By James Davis
Among the top cities in the world to live in is Dubai. But is it possible to buy cryptocurrencies like Bitcoin here? Yes! You can purchase BTC in Dubai. Keep reading this article to learn how to buy the world’s most famous crypto asset, Bitcoin, in Dubai.
Is Dubai Crypto-Friendly?
Dubai, one of the biggest cities in the United Arab Emirates, is known by many to be crypto-friendly. This explains why major blockchain companies choose to hold conferences in this city. Moreover, while other regions remain reluctant to adopt comprehensive crypto regulatory frameworks, Dubai, on the other hand, recently announced its rulebook called the Virtual Asset Regulatory Authority, as the city aims to become a crypto hub.
These clear regulations have driven several well-known crypto firms to start operations in Dubai. In addition, investor interest in crypto has been growing as the Virtual Asset Regulatory Authority guarantees protection.
How Do You Buy Bitcoin in Dubai?
Crypto exchanges and brokers supporting Bitcoin trading have made it easy for Dubai-based crypto investors to purchase BTC. Most of the platforms come with user-friendly interfaces, allowing both experienced and novice traders to navigate them. Here is how you can buy your first Bitcoin while in Dubai.
Choose a Reputable Crypto Exchange
All investors desire to trade on a reliable cryptocurrency exchange. No one wants to worry about losing their funds to scam platforms or those that do not take user security seriously. For this reason, it is important to buy Bitcoin on a regulated crypto exchange. Moreover, ensure it has proper security protocols in place. Another factor to consider when picking an exchange is trading fees. Compare charges incurred on various exchanges and choose the one with the lowest fees.
Create an Account
After finding your ideal crypto exchange, it is time to register an account. Basic details like your email, full name, and phone number are required. But to start trading cryptocurrencies, you must complete the Know Your Customer process.
Deposit Funds
After getting access to your trading account, you need to deposit money to buy Bitcoin. Most exchanges in Dubai support a wide range of payment methods, including bank transfers, Google Pay, Apple Pay, credit/ debit cards, and crypto transfers.
Buy Bitcoin
Once you have money in your account, the next thing you need to do is purchase Bitcoin. The easiest way to buy Bitcoin on an exchange is in the “Spot” market. Simply place a buy order using “Market” as your order type. The BTC will arrive in your account within seconds.
Top Crypto Exchanges in Dubai and the UAE
Most of the leading cryptocurrency exchanges already have a presence in the UAE, especially in Dubai, thanks to clear regulations. These platforms are regulated by the United Arab Emirates Financial Services Regulatory Authority. Reputable exchanges in Dubai include Bybit, OKX, HTX, and Binance. Notably, top brokerage firm eToro operates in Dubai.
Choosing a Bitcoin Wallet in Dubai
Picking a good crypto exchange is key. But you also need to consider a secure Bitcoin wallet because it is not advisable to keep your BTC in an exchange account after buying it. There are several Bitcoin wallet options available for crypto investors in Dubai, both hot and cold wallets. For starters, hot wallets let you store Bitcoin online, while cold wallets offer offline storage. Hot Bitcoin wallets to use include Trust Wallet and Electrum. Pick Trezor or Ledger if you wish to store your BTC offline.
Are Banks in Dubai Crypto-Friendly?
As a crypto investor, it is vital to understand how Dubai-based banks view digital currencies. Luckily, they are crypto-friendly, allowing customers to transfer funds to exchange and process Bitcoin purchases using debit cards. Additionally, these banks let blockchain companies in Dubai open fiat accounts.
Final Thoughts
While it’s fortunate that crypto users in Dubai are able to access digital currencies, thus promoting adoption, these assets are highly volatile compared to other financial instruments. So, invest with caution.