8 Best Crypto Wallets in UAE - The Complete 2023 List

The UAE is one of the most crypto-friendly nations globally, with residents benefiting from favorable tax laws and fair regulation. But which crypto wallet should UAE investors use?

In this guide, we review the best crypto wallets in the UAE for 2023. We cover a wallet for all investor profiles, from active traders and long-term investors to those holding large crypto balances. 

List of the Best Crypto Wallets for UAE Investors

The best UAE crypto wallets for 2023 are ranked below:

1. Best Wallet - Best Wallet offers the best crypto wallet for UAE investors and traders alike. That's because it can store coins and tokens from multiple blockchains like Ethereum, Polygon and BNB, with Bitcoin planned to be added in the future. What's more, you can easily swap these tokens between chains or store your NFTs through a single mobile app. With its upcoming features like market insights, advanced charts and token analytics and sentiment, Best Wallet may well become the ultimate personal Web3 hub.
2. eToro - This regulated platform offers a web and mobile wallet, and it supports over 90 cryptocurrencies. This includes Bitcoin and some of the best altcoins. eToro also supports AED deposits, and its exchange allows traders to buy and sell cryptocurrencies 24/7. Most importantly, eToro is heavily regulated.
3. MetaMask - Non-custodial storage will appeal to some investors in the UAE; so MetaMask should also be considered. This decentralized wallet provider is used by more than 30 million people, and it supports Ethereum and all ERC20 tokens. Additional networks can be added, but this doesn't include Bitcoin. MetaMask is best used as a browser extension, but it also offers a mobile app for iOS and Android. 
4. Trezor - UAE investors with large exposure to Bitcoin and other cryptocurrencies will like Trezor. This hardware wallet offers superb security, not least because the device remains in cold storage. Users will need to set up a PIN, which needs to be entered when making transfers. Trezor connects to the blockchain via Bluetooth or a USB cable. It supports 
5. Binance - Binance, which is approved by the  Abu Dhabi Global Markets Financial Services Regulatory Authority (FSRA), is the best crypto wallet for UAE traders. More than 350 cryptocurrencies are supported, and trading commissions are industry-leading at 0.1% per slide. The Binance wallet supports staking, yield farming, and savings accounts too. 
6. Trust Wallet - Another non-custodial wallet that is popular in the UAE is Trust Wallet. The wallet comes with various tools, including staking and token swaps. It supports dozens of blockchain networks, including Bitcoin, Binance Smart Chain, and Ethereum. Trust Wallet is available as an app and browser extension. 
7. Exodus - Exodus appeals to both beginners and experienced traders. It is a decentralized wallet supported by desktops and iOS/Android mobiles. It also offers a browser extension. Exodus supports over 50 blockchains, and it allows users to add custom tokens. Exodus is free to use, and it comes with staking tools.  
8. OKX - One of the best crypto wallets in the UAE for passive investors is OKX. This decentralized wallet supports thousands of coins, savings accounts, and yield farming pools. It sources the highest yields, so UAE investors don't need to search across different exchanges. The OKX wallet also supports token swaps at competitive fees. 

Top Crypto Wallets in the UAE: Full Reviews  

We have compiled comprehensive reviews of the best Bitcoin wallets in the UAE. 

Some of the most important factors we consider include wallet security, usability, supported coins, features, fees, and transparency. 

UAE investors can read on to choose the best online Bitcoin wallet for their needs. 

1. Best Wallet - The Overall Best Crypto Wallet for UAE Traders and Investors

Best Wallet is the overall best crypto wallet for UAE investors. From a single mobile app on iOS and Android, you get to hold coins and tokens from various blockchains like Ethereum, Polygon and BNB, with Bitcoin blockchain support planned for the future.

You can easily swap these coins between chains, which removes the need to have multiple crypto wallets for each blockchain. On top of that, the team plans to add NFT support that will allow you to store your digital collectibles and exchange them directly from the Best Wallet app.

All this is made possible via the built-in Best DEX. This is a decentralized exchange that lets anyone swap their coins and tokens without signing up for an account. All you have to do is connect your crypto wallet and start swapping.

Active users of the Best Wallet and the Best DEX are eligible for the $BEST token airdrop planned for the future.

The $BEST token is designed to be both a utility and a governance token. The utility part comes in the form of feeless swaps and access to new token launches and NFT drops. On the other hand, the governance part will allow you to vote in the Best Wallet's future decisions.

At the moment, Best Wallet has the basic functionalities ready where you can buy crypto with a card and swap it. In the future, new updates will add market insights with advanced price charts, as well as crypto news and token analysis where users can track investor sentiment or discover trending tokens.

As for security, Best Wallet uses two-factor authentication and PIN or biometrics, depending on your smartphone. This means that even if a bad actor gets a hold of your device, they won't be able to unlock your wallet.

Overall, the Best Wallet aims to become the ultimate personal Web3 hub where you can hold multi-chain coins, swap them, hold your NFTs and analyze the crypto market all within one mobile app.

Make sure to follow Best Wallet on X and the Best Wallet Telegram channel to get new information on upcoming releases and $BEST token airdrops.

Pros

• Overall best crypto wallet for UAE investors 
• Supports multiple blockchains like Ethereum, Polygon and BNB
• Employs 2FA and biometrics for unlocking
• Buy and sell cryptocurrencies without leaving the wallet
• NFT gallery and marketplace
• Using the app makes you eligible for $BEST token airdrops 

Cons 

• No crypto wallet browser extension available at the moment
• Third-party fees for buying crypto with a credit card

2. eToro - Leading Crypto Wallet for UAE Investors  

eToro is a regulated provider that holds licenses in many regions, including the US, Australia, the UK, and Cyprus. eToro provides UAE investors with custodial storage on their cryptocurrency holdings. Put simply, this means eToro is responsible for keeping client-owned assets safe. 

Some of its institutional-grade security controls include advanced signature mechanisms, cold storage, two-factor authentication, and analytic behavior machine learning. This means UAE investors can rest assured their cryptocurrency investments are safe. Moreover, the wallet is easily accessed via web browsers or the eToro app. 

The eToro wallet supports dozens of coins, including Bitcoin. It also supports some of the best penny cryptocurrencies, such as  Cardano, XRP, Dogecoin, Tron, and VeChain. All supported cryptocurrencies can also be traded on the eToro exchange. This operates 24/7, and it connects directly to the eToro wallet. 

Trading fees cost 1% per slide, and the minimum order size is just $10, or about 35 AED. eToro also allows UAE traders to deposit and withdraw funds in AED across many payment methods. This includes Visa, MasterCard, Maestro, PayPal, Skrill, Neteller, and local bank transfers. AED deposits are charged a very small fee of 0.5%. 

Another benefit of choosing eToro is that it offers 24/5 customer support. Investors simply need to log into the accounts to access the eToro live chat box. eToro also offers a staking tool that yields passive rewards. Three of the best staking coins are supported, including Ethereum, Tron, and Cardano. Staking rewards of up to 90% are offered, but this depends on the eToro account tier. 

eToro account holders can also access copy trading tools. After choosing a seasoned crypto trader to copy, their investments will automatically be mirrored in the eToro portfolio. Users can add or remove assets from their copy trading portfolio at any time. Moreover, investors can copy multiple eToro traders. That said, the minimum investment per trader is $200, or about 730 AED.

Smart portfolios are also popular with traders in the UAE. There are many to choose from, and each has its own strategy. For example, there is a smart portfolio that tracks the 20 largest cryptocurrencies by market capitalization. Smart portfolios have a minimum investment requirement of $500, or about 1,800 AED. 

Pros

• Overall best crypto wallet for UAE traders  
• Regulated by multiple tier-one bodies, including the FCA and FINRA
• Store and trade more than 90 cryptocurrencies
• In-built staking tool offering up to 90% of rewards
• Crypto-specific smart portfolios aimed at passive investors
• Also allows UAE investors to buy stocks, ETFs, and other assets  

Cons 

• KYC process is required for all new account holders 
• 1% trading commission is higher than some crypto wallet providers    

Crypto assets are highly volatile investment products. Your capital is at risk. 

3. MetaMask - Popular Wallet for UAE Investors That Prefer Non-Custodial Storage  

Another option to consider is MetaMask, which is the best crypto wallet in the UAE for non-custodial storage. This means that users do not need to trust a third party when storing their cryptocurrency investments. MetaMask provides users with their private keys via a 12-word passphrase. The wallet provider cannot see the keys, as the information is encrypted. 

But do remember that if the password and backup passphrase are misplaced, MetaMask cannot help recover the wallet. Moreover, MetaMask comes with limited security features. Nonetheless, we like that MetaMask is available as a browser extension or mobile app for Android and iOS. It is free to download and use, and no fees are charged when storing and receiving cryptocurrencies.

We also like that MetaMask doesn't charge any additional fees for outgoing transfers. Instead, GAS fees are forwarded directed to the blockchain in real-time. In terms of supported cryptocurrencies, MetaMask comes pre-installed with an Ethereum wallet address. This accepts all ERC20 tokens, including Tether, USD Coin, and DAI. 

Although Bitcoin is not supported, several other networks can be added to the MetaMask wallet manually. This includes Binance Smart Chain, Avalanche, and Optimism. MetaMask also supports the best Arbitrum network tokens. Although MetaMask is free to use, it comes with several paid-for features. This includes token swaps, Ethereum 2.0 staking, and AED deposits.    

Pros

• KYC-free non-custodial storage - investors hold and control their private keys
• One of the best crypto wallets in the UAE for Ethereum investors 
• Stake Ethereum 2.0 at an APY of 3.96%
• Manually add a selection of other networks - including Abritrum and Binance Smart Chain

Cons 

• Buying crypto with AED costs up to 5%
• Does not support Bitcoin

4. Trezor - Best Wallet for UAE Investors With Large Exposure to Crypto   

UAE investors with large exposure to cryptocurrencies might consider Trezor the best wallet for 2023. Put simply, Trezor is the Bitcoin hardware wallet for security. There is a wide range of safeguards that ensure the stored cryptocurrencies do not get into the wrong hands. First and foremost, Trezor is a cold wallet, so it's never connected to the internet. 

Rest assured, this removes the risk of the wallet being hacked remotely. Second, cryptocurrencies cannot leave the Trezor device unless the user's PIN is entered. Third, Trezor transactions are authorized without needing to connect to a server. Instead, USB type A or C cables are used, depending on the Trezor model purchased. 

The Trezor Model T costs $219 (about 800 AED) and comes with a digital touchscreen for confirming transactions. The Trezor Model One costs $69 (about 250 AED) and uses a more clunky two-pad button. That said, the Model One is just as secure as the advanced version. Moreover, both the Model One and T support over 1,000 coins, including Bitcoin and Ethereum.    

Pros

• Suited to AED investors with large exposure to cryptocurrencies 
• Supports more than 1,000 coins
• Superb security features - including PIN-only transfers and cold storage
• Can be recovered remotely if the device is stolen 

Cons 

• Only the Model T supports staking 
• Inconvenient to transact - so won't appeal to short-term traders 

5. Binance - Hybrid Wallet and Exchange With Licensing From the FSRA     

Binance is a crypto wallet and exchange that is popular with short-term UAE traders. It holds a license with the FSRA in Abu Dhabi and directly accepts AED payments. The Binance wallet can be accessed by logging in with a username and password. Two-factor authentication and other security features are offered. 

For example, Binance reports that its Safe Asset Fund for Users (SAFU) is now valued at over $1 billion. This is used as an insurance fund in the event Binance is hacked. Moreover, the Binance wallet also comes with IP whitelisting. Should a user login from an unrecognized IP address, an additional two-factor authentication process is undertaken.    

But the main attraction of the Binance wallet is having access to its exchange. The Binance exchange is the largest by trading volume, and it supports hundreds of cryptocurrencies. UAE investors will pay just 0.1% when trading. Moreover, the Binance wallet also supports staking, yield farming, and savings accounts. APYs are very competitive, too. 

For example, some staking pools are currently yielding almost 20%. While Binance savings accounts are offering APYs of over 30%. We also like that Binance offers advanced trading tools and complex crypto derivatives. The latter includes Bitcoin futures, options, and perpetual contracts. Binance also offers great customer support via live chat, 24/7. 

Pros

• Best crypto wallet in the UAE for trading 
• Approved by the FSRA in Abu Dhabi
• Wallets are protected by two-factor authentication and other security tools
• Competitive yields offered on savings accounts and staking pools

Cons 

• AED deposit fees are unclear - built into the exchange rate 
• Binance was hacked in 2022  

6. Trust Wallet - Self-Custody Wallet Supporting Over 70 Blockchains  

Trust Wallet offers self-custody cryptocurrency storage on multiple device types. This includes a browser extension for Chrome and an Android and iOS app. The wallet is completely decentralized, and only the user has control of the private keys. Similar to MetaMask, Trust Wallet encrypts the private keys as a 12-word passphrase. 

Trust Wallet comes with many in-built features, most of which are fee-free. For example, users can swap tokens across different blockchains without leaving the wallet. Trust Wallet also supports staking. We found that staking APYs are very competitive. For instance, Trust Wallet users can earn 10% on Kava and over 19% on Cosmos. 

Trust Wallet also has a fiat money facility that supports AED payments. However, this is provided by Simplex, so fees of up to 5% will be charged. Trust Wallet is also the go-to option for accessing Web3 applications, like Uniswap, Yearn.finance, or ApeSwap. The Trust Wallet balance can be used when accessing these decentralized platforms, making it simple to swap and earn. 

Where Trust Wallet really stands out is its support for over 70 blockchain networks. This includes everything from Bitcoin, Binance Smart Chain, Polygon, and Ethereum to Arbitrum, Solana, Cardano, and XRP. Therefore, Trust Wallet is the best crypto wallet in the UAE for diversified portfolios. 

Pros

• Great option for diversified portfolios - supports over 70 blockchain standards
• No fees to swap or stake tokens from within the wallet interface
• Can be downloaded as an iOS/Android app or installed as a Chrome extension 
• Competitive APYs of over 19% when staking 

Cons 

• Buying crypto with AED will cost up to 5%
• No support if the wallet is hacked or the private keys are misplaced 

7. Exodus - One of the Best Desktop Crypto Wallets for Portfolio Management    

Many UAE investors prefer to manage their cryptocurrencies on a desktop device - and Exodus is one of the best Bitcoin wallets in this regard. The Exodus software is compatible with all major operating systems, including Windows, Mac, and Linux. Once installed, users will need to create a password and write down their 12-word passphrase. 

Exodus supports the most popular cryptocurrencies. It is compatible with over 50 blockchain networks, including Bitcoin, Binance Smart Chain, and Ethereum. If a particular cryptocurrency isn't supported, users can add it to Exodus manually. Exodus comes with a very user-friendly interface that is great for managing portfolios. 

It can display cryptocurrency balances in AED based on real-time market prices. Exodus also makes it easy to make informed investment decisions. This is because it offers tons of portfolio management tools and a full breakdown of key statistics. In addition to its desktop software, Exodus is also available as a browser extension and a mobile app. 

The latter makes it seamless to keep tabs on crypto balances, as well as send and receive tokens. Users can connect the desktop and mobile app together by importing their 12-word passphrase. Additional features include staking and token swaps. Staking rewards of over 19% are currently available. Exodus also supports AED payments, but fees of up to 5.45% will apply.    

Pros

• Best crypto wallet in the UAE for desktop users
• User-friendly dashboard with handy portfolio management tools
• Custom tokens can be added to over 50 blockchain networks 
• Also offers a browser extension and mobile app

Cons 

• High fees to buy crypto with AED - up to 5.45% 
• Security features are limited - users are responsible for keeping their private keys safe 

8. OKX - Top-Rated Wallet for Swapping and Earning Cryptocurrencies        

OKX offers a decentralized, Web3 wallet that is compatible with multiple devices. Users can choose from a mobile app, desktop software, or browser extension. The wallet provides users with their private keys when getting started. That said, users can also switch the 'MPC' feature on. This will distribute mini-segments of the private key across multiple locations. 

OKX claims that this makes the wallet resistant to remote attacks. Another feature of the OKX wallet is its support for over 60 networks. This includes Bitcoin, Ethereum, Cronos, Arbitrum, Optimism, Binance Smart Chain, and Solana. Any token can be added by entering the project's contract address. 

Moreover, OKX is the best crypto wallet for UAE traders looking to earn yields on their investments. It bridges to 200+ DeFi platforms that support staking, yield farming pools, and savings accounts. This secures the best APYs for OKX wallet users. The OKX wallet also allows users to trade cryptocurrencies. However, fiat payments are not supported.     

Pros

• Non-custodial wallet with MPC security 
• Available as an app, desktop software, and browser extension
• Thousands of cryptocurrencies supported across 60+ networks
• One of the best crypto wallets in the UAE for earning high staking APYs 

Cons 

• Swap commissions are not displayed until the order is created
• More suited to experienced crypto investors  

Crypto Wallets Explained 

When investing in crypto in the UAE, the first step is to choose a suitable exchange to complete the purchase. The next step is to choose a wallet to store the purchased crypto assets. This is where things can get confusing, considering the sheer number of crypto wallets in the market.

To help clear the mist, a good starting point is to understand how crypto wallets actually work. 

In basic terms, crypto wallets store digital currencies. Wallets usually come as software. For instance, desktop software for Windows and Mac or a mobile app for iOS and Android. That said, some wallets come as hardware devices, such as Trezor. 

All wallets come with a unique address for each supported cryptocurrency. For example, Bitcoin will have its own wallet address, and this is required when receiving tokens. When sending tokens to another wallet, the receiver's address will be needed. If using a mobile wallet, the sender can scan the receiver's address via a QR code. If not, the wallet address can be pasted in. 

Unlike traditional bank wires, crypto transactions are sent on a wallet-to-wallet basis. This means they do not go through a third party. Instead, wallet-to-wallet transactions are processed by the blockchain network. 

While storing, sending, and receiving tokens are the main functions of a crypto wallet, other features are often available. For example, the eToro wallet allows users to trade cryptocurrencies. It also supports staking and can directly accept AED payments. 

How do Crypto Wallets Work? 

Now let's take a much more detailed look at how crypto wallets work. 

Let's start with custodianship:

Wallet Custodianship

In order to choose the best crypto wallet in the UAE, investors must understand how custodianship works. This is important, as it determines who is responsible for looking after the cryptocurrencies. 

A simple analogy is to think about how traditional money is stored. 

• When using a custodial storage option, the money would be deposited into a bank. The bank is then responsible for keeping the money secure. To access the money, permission needs to be granted by the bank. 
• Those who do not trust banks would need to consider a non-custodial option, such as keeping the money at home in a safe. This gives full control of the money, as no permission is needed to access it. But equally, this increases the risks of theft. 

The same concept is true for crypto wallets. 

For example, custodial wallets like eToro and Binance are responsible for keeping client cryptocurrencies safe. They do not provide users with their private keys as a safety precaution. As licensed custodians, these wallet providers have institutional-grade security practices in place. 

Alternatively, non-custodial wallets like Best Wallet give users their private keys when getting started. The wallet provider cannot access the private keys. Only the user can. 

Choosing between a custodial or non-custodial wallet is ultimately down to the investor's experience. While beginners will likely prefer a regulated custodian, experienced investors might feel more comfortable safeguarding their own wallets. 

Wallet Addresses

In order to send and receive cryptocurrencies via the blockchain, wallet addresses are needed. Each blockchain will have its own wallet address format. 

For example, this is what a Bitcoin wallet address looks like:

1F34duy2eeMz5mSrvFepVzy7Y1rBsnAyWC

And here's an example of an Ethereum wallet address:

0x868daB0b8E21EC0a48b726A1ccf25826c78C6d7F

Both are equally long and complex. But crucially, no two wallet addresses can be the same. This is similar to a bank account number. 

So, sending funds to another person requires the destination wallet address. And vice versa when receiving cryptocurrencies into the wallet. 

Providing a wallet address to another person is not a security threat. Just like giving someone a bank account number, wallet addresses only allow people to send funds. 

But do note that wallet addresses are public. This means anyone can view the wallet balance if they have the address. Data analytic websites like Blockchain.com and BitInfoCharts provide this information.  

Wallet Private Keys

Crypto wallets also come with a unique set of private keys. Similar to wallet addresses, they are complex in nature. Private keys provide access to wallets and the cryptocurrencies stored within them. This means that private keys should be protected at all costs. 

For example, instance, private keys should never be stored on a device that can connect to the internet. If they are, they are at risk of being hacked remotely. The hacker would then be able to access the wallet and drain the cryptocurrencies stored. 

• The best practice for securing private keys is to write them on a sheet of paper. 
• For added security, the private keys could be split and written down on multiple sheets. 
• This way, if someone comes across the sheet of paper, they would only have part of the private key - which wouldn't provide them access to the wallet. 

But ultimately, safeguarding private keys can be intimidating for beginners. This is why custodial wallets are often the better option.  

Do You Need a Crypto Wallet? What to Consider  

According to a Crypto.com study, there are 219 million Bitcoin holders globally. However, the number of people that use Bitcoin for transactions is very small. For example, BitInfoCharts data shows that in the prior 24 hours, there were just over 880,000 active Bitcoin addresses. 

This means that the vast majority of people that own Bitcoin do not transact. Instead, Bitcoin is purchased as an investment. In practice, this means that UAE residents do not actually need a crypto wallet to invest in this space. 

On the other hand, UAE investors wanting to send and receive cryptocurrencies will need a wallet. This will provide them with a unique wallet address and the ability to transfer funds without going through a third party.  

What are the Different Types of Bitcoin Wallets?

We have covered custodianship, public addresses, and private keys in great detail. The next step for UAE investors is to learn about the different types of crypto wallets. 

Let's start with the most common type - software wallets.  

Software Wallets

Software wallets allow investors to send and receive funds remotely. There are generally four options to choose from in this regard:

• Web Wallet: Web wallets are offered by custodians like eToro and Binance. No software is actually required, as investors can access their web wallets by logging into their accounts.  
• Mobile Wallet: Mobile wallets like Best Wallet come as an app. They allow users to send, receive, and store cryptocurrencies no matter where they are located. This option is suitable for active traders that want full control of their cryptocurrencies. 
• Desktop Wallet: Another option is to download a desktop wallet. Usually supported for Windows and Mac, this offers a more user-friendly experience when transacting. But desktop wallets are less convenient, and transactions can only be verified when the user has access to their device. 
• Browser-Based Wallet: Some of the best crypto wallets in the UAE come as a browser extension. The wallet is installed in a browser like Chrome or Firefox. This makes it simple to trade cryptocurrencies online - especially on decentralized exchanges.  

Hardware Wallets

Hardware wallets do not allow investors to transact with the blockchain remotely. 

Instead, they come as a hardware device, and the private keys are never exposed to the internet. To transact, a PIN needs to be entered on the hardware wallet. 

We found that one of the best crypto hardware wallets for UAE investors is the Trezor Model One. This retails for just $69 or about 250 AED.    

Paper Wallets

The less common option is a paper wallet. This is a cost-effective version of a hardware wallet, as the private keys are never connected to live servers. This is because the private keys are printed and kept somewhere secure and private - like in a safe. 

Paper wallets will not appeal to UAE investors who want to regularly send, receive, or trade cryptocurrencies. 

Tips for Selecting the Best UAE Bitcoin Wallet

There are many variables to consider when researching the best UAE Bitcoin wallets. Not only in terms of the wallet type and custodianship, but security, supporting coins, and core features. 

Here's what to consider when choosing a UAE crypto wallet:

• Custodianship: First, do some research on the pros and cons of both custodial and non-custodial wallets. As noted earlier, a great analogy is to consider how money is stored. Those that prefer to keep money in a bank can opt for a regulated custodial wallet. Those who prefer keeping money at home in a safe can opt for a non-custodial wallet. 
• Device Type: The most popular wallets are available on multiple devices. For example, wallets come as mobile apps, browser extensions, and desktop software. Hardware wallets are another option. 
• Supported Coins: The best crypto wallets in the UAE support many different coins and network standards. Best Wallet supports coins from various blockchains, including Ethereum, Polygon and BNB, with Bitcoin blockchain planned for a future update. 
• Fees: Hardware wallets must be purchased, so consider the costs before proceeding. Software wallets are free to download. Storing and receiving cryptocurrencies should also be free. Some wallets charge markups when sending cryptocurrencies. These wallets should be avoided.  
• Security: Security features will vary depending on the wallet type. Non-custodial hot wallets like Trust Wallet and MetaMask come with limited security features. Cold wallets like Trezor are super-secure.  
• User-Friendliness: UAE investors should also choose a crypto wallet that is suitable for their experience. The best user-friendly wallets are offered by eToro and Binance. On the other hand, OKX comes with many features, but it's more suitable for experienced investors.  
• Features: We like crypto wallets that come with extra features. For example, being able to buy crypto with AED or swap tokens without leaving the wallet. Staking and yield farming tools are handy for earning passive income. 

Tutorial on How to Get and Use a Bitcoin Wallet in UAE

This section provides a step-by-step walkthrough on how to set up the Best Wallet. 

We found that Best Wallet offers the best crypto wallet app for UAE investors. Not only is it non-custodial, meaning you have full control over your funds, but the app allows users to send and receive funds via multiple blockchains. 

Step 1: Download the Best Wallet app

UAE investors must download the Best Wallet app from the App Store or Google Play, depending on the device.

Step 2: Open the Best Wallet App

When you open the app, you'll be asked to verify your email address. The next step is to activate a two-factor authentication to improve the app's security. However, you can skip this step and activate 2FA later on if you want to.

Whether or not you activate 2FA, you'll have to set up a four-digit password next. There's an option to enable biometrics such as fingerprint or face ID if your device supports any of those features.

Step 3: Create a Wallet

Your first wallet is on the Ethereum blockchain. You can now create multiple wallets, give them names, such as "Trading wallet" or "NFT storage" and select a background color. This is designed so that you can quickly identify each wallet. 

Tap "Continue" when ready.

Step 4: Use Best Wallet

Now you can buy crypto with a card, receive coins from exchanges or other wallets and swap them. Active Best Wallet users may get $BEST tokens airdropped in Phase 6 of the development of this wallet.

How Safe Are Crypto Wallets?

Each wallet type will come with its own level of security. Not only in terms of the device type, but whether it's a custodial or non-custodial wallet. UAE investors should also consider whether the wallet offers hot or cold storage. 

Let's break down the most important factors;

• Cold Wallets: Cold wallets offer the highest level of security. They are never connected to a live internet server, so this removes a major risk - remote hacking attempts. Hot wallets are usually non-custodial, such as Trezor. 
• Hot Wallets: In contrast, hot wallets offer a much lower level of security, because they are always connected to a live internet server. Hot wallets come as both custodial and non-custodial options. For example, the Binance web wallet is custodial. While the Exodus wallet is non-custodial, as users are provided with their private keys. 

When deciding between a custodial or non-custodial wallet, assessing the security features is paramount. 

For example, non-custodial wallets like Trust Wallet and MetaMask come with limited safety features. These wallets are only protected by a password. If the device that the wallet is stored on is compromised, the private keys would be hacked. 

Custodial wallets like eToro offer many safety features - from two-factor authentication, regulation, and analytic behavior machine learning. On the flip side, investors are trusting a third party to look after their cryptocurrencies. This is much the same as trusting a bank to store money. 

The Verdict

There are many considerations to make when choosing the best crypto wallet for UAE investors. But overall, we found that the Best Wallet offers the ideal balance between safety, convenience, and features. 

The Best Wallet can hold coins from multiple blockchains, it can swap them, and you can safely store your NFTs. With upcoming updates, you'll get market insights and token analytics. Active Best Wallet users can get $BEST tokens airdropped in the future.  

References

https://www.binance.com/en/blog/ecosystem/binance-secures-financial-services-permission-from-abu-dhabi-global-market-3067578165660383216

https://ethereum.org/en/developers/docs/gas/

https://www.lexisnexis.com/en-gb/glossary/kyc

https://trezor.io/compare

https://www.binance.com/en/blog/ecosystem/looking-back-at-binances-2022-endofyear-report-1820343945198453383

https://coinmarketcap.com/rankings/exchanges/

https://www.reuters.com/technology/hackers-steal-around-100-million-cryptocurrency-binance-linked-blockchain-2022-10-07/

https://www.adgm.com/financial-services-regulatory-authority

https://yearn.finance/

https://support.simplex.com/hc/en-gb/articles/360014078420-What-fees-do-you-charge-for-card-payments-

https://www.okx.com/learn/secure-your-wallet-with-mpc

https://crypto.com/company-news/global-cryptocurrency-owners-grow-to-425-million-through-2022

https://bitinfocharts.com/comparison/bitcoin-activeaddresses.html

https://coinmarketcap.com/rankings/exchanges/dex/

FAQs

Which is the best crypto wallet in UAE?

Best Wallet - a regulated custodian and exchange, offers the best crypto wallet for UAE traders seeking a safe place to store and trade cryptocurrencies. 

Can you use Coinbase in the UAE?

No, Coinbase is only available to trades in the US, Canada, Europe, and the UK. 

Are Bitcoin wallets legal in the UAE?

Yes, the UAE is a crypto-friendly nation with solid regulation - so Bitcoin wallets are perfectly legal. 

Can UAE residents use Binance?

Yes, not only can UAE residents use Binance, but the exchange has been approved by the Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA).