- Fasset Exchange (FEX) will be available for six GCC countries later this year.
- FEX offers zero-fee trades, but charges withdrawals and OTC fees.
- FEX provides access and liquidity to BTC, ETH, USDT, and other digital assets.
- Private beta signups are ongoing.
Crypto investors within the Gulf region will soon be able to use the digital asset trading platform Fasset Exchange (FEX). Anticipated to launch later this year, FEX offers zero-fee trades to its users.
Fasset CEO Mohammad Raafi Hossain shared the exchange’s mission:
FEX brings to the GCC the accessibility, variety, and ease of use which increasingly characterizes digital asset markets elsewhere in the world.
Signups for its private beta are now accepted. Retail and institutional investors in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) can benefit from the FEX platform and marketplace during this testing phase.
While the platform will not charge any trading fees, users will still have to pay for withdrawals and over-the-counter (OTC) fees.
Hossain, who is also the former technology advisor to the UAE Prime Minister’s office, stated that FEX is expanding to the rest of the Middle East, Africa, and South Asia (MENASA) region over the next two years. “It is our belief that every investor should have a healthy, risk-assessed allocation in digital assets,” he pointed out.
According to Hossain, accessing digital assets is rather difficult in the MENASA region and they are looking forward to offering “convenience and true diversification” to users. By launching FEX, a foundation for fintech innovation in the future is established.
We believe that investors in the Gulf have a great appetite to explore the cryptocurrency sector further and to foster its long-term and sustainable growth.
As we recall, Bahrain and Abu Dhabi were competing to become the Gulf region’s leading hub for cryptocurrencies. In addition, leading UAE banks like Emirates NBD, RAKBANK, and ADCB continue to adopt blockchain technology for more efficient and secure banking services.