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.

Introduction

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.

1.    Bitoasis.Net

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.

2.    Paxful.Com/Buy-Bitcoin-Online

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.

3.    Bitstamp.Net

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.

4.    LocalBitcoins.com

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.

5.    Coinmama.com

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.

6.    Bitbargain.co.uk

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.

8.    Bitwage.co

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.

10. Bitpesa.com

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.

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.

Introduction

We’ve seen Bitcoin hit a new all-time price in recent years and more institutional buy-in of cryptos from major companies. All the while, people’s interest in buying cryptos has continued to increase and skyrocketed. But, to be honest, why do you think Elon Musk’s post got people’s attention on social media?

In many ways, the first half of 2021 has been a breakthrough. In fact, there’s a tremendous focus and attention is being paid to the crypto industry. Although it’s difficult to predict where things are headed long-term, but one can predict from regulations to the institutional adoption of crypto payments.

While exact predictions are possible, experts are paying attention to take advantage of the crypto space for the rest of 2021. Specifically, the United Arab Emirates (UAE) has taken an interest in cryptocurrency, and buying crypto in the country is quite easy but what matters most is the broker and the exchangers you select.

Have you been surfing the internet to get the right process to buy cryptocurrency in the United Arab Emirates? If that sounds like a YES, worry less as you’ve landed on the right platform. Here, we’ll teach you how to open an account at a crypto exchange and keep the money safe in your wallet today.

However, we have compiled this article to walk you through the ways of buying cryptos from the UAE. Aside from this fact, we will walk you through the step-by-step guide, the best crypto exchanges in UAE, and many others, to mention a few. Would you love to see what we have unleashed for you? Read further now!

Why Buying Cryptos in Today’s Digital World?

Having emerged as the digital alternative to more traditional exchange methods like cash or credit cards, the benefits of using cryptos cannot be overemphasized. More so, there’s a school of thought which sees cryptocurrencies as a financial medium for terrorists, criminals, and even terrorists.

This could even be triggered especially given their involvement in ransomware scams and trading on the dark web. Well, recent upsurges in the value of Bitcoin, for example, have established cryptocurrency as a viable investment with the possible hype surrounding the blockchain technology that backs it up.

In this section, we’ll be looking at the more positive aspects of using cryptocurrency in today’s digital world. And considering the plus points that make it a workable alternative to more established forms of financial trade, crypto is making it wave. Without further ado, let’s quickly walk you through the benefits.

More Confidential transactions

Under the cash or credit system, the entire transaction you make may become a reference document for the bank or credit agency involved each time you make a transaction. This means it might involve a check on your account balances to ensure that sufficient funds are available.

On the other hand, the cryptocurrency market is quite different. This is because; the transaction you make is a unique exchange between two parties, the terms of which may be negotiated and agreed upon in each case.

No Transaction Fees

While using cryptos, you have no doubt reading your monthly account statements from the bank or Credit Card Company. Not only that, but the transactions fee can take a significant bite out of your assets, especially if you’re performing a lot of transactions in a month. But using crypto can reduce such costs.

Easier International Trade

It’s only the cryptocurrency trade that could allow you to do an international transaction with ease. Though largely unrecognized as legal tender on national levels at present, cryptos, by their nature, are not subject to exchange rates, transaction charges, interest rates, o other levies imposed by a specific country.

Opportunity for Individual Ownership

In a traditional banking system, you effectively turn stewardship of your funds over to a third party that can exercise the power of life or death over your assets. Perhaps, the greatest advantage of cryptocurrency is that you’re the sole owner of your wallet and the corresponding private and public encryption keys that make up your cryptocurrency network identity or address.

Strong Security System

Once a crypto transfer has been authorized, it can’t be reversed, as in the case of charge-back transactions allowed by credit card companies of the traditional banking system. However, this process is a hedge against fraud, and it requires a specific agreement to be made between a buyer and seller.

Nonetheless, the cryptocurrency has strong encryption techniques employed throughout the distributed blockchain to safeguard users against fraud and account tampering and guarantors of consumer privacy.

Best Broker to Buy Cryptos in UAE

Cryptocurrency, especially Bitcoin, has proven to be a popular trading vehicle even if legendary investors such as Warren Buffett speak wrongly or take advantage of the market. However, the futures involve a lot more risk in exchange. To know more about cryptos, here are the best brokers to buy cryptos in UAE.

1.    eToro

eToro is one of the leading brokers to buy cryptos in the United Arab Emirates. It’s a safe online trading platform regulated by top-tier financial regulators in the country. This broker is known for commission-free trades, features-rich trading platforms, and advanced social copy trading features.

2.    AvaTrade

AvaTrade is the second on our list. It is known to be the best versatile trading platform. Avatrade was founded in Dublin in 2006, and it offers average-to-competitive fee spreads and several tradable currency pairs, and CFD’s overstocks. Their minimum deposit is $100, while there are inactivity fees.

3.    IQ Option

IQ Option is another broker to trust in the United Arab Emirates. Aside from this fact, it’s the best online broker for options trading, known for low spreads, a sophisticated trading platform, and a free demo account. Also, it is a great platform for traders looking to invest in options on a feature-rich platform.

4.    Pepperstone

Pepperstone is a reliable Forex and CFD broker in UAE. They are known for their diversity of trading platforms, fast account opening, great support, and good industry-leading pricing. Not only is that, but they also offer Meta Trader and cTrader trading platforms with multiple self-developed add-ons.

How to Buy Crypto from UAE

Buying crypto from the United Arab Emirates is legal, simple, and safe. However, you need to choose the right broker or cryptocurrency exchange to get the best transactions. In other words, buying from a reliable broker is the best when it comes to buying crypto. Below are the guides to buy crypto from UAE.

●        Open a Trading Account with Crypto Exchange

The first step to take when you’re buying crypto for the first time is to open a trading account with the right broker or cryptocurrency exchange, depending on the kind of crypto you wish to buy. Meanwhile, the most common and secure way to buy cryptos is through eToro. And this is because; they allow you to buy physical cryptos, CFDs while still offering safe storage in e-wallets.

●        Upload your Credentials

Uploading your credentials is another thing to put into consideration. While planning to buy any crypto, you may need to upload a copy of your government-issued ID and proof of address in order to comply with KYC (know your customer) requirements. This way, you’ll be able to buy the cryptos without restriction.

●        Deposit Money to your Crypto Wallet

Depositing money to your crypto wallet is essential after you might have completed your registration. To deposit money to your account, you’ll have to select a payment option. Exchanges have you choose between a bank account and a debit/credit card, as cryptocurrencies are structured to be volatile.

BTC, for example, is legal in the UAE, but some banks don’t allow deposits to crypto-related sites or exchanges. That being said, it is best to verify at your local bank to allow you to know whether they have crypto restrictions or not. But, have it in mind that you’ll need to deposit before you can use the platform.

●        Buying the Cryptocurrency

After you might have chosen the right payment option, you can place an order for your cryptocurrency. Exchanges offer different order types and investing opportunities market and limit order, as well as a stop-loss order. This way, traders can buy physical cryptos like BTC through an exchange and get ownership of the underlying asset.

Again, you can also BTC as CFD in UAE. When you pay it as CFDs, you do not get ownership over the underlying asset as with physical BTC. In this case, you can sign a contract and bet against the broker that the price of BTC will go up and down. This way, you could make a profit when your prediction is right.

●        Store the Cryptos in your Wallet

The safest way to store a digital asset is in your e-wallet account. This means you’ll definitely store your wallet after you might have bought it. And this is due to the fact that it ensures that only you have access and control over your funds with a private key. Moreover, a personal digital wallet constitutes an excellent way to avoid the risk of losing funds because of a hacker attack, and that’s why many exchanges offer e-wallets for their customers.

However, you can buy cryptocurrency in the United Arab Emirates the same way you buy Bitcoin. But the most common way to buy this crypto in UAE is through a regulated online broker like eToro. This is because; they offer exchange services and at the same time offer traders unlimited options to buy, sell and hold cryptocurrencies in the United Arab Emirates.

In addition, we recommend new crypto users to check the exchange or broker if they trade with the cryptocurrency they’re interested in buying before opening an account with them.

Best Broker for Cryptocurrency Trading Today

1.    Robinhood

This is one of the best brokers in the United Arab Emirates. This is a great option for buying cryptocurrency directly, and you’ll also get to take advantage of Robinhood’s wildly popular trading commission-free. More so, if you’re into more than just cryptocurrency, you can stick around for stock and ETF trades for the same low price. This Robinhood’s slick app makes trading so easy, though those looking for a full-featured trading experience will be disappointed in some ways.

2.    TD Ameritrade

TD Ameritrade is one of the leading top full-service brokers on the market. Not only that it offers access to traditional products such as stocks and bonds, but it has expanded its offering to include Bitcoin features. Additionally, this broker does not allow trading directly in digital currency today. This means you’ll need to meet the account minimum to get started with the cryptocurrency features.

3.    Interactive Brokers

The interactive brokers allow you to trade four cryptocurrencies directly, including Ethreum and Bitcoin, for one of the lowest/smallest commissions in the market. Aside from this fact, it also allows you to buy Bitcoin futures rather than owning the currency directly. In this broker’s case, you can actually buy futures on the Chicago Mercantile Exchange, with all-in contracts costing $15 with five BTC per contract.

4.    Charles Schwab

This is another broker to trust in UAE. They’re routinely one of Bankrate’s picks for a top broker, and this investor-friendly company offers to trade in Bitcoin futures. Again, Schwab also has no account minimum when it comes to trading cryptos, but any futures contracts you trade will require some minimum margin to hold them open. Meanwhile, this broker offers an attractive commission of about $1.50 percent.

5.    TradeStation

In recent years, this broker has been proven its uniqueness among other brokers in the country. They have a couple of options that have rolled out direct currency trading via TradeStation Crypto, with commission-based pricing for traders. Moreover, their pricing is based on your account balance with the broker and whether your order is directly marketable to earn profit in the long run. Also, you can buy and sell Bitcoin futures as well as take advantage of substantial volume trading discounts.

6.    Coinbase

Undoubtedly, Coinbase is a specialized cryptocurrency-focused platform that allows traders to trade digital currencies directly, including Ethereum, Bitcoin, Litecoin, and Bitcoin cash. This way, you’ll have access to more than three dozen cryptocurrencies. Moreover, you’ll be able to store your coins in a vault with time-delayed withdrawals for additional protection. Also, this broker commission structure is steep as they charge a spread markup of about 0.5 percent and adds a transaction fee depending on the size of your transaction.

Guides to invest in Cryptocurrency

It’s no doubt that cryptocurrency has emerged as an asset class that provides traders with a chance to invest and earn a substantial return in today’s digital world. This asset class has garnered massive popularity in recent years, and many people are taking advantage to invest.

To start trading or buying cryptos, you’ll need to set up an account while investing as little as Rs 100 to being with. Despite the lack of government backing, this asset class is becoming increasingly popular, and everyone can take advantage of the market. Without further ado, below are the guides to invest in cryptos.

Step 1: Select the Right Crypto Exchange

Due to the absence of crypto regulation in many countries, there’s no fixed structure or uniformity to trading in cryptocurrency. On the flip side, with the help of the crypto exchanges platform, you can easily buy and sell your digital currency. The six crypto exchanges mentioned above are the most popular ones to trust in the United Arab Emirates.

Step 2: Open a Trading Account

You can open a trading account after selecting the right cryptocurrency in the United Arab Emirates. In the long run, this account will be similar to that of the one in your bank. Therefore, while registering, the exchange will verify your credentials based on the service you want, the amount you plan to invest, and the available coins trading options.

Step 3: Fund your Wallet/Account

After you might have successfully opened your account, the next thing to do is to transfer your fund online from your bank account to the crypto-trading account. This way, you may need both accounts to complete your trading or investment process successfully. Meanwhile, depending on the broker’s policy, you may have a waiting period before purchasing digital coins.

Step 4: Buying and Investing in Cryptocurrency

Following an account and money transfer procedure, you need to decide on the coins you intend to invest. As of today’s 21^st century, there are tons of cryptos, so buying the right one will allow you to make a potential profit in the long run. That’s why we recommend you to research well before jumping into any crypto market today.

Step 5: Storing your Cryptocurrency

This is the last step when it comes to buying cryptocurrency in the United Arab Emirates. Besides, storage is the most important part after you make your purchases. Again, it does not have any formal institution backing them, and they most assuredly do not carry your average insurance policy. Therefore, you may need to store your codes to your account and your assets securely in a crypto wallet.

Crypto Regulation in the United Arab Emirates

As of today, the United Arab Emirates (UAE) has a rapidly modernizing legal system. This overall system is a civil law system that’s influenced by shariah (Islamic law), the major legal codes of which include the Civil Transactions Law, the Panel Code, commercial Transaction Law, and many others, to mention a few.

In addition to these federal laws, some states have their own laws and regulations in areas with no federal law. So, in the field of financial and capital markets, the UAE Central Bank and the Securities and Commodities Authority (SCA) are the federal regulators. This way, each emirate has its own free zone.

Nonetheless, blockchain and distributed ledger technology (DLT) is a government priority of the UAE, which has initiated various blockchain-released ventures and initiatives, having many collaborations with other jurisdictions. From a regulatory perspective, the ADGM has been the most active as they have been issued extensive regulations since 2018.

Security and Investment Laws in UAE

If you’re planning to buy cryptocurrency from the United Arab Emirates, you need to be aware of certain rules and regulations to avoid being blocked for certain reasons. At the time of writing this article, we have researched to see about 3 to 5 investment laws, so let’s quickly walk you through these laws in UAE.

Law I: Onshore UAE

Onshore UAE is one of the first things to put into consideration while buying cryptocurrency. This law entails the UAE Central Bank and the SCA share to share responsibility for the regulatory oversight of the UAE’s financial and capital markets. This includes the non-financial free zones such as the Dubai Silicon Oasis (DSO) and the Dubai Multi Commodities Centre (DMCC). These laws emphasized professional investment in the country and having a good idea of what you want to invest in before jumping into it.

Law II: DIFC

This law currently does not regulate crypto assets, but it’s subjected to change with the introduction of a framework for security tokens and a later framework for crypto assets in the near future. This means the DFSA had in the past adopted a wait and sees the approach to crypto regulation despite having issued several warning messages. Therefore, they licensed true investment law to prohibit financial promotions.

Law III: Banking and Money Transmission

In no doubt, the Central Bank is the UAE’s banking, credit, and monetary regulator. Aside from this fact, they provide general regulation of banking-related matters, supervises banking and other licensable financial activities, and advises the government on financial issues and maintaining foreign exchange reserves in the United Arab Emirates. So, you might find it difficult to buy some assets with cryptos.

Law IV: Anti-money Laundering (AML)

Expats need to be careful not to get caught with anti-money laundering in this country. And this is because; it defines the crimes of money laundering and terrorist financing and details the sanctions for the activities in the UAE. Additionally, you must not conduct any transaction aiming to conceal the funds’ illegal source, true nature, and many others, to mention a few.

Conclusion

Buying cryptocurrency in the United Arab Emirates is now a simple and burden-free process. If you truly want to buy any crypto like Bitcoin Ethereum, and many others from the UAE, it would be better to go through the process mentioned in this article to understand better. For more information, refer to this platform.