With the rise of cryptocurrencies, there has also been a rise in new platforms that serve in buying, selling, and trading digital assets. CoinMena is one such platform and is a regulated cryptocurrency exchange that is based in the Middle East and North Africa (MENA) region.
It allows users to trade cryptocurrencies securely, with support for fiat currencies like AED, BHD, and SAR and is a platform that facilitates trading popular cryptos like Bitcoin, Ether, and XRP. If you are new to crypto trading and want to buy or sell cryptocurrencies on CoinMENA, this article will help you understand how to do so.
What is CoinMENA?
Based in Bahrain, CoinMENA is a user-friendly cryptocurrency exchange that was launched to bring secure and accessible trading of digital assets to users in the MENA region. It is licensed and regulated by the Central Bank of Bahrain, complying with international financial standards. The platform caters to users in the MENA region, giving them an accessible way to buy, sell, and store cryptocurrencies.
Key features of CoinMENA
CoinMENA is a user-friendly cryptocurrency exchange designed for the MENA region, offering secure trading with local currency support. It provides a seamless experience for buying, selling, and storing digital assets.
Regulation
Regulatory compliance is one of the attractive features of CoinMENA. It follows strict security protocols and regulatory rules as it is licensed by the Central Bank of Bahrain. Thus, it provides users with a secure trading environment. This platform has cold storage for most user funds, two-factor authentication (2FA), encryption, and other advanced security measures to secure user data and assets.
User-friendly interface
CoinMENA has a user-friendly design and this makes it easy for even beginners to use the platform, giving a seamless trading experience. It also has features like real-time market data, instant buy/sell, and portfolio tracking which adds to the experience.
Wide range of cryptocurrencies
Apart from major coins like Bitcoin (BTC), Ether (ETH), and XRP, CoinMENA also supports a huge roster of other cryptocurrencies like Litecoin (LTC), Bitcoin Cash (BCH), and more.
Fiat support
CoinMENA integrates fiat currencies like Bahraini Dinar (BHD), UAE Dirham (AED), Saudi Riyal (SAR), and Kuwaiti Dinar (KWD). This support further makes it easy for those in the MENA region to use traditional banking methods to deposit and withdraw funds.
Send and Receive Crypto
Users can send and receive payments securely through the CoinMENA platform itself which is convenient for them. This feature is especially used for remittances and peer-to-peer transactions, eliminating obstacles and giving users a fast and cost-effective alternative for transferring money.
Competitive fees
CoinMENA has competitive fees for all trading activities in a transparent structure. There is clear information about its fee structure on the platform itself so that users are informed about all costs related to their transactions.
Setting up your CoinMENA account
Before you can buy or sell cryptocurrencies on CoinMENA, you will need to create an account. Here’s a step-by-step guide to help you get started on the CoinMENA platform:
Step 1: Sign up
- Visit the CoinMENA website or download the app.
- Click on “Sign Up” and provide your basic details, such as your name, email, and password.
- Next, verify your email address through the link that will be sent to your inbox.
Step 2: Complete KYC verification
CoinMENA requires all users to complete a Know Your Customer (KYC) verification process to comply with regulations. Upload a copy of your government-issued ID (passport, national ID, or driver’s license). You will have to give some proof of address, such as a utility bill or bank statement. Then take a selfie for identity verification. Approval typically will take a few hours to a couple of days.
Step 3: Secure your account
Enable two-factor authentication (2FA) to have more security. This step makes sure that even if your password is compromised, unauthorized access to your account will be difficult.
Step 4: Deposit funds
Once your account is set up, you are ready to buy crypto and you can deposit funds. This platform supports transfers in local fiat currencies in MENA regions like BHD, AED, SAR, and KWD. You can also deposit cryptocurrencies if you already have digital assets from an external wallet.
Step 5: Place an order
Once your account is funded, you can now start trading, selling, or buying cryptocurrencies. The platform has a Buy/Sell feature to do instant transactions or if you are a more experienced trader, you can go for the advanced trading options available. The platform has real-time market data, charts, and other tools to help you make informed decisions.
Step 6: Send and receive crypto
You are all set to be involved in trading activities now. To send crypto, you just have to select the asset you want to transfer, enter the address you want to transfer to, and then confirm it. In order to receive crypto, all you have to do is share your wallet address with the sender and they can easily transfer to your wallet.
Final thoughts
CoinMENA gives you an accessible platform for cryptocurrency trading users in the MENA region. The platform simplifies the process of buying and selling crypto with a regulated framework, fiat integration, and an interface that is easy to use. If you are new to trading, start with a small investment to get comfortable with the platform. Stay informed and continuously monitor market trends and updates on the crypto market. Always do proper research and only invest what you can afford to lose.
Disclaimer: This is not financial advice and is completely based on public information.