Visitors Can Sell Bitcoin in Dubai for Cash in 2023 at SBID Crypto OTC

Whether these incur a fee and how much will depend on the platform and payment method you choose. Other things that may carry a cost on some platforms include account management, inactivity, and overnight fees. Among many order types that serve trade-specific purposes, Bracket Orders can be counted upon to mitigate risk by the highest degree. While margin borrowing allows a trader to borrow upto 3x of their net worth and trade with 4x leverage, margin lending is a great way for HODLERs to lend their cryptocurrency funds and earn interest on it. BitOasis offers the trading of over 10 different assets, with plans to introduce more. They also utilise cold storage to keep their assets safe, creating a reliable environment to store your coins.

Just make sure you find a seller with good reviews and a decent selling price, and maybe don’t buy $10,000 worth without testing them with a smaller amount first. The Dubai Financial Services Authority has publically warned against the high risk of cryptocurrencies but washed its hands of their regulation. The Dubai Blockchain Business Registry Project, developed in partnership with IBM, will create a blockchain-based Unified Commercial Registry to better issue, store, and manage trade licenses. The Dubai Silicon Oasis free zone will be the first to implement the technology. While there is acceptance of Bitcoin and cryptocurrency companies in general, this does not seem to translate for Bitcoin ATMs in Dubai. The first Bitcoin ATM in Dubai was installed in March 2019, but only two days later it was removed by the authorities for non-compliance.

The payment card and digital wallet processing fee is fixed at 3.75% plus 0.25 USD/EUR. Moreover, the crypto exchange platform provides many funding options, staking opportunities, margin trading, indices, futures, OTC, Account Management, Cryptowatch, Liquidity, and 24/7 customer care services. The cryptocurrency exchange websites provide excellent customer support options like 24/7 live chat, email, and over-the-phone support. If you have any queries regarding the service the cryptocurrency exchanges in Dubai provide, you can contact customer support. The customer service representative will contact you shortly and address all your queries instantly. Headquartered in Bahrain and regulated by the Central Bank of Bahrain, CoinMENA offers one of the simplest, safest, and fastest methods to trade crypto assets.

Bitcoin trading is legal in the UAE and can be conducted in a wide range of places, including the list of crypto exchanges previously listed in this article. There is the question of whether or not it is legal under sharia law, though there isn’t really an official decision on this, so it is up to you to make that judgement. CEX.IO is another platform that has been around since 2013 and has 4 million customers registered with them. CEX.IO prides themselves on having never lost a customer’s funds due to a hack or other means, which is definitely something to be proud of in the cryptocurrency space. CEX.IO has offices around the world and has a large team of over 250 people.

Although some people may think that the UAE is more limited in its options in purchasing cryptocurrency, they are largely mistaken. Apart from a lack of Bitcoin ATMs, the country is forward thinking about the new technology and has plenty of exchanges in and outside the country that you can use. Always remember to try and store your coins in a personal wallet and do your due diligence when choosing an exchange or wallet. Although quite well known, Changelly is one of the smaller exchanges on this list. Changelly has a much wider range of assets available for purchase compared to the rest of this list, they offer their clients over 170 different crypto assets. Furthermore, they have expanded heavily since their small beginnings, now with over 80 employees and 3 offices.

There are a number of reliable crypto platforms that are available in the UAE, and all of them support Bitcoin purchases. The features, fees, and other coins offered differ from platform to platform, but the reviews in this guide should help you pick the one that best suits your needs. A centralised exchange (CEX) is run by a company that makes a profit by charging users fees.

How To Buy Bitcoin & Crypto (XRP, Doge etc) in UAE and Dubai

After making your bitcoin purchase, you’ll probably want to move it into your wallet. The specific provider you choose doesn’t matter too much, as long as it can support bitcoin and is trustworthy, so for these steps we’ll use Exodus. When choosing an exchange, go for one with lots of users, low fees, good customer service and a solid insurance policy. Platforms like Binance, Bitstamp and Coinbase are all great choices for beginners, but there’s no need to stick with one exchange forever if you find another one you prefer. Dubai is likely to emerge as a regional or even world leader in the implementation of blockchain technology.

You’ll need a VPN for Binance if you’re in a country or region where it’s banned. You can use a debit card or a bank transfer to deposit funds into your account for free, with fees as low as 0.2% when trading. Keep in mind that if you use the brokerage service (a simple service designed for beginners) fee are much higher. With the establishment of at least one legalized facility for the secure storage of crypto assets, it’s undeniable that government is supportive of cryptocurrency.

• In fact, UAE is one of the most receptive nations in terms of adoption for blockchain technology and cryptocurrencies.
• Click the join button and provide any details necessary to create an account.
• Bitcoin has been a point of controversy, with a lot of opposing arguments and opinions when it comes to Bitcoin being Halal or Haram under Sharia Law.
• Of course, you also need to keep an eye out in case the UAE changes its stance on crypto regulation as you don’t want to be involved in any illegal activities.
• On the other hand, cold wallets are physical devices that plug into your computer when you want to use them.

All you need to do is find a crypto exchange that supports the AED deposit option, so you can purchase cryptocurrencies with your UAE Dirham possessions. The international cryptocurrency exchanges are welcoming Dubai-based investors and blockchain enthusiasts to buy and sell cryptocurrencies. With the healthy regulatory momentum, most cryptocurrency exchanges would be happy to incorporate you as their latest client. People who don’t want to go through identity verification may opt to use a P2P platform. Other benefits of P2P platforms are that they often don’t charge fees and accept a wider range of payment methods. However, P2P platforms aren’t as safe as CEXs and don’t provide as many useful features.

Binance – Best for High Liquidity and Trading Volumes

BitOasis provides the simplest way to buy and trade Bitcoin and more than 60 other cryptocurrencies with your local currency. You can choose to deposit and trade with AED or SAR, and easily see the value of your portfolio in AED. The platform keeps your assets safe with its proprietary offline cold storage system, and uses bank-grade security practices.

On other platforms, you may need to create a sell order, which is very similar to creating a buy order. The only way to buy Bitcoin anonymously is, therefore, to use an unregulated platform. You could use a peer-to-peer (P2P) marketplace such as Paxful, where you can create an account with just an email address and buy BTC from some sellers without completing verification. As the most popular cryptocurrency, there are many different ways of buying Bitcoin.

• You can earn some BTC in the form of block rewards by providing the computational power necessary to secure the blockchain and validate transactions.
• Bitstamp provides premium access to cryptocurrency trading for retail investors and institutions through reliable order execution, constant uptime, and high liquidity.
• Before buying any digital asset from a crypto exchange, verify that the platform has the required legal approvals to protect your transactions from fraud.
• Binance is no stranger in the crypto trading space, a massive cryptocurrency exchange that allows you to place trades in over 500 cryptocurrencies across 180 countries worldwide.
• It offers a wide range of banking products and services that are compliant with Sharia principles.

Many cryptocurrency exchange websites will accept different deposit and withdrawal methods, so the charges differ on every website. Some cryptocurrency exchange websites also support different crypto deposits you can use when accessing crypto wallets. Moreover, these cryptocurrency exchange websites accept credit cards, debit cards, bank transfers, e-wallets, and other third-party providers to give you access to different payment methods. You must remember to choose the cryptocurrency exchange website that charges fewer deposit fees and takes fewer commissions or no commission to enjoy profits. Moreover, the secure crypto trading platform accepts many payment methods to add fiat money and make the minimum investment to start trading volume. Bitcoin exchange in Dubai has become very popular since 2017 when the price of bitcoin was quadrupled.

Payment methods to buy Bitcoin

As soon as the payment goes through, your coins will be credited to your wallet address. Find the best and most-trusted Bitcoin and cryptocurrency

wallets that work for you. Dubai has 5 trusted exchanges available for you to sign up for, with the most popular being Rain and Binance, which account for a combined 90,010,000 active users. So if you want to own bitcoin but don’t want anyone to know about it, P2P is probably your best option.

Traders can also access the cash app to make deposits and withdrawals and review the trading volume they supply. Binance is no stranger in the crypto trading space, a massive cryptocurrency exchange that allows you to place trades in over 500 cryptocurrencies across 180 countries worldwide. Binance review mentions that Binance is the world’s largest exchange in registered users and trading volumes, and this renowned cryptocurrency exchange trades over USD 10 billion daily. In the UAE, it offers one of the lowest trading fees while offering top-notch security to its users.

What is Bitcoin?

The cryptocurrency exchange features a highly competitive fee structure that offers volume-based trading fees. One of the best parts about CoinMENA is that it doesn’t charge any fee for bank and crypto deposits. CoinMENA charges a fixed fee of 3.5% for card deposits, which is low compared to the industry average of more than 5%. Withdrawal fees can vary depending on the type of currencies being transacted. Another popular method of trading Bitcoin into fiat money in the UAE is via online cryptocurrency exchanges. These platforms allow users to buy and sell cryptocurrencies for fiat currencies based on the current price of the virtual asset.

Working with Changelly is a pleasure, thanks to their professional and courteous approach. Apple Pay and Google Pay are the quickest ways to buy BTC with a credit or a debit card from your iOS or Android device. This is the best way to make sure that the payment information is only yours.

Kraken – Most Trusted Crypto Exchange

The first step is to register with a platform, app or exchange and complete a Know Your Customer (KYC) process.

You can also store your crypto in OKX’s Web3 wallet to access DeFi platforms and dApps. Please note that it’s crucial to write down your private keys and keep them somewhere safe. SUID is a well-reputed OTC shop in Dubai that provides a secure and private transaction cold wallet storage process for various cryptocurrencies including Bitcoin. The company will provide the best value for money as compared to other exchanges in the UAE market. A secure guide to the top Bitcoin and crypto asset trading platforms available to Greek investors.

While some crypto ATMs may have elevated fees compared to other methods of buying or selling cryptocurrency, there are also crypto ATMs that offer pretty low fees. Firstly, these platforms provide for instant crypto coin buys where UAE deposits are protected and compliant with local regulations, meaning your account is safeguarded against loss or theft of funds. Regulated cryptocurrency exchanges are the best way to buy Bitcoin in UAE safely, and there are enough reasons for asserting so. A bank transfer is a secure option to buy cryptocurrency, especially if you are thinking of purchasing large amounts of virtual currency. Keep in mind that bank transfers may take a little longer, and fees may vary. We found 5

trusted online cryptocurrency exchanges operating in Dubai

including

Rain, Binance, and Kraken.

Coinmama offers the exchange of 11 cryptocurrencies, meaning it is also a great place if you are looking to purchase more than just Bitcoin. Although Coinmama does not display any of their prices in the AED, they do allow you to purchase in any currency, including AED. The exchange requires a minimum deposit of £500 that can be made through a SEPA credit or bank transfer. Prospective clients are charged a deposit fee of $10, €10 or £10, depending on the currency used to open the account.

After the nation’s successful transition to a blockchain platform in 2021, further changes will probably be rapidly codified. For now, however, the law books remain blank on the topic of Bitcoin and cryptocurrencies. Platforms may charge you fees for other actions, such as deposits and withdrawals.

If you want to buy Bitcoin and other cryptocurrencies with a DIB account, the best way is through the Rain exchange. Dubai Islamic Bank customers can deposit AED to Rain via Bank Transfer, Credit/Debit card, Easy Deposit, and more. No, Coinbase currently doesn’t support selling and buying Bitcoin or other cryptos in the UAE. However, as the platform grows, it will soon obtain a valid license to allow UAE traders to buy and sell Bitcoin using Bitcoin wallets or ATMs. This is because it can support a wider array of cryptocurrencies and allow you to buy and sell bitcoin much more quickly.

However, the laws are changing, and governments are revisiting the laws of the Bitcoin exchanges as technological developments occur in the market. However, if you’ve found a reputable trader, a P2P exchange offers some advantages over a more centralized exchange. The fees are often the lowest and they support virtually every payment method.