How to Transfer Crypto from the Local Exchange in UAE with the Least Fee?
Updated on April 5, 2022 | by Olivia Reeve
UAE is considered to be amongst the heavens for digital assets. However, buying trading, and even using cryptocurrencies can take a haul, especially with the variety of options available in the market. If you are looking to transfer cryptocurrency from your fiat bank account to an e-wallet or vice versa, you need to look at several factors. These include the reputation, fees, and market value associated with the exchange to name a few.
To start transferring cryptocurrency, you will need to locate not just a local exchange but also one with the lowest fee which may seem like a daunting task. We are here to help you understand how to transfer crypto from any local exchange in the UAE with the least fees.
What to Look for?
While transferring cryptocurrency, you need to ensure that the transaction charges are low. The majority of crypto exchanges you come across now have integrated Blockchain Technology; this allows for the decentralization of both the orders and storage. One of the leading digital trading platforms and wallets in the Middle East & North Africa region (MENA) is BitOasis. You can easily buy, sell and trade digital assets through BitOasis.
To give you an idea, an ideal local exchange would charge an investment of less than 1 million AED; the maker fee should be just around 0.25%, and the taker fee 0.50%. In addition to the low exchange fee, the exchange you choose should offer a variety of cryptocurrencies to choose from with easy access.
Steps to Transfer Crypto from Any Local Exchange in UAE
Here we will discuss the steps for transferring crypto from a local exchange in the UAE. Also, since more or less the steps are similar for all local exchanges in the UAE, there won’t be much hassle for you.
Any exchange you choose requires you to enter your first name, last name, and email on the Sign-Up page. After your “Account Setup” is complete, you will be prompted to confirm your email address and phone number.
Complete KYC Procedure
The most reputable local exchanges in UAE acquire KYC to confirm your identity. This is an important step to buy/sell or trade your digital asset. The KYC options at most firms include three tiers to choose from. Each tier varies concerning the amount you deposit, withdraw, and the documents you need to verify.
At this point, you should have a fully functioning account at your choice of the local exchange. Now to transfer your AED to a crypto account, you will have two options. Either you can opt for a wire transfer or use your credit/debit card. Depending on the firm, the wire transfers may acquire zero deposit fees or more. However, keep in mind the minimum average amount to deposit through a card is 300 AED with a 5 transactions limit per day and a maximum deposit of AED 17,000, for the majority of them.
Buy/Sell Your Cryptocurrency
Once your account is verified, there will be a variety of currencies you can choose from. The firm you choose will allow you to fill in the amount you like and choose from a variety of trading orders. These commonly include Market, Limit, Stop and Stop Limit. Each with a varied function associated with it, depending on your choice of trade.
In a nutshell
Now that you are here, you have basic knowledge about transferring crypto from a local exchange at a lower fee. There isn’t inherently a particular pattern for a lower cost. Instead, you can choose from a local exchange that charges the minimum spread for your transactions. Just be sure to opt for a safe and secure exchange platform. Happy Crypto-ing!