How To Buy Bitcoin From Dubai part 1 – that will be the topic of today’s article.
Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here.
The best time to consider your financial situation is when you are moving to a new country.
Imagine walking into a petrol station and buying petrol from your car with Bitcoin. Impossible, you say? Well, it’s not as far-fetched as some would have you believe. Suddenly, out of nowhere, Bitcoin has become a vast topic in the tech world lately.
Most techies will tell you to hold while some advise you to sell everything you have and buy as much as possible, with a few notable exceptions. Well, I’m going to go ahead and disagree with almost all of those statements.
While I do find the idea of holding for an extended period appealing, I think that selling everything is selling yourself short quite literally. If you’re interested in buying bitcoin from Dubai, this is for you.
What is Bitcoin? Why should I care?
If these questions are occupying your thoughts, then the best advice I can give you is to stop thinking about it right now and imagine someone on the opposite side of the world holding a wad of cash in front of your face with the word sell written on it. That’s how I see bitcoin, an international cash grab with a hefty payout at the end.
Luckily for you, I’m going to share my process of buying Bitcoin using a Credit Card/Debit card which will allow you to bypass all the hoops that are involved in getting your hands on some cold-hard cryptocurrency. Let’s begin!
Step 1 – Getting a Bitcoin Wallet
The first thing you’re going to need is a Bitcoin wallet. There are tons of them out there, but the one I have had the best luck with is Circle. It’s also the most hassle-free and easiest to understand from my experience. All it takes is an email address and password, which you will use every time you log in.
Step 2 – Get Your Wallet Address and Deposit
This is the most straightforward step of all, just click on the deposit button and select how much cash you want to move over to your wallet address, and hit it! Within 10 minutes, your money will be safely stored in your account. Because this process takes a little while and Circle is in the US, you might have to deal with a few fees from your bank here and there, which I believe adds up to something like $5.
Step 3 – Buy Bitcoin on Circle
Now that you have some cash in your account, buying bitcoin should be a piece of cake. Just click on the Buy/Sell tab at the top of the page, select bitcoin under ‘What would you like to buy?’ and click BUY! There are only two things you have to keep in mind here.
The first is that Circle calculates your purchase price based on the current market value, which is, in my experience, not always the most accurate. To get an idea of what you should be paying, I would advise checking out bitstamp for a few days to see how much BTC is selling for on average.
Second – make sure you buy your bitcoin with the money in your wallet, not the funds in your bank account. While you certainly can buy with whatever money you have in PayPal, it’s not advisable to do so by any means. If for whatever reason, Circle doesn’t let you pay via credit card, I would advise against purchasing bitcoin with PayPal altogether.
Step 3 – Transfer Your Bitcoin to a Wallet You Control
The last step in the process is transferring your bitcoin to a wallet you control. The circle is an online service which means that nothing is preventing them from shutting down one day, so for this reason, I would strongly advise transferring your bitcoins to another wallet in order to avoid losing it all when/if something terrible is happens.
If you already have a wallet you trust, this step is easy. Once again, click the Buy/Sell tab and select your wallet address under ‘where would you like to deposit your funds?’ If you don’t have a wallet or are looking for more options, check out Coinbase, it’s a trendy place to buy bitcoin online.
Once you have your wallet, I would suggest transferring the bitcoins to a different address and then selling them for cash on the circle. This ensures that if something goes wrong or Circle decides to close up shop one day, you will still be able to get your money back.
Top 10 Places to Buy Bitcoin in Dubai
The explosion of the popularity of bitcoin has made it a great alternative way to purchase, sell and trade other forms of money. There are various ways you can use to acquire bitcoins including mining them yourself, accepting them as payment, or buying them directly from an exchange. If you live in Dubai, here are the top 10 places to buy bitcoins online.
BitOasis site claims to be the first bitcoin exchange in the Middle East that provides services in Dubai, UAE, and Saudi Arabia. It enables you to buy bitcoins safely using your international bank transfers with ease – hence no additional actions are required from you.
The great thing about BitOasis is that you can buy bitcoins directly from your Emirates NBD bank account without having to go through numerous steps. Using BitOasis is very simple, convenient, and instant.
Paxful site offers a platform where anyone can purchase bitcoin easily using their online payment method. Once you have registered as a member, the next thing to do is choose an offer that you find interesting.
You can then purchase your desired amount of bitcoin through online payment methods such as Skrill, PayPal, Payoneer, or Direct bank transfer. The best part about the Paxful site is that it offers low fees, and a good support team will assist you with the process.
Bitstamp is a bitcoin exchange that enables you to buy and sell bitcoins using other currencies such as USD, EURO, and GBP fiat currencies. It also provides multiple options such as SEPA transfer, international bank wire, and even debit/credit card payments for customers from over 45 countries worldwide.
You can easily sign up for a free account to buy bitcoins with the help of your credit card. Fees are also relatively low, which makes it even more attractive.
This is one of the oldest and simplest ways to buy bitcoins via online transactions like cash deposits, PayPal, Western Union, gift cards, or other methods. To do so, you need to register with your email address and conduct the trade via an online platform such as PayPal or Western Union.
It is important also to factor in the time it takes for you to receive bitcoins after initiating a trade. LocalBitcoins uses an escrow system that keeps your money safe and ensures that you get your bitcoins as quickly as possible.
Coinmama is also one of those websites that enable you to purchase bitcoins directly from your credit/debit card. The best part about the Coinmama site is that it has a very strong team that ensures top-level support for its customers and features some of the lowest fees around.
It also offers an additional feature of purchasing your bitcoins with cash which makes it pretty convenient for most people.
BitBargain is a peer-to-peer exchange that offers many payment methods, including bank transfers, cash deposits, debit or credit cards, and online wallets (similar to PayPal). It operates on a simple “best price” basis and doesn’t add any fees for its services. The site provides an escrow service that ensures your bitcoins are kept safe during the transaction.
7. Coinfloor. co
CoinFloor is an established bitcoin exchange based in London, the UK, allowing users to buy and sell bitcoins. It has a simple user interface that makes it easy for newbies to get started with their first Bitcoin purchase. You can also conduct transactions via SEPA bank transfer wherein the site will hold your fiat currency to sell when bitcoin prices are high – letting you take advantage of the best value.
This site is known for its convenient and flexible bitcoin payroll services for international workers, which you can pay using bitcoins or fiat currency (credit cards, debit cards, and bank accounts) regardless of whether they are located in the US UK, or any other part of the world. Unlike traditional payment portals, Bitwage helps you get the most value from every penny you earn.
9. Mycelium Local Trader
Mycelium is an Android Bitcoin app that allows users to buy and sell bitcoins locally using cash, bank transfers, gift cards, e-wallets and more – all without requiring any form of registration! It uses the open-source Bitcoincash exchange module. Mycelium is consistently rated as one of the highest quality mobile Bitcoin wallets.
BitPesa is a secure platform that lets you send money from anywhere in the world to a destination of your choice. You can make international remittances in local African currencies or bitcoins at competitive exchange rates and minimal transfer fees.
Using Bitpesa is very simple, convenient, and instant. BitPesa significantly lowers the costs of making an international payment because it uses blockchain technology. That means zero FX fees, zero wires fees, and zero hassle.