CoinMENA Review 2022: Is It a Legit Exchange Platform?

CoinMENA is the first crypto exchange that is Sharia-compliant and certified by the Shariyah Review Bureau in Bahrain. It has become the most popular regional digital assets exchange, allowing Qatari citizens to open accounts with the crypto exchange and access all the features available at CoinMENA company. The Central Bank of Bahrain licenses it as a cryptocurrency assets service provider. As per our research and CoinMENA review, we can say that, CoinMENA’s entry has made a huge step in providing new features like competitive and lower fees, bilingual customer support, a referral program, an OTC desk, and many more.

CoinMENA Summary

Official Website https://www.coinmena.com/
Headquarters Bahrain
Found in 2019
Native Token No
Listed Cryptocurrency Bitcoin, Ethereum, Ripple, USD Coin, Litecoin, Bitcoin Cash, Chainlink, Uniswap, USD Tether, FTX Roken, etc
Trading Pairs N/A
Supported Fiat Currencies Bahraini Dinar (BHD), Omani rial (OMR), United Arab Emirates Dirham (AED), Kuwaiti Dinar (KWD), Saudi Arabia riyal (SAR), United States Dollars (USD)
Supported Countries Bahrain, Saudi Arabia, United Arab Emirates, Oman, Kuwait, and Qatar
Minimum Deposit Variable
Deposit Fees Bank Deposits – Free
Card Deposits – 3.5%
Crypto Deposits – Free
Transaction Fees 0.75%
Withdrawal Fees Money Withdrawals – Variable
Crypto Withdrawals – Variable
Application Yes
Customer Support Submit a Request Form, Help Center, & Social Channel Support

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The Bahrain-headquartered firm recently added features that include the ability to link bank accounts to personal CoinMENA wallets to be able to facilitate streamlined deposits and withdrawals.

The website allows users to buy, sell, receive and store crypto in the safest and most secure manner and deposit and withdraw funds in their local currency. Through high liquidity, competitive fees, bonus rewards, and a rich educational approach, the CoinMENA cryptocurrency exchange in UAE aims to be the most trusted choice for a wider audience of investors and traders in the MENA region, enabling easy payments of digital currencies.

This CoinMENA review highlights the platform’s regulation, features, services, OTC desk, pros and cons, registration process, fees, safety measures, supported regions, etc.

What Is CoinMENA? 

CoinMENA was launched in the year 2019, and the team has constantly been constantly striving to introduce limit trading to new countries. The Bahrain-headquartered crypto website has recently become the first onshore platform to introduce limit trading for MENA and Qatari Citizens to set the price or value at which they want to buy and sell crypto.

CoinMENA User Interface

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The co-founder of the website plans to enter new regions, expanding its business operations in other parts of the world. This news represents a major milestone in the long-term market expansion plans of the company. With access to the CoinMENA platform, users can buy and sell crypto, including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, etc. Potential investors can also enjoy earning bonus rewards by inviting their friends, family, and other traders through the referral program. Since crypto is a decentralized digital currency designed to operate as a medium of exchange, it need not be regulated by any financial institution or government.

How Does CoinMENA Work?

The CoinMENA website is the first lowest fee crypto exchange company with its headquarters in Bahrain. It is regulated by the Central Bank of Bahrain with a Crypto Assets Services Company License (Category 2). The platform has achieved great recognition among investors in the Middle East, and the team plans to enter other regions and expand its operations by enabling more investors to buy, sell, store and receive crypto. This huge step has become a major milestone for the crypto exchange ever since CoinMENA’s entry into the industry. The website provides full control over the platform’s

The CoinMENA website acts as a digital assets exchange for the platform’s users in the Middle East. Investors can purchase cryptocurrencies at a set price or value using their local fiat currency to fund their accounts. After making the deposits into the CoinMENA account, a trader can transfer their crypto funds to CoinMENA wallet, personal bank account or start investing them on the crypto exchange platform.

To empower all kinds of investors, including new and professional traders, who wish to access modern investment options, by allowing them to join the new digital economy, CoinMENA has created one of the best ways to connect with them and provide high liquidity, competitive trading fees and all the features that are normally required for an investment purpose in a digital assets exchange.

Why Choose CoinMENA Exchange?

CoinMENA has become the largest and the first crypto asset website in Qatar, where users across Middle Eastern regions can easily and safely access the website to invest in digital currencies for the very first time. Qatari residents can open an account and enjoy all the important features with CoinMENA, including connecting bank accounts to CoinMENA wallets and allowing fast payments of cash and cryptocurrency safely and directly within minutes.

Why Choose CoinMENA Exchange?

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Some of the notable perks of using the website include having a regulated and direct access to the digital asset world, competitive transaction fees based on trade volumes, a rewarding referral program, a personalized and private OTC desk for those who want to buy or sell large orders, news and updates regarding crypto investment opportunities and many more.

Is CoinMENA Legit and Regulated?

CoinMENA is an officially monitored digital assets operator in the MENA Region. It is licensed by the Central Bank of Bahrain and focuses on providing competitive investment services to people from Bahrain, Kuwait, Saudi Arabia, UAE, and Oman. The Bahrain-based exchange allows users to deposit and withdraw crypto assets, including Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash.

The operators also offer access to Chainlink, which brings enhanced crypto assets to the users in the Middle Eastern region. The exchange operators continue to bring other popular cryptocurrencies to the platform’s portfolio, and some of the new coins include Compound, USD Coin, Uniswap, and Chainlink. The website is one of the biggest regulated exchanges in the Middle East to receive a valid license from the Central Bank. They offer competitive trading fees and bilingual client support to all its users.

Is CoinMENA Legit and Regulated?

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Features of CoinMENA

Competitive Fees

The website features the most competitive fee structure based on trade volumes. This means traders need to pay less as they continue to invest more.

Bilingual Client Support

The customer support team at the CoinMENA website is bilingual, and offer services in English and Arabic. Traders at the website enjoy their investment journey with the user-friendly and helpful customer support platform.

Referral Program

The website users can also earn rewards in real money by referring the platform to their friends and family using unique referral links.

CoinMENA Wallets 

The website provides full control over the platform’s secure crypto wallet. Users can find their deposit and withdrawal history and start buying and selling activities via the CoinMENA crypto wallet.

CoinMENA News & Updates

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Trusted Digital Asset Platform

The website is the most trusted digital assets platform since most client funds are stored in a secure offline vault that offers maximum safety.

Officially Regulated

The crypto exchange is a fully licensed crypto-asset operator by the Central Bank of Bahrain.

Sharia Compliant

The Sharia-compliant exchange operates with complete certification from the Shariyah Review Bureau.

CoinMENA Services

MENA Region

CoinMENA plans to expand its operations to other nations. This news represents a long-term market expansion plan in which the team will provide investment services beyond the MENA region. Users can access their accounts for depositing and withdrawing USDT, BTC, ETH, BCH, and many more. Suppose a particular country is not allowed on the website. In that case, the operators recommend users to subscribe and keep checking for the latest news and updates, and they will be the first to know when the parent company and the business expand.

CoinMENA OTC Desk

Besides the crypto exchange services offered by the website, the platform also provides OTC (over-the-counter) desks. Users who register for OTC trading enjoy several features of the digital currency services company – deep liquidity pools, dedicated OTC management, competitive pricing, fast settlement of transactions, and full transparency. Note that the minimum investment volume on CoinMENA OTC is $100,000.

CoinMENA OTC Desk Features

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CoinMENA Review: Pros and Cons

Pros Cons
Offers access to over 21 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and many more. Relatively high fees compared to other providers.
Competitive fees based on trade volume.
Trusted digital asset website, officially regulated and Sharia-compliant.
OTC desk offers a more personalized and private service to those who want to deposit or withdraw a large order.
The referral program allows users to earn bonuses.

CoinMENA Registration Process

The registration process at CoinMENA is one of the fastest and takes only about 5 minutes to complete. Follow the simple steps to start trading with local currency at the website today:-

  • Go to the official website and click or press the Sign Up button on the site’s homepage.
  • Enter your name and email address followed by a unique and strong password.
  • Agree to the terms and conditions, Compliance & AML policy, and privacy policy set by the exchange.
  • Click or press on Create an Account.
  • The website will send a confirmation email to the registered email ID.
  • Upon confirmation, users need to verify the email by clicking on Verify Email or copy-pasting the link into the browser.
  • Upon verification, the users must provide their contact number.
  • The platform will send a confirmation code to the registered phone number.
  • Upon confirmation, the website will redirect the user to the platform’s dashboard to start with their trading actions instantly.

CoinMENA Registration Process

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CoinMENA Fees

Money Deposits

Currently, the CoinMENA website supports two different payment methods – deposits via debit or credit card and bank transfers. Bank deposits do not charge any deposit fees, but there are minimum deposit limits depending on the chosen currency. Card deposits require a deposit fee of 3.5%, irrespective of the currency chosen by the users.

Money Withdrawals

Money withdrawals at the website are not free. The fees charged for money withdrawal vary depending on the currency chosen:-

Currency Minimum Limit Fee
Bahraini Dinar 50 BHD 1.51 BHD
United Arab Emirates Dirham 500 AED 110.63 AED
Omani Rial 50 OMR 11.6 OMR
Saudi Arabia Riyal 500 SAR 112.96 SAR
Kuwaiti Dinar 40 KWD 11 KWD
United States Dollar 150 USD 50 USD

Digital Asset Withdrawals

Cryptocurrency withdrawals are usually near-instant as they work on decentralized blockchain networks. The digital asset payment methods charge variable fees depending on the chosen currency. For instance, the withdrawal fee for Bitcoin is 0.0006 BTC; for Ethereum, it is 0.0095 ETH; for Bitcoin Cash, 0.03 BCH, whilst for Litecoin, it is 0.08 LTC. Similarly, the minimum limits for cryptocurrency payments differ based on the chosen cryptocurrency. Traders must check the website’s terms and conditions to get clear information on the CoinMENA fees.

Supported Currencies 

The cryptocurrencies supported by CoinMENA are Bitcoin, Ethereum, Ripple, USD Coin, Litecoin, Bitcoin Cash, Chainlink, Uniswap, Compound, USD Tether, FTX Roken, etc.

The website also supports the fiat currencies, such as Bahraini Dinar (BHD), Omani rial (OMR), United Arab Emirates Dirham (AED), Kuwaiti Dinar (KWD), Saudi Arabia riyal (SAR), and the United States Dollars (USD).

CoinMENA Referral Program

CoinMENA website has an exciting referral program that offers easy ways to earn rewards. Existing users can generate referral links to share and invite their friends from their accounts, and both parties can earn bonuses once the referred friends join the platform using the link, open accounts, and make deposits. However, users need to sign up and verify their accounts before they can create custom referral links to share with others.

CoinMENA Referral Program

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CoinMENA Supported Countries

The CoinMENA website is available for users in the following nations – Bahrain, Saudi Arabia, United Arab Emirates, Oman, Kuwait, and Qatar.

CoinMENA Security Measures

CoinMENA website is a safe and secure company registered in the Kingdom of Bahrain, and the Central Bank of Bahrain licenses it as a Crypto Asset Services Company under category 2. The platform uses several security measures, including firewalls, encryption protocols, penetration testing, controls, and a two-factor authentication method to protect clients’ information and offer them the safest investment journey. The servers of the platform are under 24×7 surveillance.

However, since transmission methods over electronic storage or the internet are not 100% safe, it is the responsibility of the users to protect their funds. For crypto transactions, the CoinMENA website does not have any right to erase, alter or modify personal data as the transactions are recorded on decentralized blockchain networks and are, therefore, anonymous.

CoinMENA Customer Support

Coming to customer support, the CoinMENA website does not provide a live chat function or email support. Users with queries regarding the crypto website, payment methods, referral program, safety measures, account verification and higher limit requests, user account change requests, press and business development, and OTC trading can submit a request from their registered email ID and enter their query in the message box. You can reach the team via social media channels such as Facebook, Twitter, LinkedIn, and Instagram, available on the Support page. Lastly, CoinMENA offers a rich knowledge center to share ample information and answer most of the clients’ frequently asked questions.

CoinMENA Customer Support

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CoinMENA Reviews: Conclusion

CoinMENA is the top-tier licensed crypto exchange website under the Central Bank of Bahrain. It is a certified Sharia-compliant website with the best safety measures available today. The website guarantees a reliable OTC desk and a top exchange to deposit and withdraw crypto safely. The user-friendly platform is becoming more popular with added major cryptocurrencies available to customers in the United Arab Emirates, Saudi Arabia, Kuwait, Oman, Qatar, and Bahrain. It is a trusted crypto-asset website with lucrative investment and trading opportunities. However, compared to other big players in the digital industry, it still lacks some of the important features like efficient customer support, educational material, tradable assets, and many more.

FAQs

Is CoinMENA Real and Safe?

CoinMENA is a regulated and licensed crypto-asset trading website in the Kingdom of Bahrain.

Is Coinmama’s Mobile App Available?

There is a mobile app available for iOS and Android CoinMENA users.

Is CoinMENA Reliable?

Yes, it is reliable with all the important security measures like two-factor authentication, access controls, penetration testing, encryption protocols, and firewalls.

How Do You Earn Money on CoinMENA?

CoinMENA users can earn bonuses with the referral program available on the platform.

How Do I Withdraw Money from CoinMENA?

Investors can withdraw funds from CoinMENA through debit or credit cards, bank transfers, and cryptocurrencies.

How Do You Use CoinMENA?

CoinMENA is a simple website to use. All users need to do is sign up at the official website with their name, email ID, and password and enjoy the platform’s various advantages and safety measures.

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