Along the battle lines between crypto exchanges around the world, the Asian region has gradually gained strong positions to rival its western counterparts, with China remaining the biggest power player in the movement of crypto-assets like Bitcoin.

However, although the recent regulations imposed by the Chinese government are changing the rules of the game worldwide, Asia is not only China, so it’s sure that the land of the dragon will continue advancing its pieces to gain new positions on the crypto battlefield.

Today, you’ll learn about the top 6 Asian crypto exchanges, what are the characteristics that make them stand out from the competition, and what you can expect from them. Let’s get started.

KikiTrade

KikiTrade is a platform that offers an exchange service focused on the less experienced user in the crypto world. This is something that you can easily observe thanks to its social trading function, which allows you to follow the strategies of more experienced users.

This feature is very well complemented by the wide variety of social functions, in which users can participate and communicate to enrich their experience on the platform.

In addition, KikiTrade offers 0% trading fees, which makes this platform even more attractive for the beginning Asian user who wants to get started quickly and without complications in this ecosystem.

Supported countries

KikiTrade is available in Hong Kong (China), Taiwan, Thailand, the Philippines, Singapore, Indonesia, and Malaysia.

Security

KikiTrade is a fully licensed exchange in Australia, so it offers enough measures to ensure the security of its users, such as KYC, AML, asset segregation, custodian wallet, auditing, company governance, and more.

Fees

0% trading fees. 0.15% withdrawal fees.

Ease of use

As already mentioned, KikiTrade is a platform that stands out for its ease of use and intuitive interface.

Wallet service

The platform offers a custodial wallet service.

Customer support

At KikiTrade, you can contact support in several ways, including chat, email, and calls. In addition, its social nature allows users to learn from others through other channels like forums.

Additional help

KikiTrade has a help section focused on beginner users.

Additional benefits

You can download the mobile versions of KikiTrade for Android and iOS to enjoy more user-friendliness.

Huobi Global

Huobi is a crypto exchange that began operations in China in 2013 and has grown non-stop since then, already having a base of almost 3 million users.

Currently, although its main office is no longer in China, the company does have branches in other major Asian countries such as Japan, South Korea, Hong Kong, and even the United States.

The best thing about Huobi is that it makes life easier for traders around the world thanks to the wide variety of options and tools for crypto trading that it provides for traders of any level, as well as offering a good compilation of easily accessible educational material.

Supported countries

As its name indicates, Huobi Global is a platform with worldwide reach and supports the following countries, Japan, Vietnam, Malaysia, South Korea, Hong Kong (China), Singapore, and the USA.

Security

The exchange has almost a decade of successful operations in the sector, offering a high level of trust and security through tools such as AML and KYC, 2FA, custodial offline wallets, and a protection fund for investors.

Fees

0% fees when buying Bitcoin, from 0.2% to 0.7% in trading fees in a maker-taker scheme, and 0% fees for deposits and withdrawals.

Ease of use

Although the platform is suitable for all types of users, some may find it somewhat confusing at times due to the wide variety of options and tools available.

Wallet service

Online and offline custodial wallets for more than 90% of funds.

Customer support

Customer support is provided through live chat, email, and its educational database.

Additional help

Database with a good amount of information for novice users.

Additional benefits

Over-The-Counter (OTC) services available to high-level investors and organizations.

OKEx

OKEx is one of the largest exchanges in the world, currently ranking 14th by trading volume. This exchange established in Malta, Italy, stands out for the completeness of its offer, with hundreds of crypto assets – about 250 – with which you can operate easily and safely.

In addition to this, OKEx is a decentralized platform that offers highly competitive fees, as well as offering the possibility of obtaining additional benefits in various ways.

Supported countries

OKEx offers worldwide service available in more than 100 countries but supports the following countries in the Asian market, Hong Kong (China), Malaysia, and Bangladesh.

Security

OKEx has not been the victim of any hacker attack, and its security measures are at the expected level, including MFA, cold storage, web encryption, etc.

Fees

The fees at OKEx work based on a maker-taker scheme that starts at 0.1% and can decrease up to 0.09% depending on the volume of your transactions. For deposits and withdrawals, it’s a 0% fee.

Ease of use

It’s an accessible and easy-to-use platform for any type of user since it has two separate interfaces according to the user’s level.

Wallet service

OKEx has an online wallet that any user can use, but you can also connect your private wallet to the exchange.

Customer support

Support is available 24/7 through various channels, but it doesn’t stand out compared to other features of the exchange.

Additional help

An online help center is also available for all users. You can also contact them via social media.

Additional benefits

At OKEx you can trade from anywhere with your mobile app, get extra profit through its staking and affiliate programs.

BTCBOX

BTCBOX is a fiat-to-crypto exchange established in Japan that allows operations with some of the main cryptocurrencies in the industry, such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, although mainly using the Japanese yen.

A positive aspect of BTCBOX is that it has the support of Japanese banks, which makes it easier to trade with the yen, but for some reason, they don’t allow crypto-to-crypto operations.

Being an exchange focused on beginner users, the design and operation of the platform is quite simple and friendly, although it also has a second interface with more advanced options.

Supported countries

BTCBOX is an international exchange but mainly focuses on the Japanese market since its website is not fully translated into other languages.

Security

The platform offers security that is industry standard with services such as cold storage, 2FA, data encryption, and more.

Fees

0.20% trading fee + BTC 0.001 for withdrawals.

Ease of use

As already mentioned, BTCBOX is a platform focused by default on the beginner user, so its interface is quite straightforward and easy to use. It also has a second interface for more expert users.

Wallet service

A hot wallet for day-to-day trading and a cold storage wallet to secure user funds.

Customer support

Available via live chat and email, but you’ll need to speak Japanese to be able to communicate with them.

Additional help

Help center, FAQ, blog.

Additional benefits

Mobile app for Android and iOS.

Tokenize

Tokenize is another fiat-to-crypto and crypto-to-crypto exchange established in Singapore. It allows you the buying, selling, and trading of a good variety of digital assets. The platform offers around 20 crypto assets through an intuitive interface that will allow you to carry out your operations almost in the blink of an eye.

The exchange was established in 2018 and has had fairly rapid growth – already exceeding 100K users – taking into account that it’s a little-known exchange.

Supported countries

The exchange primarily supports users from Malaysia and Singapore but its fiat-to-crypto exchange option is only available to users in Singapore.

Security

KYC and AML procedures, 2FA, IP whitelisting, and multi-sig authorization, among others. Insurance for up to $100 million.

Fees

Tokenize follows the industry average by offering a flat trading fee of 0.25%, 0.8% for purchases with fiat, and 0.02% for withdrawals. However, these fees may decrease if you subscribe to one of their memberships.

Ease of use

The platform has a very easy-to-use interface, and it’s also possible to access its services from the comfort of your phone with the official mobile app.

Wallet service

Hot wallet for daily use and cold storage to secure the funds of its users.

Customer support

With the free account, customer support may not be the best, but this changes when you upgrade to a paid membership, with excellent response times 24/7.

Additional help

The usual help center with FAQs and other similar additional help.

Additional benefits

Mobile trading app. You can earn passive income from your cryptos through various means.

Luno

Luno Bitcoin is an exchange that began operations in 2013 focusing on bringing the crypto world to developing countries, especially in Africa. Luno tries to offer a simple interface for every type of user, as well as additional tools and education to make the platform more accessible to people who are taking their first steps with cryptocurrencies.

Supported countries

Luno currently supports about 40 countries, mostly from Europe, but also offers its services in Indonesia, Malaysia, Singapore, Nigeria, South Africa, and Zambia.

Security

The exchange is characterized by its high level of security, offering technologies such as 2FA verification, deactivation of sending funds, and touch activation in its mobile app. To date, it hasn’t received any hacker attacks.

Fees

In this aspect, Luno is quite competitive with very low fees based on a variable maker-taker scheme that can result in fees from 0.25% to 1%.

Ease of use

Luno has a basic interface for newbies, but it also offers advanced options for experts, such as advanced charting, indicators, and reports.

Wallet service

Luno is not a wallet, it only offers a temporary custodial wallet so that users can carry out their operations on the platform.

Customer support

As with most exchanges, customer support isn’t noted for its efficiency. It’s possible to contact support through online tickets and email.

Additional help

The platform tries to bring the crypto world closer to developing countries, which is why it offers educational material on the subject within its platform. It also has a forum where users can express their basic doubts.

Additional benefits

It doesn’t offer staking or other similar investment options.

Final words

There are many options available in the Asian region when it comes to crypto, and although in some cases the language can be an obstacle for some users when it comes to taking advantage of these platforms, that’s not the common norm, so looking for new opportunities in these exchanges can be a good alternative for some investors, always depending on their needs.

Even with the circumstances that the crypto world is experiencing today in terms of regulation, it’s sure that Asia will continue providing great options to all crypto enthusiasts around the world now and in the near future insha’Allah.

Blockchain and cryptocurrencies are in the early stages of their development in the Middle East and North Africa (MENA) region. And with the growing acceptance of Bitcoin and cryptocurrencies by Islamic scholars and sharia compliance organizations, the adoption of these technologies by companies, governments, and the general public is increasing.

We can easily verify this fact since, in the last five years, the number of exchanges in the MENA area has been increasing significantly – at a slow but sure pace – and a great explosion of growth and adoption is expected thanks to the participation of governments and banks in this region.

For that reason, we’ve put together our list of the Top 6 Middle East Crypto Exchanges for you to explore so that you can research what exchanges may be good for you if you reside in the Middle East and North Africa region.

Let’s take a look…

Rain

Rain is a reputable Middle East cryptocurrency exchange whose offices are located in the kingdom of Bahrain. It is the first exchange licensed by a central bank in the region – Central Bank of Bahrain or CBB – that offers users the options to buy, sell, exchange and store crypto assets.

Supported countries

Currently, the exchange offers its services for countries located in the Arabian Gulf region, including Kuwait, Oman, Saudi Arabia, and the United Arab Emirates, and its offer of crypto assets is currently limited to only four: Bitcoin, Ethereum, Ripple, and Litecoin.

Fees

Regarding fees, for purchase and sale operations, Rain charges 1.5% when payments are made via bank transfers and 4% for payments made by credit card.

On the other hand, it isn’t necessary to pay any fee for deposits or local withdrawals through transfers, nor for storage of your crypto-assets in your wallet on the platform.

Security

Security is another aspect that stands out in Rain, as it is a regulated exchange that requires going through AML/KYC verification procedures when registering. In addition, 98% of the funds are stored in cold-storage wallets. However, Rain is a custodial wallet that maintains control of private keys, something that is not to the liking of many crypto enthusiasts. As in the words of Antonio Antonopoulos, “Not your keys, not your bitcoin”.

Rain is also Cryptocurrency Security Standard (CCSS) Level III compliant, and it also offers support for two-factor authentication (2FA) and more.

Customer support

Customer support is available 24/7 and has proven to work quite well, responding via live chat or email within a maximum of 48 hours. And in case you are a beginner, the platform offers a lot of help articles that you can easily access online.

Additional benefits

Rain also offers personalized attention for clients with large capital providing over-the-counter or OTC service and has mobile apps for Android/iOS and it has been approved by the Sharia Review Bureau (SRB) as a Sharia compliant platform.

CoinMENA

CoinMENA is another of the large fully regulated exchanges that provide services for the purchase, sale, and custody of cryptocurrencies in a reliable, safe and convenient way. CoinMENA is headquartered in Bahrain and is fully regulated by the Bahrain central bank as a Category 2 financial services provider.

Supported countries

The exchange serves Bahrain, Saudi Arabia, UAE, Kuwait, and Oman; countries in which investors can make deposits, trading, and withdrawals in local currency.

Regarding the offer of crypto assets, this is currently limited to 9, including the most popular ones such as Bitcoin and Ethereum. The offer will expand over time, according to the exchange’s directive.

Fees

The fees to pay for the different operations are variable, but the exchange offers interesting discounts the higher the volume of the transactions.

The basic fee scheme is as follows:

• Deposits in fiat currency: bank 0% – credit card 3.5%
• Bank withdrawals in fiat currency: variable by country.
• Crypto deposits: 0%
• Crypto withdrawals: 0.25%
• Trading fee: 0.75%

Security

In the security aspect, CoinMENA complies with the standard, requiring to go through AML/KYC procedures when registering, in addition to offering storage of crypto assets in cold storage.

Customer support

In case you need any kind of help, you can contact customer support by ticket, email or consult the exchange’s knowledge base.

Additional benefits

Of course, being a highly reputed and regulated exchange, CoinMENA has also been certified as Sharia compliant by the SRB, in addition to offering OTC services to individuals and organizations wishing to purchase high volumes of crypto assets.

BitOasis

BitOasis is a service established in 2015 that has been growing steadily in recent years. It’s a platform that works both as a crypto exchange and a broker, offering its services mainly in the Middle East.

Supported countries

Although the platform focuses its services mainly on Middle East countries such as Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait, and Oman, other countries in the world – including North Africa – can also use the platform for crypto-to-crypto operations. The current offer of cryptocurrencies is around 20, quite wide to satisfy all types of users.

Fees

BitOasis fees are somewhat higher than the average in this type of service and are based on a maker-taker scheme, so fees vary according to your position and the volume of transactions.

To give you an idea, if you are a maker, fees can range from 0.25% to 0.050% on an ascending scale – the larger the transaction, the less you pay. If you are a taker, fees vary from 0.50% to 0.30% on an ascending scale.

Security

As far as we have been able to investigate, BitOasis doesn’t have any type of certification from any central bank, nor does it note that they are Sharia compliant, but it does adhere to legal regulations. In this sense, the platform applies KYC and AML procedures for each newly registered user.

On the other hand, the exchange complies with traditional standards in this type of service, such as 2FA, email verification, cold-storage, and it recently implemented a three-level multi-signature system in its online wallet.

The latter allows users to have greater control over their funds, something that combines very well with the possibility of using the platform from their mobile apps for Android and iOS.

Customer support

Another positive aspect of their platform is that they offer a Support page that provides a knowledge base for its customers with numerous articles on how to utilize the platform as well as an additional, and pretty extensive, FAQ page.

Matrix

Matrix is an exchange based in Abu Dabhi (UAE), which allows you to buy, sell and transfer crypto assets through a very easy-to-use interface.

We are speaking of one of the most notable and reliable platforms within the UAE, as it is fully regulated and has an In-Principle Approval (IPA) license from the Abu Dabhi Global Market (ADGM).

Supported countries

Although the platform offers its services mainly in UAE, the aforementioned license allows it to offer its services to clients in other regions such as Asia, India, the Middle East, and Europe.

The crypto assets offered are limited at the moment to Litecoin, Ethereum, Bitcoin, and Bitcoin Cash. In addition, it appears that USD is the currency the platform uses to buy crypto and if you deposit money from a bank that does not use USD, then their platform will convert your local currency to USD. You must check with your bank to note what the currency conversion fee is as this is not dictated or covered by Matrix.

Fees

The platform applies fees based on a maker-taker scheme, although for some operations it turns out to be somewhat more competitive than other similar platforms, withdrawal fees can be somewhat high.

Trading fees (crypto to USD):

• Maker: 0.10% – Taker: 0.20%
• Crypto and USD deposits: free
• Crypto and USD withdrawals: variable (about 40%)

Security

But with no doubt, the aspect in which the platform stands out the most is in its security. As a regulated entity, Matrix complies with AML/KYC policies and staff constantly audits its systems to prevent fraud attempts. 95% of clients’ crypto assets are stored in offline wallets, and these funds are insured for a value up to $100m.

Matrix also has additional security features:

• Multi-Factor Authentication
• Fully online encryption of sensitive data
• Disaster recovery plans
• Encrypted wallet keys
• Constant verification of their systems by third-party IT security companies

Customer support

In case of doubts or problems, it is only possible to contact support by email – at least initially. As an added benefit, the exchange offers OTC services for retail and institutional customers from around the world.

DigiDinar

DigiDinar is an umbrella term that encompasses a series of open-source projects created by a group of developers based in Kuwait. The project was founded in 2018 and since then, it has brought several cryptocurrencies and exchanges to the world, initially covering only Kuwait, and later the rest of the world.

The two main projects are the DigiDinar cryptocurrency and the DigiDinar exchange.

Supported countries

DigiDinar is not only a cryptocurrency exchange but also a marketplace where Kuwaiti users can use their cryptocurrencies to purchase goods and services. However, some services are also available for other countries.

At this time, the cryptocurrency offering is almost ten, including some of the most popular like BTC and Ether.

Fees

The fees are based on a maker-taker scheme and are average for this type of service, and it isn’t necessary to pay fees in the cases of deposits, trading operations, and canceled orders. Withdrawal fees differ with a withdrawal fee of 0.25% for Bitcoin, Litecoin, and DigiDinar tokens. Withdrawl fees for Ether are at 3%, withdrawal in Kuwait dinar is at 2.5 KWD, and withdrawal of Tether is at 37 USDT.

Security

On the security side, the platform is traditional, storing most funds in cold storage and offering other measures such as email verification and 2FA.

Customer support

Customer support does stand out, since it is not only possible to contact support by email and online ticket, but also by phone, WhatsApp, social media, and even in their own offices in Kuwait.

Additional benefits

Another aspect to note is that the team behind the exchange organizes seminars on blockchain technology every three months, this being part of the project’s mission to educate as many people as possible about the use of blockchain and cryptocurrencies.

The platform does not have any type of certification indicating that it is Sharia compliant, but it does offer OTC service for international clients. It also has Android and iOS apps currently under development.

NakitCoins

NakitCoins is a crypto-asset exchange service established in Turkey that is a pioneer in establishing the first physical cryptocurrency agency that works as cashpoint and broker in the country, with offices also in Ankara and Istanbul.

The exchange offers its customers the possibility to buy and sell crypto for cash directly in their offices while also offering and OTC service for large volume transactions in a secure and easy way.

Supported countries

In addition to the physical offices in Turkey, the exchange offers its services online worldwide – with only 30 countries excluded from some services – to be used for instant exchange without registering an account.

The exchange only allows the purchase and sale of Bitcoin anonymously, but it also has a SWAP SERVICE that allows anyone to exchange Bitcoin to five other different cryptocurrencies in a fairly easy and fast way.

Fees

Regarding fees, these are between 1% and 4% for most services, except in the case of BTC purchases with credit card, which are up to 8%.

Security

In security matters, it must be said that the platform is only used to carry out exchange operations on the go, so it doesn’t store user funds at any time.

Although it is a decentralized exchange, it complies with the AML and KYC regulations that are already common in these services and I have not found any certification stating that the exchange is Sharia compliant.

Customer support

Customer support can be done via live chat, social media, and email. The exchange can also be accessed from your Android and iOS apps – although not all functions are available.

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Although nowadays there are a large number of traders, hodlers, and investors who rely heavily on centralized exchanges – something contrary to the original philosophy of the crypto world – when it comes to security and privacy, there is nothing like Peer-to-Peer (P2P) exchanges.

P2Ps are the best way to make exchanges anonymously, person to person, while maintaining full control of your money, and even paying lower fees, some of the reasons why they’ve grown so much in recent years. Today, we’ll discuss the 5 best peer to peer crypto exchanges in 2021.

Local Bitcoins

Local Bitcoins is one of the oldest P2P platforms in the industry. This site was created in 2012 by Nikolaus Kangas in Finland and since then, it has remained one of the most popular platforms for the Bitcoins exchange, with a presence in around 250 countries.

It’s a fairly secure platform that offers a wide variety of payment methods, as well as a complete set of security measures to protect its users.

Note that, as its name implies, the platform only allows you to exchange Bitcoin, so here you won’t find other popular cryptocurrencies such as Monero, Ethereum, or Bitcoin Cash. However, it’s possible to find similar options that offer other types of assets, such as Local Monero.

One of the main reasons why Local Bitcoins stands out at this time is due to the wide variety of payment methods it supports, among which we can find:

• Paypal
• Neteller
• Skrill
• Payoneer
• Payza
• MoneyGram
• Wire transfer
• SEPA
• Cash deposits
• Wechat

And even altcoins like Ethereum and Litecoin.

Unfortunately and due to certain regulations around the platform, it doesn’t support payments in fiat currency.

Regarding fees, Local Bitcoins is a platform in which you can operate 100% free, and it’s the traders who actively promote their services, who must pay a 1% fee to the platform.

An important point to bear in mind is that, although it’s a P2P exchange where you should be able to buy and sell anonymously, the large number of laws that have emerged in many countries to regulate cryptocurrencies, has forced the exchange to apply AML and KYC measures.

Regarding security, Local Bitcoins is a very secure platform that tries to protect its users with different measures, but as it’s a P2P site, we recommend that you do your due diligence to avoid any kind of problems with malicious users.

In short, Local Bitcoins is an excellent option for those who need to use alternative payment methods to buy Bitcoin.

Bitcoin.com Local

Bitcoin.com Local is one of the easiest and fastest platforms to make exchanges with Bitcoin Cash. This platform started operations in 2015 as a means for the exchange of Bitcoin, but recently it renewed its platform and at the moment only works with Bitcoin Cash (BCH).

The first thing that catches the attention of Bitcoin.com Local is the simplicity of its interface. It’s really difficult to get lost here, since everything is designed to make the experience as easy as possible for the user.

You register by indicating a username, password and email address, and you can start operating on the website immediately. Of course, as it’s a P2P platform, you won’t have to provide all your personal data or go through tedious KYC verification processes.

The next positive aspect of the platform is undoubtedly the large number of payment methods it accepts, including some of the most popular wallets such as PayPal or Payoneer, but it also accepts bank transfers, payments in cryptocurrency, in cash with fiat currency, and even using goods and services.

This last aspect, the market, is undoubtedly one of the most interesting on the platform. Not only do you have the ability to buy and sell Bitcoin Cash directly, but you can also participate in an online marketplace where you can buy and sell all kinds of items – as long as they are accepted by the platform.

Notice that the market is divided into two sections:

1. A market for buying and selling physical and digital items similar to Ebay
2. And a market for buying and selling Steam items

Regarding fees, these are based on a maker/taker scheme with a “maker” fee of 0.25% and a “taker” fee of 0.75%. The website is quite safe to use thanks to its blind escrow system and other additional security measures.

In summary: Bitcoin.com Local is a simple, fast and direct platform for Bitcoin Cash enthusiasts to carry out all kinds of operations with their favorite cryptocurrency.

Bisq

Formerly known as Bitsquare, Bisq is a fully decentralized crypto exchange that enables the buying and selling of Bitcoin with a great level of flexibility.

To begin with, although it is a platform only for the purchase and sale of Bitcoin, it has the advantage that it accepts both fiat currency, as well as a variety of altcoins – even privacy cryptos such as ZCash – for exchange operations. This factor, together with the fact that it’s a decentralized exchange (DEX), makes Bisq a unique option in the crypto ecosystem.

You should note that Bisq is a software that you must download to your PC. Once this is done, in a matter of a few steps, you can start making transactions, since you don’t need user registration, much less go through identity verification procedures.

The platform is very secure and private, since it doesn’t store user funds or other sensitive information – and it has never suffered any type of external attack.

The exchange system is also another point in favor, since it works through a multi-signature mechanism in which both buyer and seller have to make a deposit in BTC as a guarantee.

In addition to this, a moderator is in charge of verifying that the entire buying/selling process is carried out safely for both parties. It is at this point where users will have to pay either a maker fee of 0.10% or a taker fee of 0.70% as commission for the moderator.

All of the above makes Bisq undoubtedly shine with its own light as one of the best P2P exchanges today thanks to its unique flexibility and security features.

Local Coin Swap

Local Coin Swap is a relatively new exchange in the crypto space (since 2018), but nevertheless, it has been growing and performing very well at a constant pace.

This P2P exchange offers both a custodial and non-custodial exchange model to suit its users and allows the exchange not only of BTC but also of other cryptocurrencies as well as fiat currency.

Among the cryptocurrencies that you can exchange they have:

• Bitcoin
• Ether
• Dash
• Tether
• USDC
• DAI
• LCS
• Nexus
• Kusama

Another of the notable aspects of Local Coin Swap is that of security since it offers an escrow service and although it’s possible to carry out non-custodial trading, the platform also has a team of moderators who act as intermediaries in transactions if you opt for custodial trading.

Among some of the payment methods accepted on the platform we can find:

• Cash in person
• Transferwise
• Local bank transfer
• Cash deposit
• PayPal
• Skrill
• PayID

The case of fees is somewhat extreme because if you’re the one who responds to a trade offer placed by another user, you won’t pay any fee, but if you are the one who places a trade offer, you must pay a fee of 1%. Also, take into account that if you use non-custodial trading, you’ll have to pay the additional costs of the blockchain of the currency of your interest.

Also, the platform is easy to use, has an excellent level of security, and registering to use the platform is very fast since you only have to confirm your e-mail address, no complex identity verification procedures are required.

Without a doubt, Local Coin Swap is a very good option for those looking for an alternative to CEX and DEX platforms.

Local Monero

Local Monero is another of those platforms that allow the exchange of a specific cryptocurrency for local currencies. It’s a Hong Kong-based platform that works in a very simple and straightforward way: users post ads indicating that they want to buy or sell Monero, also indicating the payment method acceptable to them.

The platform accepts a good variety of payment methods – around 60 – and allows the exchange in local fiat currency and even cash payments, which gives a lot of flexibility in this sense.

Among the accepted payment methods, we can name some of the most popular:

• Bank transfer
• Cryptocurrency transfer
• Cash at ATM
• Credit cards
• Paypal
• Gift cards
• MoneyGram
• AdvCash
• Apple Pay
• Payoneer
• Moneybookers / Skrill
• SolidTrust Pay
• Neteller
• Payeer
• Xoom
• Western Union
• RIA Money Transfer
• WebMoney
• Transferwise

In the event that the payment is made online through the platform, there is an escrow and mediator system in which the platform retains the seller’s cryptocurrencies until verifying that the seller has already received the payment from the buyer and once this has been confirmed, the Monero is released.

Regarding fees, only users who publish ads on the platform will have to pay a 1% fee if the operation is successful.

Registration on the website is very fast and doesn’t require going through KYC and AML procedures, so it’s possible to carry out operations completely anonymously. For the latter, it’s recommended that you use a crypto privacy payment method, such as Dash or ZCash.

Local Monero is a fairly complete and robust platform, perfect for those who want to exchange this privacy cryptocurrency quickly, easily and safely.

With the unstoppable rise in the price of Bitcoin, the rest of altcoins following in its footsteps, the growing institutional interest in the industry, and the recent IPO of Coinbase, it’s normal that more and more people want to ride the wave started by Satoshi Nakamoto more than ten years ago.

However, the sudden rises and falls in the price of cryptocurrencies, as well as the cyberattacks and scams that some exchanges have suffered in the past, are factors that still intimidate many people.

Even with all this, along with the technical advances the industry has experienced in terms of security, ease of use, and even regulation, makes it more and more attractive to carry out buying and selling operations using crypto exchanges.

As I understand our needs and fears, I decided to make this list of the best places to buy bitcoin and altcoins with the peace of mind that a serious and quality platform can offer you.

1. Coinbase

Coinbase started in 2012 by selling bitcoin directly to its users, but it added new services over time. The exchange has had an unstoppable growth and is now one of the largest and strongest platforms within the US, with a base of 30 million users. The platform is also easy to use and is available in many countries, yet many people complain about its terrible customer support.

Click on the link to get $10 of free bitcoin when you sign up with Coinbase.

Supported countries

Coinbase is available in more than 100 countries.

Security

The exchange has never suffered cyberattacks and thefts on its system and it offers an offline storage guarantee on most user funds. You’ll need to go through KYC and AML procedures when registering.

Fees

Although Coinbase fees are among the most competitive on the market, it’s difficult to set a fixed amount for them, as they vary based on some factors:

• A basic flat fee – 1.49% standard buys | 3.99% CC buys (these fees may vary)

Ease of use

Coinbase’s interface is made to attract someone who is new or at a beginner level to the world of cryptocurrencies, something that’s evident by its easy to understand and user-friendly design.

Wallet service

The platform offers an online wallet in which it keeps 2% of users’ funds, and the rest is stored in an offline wallet. Private keys are owned by the company.

Customer support

There is a high percentage of complaints from dissatisfied users on the internet on this factor.

Additional help

Only basic online help and FAQ on the use of the platform.

Additional benefits

Coinbase offers you the possibility to participate in staking activities to earn some rewards on your cryptos. They also provide FDIC insurance on your crypto of up to USD $250,000 per customer who have their crypto stored online on their platform.

2. Coinbase Pro

Coinbase Pro is Coinbase’s professional platform for more experienced cryptocurrency users. It’s a version of Coinbase with a richer interface with advanced options, ideal for experienced crypto traders who want to obtain a higher return on their crypto investments.

They offer a smaller amount of cryptocurrencies to trade compared to other platforms, yet we can highlight their incredibly low fees and variety of security options.

Supported countries

Coinbase Pro offers its service in more than 100 countries, including the US.

Security

The exchange has never suffered direct cyberattacks, although in the past it suffered from some flash crashes from which it managed to recover.

The platform offers security features such as 2-factor authentication (2FA), SSL encryption, and fund insurance for up to $250K.

Coinbase users who want to use Coinbase Pro don’t need to pass additional verification procedures.

Fees

Fees vary from 0% to 0.5% in a maker-taker scheme and according to the volume of your transactions.

You qualify as a maker if you place an order that immediately matches an order previously placed in the order book.

On the other hand, you qualify as a taker if you place an order that only partially qualifies with another.

Although this variable scheme is confusing for many people, its advantage is that it considerably reduces the fees for transactions.

Ease of use

The exchange is focused on expert users.

Wallet service

The same as with Coinbase.

Customer support

Yes, but it doesn’t stand out for being neither the fastest nor the most attentive.

Additional help

Only basic online help and FAQ on the use of the platform.

Additional benefits

Same as Coinbase, you have the possibility to participate in staking activities to earn some rewards on your cryptos. You can also earn referral commissions.

3. Binance

With only four years of existence, Binance has quickly become one of the largest exchanges in the world with more than 200 cryptos available in a large number of countries worldwide. They offer a wide variety of deposit and withdrawal options, super-competitive fees, the capacity to process 1.4 million transactions per second and an interface suitable for all types of users,. These are just some of the reasons for their stunning growth.

Supported countries

The platform is available in a large number of countries, including the United States – through Binance.us

Security

Binance has suffered a hack in the past, but the company has responded seriously to its users at all times. This significantly increases confidence in the company.

The platform also complies with the security standards for these type of services such as 2FA, a multi-tier system architecture, and cold storage.

Fees

One of the lowest in the market, just 0.1% for each transaction.

Ease of use

The exchange’s interface is of medium complexity, which makes it suitable for both novice and veteran users.

Wallet service

Binance is primarily an exchange and it only works as a wallet for certain investment options.

Customer support

Although it doesn’t stand out for being the best in the world, the support team responds. Communication is done via online tickets and email.

Additional help

There is only basic online help about using the platform.

Additional benefits

Binance offers several options on which the user can obtain additional profits, such as staking, savings, loans, and smart pooling, among others. Some of the ways to earn additional profit may not be Islamically permissible depending on how the crypto is classified.

4. Gemini

Gemini is an exchange founded by the Winklevoss twins, famous Bitcoin millionaires. This exchange is characterized by its accessibility and ease of use. Although its fees are a little higher than those of other exchanges, the platform makes up for it with a system rich in options for advanced trading, a variety of cryptocurrencies (33 different cryptos), and many advanced security options.

Supported countries

The exchange supports about 50 countries, including the US. Its philosophy is reaching as many users as possible.

Security

Gemini excels in this regard. Its system is quite robust in terms of security options as they adhere to a security philosophy of:

• Defend against external threats
• Protect against human error
• Guard against misuse from insider access

In addition to that, the exchange offers insurance that covers losses from hacks, and most of the funds are kept in cold storage.

Fees

The fees vary between 0.5% and 3.99%, depending on the interface you use (beginner or advanced).

Ease of use

It’s an exchange suitable for all types of users as it offers two interfaces: one for beginners (direct trading) and the other for expert users (advanced charting, order tracking and block trading).

Wallet service

The exchange offers an online custodial wallet – insured against losses – that you can use for your day-to-day operations. It also has its corresponding mobile app.

Customer support

This aspect is a bit above average, since it’s quite responsive and it’s possible to contact them by email, phone, and tickets. It also offers a lot of online help with solutions to common questions.

Additional help

Another noteworthy aspect, since the platform offers an extensive knowledge base through:

• Quick knowledge guides
• Crypto glossaries
• Webinars

Additional benefits

No.

5. CEX IO

CEX.io is a well-established exchange with more than 7 years of operation behind it and a very good reputation. The exchange is established in the UK and offers a brokerage service and a trading platform, but also places a high priority on security. Although CEX.io doesn’t offer a wide variety of cryptocurrencies, it makes up for this failure with several attractive investment options that have made it a favorite of many people.

Supported countries

CEX.io has a global presence, although there are restrictions for certain forms of payment in some countries.

Security

The company complies with the regulations in all the countries in which it’s available. The platform requires several levels of KYC verification for new users, has a robust monitoring system and other additional security options (cold storage, 2fA, PCI DSS, etc.).

Fees

The fees are variable according to the type of operation:

• Card deposits: $2.99
• Withdrawals: from 0.3% to $25, depending on the withdrawal method.
• Trading: they vary according to your position (taker or maker), from 0.00% to 0.25%.

Ease of use

CEX.io offers a friendly interface for any type of user, and it’s possible to use it as a brokerage or as a direct trading platform.

Wallet service

CEX.io is not an online wallet service, but it stores most funds in cold storage for security reasons.

Customer support

It’s possible to contact support through live chat, social media and phone. The service is available 24/7 and works quite well.

Additional help

The platform has a blog and a YouTube channel with information about the operation of the exchange and cryptocurrencies in general.

Additional benefits

Staking on the platform is possible.

6. Coinmama

Coinmama is a trusted and veteran platform in the industry that’s ideal for those who want to buy cryptocurrencies without complications and without the fear of losing their investment due to security problems. This is because when you buy or sell cryptocurrencies through Coinmama, you’re working directly with the company behind the exchange, without intermediaries. This offers additional advantages that other exchanges don’t offer.

Supported countries

Coinmama is currently available in almost 200 countries, including the US – although not in all states.

Security

Coinmama is a well-established and reputable platform in the industry since 2013.

The exchange doesn’t store any type of financial information, nor the funds of its users on the platform. This feature reduces the number of vulnerable points to the risks of external attacks or scams.

Fees

The fees on the platform are usually somewhat lower than on other sites, and are generally presented as follows:

• Purchases: 3.90%
• Sales: 0.90%
• D/C card transactions: 5%

Ease of use

Coinmama works well for all types of user, but it’s especially suitable for beginners or those who want simplicity and speed in their operations.

Wallet service

The platform doesn’t offer a wallet service, so you must have an external wallet to withdraw your funds.

Customer support

The company offers one of the best customer services in the sector, available 24/7 and with attention via email, phone, social media and chat bot.

Additional help

Coinmama offers a complete and accessible compilation of tutorials and online help about the operation of the exchange, but also about cryptocurrencies in general.

Additional benefits

Coinmama has a tiered benefits program for all its users that offers significant discounts on fees.

7. Kraken

Kraken – If you already have some experience with other cryptocurrency exchanges and want to go to a more advanced and sophisticated level with an exchange that offers:

• A large number of options for your trading operations
• More options to increase the profitability of your money
• And a very high level of security

Then Kraken is for you.

Supported countries

Kraken has a global reach and only about ten countries are not supported by the platform. It’s also available for US residents.

Security

The platform also stands out for offering a wide variety of advanced security options. It keeps its servers in constant custody and stores 99% of funds offline.

Fees

Kraken has a variable maker-taker fee scheme (ranging from 0% to 0.26%) based on the volume of transactions during a certain period.

Users of the Instant Buy feature pay a 3.75% fee.

Ease of use

As we said at the beginning, Kraken is more suitable for advanced and experienced users in the world of crypto trading.

Wallet service

Kraken works solely as an exchange and trading service.

Customer support

It’s available 24/7, 365 days a year through live chat, so the attention you receive is usually quite fast.

Additional help

Kraken offers a good number of options for users to educate themselves mainly on advanced and specific topics about the assets of their interest through:

• Online crypto guides
• Video lessons
• Podcasts

Additional benefits

Kraken also offers staking in case you wish to earn returns for persistently keeping your funds on the platform.

Conclusion

As more people enter the market and buy cryptocurrency, we can see even more scammers seeking to steal their money. It becomes even more important that you are able to purchase crypto in a safe way. Whether you are a beginner to buying crypto or an experienced crypto trader, I highly recommend only purchasing crypto from reputable platforms.

Some of our scholars such as, Dr. Mohd Daud Bakar, who hold the view that Bitcoin and cryptocurrency are halal, recommend only purchasing cryptocurrencies from reputable and regulated crypto exchanges.

And in the end, Allah knows best.

We all want our cryptocurrencies stored in a safe place where no one can access them, but we also want speed, low fees, and a variety of benefits and/or options when carrying out crypto trading, right?

Cryptocurrency exchanges emerged some time ago as a response to the needs of crypto users around the world, and they’ve evolved mainly into two types: Centralized Exchanges (CEX), and Decentralized Exchanges (DEX).

Each type has its pros and cons, and as the crypto world continues evolving, so do exchanges, and it can be quite difficult to discern which is the best choice for you among so many options available.

Insha’Allah we’ll explore the world of centralized and decentralized exchanges and learn about the differences between the two, the advantages and disadvantages of each, as well as provide a list of centralized and decentralized exchanges that are popular to use so that you can better decide what’s the best choice for you.

What is a cryptocurrency exchange?

A cryptocurrency exchange is an online platform that allows its registered users the trading of digital assets – whether crypto or fiat money – in a secure and efficient way.

The basic function of these platforms is to provide the necessary tools for users to carry out cryptocurrency trading in person-to-person (P2P) transactions.

Obviously, each exchange has its particular procedures, but in general, they all work in a similar way:

1. You sign up on the platform
Each platform will request some personal data from you, and while some exchanges ask for a large list of requirements, others will only ask for a username and email. Many exchanges may also apply “know your customer” (KYC) policies to verify the authenticity of the data you provided.

2. Fund your account
Once you’ve signed up, you can transfer money into your account whether in the form of other cryptos (Bitcoin, Ethereum, Litecoin, etc.) or fiat money (US Dollar, Malaysian Ringgit, Euro, etc.). Payment methods will vary according to the exchange, and while some will accept popular payment processors like PayPal, others won’t.

3. Perform transactions
You can then trade your currencies for another, trading from fiat to crypto or from crypto to crypto. The most popular currencies usually are Bitcoin, Ethereum, USD, and EUR.

4. Withdraw your money
You can finally withdraw the money you’ve invested, converting it to the currency you prefer. You can then withdraw to your bank account or another payment platform, depending on the exchange.

Let’s take a more in-depth look at the difference between CEX and DEX exchanges so you can better see the difference and how they work.

What is a centralized exchange or CEX?

A centralized exchange is a platform where each transaction goes through a central authority that controls all operations on the platform. The majority of exchanges today are of this type.

These exchanges usually make a profit by charging a commission for each transaction on their platform, but they may also have additional ways to generate income.

One important feature of CEX platforms is that they not only provide a means for trading, but they’re usually easy to use and many times, they also offer powerful analysis and security tools for your transactions.

On the other hand, you’ll find a greater level of security processes to follow in order to gain access to the platform, like “know your customer” (KYC) and Anti-Money Laundering (AML) policies.

What is a decentralized exchange or DEX?

In decentralized exchanges, transactions take place directly between two users. In this way, there is no need for intermediaries because the users are who establish the terms for negotiation.

You won’t find CEOs or employees here; since these platforms run based on blockchain technology, everything is controlled democratically among users.

To give you an example: in the case you want to buy a cryptocurrency like Dogecoin by paying with Bitcoin, you go to the platform and simply set an initial bid price. If someone agrees with that price, you pay with Bitcoin and receive your Dogecoins. The transaction is done.

The above is one of the main advantages of decentralized exchanges; you can quickly start making transactions on the platform because there is less regulation, so you don’t need to pass through a whole series of verifications.

However, this can also be problematic. If any problem occurs – like someone trying to scam you – the exchange won’t be able to help you because transactions are carried out person-to-person.

Advantages of centralized exchanges

Ease of use
These platforms usually have user-friendly interfaces. This is an advantage when you’re a beginner in crypto trading.

Many additional tools
These platforms usually offer a wide variety of security and analysis tools to apply to your trading transactions.

High liquidity
CEX platforms have a higher volume of transactions usually because they may offer lower fees for transactions, custodial options, a large variety of crypto assets to trade, ease of use on their platform, and higher and security measures they must follow due to government regulation.

High speed for transactions
The algorithms CEX platforms use can process a high volume of orders per second in real-time. This can help traders react faster to unexpected market changes.

Greater variety
Due to the larger number of registered users, big exchanges can offer a greater variety of digital assets you can operate with. They also support transactions in fiat currency.

Disadvantages of centralized exchanges

Less control of your money
Crypto assets are stored on the exchange since the wallets are part of the platform. This can be pretty bad for you if a platform decides to block your funds.

You do not hold your private keys
Your private keys will remain within the exchange, so there is a risk that you could lose all your money if an attack on the exchange occurs.

Less privacy
These exchanges are regulated by the laws of the country where their companies are located. This may be useful to prevent money laundering, but on the other hand, operators might collect a large amount of personal data from you.

Benefits of decentralized exchanges

Less regulation
Decentralized exchanges are free from any type of limitation or regulation by any public or private entity. Trade between users is direct and, for the most part, you won’t see any KYC or AML procedures needed to access the platform.

More control
As a user, you’ll have full access, control, and responsibility over your private keys and your crypto assets. This means no one can steal them directly from the platform.

Also, the risk for external security threads is minimal because there is no central point to direct an attack. This also decreases the possibility of server failures.

More privacy
Since there isn’t any type of authentication procedure or loading of ID documents, your identity will remain anonymous.

Disadvantages of decentralized exchanges

Greater complexity
DEX platforms are still limited regarding a variety of functions. In addition to that, user interfaces are still pretty complex for the beginner and sometimes even the intermediate user.

Lower transaction speed
Trading on a DEX is usually slower as each transaction must be validated by other nodes (other computers). This can be a problem if you need to react quickly to changing market situations.

Lower liquidity
At present date, you’ll find most traders on centralized exchanges, as the concept of decentralization is relatively new. This means that liquidity is also lower as well as the volume of transactions.

No fiat currency transactions
Even though this is changing, the majority of DEX platforms won’t allow you to perform transactions in fiat currency because it is not part of their decentralized philosophy nor do they want to have to follow KYC and AML regulation.

Top centralized exchanges

Coinbase (This is an affiliate link)
One of the largest and most reputable CEX platforms, Coinbase offers many options for a wide variety of users. You can connect directly with your bank account, but it also supports other payment methods.

Binance
This popular platform operates with all kinds of cryptocurrencies. It’s the largest trade volume in the world and you can do everything, from trading to staking and peer-to-peer (P2P) trading.

Kraken
Kraken is with no doubt one of the most complete exchanges today. Although it’s not the best option for beginner traders, it has an impressive number of options for the expert-level trader.

Gemini
Gemini is a platform that offers a wide variety of cryptocurrencies for all types of users, whether they’re beginners or professional investors. Also, you can use it from any device and its interface is really easy to use.

KuCoin
KuCoin is a very easy to use platform, especially if you’d like to use it from your Android device. Although it doesn’t have a high volume of transactions, here you can find assets that are hard to find in other exchanges.

Bitfinex
If you’re a novice user, Bitfinex is not for you. This platform is designed for expert users, and you can see that in the wide variety of options its user interface has. On the other hand, it has high liquidity and is a platform that cares about responding to its users in case of problems.

Top decentralized exchanges

Uniswap
Uniswap is the best exchange platform in DeFi. It’s easy to use and has a large volume of transactions and liquidity. Being a DEX platform, users can vote for changes to the platform democratically. Their fees are only about 0.3% per transaction.

SushiSwap
SushiSwap is the result of fork (separation) on the UniSwap blockchain and is currently its main competitor. Today, it has $3.06 billion in guaranteed assets and also offers unique features in the DEX environment that go beyond the exchange of crypto assets.

Bancor
Bancor is a pioneering liquidity protocol in the DeFi ecosystem. It’s operated by the Swiss Bancor Foundation, has its own native token (BNT), and offers unique asset protection features for its users. It has a high credibility level.

BurgerSwap
BurgerSwap is a platform founded in 2020 and is very similar to Uniswap. It’s quite easy to use and has managed to position itself very well in the market. It currently has a liquidity volume of around $300 million. Not bad for a starting platform.

Binance DEX
This is the decentralized version of Binance. It’s powered by the Binance Coin (BNB) cryptocurrency and offers quite low fees compared to other similar exchanges. Currently, it’s a fairly solid platform that offers all the advantages of a DEX but requires overcoming a certain learning curve to get the most out of it.

Islamic perspective of CEX and DEX

Scholars in Muslim countries where cryptocurrencies are halal, such as Malaysia, recommend that crypto users buy their cryptocurrency at centralized exchanges (CEX) that are government-regulated as a means to be protected from scammers.

Muslims should also be mindful that some decentralized exchanges (DEX), as well as centralized exchanges (CEX), specialize in lending out your cryptocurrency as loans where you will earn interest off of the loan.

Since some scholars classify Bitcoin, or cryptocurrency as a whole, as currency, then those scholars say that the rules of riba al buyu apply and that it is haram to earn interest from lending out your bitcoin or cryptocurrency. And in the end, Allah knows best.

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