Crypto is here to stay: How to buy Bitcoin in the UAE
Digital currencies are all the buzz in technology circles these days. With so many innovations taking place, the rise of digital currency has opened a new pathway for investors to seek their fortune. If you are new to the idea and are interested in investing in Bitcoin, we have compiled a simple and easy guide on buying Bitcoin in the UAE.
What is Bitcoin?
Cryptocurrencies, such as Bitcoin, are digital currencies. These are not actual physical bitcoins. Simply put, this isn’t cash you can hold and touch. Bitcoin is based on Blockchain technology, which can best be described as a cyber-secure, digital public ledger that records and monitors transactions.
Bitcoin balances are stored on one of the aforementioned public ledgers for everyone to see. Every Bitcoin transaction requires a significant amount of computational power to verify.
This cryptocurrency started with Satoshi Nakamoto’s white paper in 2008 and has created a buzz within the global financial sector ever since. The fact that there will only ever be 21 million Bitcoins contributes to their value.
Very advanced computers solve extremely complex computational math problems to create bitcoins. This process is called mining. Because there are no banks, miners confirm transactions and can earn bitcoins if they verify a set number of transactions. Although there are numerous cryptocurrencies, Bitcoin is widely regarded as the first of its kind.
Crypto Exchanges in the UAE to Buy Bitcoin
Want to know how to buy and sell Bitcoin in the UAE? You can do so by downloading one of the several cryptocurrency exchange apps in the UAE. These exchanges offer a safe way to buy or sell cryptocurrency in Dubai. Here are some options you can consider:
RAIN
Rain, a pioneering cryptocurrency exchange, has made history by securing the first regulatory license in the Middle East. This achievement places Rain alongside a select group of exchanges worldwide that have obtained such approval.
The exchange offers a user-friendly platform for buying, selling and securely storing cryptocurrencies. It is also accessible through its website and mobile applications.
Established in 2017 and commencing public operations in 2019 with a licence from the Central Bank of Bahrain, Rain has rapidly expanded its customer base, surpassing 10,000 users in the UAE only.
BINANCE
Binance is a premier cryptocurrency exchange in the UAE that offers an easy way to buy Bitcoin in Dubai. With a user-friendly interface and robust security measures, Binance has gained a reputation as one of the most trusted platforms for Bitcoin trading.
This exchange provides seamless services that allow you to trade various cryptocurrencies with just a few clicks. Binance offers spot and leverage trading.
Adding and withdrawing funds is also easy. Visit the official website to download the platform for your laptop or phone. It’s available on Google Play and the App Store.
Bybit
With its headquarters in Dubai, Bybit is one of the most popular exchanges to buy Bitcoin in the UAE. Buying cryptocurrency is done in three steps using credit cards and bank transfers.
The app features a market overview with the last traded prices, trading volumes and other metrics. You can also use multiple tools, like ‘Copy Trading,’ to copy top traders and increase your chances of a profit.
Bybit is a Web3-based crypto exchange where you can buy Bitcoin in Dubai, along with other significant cryptos such as Ethereum, Solana and Dogecoin.
It has over 100 listed tokens and more than 300 spot trading pairs, including major coins like BIT, APE, DYDX, LTC, AVAX, MATIC and DOT.
OKX
Are you looking for more options to buy Bitcoin online in the UAE? OKX is one of the top exchanges with high trading volumes and Web3 technology. It has more than 18 million users.
The exchange has high-yield trading bots that will be key in putting your best trades on the Bot Marketplace. And if you’re a new user, you can earn up to 30% APY in the first three days.
BitOasis
BitOasis is a Middle Eastern digital currency wallet and exchange service that allows you to purchase, sell and secure bitcoins. It is considered the best way to buy Bitcoin in the UAE. BitOasis states that their wallets are protected by multi-signature authentication, which makes it a safe environment to store bitcoins.
You can find the current price of 1 bitcoin on BitOasis’ webpage anytime. First, though, a voucher is required to acquire Bitcoins from BitOasis. You must create a new BitOasis account to do so.
CRYPTO DESK
Crypto Desk is a Dubai-based platform for cryptocurrency trading. Users in the United Arab Emirates can enjoy a hybrid of online and over-the-counter services to buy, sell and exchange over 500 cryptocurrencies.
The platform offers several services, such as selling USDT (tether) for cash. It allows users to exchange from fiat to crypto and vice versa quickly and securely. Like other apps and platforms on our list, Crypto Desk offers different tools for trading crypto. Visit the official website to learn more about the platform and its services.
How to Buy Bitcoin in the UAE
You may ask, how can I buy Bitcoin in the UAE? Here are three steps to ensure you can trade in Bitcoins easily.
Step 1 – Sign up or Login to your account:
You can follow the basic steps to sign up for an account on any exchange, providing them with any details necessary for the process. After you have completed the signup process, you should attempt to log in to your account.
While logging in, the exchange will email you asking you to confirm your login details. Enable Two-Factor Authentication and choose a secure password. You may add other security features available with the app and your device to make it secure. Treat it like a bank account because you’ll put money in it.
After you’ve logged in, you’ll see a screen with the title Wallet Dashboard or just Wallet (the name may differ depending on your exchange).
Before you begin the fund transfer process, ensure your bank account information is entered correctly into the app. The app will also need to approve your bank of choice to ensure that specific bank regulations are followed. Once approved, your bank account will be shown under the Settings menu.
Step 2 – Transfer Funds from the Bank
After registration, you can add funds to your spot trading account. At this point, you must connect to your online banking account and make the necessary financial transfers. It’s important to remember that the amount of money transmitted must match the amount transferred.
Check the financial transfer details and make sure the following are the same:
- Your account information.
- Your bank details in your exchange app
- The exchange’s bank details in your online bank account
- You may also use P2P for funds deposits and withdrawals as well
After you’ve confirmed your transfer, the exchange app might show a notification indicating that your order is being processed. Your orders will appear in the pending orders table, and an email will be sent to you regarding the pending fund transfer.
If you’ve followed the above steps, the funds should be sent from your bank account within a few minutes or a day. You will also receive an email when the funds have been transferred.
Step 3 – Start trading
Once your account is up and running, it’s time to buy the cryptocurrency of your choice. It’s easy to trade and buy Bitcoin in the UAE. Ensure you have accurate knowledge and are aware of the risks associated with trading and cryptocurrency.
FAQs About Buying Bitcoin in Dubai
How to Buy Bitcoin in the UAE?
In the Middle East, particularly in Dubai, there has been considerable demand for Bitcoin. Bitcoins can be purchased via companies known as exchanges. If you live in Dubai, you have access to various Bitcoin exchanges.
What is a cryptocurrency wallet?
A digital wallet (an e-wallet or a Bitcoin wallet) is a software-based application. It creates strong passwords and securely stores your Bitcoin payment and purchase information.
You can conduct global transactions using digital wallets in the UAE. Mobile payment systems, which enable consumers to pay for goods with their phones, may be combined with digital wallets. Loyalty card information and digital vouchers can also be stored in a digital wallet.
Can I have more than one wallet for Bitcoins?
You can have as many wallets as you want and transfer bitcoins between them.
Is it worth investing in Bitcoin?
Bitcoin is a highly speculative cryptocurrency, and you should exercise great care when purchasing it. It is not an investment to be made lightly.
Will there be any extra charges when I purchase bitcoins?
Charges depend on the exchange you use. For instance, if you purchase a voucher in BitOasis with a credit card, BitOasis will charge you a 5% fee.
That concludes our guide on how to buy Bitcoin in the UAE. As virtual assets, such as NFTs and cryptocurrencies, gain popularity, the Dubai Virtual Assets Regulatory Authority (VARA) has been established to facilitate the virtual asset community.
If you are interested in a B2B product trading platform in the UAE, check out our guide to trading in Dubai. Or, if you want to have some other tech-savvy investments, there are several ways to buy NFTs in the UAE.
Moreover, several startups in the UAE have benefited from the amenities available for businesses.
For more information on digital training or the Dubai Financial Market, stay tuned to MyBayut!
