The soaring popularity of cryptocurrencies has led to an upsurge in the number of people trying to buy Bitcoin. Because it is the number-one coin in the world, today nearly every nation has accepted Bitcoin as a form of digital currency — including UAE.
The use of Bitcoin has also grown rapidly in the UAE, drawing particular interest from investors active in technology and innovation hub Dubai. Read this article to discover where in Dubai you can buy Bitcoin, and what procedures are involved.
Where to Buy Bitcoin in UAE
The use of Bitcoin has also grown rapidly in the UAE, drawing particular interest from investors active in technology and innovation hub Dubai. Read this article to discover where in Dubai you can buy Bitcoin, and what procedures are involved.
To be sure, the United Arab Emirates is already among the most advanced nations in terms of technology worldwide. And its market for digital currencies has taken off more recently. In addition, Dubai is considered to be one of the largest financial centers in the region. Due to this, you can purchase Bitcoin in a variety of different ways within the UAE. The most popular forms of investment are probably in online exchanges, peer-to-peer sites and brick-and mortar outlets.
Purchasing bitcoins is a simple enough procedure. Several exchanges and services specialize in buying cryptocurrency with AED. Remember that the fees charged by different exchanges vary, so don’t move until you are certain about your options.
The most popular exchanges in Dubai that provide access to buying and selling bitcoin include:
- Binance: One of the world’s most popular crypto exchanges, Binance lets users purchase multiple coins (BTC, ETH, LTC and more) directly with fiat. It also offers margin trading and lending services for those who want to make more money with their investments.
- Crypto Desk: Crypto Desk is a top-tier crypto exchange in Dubai for buying and selling different types of cryptocurrencies by bank transfer, and trading in OTC markets without P2P restrictions. That provides instant and safe cryptocurrency transactions for both individuals and enterprises.
- BitOasis: Other similar reputable sites where you can buy bitcoins in UAE are BitOasis, which also accepts credit and debit cards as well as bank transfer (such SEPA, SWIFT or ACH transaction) basis. Here, you can also sell your bitcoins.
Why do you Need to Buy Bitcoin in Dubai
Of course there are several reasons why one may want to buy some Bitcoin. First, it’s a good investment; the price of bitcoins has been going up all along. Second, it provides a secure and comfortable method of payment that obviates the use of cash or bank transfers. Finally, it gives you the flexibility to carry out transactions anonymously without a third party.
Furthermore, here are a few added reasons:
Potential for High Returns: In addition, from the perspective of speculative investment with a high rate of return on short-term purchases and sales, bitcoin presents an advantage.
Diversification of Portfolio: Adding bit coin to your investment portfolio is an effective way of minimizing the chances that you will lose everything.
Increased Liquidity: Furthermore, bitcoin is very liquid (able to be easily bought and sold). This makes it particularly suitable for persons who are in dire need of cash.
Steps to Follow to Buy Bitcoin in Dubai
For those of you in Dubai or elsewhere around the UAE who want to buy Bitcoin, here’s your guide. Below are the steps to take, and with it comes a simple guide for purchasing Bitcoin in Dubai.
Go to the traded currency exchange in Dubai.
The first thing to do is find a good, safe place where you can obtain Bitcoin in Dubai. For example, Binance, Crypto Desk and BitOasis are the top trusted crypto exchanges in Dubai. After you select one, it is time to set up an account and enter your personal details like name, e-mail address or phone number.
Calculate your amount
After opening an account, the second step is to determine how many Bitcoins you want. In order to achieve this, simply exchange fiat currency (USD or AED) for bitcoins. Pay attention that the value of Bitcoin is volatile, so be sure to verify current rate before making a purchase.
Get your Bitcoin
Once you’ve calculated how many Bitcoins you want to buy, payment can proceed. This step can be completed either by using your debit or credit card, or wire transferring a bank deposit from abroad. After you verify the payment, your purchased bitcoins will appear in an account. At this point it can be put into a digital wallet.
Ways To Buy Bitcoin in UAE
Buy Bitcoin With Cash
The simplest method to get bitcoin is cash. For those that are unwilling to link their accounts, this route is perfect. You can exchange cash for BTC at a local OTC, or use a Bitcoin ATM. Or you can find another person to buy bitcoins on the peer-to-peer network.
Nonetheless, there are still a few Bitcoin ATMs operating in Dubai which can be used to invest with cash. Nevertheless, this option is much less secure than buying through a Bitcoin exchange. It’s just that he is using a physical machine and this increases the risk of fraud or theft.
Buy Bitcoin With Card
Or if you’d prefer to pay with either your debit or credit card in the UAE for some Bitcoin, then do so. Indeed, it’s the most convenient way as there is no need for cash. You only need to select your favorite exchange, connect the card and make payment in cryptocurrencies. Just remember to check that the card you have can be accepted by the company’s crypto exchange in Dubai. In addition, inquire if there are any other charges for the card.
Moreover, because in addition to your debit or credit card you can link a PayPal account to the platform, some people use it as an alternative means of buying Bitcoin.
Conclusion
Finally, it is worth mentioning that buying Bitcoin in Dubai can facilitate you investing quickly and safely into the perennial moneymaking machine known as coinage. There are many options to choose from, such as the larger network of Bitcoin ATMs or buying on a curated exchange platform using debit cards. Why not invest in bitcoin? Yet, with prices for digital currencies so volatile, you always have to be on the alert. Lastly, everyone is reminded to learn about the many methods of purchasing bitcoins in Dubai and use their own judgement when doing so.
