18 Best Crypto Wallets in UAE for 2024 – Safest Bitcoin Wallets Reviewed

Based in the UAE and looking to buy and store crypto safely? Trading cryptocurrencies has never been easier but finding the right crypto wallet to suit your trading needs can be challenging.

In this guide, we discuss the best crypto wallets in the UAE for 2024. Read on to discover UAE Bitcoin wallets that offer the perfect balance between security, user-friendliness, and features.

Best Bitcoin Wallets in UAE Reviewed

Now that we have summarized the best crypto wallets in the UAE, let’s dig a little deeper into each provider.

Read on to learn how each UAE crypto wallet compares for features, safety, usability, supported coins, and much more.

1. Best Wallet – Leading Wallet in UAE Offering High Security and an AI Chatbot For Real-Time Insights

With the concerns surrounding crypto wallets’ security, it’s crucial to have an ultra-secure yet easily accessible place for storing and managing crypto assets. Best Wallet, which has just launched globally, provides an ideal blend of security, privacy, and accessibility and is our overall best crypto wallet in the UAE.

It has been carefully created to balance all these needs, aligning with decentralization by reducing reliance on central authorities as a non-custodial software wallet.

The unique selling point of Best Wallet lies in its user-centric approach and unique features that make it stand out from the crowd. It has integrated an AI chatbot called Best Bot, which is continuously learning and evolving, equipping users with accurate, real-time information about their crypto portfolio.

The goal is to facilitate informed decision-making and ensure seamless navigation within the platform, much like a personal digital crypto assistant available at your fingertips.

Recognizing the importance of versatility in crypto, Best Wallet offers multi-chain interoperability, enabling smooth transactions across blockchains and DeFi platforms.

It’s designed to handle numerous cryptos, tokens, and other digital assets, eliminating the need for multiple wallets and thus positioning itself as a critical tool for beginners and experienced traders. The platform also has its own built-in DEX to allow users to trade thousands of cryptos.

Moreover, Best Wallet wants to more than just a crypto wallet to trade and store tokens – it will provide an edge in the volatile crypto market to users by offering crypto news and unique insights into new and trending tokens, as well as hot airdrops in the space.

Best Wallet also offers convenience for managing your NFT portfolio and simplifies the process of buying, selling, and trading NFTs, establishing itself as a comprehensive solution for diverse digital assets – there will also be a gallery to display NFT collections.

The wallet employs advanced cryptographic techniques for private key management and incorporates 2FA and fingerprint ID for advanced security. As a result, it’s designed to ensure high-level security, all while making convenience a priority.

Moreover, Best Wallet incentivizes its community with exclusive benefits by holding its native token $BEST, which will be launched in the coming months. $BEST can be staked to earn rewards, while holding it also grants reduced trading fees and early access to hot new projects – active users of Best Wallet will be airdropped the token in the coming months.

2. Zengo – Highly Secure Mobile Crypto Wallet for Bitcoin and 120+ other Cryptocurrencies

Zengo wallet is available for both Android and iOS devices and, having been in operation since 2018 and serving 1+ million customers, has never received a report of a hack. This, along with its exceptional customer service and feature-rich offerings, is why Zengo has received a 4.2 star rating on Trustpilot from over 600 users. It also has a 4.78 star rating on both the Apple App Store and Google Play.

Features in the Zengo app include:

• Support for over 120 cryptocurrencies
• NFT support (with an NFT gallery)
• A dApp marketplace (with seamless connections through WalletConnect)
• Buying, selling, and trading cryptocurrencies in-App
• Buying, selling, and trading NFTs in-App
• 24/7 customer support
• Multi-party computation (MPC) cryptographic protection

Zengo wallet does away with vulnerable seed phrases, replacing them with a 3-factor authentication method for recovering the user’s account. This uses an email address, a recovery file, and a face scan to recreate the user’s wallet on a new device.

All of these features are included in a free version, but those in the UAE looking for even more secure storage for their assets should consider the Pro version, which features Theft Protection, Legacy Transfer, a Web3 Firewall, and Priority Support.

3. Ledger Nano S Plus – Leading Hardware Wallet With Robust Companion App      

Ledger Nano S Plus is the entry-level hardware wallet from ledger that retails around $79. For comparison, the Ledger Nano X costs around $149.

If you’re wondering why we chose the entry-level one, it’s because the main difference between the two is the Bluetooth connection; everything else is basically the same. Both can hold over 5,500 cryptocurrencies from various blockchains, both have the same PIN unlock and two-button transaction approval.

Moreover, both have access to the Ledger Live app, which is one of the best hardware wallet companion apps you can get. Within the app, which is both for desktop and mobile, you can buy cryptocurrencies, stake them, access decentralized exchanges and more.

This makes Ledger Nano S Plus an excellent hardware wallet not just for pure cold storage where you transfer your coins and leave them untouched, but because you can constantly interact with smart contracts within various blockchains like Ethereum and Solana.

4. Trezor – Secure Hardware Wallets That Can Obfuscate Transactions And Recover Seed Phrases   

Trezor is one of the best crypto hardware wallets in the UAE. That’s because it not only offers the standard security features like most other hardware wallets, but because it can help you obfuscate your transactions with Coinjoin and help you recover your assets if you lose one piece of your seed phrase.

The Trezor Model T is the premium offering that retails at around $219. It comes with a touchscreen to approve transactions instead of physical buttons.

All crypto wallets have a seed phrase to prove your ownership. If you lose it, you lose access to your funds forever. To solve this, the Trezor Model T offers something called Shamir Backup.

When you create a new wallet on the blockchain, your seed phrase is locked behind three unique shares. If you lose one, you can still recover your seed phrase with two out of three.

The Trezor Model One is an excellent alternative to the Model T. It comes with a more affordable price of around $69, and it has physical buttons to approve transactions. It doesn’t support the Shamir Backup, though. If that’s what you’re looking for, the Model T would be a better choice.

Regardless of which model you choose, you get access to a robust companion app for desktop, mobile and web. Via the app, you can manage your portfolio, make transactions, create multiple wallets on various chains, use Coinjoin to go incognito and more.

5. Ngrave Zero – Premium Hardware wallet With Military-Grade Security and Biometric Unlocking   

Ngrave Zero is a tablet-looking, premium hardware wallet with an eye-watering price of around $400. Considering you can get hardware wallets for less than $100 that could do the job just as well, this could feel like an overkill.

However, the Ngrave Zero comes packed with features. First, it’s air-gapped, meaning it doesn’t need a USB, WiFi or Bluetooth connection to sign transactions, thus minimizing a potential failure point. Instead, all transactions go via QR code scanning.

Additional security features include fingerprint sensor to unlock your device or sign transactions in combination with an 8-digit PIN, and an EAL7-certified operating system, which is the highest tier of security you can get.

Paired with the wallet is the companion app called Liquid. The way it works is when you want to sign a transaction, you’ll get a QR code on the app, which you then scan with the Ngrave Zero. This helps you easily monitor your multi-chain assets.

Due to the high price, the Ngrave Zero may not be suitable for everyone. But if you decide to get it, you won’t regret it.

6. Blockstream Jade – Bitcoin-Only Cold Wallet With QR Scanning Camera   

Blockstream Jade is Bitcoin hardware wallet, meaning you can’t store other coins like Ethereum or Solana like you can with a Ledger or Trezor.

Despite that, Blockstream Jade is doing an excellent job of protecting your BTC. First, it comes with an affordable price of around $65. As for its security features, this is fully air-gapped without Bluetooth or any other wireless connection that can potentially be exploited.

Instead, Blockstream Jade uses a QR code scanning camera to verify and approve transactions.

Blockstream Jade offers something that not many hardware wallets offer: Multisig Shield technology. The way this works is you need multiple keys to make a transaction, which makes it hard for thieves to steal your assets.

The first key is protected by a PIN code, while the second key is protected by two-factor authentication on the Blockstream Green servers.

Overall, this is an excellent crypto wallet if you’re looking for safe storage for your Bitcoin.

7. BitBox02 – Swiss-Made Hardware Wallet With Multi-Chain Support   

BitBox02 is a multi-chain hardware wallet that comes with a direct USB connection to your computer or mobile device to approve transactions.

Typically, hardware wallets have either Bluetooth connection for this or a QR code scanning camera, but BitBox02 takes a different approach like a USB stick.

In addition, there is a microSD card, which you can use to create a backup. The wallet comes with a BitBoxApp for mobile, which you can use to manage your portfolio. However, any transaction you want to make requires a press of touch-sensitive buttons on the side of the device.

Those looking for a Bitcoin-only cold storage can get the BitBox02 Bitcoin-only edition, which only supports BTC, making it an excellent safe storage for the long term.

8. ELLIPAL Titan Cold Wallet – Full-Metal Cover, Fully Air-Gaped Hardware Wallet With Self-Destruct Feature if Tampered With   

ELLIPAL Titan Cold Wallet is one of the safest crypto wallets you can get. It comes with a full metal cover to protect the device from physical harm, it’s fully air-gapped, which means there’s no wireless connection to be exploited, such as WiFi or Bluetooth, and it can “self-destruct” if it detects tampering.

What’s surprising, though, is that all these protection features come at a relatively affordable price of $169. For comparison, Trezor Model T costs over $200.

Additional layer of security comes in the form of microSD card, which you use to update the firmware in an offline environment. Moreover, there’s two-factor authentication, a password or a PIN code to unlock your device.

This is a multi-chain crypto wallet that supports various blockchains like Bitcoin and Ethereum where to approve transactions, you scan the QR code with the wallet’s integrated camera.

This makes ELLIPAL Titan Cold Wallet one of the best crypto wallets you can get for a competitive price.

9. SafePal S1 – Crypto Wallet With QR Code Scanning Camera For $49.99   

SafePal S1 is the most affordable crypto wallet that can hold over 10,000 cryptocurrencies from various blockchains, including Bitcoin, Ethereum, Solana and Cardano.

For a price of $49.99, you get fully air-gapped transactions via QR code scanning camera and a self-destruct feature if the wallet detects tampering.

Another cool feature of the SafePal S1 is that it has an internal battery. This means you can carry this crypto wallet with you and sign transactions without a direct connection to your mobile device or a computer.

This is undoubtedly the best crypto wallet for those who want an affordable price on top of solid safety features.

10. SecuX V20 – Crypto Wallet With a Color Touchscreen and Bluetooth connection   

SecuX V20 is an excellent crypto wallet that comes with an inovative circular shape, a color touchscreen and a Bluetooth connection to sign transactions.

The color display is a great feature because it lets you see your crypto holdings right on the wallet without the need of a companion app. Moreover, this comes with a competitive price of $139, close to the Ledger Nano X, which doesn’t have a color touchscreen.

Despite having the functionality of a mobile app where you can track and send transaction directly from the wallet, the SecuX V20 enjoys the features of a companion mobile app. This lets you connect to hundreds of dApps on various blockchains like Solana and Ethereum and interact with smart contracts.

With over 10,000 cryptocurrency supported, the SecuX V20 is one of the best crypto wallets you can get that doesn’t break the bank.

11. CoolWallet Pro – Credit Card-Sized Crypto Wallet With Integrated Crypto Staking  

CoolWallet Pro is a unique crypto wallet that comes in the form of a credit card, but with multiple features that rivals the leading hardware wallets.

The CoolWallet Pro hardware wallet comes with a Bluetooth connection, which is how you sign your transactions. Moreover, it supports over 12,000 cryptocurrencies on multiple blockchains like Bitcoin, Ethereum, Solana and Tron.

The best thing, however, is that this small cold wallet comes with an integrated battery that can last up to two weeks. This means you can take your crypto wallet on the go and sign transactions via the Bluetooth connection.

Those looking to earn rewards on their crypto holding can stake their coins and tokens directly from CoolWallet’s companion mobile app.

If you frequently travel and you want to have a reliable crypto wallet, consider CoolWallet Pro.

12. Binance – Store, Trade, and Earn Crypto via a Simple Web Wallet   

Binance is another leading crypto wallet for UAE traders. Those using its crypto exchange will automatically receive a wallet address. This is the case for all of the platform’s 350+ supported cryptocurrencies. This makes it seamless to trade and store cryptocurrencies via a simple web wallet interface.

For example, suppose an investor is holding $500 worth of XRP in their Binance web wallet. If the investor wishes to trade XRP for BTC, they can do so without needing to transfer tokens to the Binance exchange. Instead, the XRP tokens will be taken from the investor’s wallet balance and replaced with BTC. When trading on Binance, commissions amount to just 0.1%.

This is one of the cheapest commission structures in the market, with investors paying just $1 for every $1,000 traded. Another benefit of using the Binance web wallet is it also provides access to interest-earning products. For example, those holding ETH can earn over 4.4% via a flexible savings account. Alternatively, investors can earn nearly 17% and 12% annually by depositing DOT and NEAR into a 120-day fixed term.

When it comes to security, it is important to remember that Binance is a custodial wallet. This means investors will not have access to their private keys. Nonetheless, investors can withdraw their cryptocurrencies at any time, with transactions usually approved in under five minutes. Moreover, Binance offers two-factor authentication, device whitelisting, cold storage, and an insurance fund for potential hacks.

Cryptoassets are a highly volatile unregulated investment product.

13. Trust Wallet – Non-Custodial Crypto Wallet for Smartphones and Browsers  

With over 60 million users, Trust Wallet is one of the most popular crypto wallets globally. Originally launched as an app for iOS and Android, Trust Wallet also comes as a browser extension for Chrome. All supported device types are free to use and offer non-custodial storage.

After downloading Trust Wallet, users will be asked to create a PIN or set up a fingerprint ID. Trust Wallet will then display a 12-word passphrase, which represents the user’s unique private keys. That’s all it takes to get started with Trust Wallet, so this option is great for complete beginners.

Trust Wallet supports over 4.5 million digital assets, including NFTs. More than 70 blockchain standards are supported, including Bitcoin, Solana, Binance Smart Chain, and Polygon. Trust Wallet supports cross-chain functionality, enabling users to buy, sell, and trade tokens with ease. Trust Wallet also makes it simple to connect to Web 3.0 dApps.

In particular, Trust Wallet is the go-to wallet for trading via PancakeSwap, which supports thousands of BEP20 tokens. Trust Wallet can also be used to buy and sell NFTs via OpenSea, as well as access ETH-based dApps like Uniswap and Compound. Finally, Trust Wallet is backed by Binance, but the two operate independently. As such, Trust Wallet remains decentralized and does not collect any personal information from its users.

14. MetaMask – Decentralized Crypto Wallet Popular With ERC20 Token Investors  

MetaMask is often considered a direct competitor of Trust Wallet, with the provider offering free non-custodial storage. Just like Trust Wallet, MetaMask is supported by an iOS and Android app, as well as a Chrome extension. MetaMask also supports Edge, Firefox, and Brave browsers.

With more than 30 million users, MetaMask is popular with ERC20 token investors. By default, MetaMask connects directly to the Ethereum blockchain. As such, all ERC20 token holdings are stored under the same public wallet address. We also like how simple it is to create a new MetaMask wallet.

After choosing the preferred device type, users simply need to create a password and write down their 12-word passphrase. We also like that MetaMask comes with notification alerts. This will happen when crypto tokens are received by the wallet, or a transaction authorization is required. Although MetaMask is one of the best crypto wallets in the UAE for ERC20 tokens, it also supports other blockchain standards.

This includes Optimism, Avalanche, Binance Smart Chain, Polygon, and Arbitrum. However, this presents two clear drawbacks. First, MetaMask does not support the world’s most popular crypto – Bitcoin. Second, MetaMask requires users to manually set up additional networks. This will not appeal to complete beginners – considering mistakes will lead to a loss of funds.

15. Coinbase Wallet – Free Non-Custodial Wallet App Supporting Web 3.0 dApps     

The Coinbase Wallet is a decentralized wallet app that gives users full control over their private keys. As a non-custodial option, this wallet operates independently from the main Coinbase exchange. As such, UAE investors are not required to open an account with Coinbase, nor provide any personal information.

The Coinbase Wallet is free to download on iOS and Android. It supports dozens of blockchain standards and hundreds of thousands of cryptocurrencies and NFTs. This includes Bitcoin, Polygon, Ethereum, Solana, and Binance Smart Chain. At the click of a button, Coinbase Wallet provides access to Web 3.0 applications.

This allows UAE investors to connect to Uniswap, PancakeSwap, Yearn.finance, and more to earn passive income. In connecting to these providers, investors can access everything from staking and savings accounts to liquidity pools. Moreover, Coinbase Wallet users can instantly swap tokens without going through a centralized order book.

As such, most cryptocurrency investing needs are available in one decentralized ecosystem. In terms of security, Coinbase provides users with their backup passphrase when setting the wallet up. Coinbase Wallet also enables users to back up their passphrase via the cloud. Although Coinbase notes that cloud access is encrypted, an element of control is handed over to the provider.

16. OKX – One of the Best UAE Crypto Wallets for Earning Interest on Idle Tokens 

OKX is one of the top crypto wallets in the UAE for earning passive income. It supports over 50 blockchain networks, covering hundreds of thousands of cryptocurrencies and NFTs. Crucially, while OKX is decentralized, it connects to over 200 exchanges via an aggregator tool.

In simple terms, this means that investors in the UAE can earn interest on their chosen cryptocurrencies at the best rates. For instance, suppose an investor is currently holding USD Coin in their OKX wallet. Right now, OKX offers an APY of 37% and 11% via Geist Finance and Aave, respectively.

The aggregator tool also works for token swaps. For example, suppose the investor wants to swap USD Coin for Tether. OKX will display the best rate for all supported exchanges, saving investors time and money. This also offers the opportunity to engage in arbitrage trading.  The OKX wallet is available via an iOS and Android app. It takes just seconds to set up and requires no personal information.

17. Electrum – Secure Desktop Wallet for Storing Bitcoin Offline  

Electrum is the best Bitcoin wallet in the UAE for desktop users. Although basic in nature, Electrum has been securing BTC tokens since 2011. It comes as desktop software for various operating systems, including Windows, Linux, and Mac. Moreover, it is free to use and comes with multiple security features.

In particular, we like that Electrum wallets can be stored offline. While this is a software wallet by design, private keys can be kept in cold storage. This restricts the Bitcoin from being moved to another wallet. At any time, the user can put the private keys back online and complete the transfer.

Electrum also offers multi-sig permissions. In simple terms, this enables the user to spread transaction authorizations across multiple wallets. This is a crucial safeguard that makes it ultra-difficult for remote hackers to steal the Bitcoin tokens. Of course, the main drawback is that Electrum does not support any altcoins.

18. MyEtherWallet – User-Friendly Crypto Wallet App for Storing ERC20 Tokens   

Launched in 2015, MyEtherWallet (MEW) is a free wallet app for iOS and Android. This is one of the best crypto wallets for storing ERC20 tokens. After setting the wallet up, the user will be presented with a unique Ethereum address. Thereon, all ERC20 tokens can be sent to this address.

MEW also enables users to swap ERC20 tokens at the click of a button. Whether that’s ETH, USDT, MANA, or AAVE – swaps are conducted without leaving the wallet interface. Another feature of MEW is it offers an in-built staking tool for Ethereum 2.0. It also connects to the Aave ecosystem, enabling users to earn interest on other ERC20 tokens.

That said, while MEW supports debit/credit card purchases, this is backed by third parties. This includes Changelly, Bity, and Simplex. These providers are known to charge 3-5% on debit/credit card payments, which is expensive. Moreover, Electrum does not directly support Bitcoin. While users can store Bitcoin through an Enkrypt extension, this overcomplicates things.

What is a Cryptocurrency Wallet?

After buying cryptocurrencies online, the tokens are stored in a wallet. There are many types of wallets, from mobile apps and hardware devices to desktop software. Either way, the primary function of a crypto wallet is to keep tokens safe.

After all, crypto tokens have real-world value, just like cash and stocks, so investors should ensure they take appropriate security steps. For example, some crypto wallets are protected by two-factor authentication, while others keep the tokens offline in cold storage. Similarly, crypto wallets are also secured by a password or PIN.

The types of security features available will depend on the chosen wallet type. Nonetheless, crypto wallets also allow users to make transactions. Crypto tokens are sent and received on a wallet-to-wallet basis. The transaction requires the sender to enter the recipient’s public wallet address – which is similar to a bank account number.

Unlike bank account transfers, crypto wallet transactions are decentralized. This means instead of going through a centralized third party, crypto transactions operate on a peer-to-peer basis. Crypto wallets are protected by a long and complex password known as private keys.

UAE crypto wallets can be custodial or non-custodial. The latter means that users take responsibility for the security of their private keys. While the former allows a trusted custodian to safeguard the private keys on behalf of the investor.

How do Bitcoin Wallets Work?

After covering the basics, we will now explain the fundamentals of how UAE crypto wallets work.

Public Address

All crypto wallets come with a public address. While the specifics will vary from one blockchain to another, public addresses are usually long, complex, and contain both letters and numbers. All wallet addresses are unique and are best compared to bank account numbers.

For example:

• Transferring money to another person in the UAE would require the recipient’s bank account number
• But transferring crypto to another person would require their public wallet address

Here’s an example of what a Bitcoin wallet address looks like:

3MgEAFWu1HKSnZ5ZsC8qf61ZW18xrP5pgd

This Bitcoin wallet belongs to OKX, a leading crypto exchange. As crypto wallet addresses are public, anyone can view real-time balances. The OKX wallet listed above currently contains over 29,000 BTC, valued at nearly $800 million.

Private Keys

Private keys are also important to understand when exploring the best crypto wallets in the UAE.

As we briefly noted above, private keys represent the wallet’s password. Just like public addresses, they are long and complex in nature. Fortunately, the best crypto wallets in the UAE display private keys in an easy-to-read format. In most cases, this is a string of 12 or 24 words that must be entered in the correct order.

Nonetheless, private keys enable the holder to access their wallet from any device. As such, investors should take the necessary steps to key the private keys safely. Most investors will write the private keys on a sheet of paper – as this keeps them offline and away from hackers.

Custodianship

Whether or not investors have access to their private keys depends on the chosen wallet type.

For example, non-custodial wallets give users full control of their private keys. While this removes the need to trust a third party, this also comes with drawbacks. For instance, if the user misplaced their private keys, the wallet provider will not be able to help them regain access. In this instance, the crypto funds are unrecoverable.

Custodial wallets do not provide users with their private keys. Instead, the provider retains the private keys to keep the wallet safe on behalf of the user. This is like trusting a bank account to keep money safe.

Whether or not UAE investors should opt for a custodial or non-custodial wallet depends on their requirements.

For example:

• Custodial wallets are aimed at beginners that want to invest in crypto but do not have the time or knowledge to secure their funds.
• Non-custodial wallets are suitable for investors that do not want to trust third parties. This means while investors retain full control of their private keys, they are also responsible for safeguarding them. Best Wallet is a great option for non-custodial storage. The wallet is available as an iOS/Android app and a Chrome extension.

Ultimately, both custodial and non-custodial wallets come with their benefits and drawbacks. UAE investors should consider the pros and cons of each before proceeding.

Why You Need a Crypto Wallet

Those looking to buy crypto and store the tokens themselves away from third parties will need a wallet. This objective falls within the non-custodial option. Moreover, those looking to send and receive funds on a peer-to-peer basis will also need a non-custodial wallet.

However, those looking to gain exposure to crypto in a convenient and frictionless way do not technically need a wallet. Instead, UAE investors can use an exchange that offers low fees and multiple trading options.

Types of Crypto Wallets

In this section, we offer insight into the different types of crypto wallets available to UAE investors.

Software Wallets

Software wallets are the most convenient, as they store crypto remotely.

Mobile wallets, for example, enable UAE investors to store crypto via an iOS or Android app. Mobile wallets are also convenient for sending and receiving crypto, as well as accessing Web 3.0 dApps.

Desktop wallets can be installed onto a Windows, Mac, or Linux device. They offer slightly stronger security controls than mobile wallets but are also less convenient.

Another option is to install a software wallet via a browser extension, such as Chrome.

They are also often referred to as ‘hot’ wallets because they are connected to the internet and, therefore, more at risk of being hacked that hardware wallets.

Hardware Wallets

Hardware wallets are physical devices that keep the crypto tokens offline. The private keys are never connected to the internet, offering a huge defense against remote hacks.

Popular hardware wallet providers include Trezor and Ledger Nano, with models retailing between $69 and $279.

While hardware wallets offer the best security practices, they are far from convenient. Put simply, outgoing transfers are only confirmed when the user enters their PIN on the device.

Hardware wallets are often referred to as ‘cold’ wallets – like cold storage – as they are not connected to the internet and therefore safer from being hacked. Despite the increased safety, they are much less convenient and come with a higher cost because of the physical device.

Paper Wallets

Paper wallets are a cost-effective way to keep crypto tokens offline. This is because the private keys are printed onto a sheet of paper.

Just like a hardware wallet, this means the crypto tokens are kept away from live servers. This will only suit very long-term investors, as moving the crypto tokens to another wallet is cumbersome.

How to Pick the Best Crypto Wallet for You

Those still searching the market for the best Bitcoin wallet for UAE traders can refer to the checklist below:

• Type of Wallet: The most important decision to make is the type of crypto wallet to use. Beginners might be best suited for a custodial wallet backed by a regulated provider, although centralization means the tokens are never truly yours. More experienced investors might consider a UAE crypto wallet with non-custodial storage, such as Best Wallet, which also has enhanced features making it our top pick.
• Supported Coins: Investors also need to consider whether the crypto wallet supports their preferred coins. For example, while MyEtherWallet is great for ERC20 tokens, it doesn’t support Bitcoin. Similarly, while Electrum securely stores Bitcoin, it doesn’t support any other cryptocurrencies.
• User-Friendliness: It is also wise to assess whether the crypto wallet is user-friendly. Any mistakes made when transferring or receiving crypto will result in a loss of funds, so it’s important the wallet aligns with the investor’s skill set.
• Exchange Features: The best crypto wallets in the UAE enable users to buy and sell crypto. This removes the need to keep transferring crypto between wallets and exchanges.
• Interest Tools: Seasoned investors will look to earn income on their ideal crypto investments. As such, it’s wise to choose a crypto wallet that offers interest-earning tools. For example, Binance supports savings accounts.
• Other Features: While a crypto wallet’s core purpose is to hold and trade tokens, Best Wallet has numerous other features that put it ahead of the competition – that includes unique insights into trending cryptos and a native token that can be staked and provides other benefits, such as reduced fees and early access to new projects.

How to Use a Cryptocurrency Wallet in UAE

In this section, we provide a beginner-friendly guide on how to use Best Wallet. This non-custodial software wallet is our top pick and should take just five minutes to set up.

Step 1: Download Best Wallet Mobile App

Best Wallet is available as a mobile app on both Android and iOS so users first need to head to the App Store/Play Store and download it

A desktop browser extension is currently in development and will be released in the coming months.

Step 2: Create Account

Next, simply input an active email address and continue, or select ‘Continue with Google/Apple’ and choose an email address.

As a non-custodial, decentralized wallet there is no KYC requirement to pass.

Step 3: Choose Security

Best Wallet has a four-digit passcode as a minimum security requirement, which will need to be put in and confirmed.

However, it is also possible to add enhanced security features including two-factor authentication (2FA) and/or fingerprint ID – both are optional.

Step 4: Choose Security

After selecting the security features, users will be redirected to the Best Wallet dashboard and are now free to purchase and trade crypto.

Some features are still to be added at the time of writing.

Are Bitcoin Wallets Safe? How to Stay Secure with Crypto Wallets

Most online Bitcoin wallets are safe, but investors also need to take responsibility for the security of their funds.

To help clear the mist, below we offer some guidance on what security features to look for when choosing the best crypto wallet in the UAE.

Custodial Wallets

If opting for a custodial wallet, look for:

• Two-Factor Authentication: This is one of the most important security tools. 2FA sends a unique code to the user’s phone, which needs to be entered to access the wallet account.
• Cold Storage: When trusting a custodian with crypto, make sure it utilizes cold storage wallets. This keeps the crypto tokens offline and away from live servers.
• Regulation: Most custodial wallets are unregulated, or licensed in shady offshore countries.

Non-Custodial Wallets

If opting for a non-custodial wallet, look for:

• PIN / Biometrics: The main safeguard for keeping non-custodial wallets safe is a PIN or biometric. Never share this with anyone.
• Multi-Sig Permissions: This security guard splits transaction permissions across multiple wallets. This means the user needs to confirm outgoing transfers with at least two different private keys.
• Offline Storage: Some non-custodial wallets – including software-based ones, enable users to keep their private keys offline. In doing so, the crypto tokens cannot be transferred until they are brought back online.

These are just some of the security features that investors should look for when choosing a UAE Bitcoin wallet. But ultimately, just remember neither custodial nor non-custodial wallets are 100% secure. As noted above, responsibility also falls on the shoulders of the investor.

Conclusion

Wallets are a crucial component when buying and selling cryptocurrencies in the UAE. They ensure the crypto tokens remain safe and enable users to send and receive funds.

We found that Best Wallet perfectly balances user-friendliness and safety, and also has unique features that place it ahead of rivals.

The wallet has just launched but allows users to trade and store thousands of crypto tokens via its DEX and has enhanced security features such as two-factor authentication and fingerprint ID.

A crypto news feed and unique insights into trending cryptos will be added in the near future, while native token $BEST can be staked and will offer other benefits such as reduced fees and early access to new projects when it is launched.

Active users are set to earn a $BEST token airdrop in the coming months.

References

• https://www.ibm.com/topics/machine-learning
• https://www.nytimes.com/2022/10/07/business/binance-hack.html
• https://trezor.io/compare
• https://trustwallet.com/
• https://www.businesswire.com/news/home/20180731005764/en/Binance-Acquires-Trust-Wallet—A-Popular-Mobile-Crypto-Wallet
• https://shop.ledger.com/pages/hardware-wallets-comparison
• https://online.hbs.edu/blog/post/what-is-arbitrage
• https://coinmarketcap.com/alexandria/glossary/cold-wallet
• https://help.myetherwallet.com/en/articles/5377823-does-mew-support-bitcoin-btc-or-other-coins

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Kane Pepi

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Kane Pepi

Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…

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