Binance recently secured a $2 billion investment from UAE-based MGX, a fund backed by the Mubadala Investment Company and AI firm G42. This means the UAE government now holds a minority stake in Binance. CEO Richard Teng, formerly a regulator in Abu Dhabi, leads the company’s UAE hub, employing 1,000 people. The investment raises questions about strategic motives, including potential surveillance, diversification from the US dollar, and strengthening the UAE’s role as a global financial hub. With crypto enabling financial transactions beyond traditional banking, the UAE’s investment in Binance may align with its neutral, business-friendly global positioning.
Binance UAE Review
Name: Binance UAE
Description: UAE Binance users access to a vast array of cryptocurrencies, enabling trading on spot, margin, and futures markets. The platform supports peer-to-peer transactions and provides opportunities to earn interest through various crypto savings options.
Is Binance any good for UAE crypto traders?
When trading Bitcoin, Binance offers the lowest fees, charging a standard 0.10% per transaction. In contrast, Coinbase uses a tiered maker/taker model with fees ranging from 0.05% to 0.60%, depending on trading volume. eToro has the highest fees, applying a 1% charge on both buying and selling, with the fee embedded in the displayed price. This makes Binance the most cost-effective option for frequent traders, while Coinbase and eToro may appeal more to beginners due to their user-friendly interfaces and additional features.
Pros
- Extensive cryptocurrency selection
- Competitive fee structure
- Advanced trading features
Cons
- Complex interface for beginners
- Past regulatory issues
- Limited customer support
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Pricing
(5)
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Market Access
(4.5)
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App & Platform
(5)
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Customer Service
(4)
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Research & Analysis
(3)
Overall
4.3
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
