The UAE is a crypto-friendly region that welcomes blockchain companies from all corners of the world. One of the latest cryptocurrency firms to have set up shop in the UAE is M2, a fast-growing centralized exchange.
This guide takes you through the process of signing up with M2. It also reveals the products offered and the expected trading fees. Read on to learn more about M2.
M2 Explored
M2 is based in Abu Dhabi, and its operations are overseen by the Financial Services Regulatory Authority. Besides offering spot and futures trading, M2 gives users access to crypto loans and earning products. Moreover, the exchange users can apply for crypto payment cards, which allow them to pay for online purchases.
So, when was M2 launched? The centralized exchange started its operations in 2023. Its founder, Bijan Alizadeh-Fard, co-founded two well-known companies: Phoenix Group and Cypher Capital.
M2 is run by experienced professionals, most of whom have worked for globally recognized firms like JP Morgan, Goldman Sachs, IBM, and Deutsche Bank. Its CEO, Stefen Kimmel, is a former execute of another top crypto exchange, Kraken.
What Cryptocurrencies Does M2 List?
M2’s asset offering has expanded since its launch. As of July 2024, users can trade over 60 cryptocurrencies in the exchange’s spot market and 54 contracts in the futures market. In a recent interview, Kimmel said the company was planning to expand its crypto offering to 100 over the next few months.
When trading on M2, you can use two types of orders: TWAP and Dynamic. TWAP order enables you to execute trades at fair prices, while Dynamic order reduces risks by allowing you to adjust trading parameters in response to any market condition.
M2 Trading Fees
Based on customer reviews, trading fees charged on M2 can be considered fair. Spot traders incur a 0.1% flat fee, while future traders are charged 0.02% and 0.04% maker and Taker fees, respectively. Note that deposits do not attract any fee.
How to Create an M2 Account
To start using M2’s products, you need a verified account. Here is how you can create one:
1. Go to M2.com and find the “Register” button on the homepage. Upon clicking the button, you will be redirected to a page with a sign-up form, where you’ll be asked to enter your email address and phone number and create a unique password.
2. Next, M2 will send one-time codes to your phone number and email for verification purposes. Once you key in the codes in the provided field, the exchange will request personal information.
3. The personal data you must provide includes your nationality, country of residence, and full name. Furthermore, you need to tick the checkbox to confirm you are not an American because M2 does not serve cryptocurrency users in the United States.
4. After submitting personal details, the next step is to complete the Know Your Customer (KYC) procedure. Identity verification enables centralized crypto exchanges like M2 to curb illegal activities, including money laundering. The KYC checks require new users to upload their ID cards, passports, or driver’s licenses.
5. After completing KYC, you can deposit a minimum of $10 using the supported payment methods to start trading on M2.
M2 Welcome Bonuses and Offers
Like most crypto trading platforms, M2 gives welcome bonuses to new users after completing specific tasks. For instance, a new verified user receives a trading fee coupon worth 100 USDT. If they deposit at least $50, they get another trading fee coupon ($60). Also, committing funds to an Earn product makes you eligible for a 100 USDT trading fee coupon.
MMX Cryptocurrency
M2 is powered by its native cryptocurrency, MMX, issued on the Ethereum network. Being an MMX holder comes with numerous benefits. For example, your crypto withdrawals do not attract fees, and you get exclusive access to new products and coin listings.
As of July 2024, MMX’s circulating and maximum supply are 145.6 million and 500 million tokens, respectively. The crypto asset can be traded on Uniswap, Raydium, and Curve.
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