Dec 07, · Dubai: While the UAE doesn't recognize Bitcoin as a legal form of tender, there are means to trade them. (The only legal tender in the UAE is the UAE dirham.) Bitcoin, Author: Justin Varghese. History of Bitcoin trading In today's world, speed, convenience, and reliability are valued. People are willing to pay dearly for an instant and secure transaction from United Arab Emirates to India, from Japan to Argentina. Banks that process each transaction for several days and may refuse or freeze funds are a bad choice. BitOasis is MENA's leading platform that allows you to securely buy, sell and trade crypto assets like Bitcoin, Ether, XRP and Bitcoin Cash at the best rates. Currently available in UAE, KSA, Bahrain, Kuwait, Oman, Jordan, Egypt and Morocco.
Bitcoin trade in uaeHow to Buy Bitcoin in the UAE in 3 Easy Steps • Benzinga
Bank transfer is cheaper but will require some time before confirmation. Check that the transaction details displayed on the voucher correctly reflect the number of bitcoins you want to buy.
This could take anywhere from a few minutes to 15 minutes, depending on the number of requests. Step 5: Done! After some time, you will see the bitcoins in your BitOasis wallet. The BitOasis Wallet works seamlessly with the exchange and is also available on both the iOS and Android app store, so you can check your funds anywhere you go. Bitex UAE is a Dubai-based secure, professional trading platform facilitating the buying and selling of digital currencies including Bitcoin, Ethereum, Litecoin, and Ripple.
The company launches with an experienced team of developers, legal advisors, and support staff. The Bitex UAE exchange platform is developed using the latest technologies and has followed the best development practices to reduce the risk of fraud. Bitex UAE uses numerous measures like 2FA, email verification, IP blocking, mobile verification and also manually verify unusual account activity and transactions in order to provide a secure experience.
All the identity documents submitted to Bitex UAE remain securely stored in a remote database with the highest standards of encryption in order to maintain user privacy. Bitex UAE offers a great entry point for people who want to trade digital currencies. You can flawlessly manage and maintain your digital assets on our secure platform with ease.
Your one-stop-shop for secure, simplified and seamless digital asset trading. To get started on the platform, first of all, you need to create an account by filling the required details. It only takes 2 minutes. The next step is to verify your account:. Step 2 : Submit a residence proof such as Utility Bill or Bank statement with address matching your profile. Once you upload these documents, our team will review your profile and approve it within hours if everything looks right.
If not, we will contact you via email to ask for additional documents. A verified account will lift all deposit limits and you are free to deposit any amount you like. In order to start buying, selling and trading on Bitex UAE, you need to make your first deposit. Once the balance is updated, you can then start trading. Conclusion : Bitex UAE is a great platform for buying and selling bitcoin on a digital wallet exchange backed by the highest security protocols. Purchasing bitcoin in Dubai becomes easier with the use of various exchanges, including those that we have covered.
And as with any other investment, make sure you secure yours by keeping all your information within a cold storage wallet. If you want to invest in gold and other precious metals in addition to bitcoin, Regal Assets is an excellent broker. Those located in the United Arab Emirates who are looking for a trusted bitcoin seller in the city of Dubai will want to do thorough research before making a transaction. Hopefully, this guide has offered a way for you to learn about your options and how you can invest in cryptocurrency while living in Dubai, UAE.
If you go with LocalBitcoins be cautious when dealing with new sellers and only go with reputable ones. If you decide to go with BitOasis , make sure that you verify your account and download the mobile app which doubles as a wallet.
Bitex UAE is another high-quality exchange and mobile bitcoin wallet which is growing fast. Bitcoin can be purchased anywhere. A transaction can only occur where there is an Internet connection.
The legality of whether you are able to own, buy and sell Bitcoins varies country by country. BitOasis is one of the few Digital Asset exchanges in the Middle East committed to adopting the internationally accepted principles of compliance and adhering to the prospective local as well as international laws and regulations which govern the industry.
If you want to legally sell Bitcoin, you must first obtain an official commercial trade license sanctioned by the city of Dubai, UAE for the legal exchange of goods, commodities, and services see here.
LocalBitcoins is a peer-to-peer bitcoin exchange platform where verified users can purchase bitcoin for cash from nearby merchants or start a merchant account if they want to sell bitcoin to users in the local area for cash through bank transfer, Western Union or similar payment method. It has since been removed. Read more here. Bitcoin gives you the power to be your own bank. With the blockchain, money is now completely disconnected information content and production costs are nearly zero.
This innovation has pioneered Bitcoin to become the first store of value of its kind which works seamlessly as a form of digital money or gold. Users with a wallet address can share their Bitcoin address or QR code to accept funds and must safely store their private keys in a secure location.
Each transaction generates a public key which can be viewed on the Bitcoin blockchain using the Block Explorer. Investors and traders can buy, sell or hold Bitcoin on digital asset exchanges across the world in real-time and easily send them to friends and family if they wish to do so. Be sure to store your hard-earned Bitcoins within a secure hardware wallet such as the Ledger Nano , KeepKey or Trezor for portability and safekeeping.
The price of Bitcoin is the same anywhere you are. Skip to content UAE. Pros Diverse selection of markets Excellent reputation User-friendly interface Great customer support Low fees. Cons Bitcoins can only be withdrawn in the form of fiat currency. Pros Established and trustworthy Supported worldwide Low fees Simple credit card purchases Clean user interface.
Cons Verification procedure requires private information Lengthy verification time. Pros Respectable reputation Global support Reliable customer support Tiered verification Affordable fees. Cons Few payment methods Sophisticated UI. Pros Available worldwide High purchasing limits Dependable and trustworthy Excellent leadership and customer support Fast and secure transactions.
Cons High fees when purchasing with a credit card or debit card Delay in processing time. Cons Bank transfers can take 1 to 5 days to complete Above-average fees. Pros A large number of cryptocurrency pairs Strong security Privacy. Pros Supports many currencies Large selection of cryptocurrencies High purchasing limits Ledger and Trezor wallet support. Pros Trustworthy management High volume exchange Low fees A large number of cryptocurrency pairs Global support.
Cons Buyers and sellers are at risk of being scammed. Pros Available in every country of the world A diverse selection of buyers and sellers Supports many payment methods Buyers get their bitcoins fast Private. Cons Lack of cryptocurrency diversity Both sellers and buyers have a chance of being scammed.
Pros Multiple funding methods Ability to purchase bitcoin at market rate Wallet and exchange. I have primarily used BitOasis to buy and sell bitcoins. I do not trade bitcoin as I am not an expert in this area. The screen will show you current bitcoin price and on the left hand menu, you will see two options, Sell Bitcoin and Trading Exchange.
The easier on of these is to use Sell Bitcoin. However, I would not recommend these as this option gives you the average price of bitcoin and may be lower. The better option would be to use Trading Exchange.
This option is the live price of bitcoin that is trading on the exchange. Again if you find the price under Sell Bitcoin better, I would suggest you go for it. By default, when you sign up for BitOasis , you will receive access to wallet. And when you verify your account, you will receive access to 2 services, Wallet and Trading platform. You could theoratically buy and sell your bitcoins directly through you Wallet. But I would always suggest that you use Trading Platform to buy and sell bitcoin.
You will immediately notice that the price of Buy bitcoin and Sell bitcoin is different. This is called the Spread. Once you have decided to sell bitcoin, you will need to click on Place Order.
This can be a Market order or Limit order I will cover about these topics in another article. In simple words, when you select Market order, the platform will take whatever is the current market price for bitcoin and apply it to your order. On the other hand, if you select Limit order the platform will only place order if there is an exact match buy order. Once you have placed order, the platform will debit your trading platform bitcoin wallet with bitcoin and credit your trading platform fiat wallet with cash.
Once you have sold your bitcoin for cash, this cash is available under Trading platform, Deposit Balance. Under the amount field, enter the desired amount of money that you would like to withdraw and click on Withdraw. This money will be credited to bank account registered with BitOasis within 4 working days locally and within 10 working days internationally. BitOasis is by far the easiest way to trade bitcoin and other crypto-currencies.
The less developed countries in the surrounding area buy their Bitcoin in Dubai due to hyperinflation in their home countries. The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features. Electrum is a Bitcoin-only wallet that has been around since It's easy to use, but has advanced features.
Habibi Coin was supposed to be a "real-estate backed" cryptocurrency. Unfortunately for its investors, most of whom belonged to the Muslim Entrepreneur Network facebook group, Habibi Coin was just a scam to get investors into fake real-estate deals that enriched Mirza who never bought any real estate.
If you want to acquire Bitcoin as quickly and efficiently as possible, buying it directly from an exchange or peer is your best option.
More tech-savvy individuals may opt to mine their Bitcoin instead, but mining requires expensive hardware, lots of electricity, and a ton of time. Large operations in countries with cheap electricity are responsible for the majority of Bitcoin mining. These operations can turn a profit at scale, under the right conditions.
But unfortunately, Bitcoin mining is not profitable for the average Joe, thanks to the price of electricity and the increasing Bitcoin block difficulty. However, electricity costs in the UAE aren't high by any stretch of the imagination. Coming in at 0.
Still, electricity in the UAE is pricier than China, home to many of the largest mining farms. If you're expecting to turn a profit, think again. At least, this the case for the casual investor. Aston Plaza and Residences in Dubai were offering the first residences in their tower for Bitcoin purchase only. If you wanted to pay in Cash, you had to wait. However, all of these units have been sold. Besides Aston, There are few known developers stating publicly that they accept Bitcoin, there have been reports that many developers are open to accepting Bitcoin when offered by a prospective customer.
You can get Bitcoin debit cards in Dubai by using Pursa. Local Bitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. Local Bitcoins is a peer-to-peer P2P exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. Buy Bitcoin Worldwide is for educational purposes only.