Dubai is among the top cities to live in. But is it possible to buy Bitcoin here? Are cryptocurrencies even legal in Dubai? The correct answer to these two questions is yes. The city hosts numerous cryptocurrency exchanges to allow crypto enthusiasts to trade their favorite digital currencies. In this article, we will teach you how to purchase Bitcoin in Dubai.
Dubai, the Crypto-Friendly City
Very few cities come close to Dubai when it comes to being friendly to cryptocurrencies. In fact, many crypto fans believe the UAE is the most crypto-friendly nation. What’s more interesting is that cryptocurrency users in Dubai are not charged any tax when trading digital assets.
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Being a crypto-friendly city, Dubai has attracted hundreds of blockchain firms. Almost every top crypto exchange has a presence in this city. Unlike United States regulators, Dubai financial regulators have adopted comprehensive crypto regulations to ensure investors are protected.
A Step-by-Step Guide to Buying Bitcoin in Dubai
The process of purchasing BTC in Dubai is super simple. All top exchanges in this city support Bitcoin. Moreover, there are several crypto wallets available in Dubai to store your BTC after purchasing it. Here is how you can Buy Bitcoin in Dubai:
Select a Crypto Exchange
When selecting an exchange, always priotize security. You don’t want to deposit money in a platform that neglects the safety of your funds. So, check customer reviews to determine whether the exchange is secure. Along with security, another aspect to consider is trading fees. Choose a crypto exchange that imposes low trading charges.
Register a Trading Account
After choosing your preffered exchange, the next step involves creating a trading account. Details like email, phone number, and password are required. Moreover, centralized crypto exchanges will ask you to complete the verification (Know-Your-Customer) process before they allow you to trade. Ensure to apply the necessary security measures like two-factor authentication before proceeding to deposit funds.
Fund Your Trading Account and Buy Bitcoin
Once you have a verified trading account, it is time to deposit funds and purchase BTC. The most supported funding methods include debit/card cards, crypto transfers, Google Pay, bank transfers, and Apple Pay.
Which cryptocurrency Exchanges Have a Presence in Dubai?
As mentioned, several international crypto exchanges have set up shops in Dubai, allowing investors access to reputable trading platforms. The exchanges include OKX, Binance, Bybit, Uphold, and HTX. Leading broker eToro is also available in Dubai. The UAE Financial Services Regulatory Authority regulates these trading platforms.
How to Select a Crypto Wallet for Storing Bitcoin
After purchasing Bitcoin, it is advisable to transfer it to a non-custodial wallet to have full control over your investment. Luckily, there are multiple options to choose from. Non-custodial wallets are categorized into two: cold wallets and hot wallets. The former store digital assets offline, while the latter offer online storage. Recommended cold wallets include Ledger Nano and Trezor. As for hot wallets, you can go for Electrum or Trust Wallet.
Are There Bitcoin ATMs in Dubai?
Yes! Dubai is one of the few cities that have Bitcoin ATMs. The first ever Bitcoin ATM in Dubai was installed at RixosPremium Hotel four years ago. With Bitcoin ATM, you can buy BTC or convert the coin into cash.
Is Purchasing Bitcoin Through P2P Popular in Dubai?
Peer-to-peer trading platforms let users trade BTC directly with each other. While such platforms operate in Dubai, P2P trading is not popular among crypto users over there. Exchanges that support P2P trading include KuCoin, Bybit, HTX, OKX, and Binance.
Any Crypto-Friendly Banks in Dubai?
Most banks in Dubai do not fail cryptocurrency investors as they allow them to use their credit/debit cards to make crypto purchases. Moreover, crypto businesses can open bank accounts with these financial institutions.
Dubai financial regulators are making it possible for crypto users to engage in digital asset trading. However, before buying Bitcoin or any other cryptocurrency, make sure you understand all the risks involved.