Crypto Glossary for UAE Users: USDT, VARA, Networks

Assets

Six terms for what you hold: two US dollar stablecoins, Bitcoin, and the words that describe how their value behaves.

USDT (Tether): USDT is a stablecoin issued by Tether, designed to track the US dollar and used to move value between wallets and platforms.; Tether's transparency page says its tokens are pegged 1-to-1 with a matching fiat currency and backed 100% by Tether's Reserves; that is the issuer's claim, not an assurance from MKX. MKX lists USDT on five networks, with a 5 USDT external withdrawal fee: see USDT purchases in dirhams.
USDC: USDC is a US dollar stablecoin issued by Circle, a different company from Tether, the issuer of USDT.; USDT vs USDC: both are designed to hold a value of one US dollar, but the issuers, the reserves and the network coverage differ. Circle's USDC page says USDC is backed by cash and cash-equivalent assets and redeemable 1:1 for US dollars. MKX lists USDC on ERC20 and BEP20, with a 15 USDC minimum withdrawal.
Bitcoin (BTC): Bitcoin is the first cryptocurrency, a digital asset with no central issuer and a supply capped at 21 million coins.; The cap is stated in the bitcoin.org FAQ. Unlike a stablecoin, the price of bitcoin is not tied to any currency and can move sharply within a day. MKX lists BTC on the Bitcoin network only, with a minimum deposit of 0.000007 BTC and an external withdrawal fee of 0.0001 BTC. Steps and costs: Bitcoin purchases in dirhams.
Satoshi: A satoshi is the smallest unit of bitcoin: there are 100,000,000 satoshis in 1 bitcoin.; The unit lets you hold a fraction of a coin, so nobody needs a whole bitcoin to start. In satoshis, the MKX minimum Bitcoin deposit of 0.000007 BTC is 700, the external withdrawal fee of 0.0001 BTC is 10,000 and the minimum withdrawal of 0.003 BTC is 300,000.
Stablecoin: A stablecoin is a virtual asset designed to hold a steady value against a reference asset, usually the US dollar.; The design is a target, not a promise: a stablecoin depends on its issuer's reserves. Two US dollar stablecoins are on the MKX Fee Schedule, USDT and USDC. Held at MKX, a stablecoin is a virtual asset, not money in a bank, and is not covered by any deposit protection mechanism from MKX.
De-peg: A de-peg is when a stablecoin trades away from the value it is designed to track, for example below one US dollar.; It can last minutes or become permanent, and it is one way to lose money on an asset that is meant to be steady. MKX says its prices follow market conditions, so during a de-peg the price of USDT or USDC on your trade execution screen can differ from the usual level.

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USDT on the MKX Fee Schedule

Last reviewed 11 October 2026

Networks: ERC20, BEP20, TRC20, Polygon-POS, SOL
Minimum deposit: 1 USDT
Deposit fee: 0
Minimum withdrawal: 15 USDT
Internal transfer fee: 0
External withdrawal fee: 5 USDT

Source: MKX Fee Schedule, read on 6 October 2026. The schedule shows no date of its own.

Networks and transfers

Ten terms for how an asset moves. One rule runs through all of them: the sending and receiving network must match.

Network (blockchain): A network, or blockchain, is the shared ledger that records who holds an asset and every transfer of it.; One asset can exist on several networks. Tether's list of supported protocols says its tokens on different blockchains should be treated equally and interchangeably, yet each transfer travels on one network, so the sending and receiving network must match. MKX lists ten assets, with fees and minimums per asset and network.
TRC20: TRC20 is the token standard of the Tron blockchain, so USDT TRC20 means USDT that moves on Tron.; The sending and receiving network must match: USDT sent as TRC20 arrives only on a TRC20 address, and a transfer cannot be reversed. At MKX, TRC20 is one of the five USDT networks and the only network listed for TRX. The buying guide covers choosing a USDT network when you buy.
ERC20: ERC20 is the token standard of the Ethereum blockchain, so USDT ERC20 means USDT that moves on Ethereum.; The sending and receiving network must match: USDT sent as ERC20 arrives only on an address that supports ERC20. The MKX Fee Schedule uses the label ERC20 for three assets: ETH (minimum withdrawal 0.008 ETH, external fee 0.004 ETH), USDT and USDC.
BEP20: BEP20 is the token standard of BNB Smart Chain, so USDT BEP20 means USDT that moves on that chain.; The sending and receiving network must match, so confirm that the receiving wallet supports BEP20 before you withdraw on it. The MKX Fee Schedule lists BEP20 for USDT and USDC. BNB itself appears under the network label BNB (minimum withdrawal 0.0075 BNB, external fee 0.0015 BNB).
Polygon PoS: Polygon PoS is a proof-of-stake blockchain linked to Ethereum, with POL as its own token.; MKX lists two assets on it: POL (minimum withdrawal 30 POL, external fee 20 POL) and USDT, written Polygon-POS on the Fee Schedule. The sending and receiving network must match: USDT withdrawn on Polygon PoS reaches only a wallet that supports that network for USDT.
Solana: Solana is a blockchain with its own token, SOL, that also carries other tokens such as USDT.; The MKX Fee Schedule lists SOL on Solana (minimum withdrawal 0.1 SOL, external fee 0.03 SOL) and gives Solana, written SOL, as one of the five USDT networks. The sending and receiving network must match, so a USDT withdrawal on Solana needs a Solana address at the other end.
Wallet address: A wallet address is the string of letters and numbers that identifies where an asset is sent on a given network.; A USDT wallet is any wallet that can hold USDT on at least one network; at MKX it is the hosted Digital Asset Wallet in your account. An address belongs to one network. Paste it, do not type it, because a transfer to a wrong address cannot be reversed.
Transaction hash (TXID): A transaction hash, or TXID, is the unique reference a network gives to every transfer recorded on it.; Paste it into a public block explorer for that network to see the amount, the two addresses and whether the transfer is confirmed. When a deposit or a withdrawal looks late, quote the TXID when you write to one of the MKX support channels.
Network fee: A network fee is the charge paid to the validators or miners of a blockchain for processing a transfer.; It changes with the network and with how busy the network is. On MKX you see a fixed figure instead: the Fee Schedule sets one external withdrawal fee per asset, for example 5 USDT, 0.0001 BTC or 0.004 ETH, and charges 0 for deposits and for internal transfers.
Internal transfer: An internal transfer moves an asset from one account to another on the same platform, not out to an external wallet.; The MKX Fee Schedule lists an internal fee of 0 for every asset, against a fixed fee for an external withdrawal, and a single minimum withdrawal per asset: 15 USDT or 0.003 BTC, for example. An external withdrawal leaves MKX for an address you supply.

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Network labels on the MKX Fee Schedule

Ten assets

USDT: ERC20, BEP20, TRC20, Polygon-POS, SOL
USDC: ERC20, BEP20
BTC: BTC
ETH: ERC20
XRP: XRP
SOL: Solana
BNB: BNB
TRX: TRC20
POL: Polygon POS
ARB: Arbitrum One

Labels as printed on the MKX Fee Schedule, read on 6 October 2026.

The network rule

The sending and receiving network must match. A transfer on a blockchain cannot be reversed, so check the asset, the network and the address before you confirm.

Regulation

Seven terms from Dubai's virtual asset rules, defined from VARA's own pages. Each entry points to the article that explains the rules in full.

VARA: VARA is the Dubai Virtual Assets Regulatory Authority, the regulator that licenses virtual asset activities in Dubai.; VARA has identified eight virtual asset activities, and a firm must receive its licence before it carries out any of them in Dubai. MKX Virtual Assets Broker & Dealer Services L.L.C. is licensed by VARA for Broker-Dealer Services, reference VL/25/04/001. Background: VARA licences explained.
VASP: A VASP is a Virtual Asset Service Provider: a firm that carries out virtual asset activities for clients.; In Dubai a VASP must apply for and receive a licence from VARA before undertaking virtual asset activities; the article explains who needs a VARA licence. The entry for MKX shows a VASP Licence issued on 18 April 2025 with the status Active: read the MKX licence on the register.
Broker-Dealer Services: Broker-Dealer Services is one of the eight virtual asset activities VARA licenses, and the only activity on the MKX licence.; In practice a client of MKX gets a quoted price to buy or sell against AED, not an order book to place bids on. VARA's legal definition is in its Broker-Dealer Services Rulebook; the plain-language version is in the guide to what each VARA licence allows.
Exchange Services: Exchange Services is another of VARA's eight virtual asset activities and needs its own licence, separate from Broker-Dealer Services.; The register entry for MKX lists Broker-Dealer Services, not Exchange Services, which is why this site calls MKX a broker-dealer and not a crypto exchange. If you are looking for a crypto exchange in Dubai, the guide shows how to check which activity a licence covers.
In-Principle Approval (IPA): An In-Principle Approval, or IPA, is a step before a full VASP licence; VARA's public register lists firms at both stages.; An IPA is not permission to operate: VARA's register page states that applicants holding one are strictly prohibited from initiating operations, conducting any virtual asset activities or servicing clients until they have obtained their full VASP licence. The entry for MKX shows a VASP Licence with the status Active. More on a licence versus an In-Principle Approval.
Retail, qualified and institutional investors: Retail, qualified and institutional investors are the client classes named in a VARA licence condition to say whom a firm may serve.; VARA's FAQ says some VASPs may be approved to serve only Qualified Investors and institutional clients, so the class matters to an individual. The licence condition on the entry for MKX reads: "Permitted to serve Institutional Investors, Qualified Investors and Retail Investors." The article covers which clients a firm may serve.
Public register: The public register is VARA's online list of firms that hold a full licence or an In-Principle Approval.; An entry shows the legal name, the licence reference, the activities, the issue date, the status and the website: check it before you send money to any firm. Open the MKX entry on the VARA public register, reference VL/25/04/001, or read how to read a VARA register entry.

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MKX licence record

Verified 11 October 2026

Entity: MKX Virtual Assets Broker & Dealer Services L.L.C.
Regulator: Dubai Virtual Assets Regulatory Authority (VARA)
Reference: VL/25/04/001
Licence type: VASP Licence
Activity: Broker-Dealer Services
Issued: 18 April 2025
Status: Active

Source: VARA public register, entry for MKX.

Accounts and money

Eight terms for opening an account and for how money and assets are held once you have one.

KYC: KYC, short for know your customer, is the identity check a financial firm completes before it serves a client.; At MKX it comes before any trade: you upload an Emirates ID or a passport and complete a liveness check, and you must be at least 18. MKX's product pages say verification is usually completed within minutes. The MKX FAQ covers documents and residency.
Liveness check: A liveness check is a short camera test that confirms a real, present person is submitting the identity document.; It usually means holding your phone at face height and following a prompt, such as turning your head, so that a photo or a recording cannot stand in for you. MKX's product pages name it as the second part of verification, straight after the ID upload.
Client Money Account: A Client Money Account is where a firm records and holds the fiat money that belongs to its clients.; The MKX terms say the Client Money Account "is not a deposit or investment account": funds are held "in a designated safekeeping account with a regulated financial institution licensed in the UAE" and "will not earn interest". The institution is not named. It is where dirhams are held between a bank deposit and a trade.
Custody: Custody is the holding of virtual assets, and of the private keys that control them, on a client's behalf.; With a hosted wallet you do not hold the private keys yourself, so you rely on the provider's controls and on its solvency. The MKX terms describe a hosted Digital Asset Wallet and name the Wallet Custody Services Provider: Fireblocks. The security page explains how custody works at MKX.
Hot and cold wallets: A hot wallet keeps its keys on a system connected to the internet; a cold wallet keeps them offline.; Hot wallets make withdrawals quick to process and cold storage reduces exposure to online attacks, so platforms usually combine the two. The MKX terms refer to "multi-signature hot and cold storage wallets". The share of client assets kept in cold storage is not published, and no storage method removes the risk of loss.
Multi-signature: Multi-signature means a transfer needs approval from more than one key before the network accepts it.; It removes the single point of failure of one key held by one person or on one device. The MKX terms list multi-signature wallets among the storage measures, together with redundantly secured recovery phrases and regular security audits. The auditor and the audit dates are not named.
Two-factor authentication (2FA): Two-factor authentication asks for a second proof, such as a one-time code, in addition to your password.; With it, a stolen password alone is not enough to enter an account or to approve a withdrawal. The MKX terms list two-factor authentication among the account controls, next to locked withdrawal addresses and IP whitelisting. A code from an authenticator app is generally harder to intercept than a code sent by SMS.
Withdrawal address lock: A withdrawal address lock limits withdrawals to addresses the account holder has approved in advance.; If someone gets into the account, they cannot send assets to a new address straight away. The MKX terms list "locked withdrawal addresses" among the account controls. An approved address is tied to one network, so check both the address and the network when you add it.

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Not covered by deposit protection

The MKX terms state: "Clients' Virtual Assets and Fiat Assets are not covered by any deposit protection mechanism from MKX."

Buying and selling terms

Six terms for the price you see, the costs behind it and the routes between dirhams and virtual assets.

On-ramp and off-ramp: An on-ramp converts ordinary money into virtual assets; an off-ramp converts virtual assets back into ordinary money.; MKX does both in dirhams. On-ramp: an AED bank transfer from AED 380 at a 0% deposit fee, then a 1.5% trade. Off-ramp: a 1.5% sale, then an AED bank withdrawal from AED 100 for a fee of 30. See USDT sales paid out in AED and the guide to sending USDT to sell it for AED.
Indicative price: An indicative price is an estimate shown before you trade; it is not the price your order will get.; The MKX converter carries this note: "This price is indicative and not a quotation as crypto prices fluctuate with market conditions." The final price and the fees are displayed on the trade execution screen. MKX says its prices follow market conditions and the liquidity available through Binance, its primary external liquidity provider.
Spread: The spread is the gap between the price at which you can buy an asset and the price at which you can sell it.; It is a cost on top of any stated fee: a 1.5% fee with a wide spread costs more than the same fee with a narrow one. MKX does not publish its spread. To estimate it, compare the buy price and the sell price shown at the same moment.
OTC desk: An OTC desk, short for over the counter, arranges a trade directly with a client at an agreed price, usually for a larger amount.; The MKX terms list OTC trading via an OTC desk among the services, next to the hosted wallet and the buying and selling of digital assets. The amount at which a trade goes to the desk and how it is priced are not published, so ask before you plan a large order.
Peer-to-peer (P2P): Peer-to-peer trading matches two individuals who exchange virtual assets for money directly, often through a marketplace that holds the asset in escrow.; The other side is a private person, so the price, the payment method and the risk of a disputed payment depend on that person. MKX does not offer P2P: you trade with MKX at its quoted price. The buying guide compares P2P with the other routes to USDT.
Best execution: Best execution is the principle that a firm should seek the most favourable overall result when it carries out a client's order.; VARA's Broker-Dealer Services Rulebook has a part on best execution, and MKX's broker-dealer page describes a Best Execution Policy that weighs price, speed, likelihood of execution and cost. It is a standard for how orders are handled, not a promise about the price of any one trade. Check the final price on the trade execution screen, next to the 1.5% fee and the other MKX charges.

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Costs named in these entries

Last reviewed 11 October 2026

AED bank deposit minimum AED 380: 0%
AED bank withdrawal minimum AED 100: 30
Every trade AED to crypto, crypto to AED, crypto to crypto: 1.5%

Still unsure about a term?

If a word on an MKX page is not defined here, three places can help. The MKX FAQ gives short answers on accounts, verification, fees and transfers. The MKX Learn guides explain buying, selling and the Dubai rules step by step. Or ask MKX support and name the page where you met the term.

Figures in this glossary come from the MKX Fee Schedule and the MKX terms. Statements about VARA come from VARA's own pages, its rulebooks and its public register; statements about USDT, USDC and Bitcoin come from Tether, Circle and bitcoin.org, linked in the entries. Definitions describe how a term is generally used and are not legal definitions.

For information only, not investment advice. Last reviewed 11 October 2026.

Crypto glossary for UAE users: USDT, networks, VARA and account terms

Assets

Networks and transfers

Regulation

Accounts and money

Buying and selling terms

Still unsure about a term?