Cryptocurrencies are 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 put together a simple and easy guide on how to buy Bitcoin in UAE.
What is Bitcoin?
Cryptocurrencies, such as Bitcoin, are digital currencies. There are no real physical bitcoins; 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. A significant amount of computational power is used to verify every Bitcoin transaction.
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
You will need to down 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:
BINANCE
Binance is a premier cryptocurrency exchange in the UAE that offers an easy way to buy Bitcoin in Dubai. It has 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 as well as leverage trading.
Adding and withdrawing funds is easy as well. Visit the official website to download the platform for your laptop or phone. It’s available on both Google Play and 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 with 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 that allow you to copy top traders to 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 to name a few.
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
Looking for more options to buy cryptocurrency 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 surely play a key role 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 3 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 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 at any time. First though, a voucher is required to acquire Bitcoins from BitOasis. You must create a new BitOasis account in order 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 also offers different tools to trading crypto. Visit the official website to learn more about the platform and its services.
How to Buy Bitcoin in the UAE
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.
Whilst logging in, the exchange will send you an email asking you to confirm your login details. Enable Two Factor Authentication and choose a secure password. To make it secure, you may add other security features available with the app and your device. Treat it like a bank account because you’ll be putting 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, make sure your bank account information is entered correctly into the app. Your bank of choice will also need to be approved by the app. This is done to ensure that specific bank regulations are followed. Your bank account will be shown under the Settings menu once approved.
Step 2 – Transfer Funds from 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 of money 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’s app might show a notification indicating that your order is in process. Your orders will then appear in the pending orders table and an email will also 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. When the funds have been transferred, you will also receive an email.
Step 3 – Start trading
Once you have your account up and running it’s time to buy the cryptocurrency of your choice. It’s easy to trade and buy Bitcoin in the UAE. Make sure you have accurate knowledge and are aware of the risks associated with trading and cryptocurrency in particular.
FAQs About Buying Bitcoin in Dubai
How to Buy Bitcoin in 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 a variety of 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.
Using digital wallets in the UAE, you can conduct transactions anywhere in the world. 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 you can also transfer bitcoins between them.
Is it worth investing in Bitcoin?
Bitcoin is a highly speculative cryptocurrency and you should be very careful when purchasing it. It is not an investment to be made lightly.
Will there be any extra charges when I purchase bitcoins?
Note that 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 UAE. 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. There are several startups in the UAE that have benefited from the amenities available for businesses.