How to Buy Bitcoin (BTC) in Dubai – A Complete Beginner’s Guide
Dubai is ranked among the world’s top cities to live in. But is it possible to buy Bitcoin (BTC) here? Are cryptocurrencies even legal in Dubai? Well, we have answers to these questions in this article. Keep reading to learn more.
Is Dubai Crypto-Friendly?
Blockchain enthusiasts have described Dubai as the most cryptocurrency-friendly city in the globe. That makes sense, given that most crypto-native companies prefer holding conferences in Dubai. What’s more, traders here enjoy tax-free crypto trading.
The clear crypto rules adopted in Dubai have drawn the attention of several big crypto firms in recent years, which are now operating in the city. So, is it legal to purchase BTC in Dubai? Yes! Although crypto assets are not licensed, there is no law that prohibits Dubai residents from buying Bitcoin or any other digital currency.
A Step-by-Step Guide to Buying Bitcoin in Dubai
Being the most popular cryptocurrency, Bitcoin is supported by most crypto trading platforms operating in Dubai. Let’s take you through the process of acquiring your first BTC while in Dubai.
Pick a Reliable Cryptocurrency Exchange
When choosing a crypto exchange, the first thing you need to consider is security. You don’t want to engage in crypto trading in an insecure environment. That said, it is important to find out the security protocols adopted by an exchange to keep your funds and data secure. Another aspect to consider is trading fees. Only buy Bitcoin from a cryptocurrency exchange that charges reasonable fees.
Register an Exchange Account
Setting up an account with any exchange starts with providing basic information like your email or phone number. However, in order to begin trading crypto assets, any regulated crypto exchange will require you to verify your account. To do this, submit your ID card, proof of residence, and a selfie.
Deposit Funds and Buy BTC
After verifying your exchange account, you will be given access to various payment methods so that you can deposit funds. Most exchanges serving Dubai residents allow them to fund their accounts with dirhams, which they can use to purchase Bitcoin.
Which Leading Exchanges Operate in Dubai?
As mentioned earlier, the clear regulatory framework put in place by Dubai’s financial regulators has attracted a number of top crypto companies, including exchanges, in the city. Among the most reputable cryptocurrency exchanges operating in Dubai include Binance, Bybit, OKX, and HTX. It is worth highlighting that one of the biggest brokerage firms, eToro, which allows users to trade Bitcoin, has a presence in Dubai.
Which Bitcoin Wallet Should You Use in Dubai?
As the popular saying goes, “Not Your keys, Not Your Crypto,” it is not advisable to leave your BTC in an exchange account after buying it. That’s because a centralized crypto exchange maintains the keys of your wallet on your behalf. So, in case it goes under, you may lose your digital currency.
To mitigate this risk, you need to find a non-custodial wallet that gives you complete control over your Bitcoin. There are two types of non-custodial wallets: Cold and hot wallets. The former lets you store your BTC offline, while the latter provides online storage for Bitcoin.
Cold wallet options include Trezor and Ledger Nano, while recommended hot wallets are Exodus, Electrum, Wasabi, Cobo, and OPOLO.
Does Dubai Allow Bitcoin ATMs?
Yes! As a crypto-friendly city, Dubai hosts several Bitcoin ATMs. Rixos Premium Dubai Hotel was the first to install a Bitcoin ATM in 2019, allowing Bitcoin holders to convert their digital currency into cash instantly.
Are Dubai-Based Banks Cryptocurrency-Friendly?
Banks in Dubai do not fail crypto traders and investors. They allow them to buy cryptocurrencies using their credit/debit cards. Moreover, they facilitate bank transfers to crypto exchanges. Blockchain companies are also allowed to open bank accounts.
Final Thoughts
Dubai residents are fortunate enough to participate in crypto trading while being protected by regulators, unlike in most cities where crypto regulations have not been implemented. Still, it is vital to research all the risks associated with cryptocurrencies before buying Bitcoin or altcoins in Dubai.
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