cryptonews.com also states that this is the ideal tool when trying to look for Web3 applications. Some of them include Uniswap and ApeSwap.
The greatest advantage that this wallet has is that it’s compatible with more than 70 blockchain technology networks. It is therefore the most ideal for diversification of your portfolio.
Also Read: Trust Wallet: Best Crypto Wallet for Beginners
Advantages
- It is the most ideal for diversified portfolios as it supports up to 70 blockchain networks.
- It is available on Chrome and can also be accessed on iOS and Android.
- High APY of up to more than 19% when staking.
- There are no transaction costs within the wallet interface.
Disadvantages
- There is no way to recover misplaced or hacked keys.
- Buying crypto assets using AED will cost up to 5%.
6. Exodus
According to cryptonews.com, the Exodus wallet is the most preferred when it comes to keeping track of your portfolio. This is due to it being available on major operating systems such as Windows, Mac, and Linux. The users need to log in using their 12-word passcodes.
This wallet is compatible with more than 50 blockchain networks. Some of them include Bitcoin and Ethereum. It is possible to add a few other tokens to the wallet manually. Exodus shows the crypto assets balance in AED with regard to market prices. It is easy to make decisions concerning your portfolio since Exodus has a bunch of portfolio management tools and well-displayed statistics.
Investors can link the desktop and mobile applications when they manage to import their passcodes. Other features offered by the wallet include coin exchanges and staking. AED payments are also accepted but with charge rates of 5.45%.
Advantages
- It comes packed with useful portfolio management tools.
- The user can easily add up to more than 50 blockchain networks.
- There is also the browser extension feature with the mobile application working hand in hand.
Disadvantages
- Payments in AED are expensive with a 5.45% transaction cost being imposed.
- The security features limit the users since they have to take care of their own keys.
7. OKX
This is a Web3 wallet that can be accessed from a wide variety of devices. Cryptonews.com reports that this is the best wallet for exchanging coins and earning cryptocurrencies. The wallet is available on a mobile application, browser as well and desktop software. There is an ‘MPC’ feature that will enable the distribution of small portions of the private keys in various settings preventing remote attacks on the wallet.
OKX supports more than 60 networks including the two major coins, Bitcoin and Ethereum. If an investor wants to add a token, they can key in the project’s contact address. This wallet also connects more than 200 DeFi platforms which provide the users the chance to stake coins, save their earnings, and interact with yielding pools. An attractive and highly competitive APY is offered by the wallet. The downside of this platform is that fiat payments are not supported by the platform.
Advantages
- The wallet is available on an app, browser extension, and desktop software.
- It offers attractive and competitive APY.
- It supports cryptocurrencies across more than 60 networks.
- It has an inbuilt MPC feature that enhances security.
Disadvantages
- It is preferable to cryptocurrency investors that are more experienced.
- The swap commissions aren’t shown until the order is done.