How to buy Bitcoin in the UAE

The Middle East has seen explosive growth in digital currencies, and many governments in the Middle East have begun partnering with financial companies to issue their own cryptocurrencies. In addition, a large number of cryptocurrency exchanges and companies involved in initial currency issuance (ICO) have started in various parts of the Middle East, including the UAE.

In particular, the United Arab Emirates (UAE) is very interested in cryptocurrencies, and the UAE Securities and Goods Authority plans to begin ICO regulation in the first quarter of 2019.

It is easy to buy Bitcoin in the UAE, but the most important thing is the broker or exchange of your choice. Open an account on a cryptocurrency exchange: This is the first step to buying bitcoins in the UAE. You should also get an encrypted wallet for storing bitcoins, making purchases, and receiving gifts. Bitcoin as the best cryptocurrency continues to dominate the cryptocurrency market due to its popularity, liquidity and acceptance by an increasing number of merchants as a payment method.

Bitcoin’s current market value of 300 million surpasses all other cryptocurrencies, followed by Ripple’s market value of only 300 million. Bitcoin has been listed in the UAE since 2014. Given the exponential growth of the digital currency market in the Middle East, its popularity may only grow.

Bitcoin in the UAE

The most liquid cryptocurrency, buying bitcoin in the UAE includes access to a cryptocurrency exchange that allows the UAE to open an account. Bitcoin is generally accepted and is suitable for buying almost all cryptocurrencies.

Several local cryptocurrency exchanges offer bitcoin and many other digital currencies. Due to the low tax rate, favorable regulatory environment and political stability, many exchanges and digital currencies are located in the UAE. In addition, the official support for cryptocurrencies makes Bitcoin an attractive investment for some UAEs, although their value in relation to the national currency can fluctuate significantly.

You can use a local exchange or choose one of the many international exchanges that accept Emirates accounts. In addition, websites like localbitcoins.com have also announced local buyers and sellers in the UAE, as well as payment methods and buy and sell prices.

After buying currency on an exchange or from a local bitcoin seller, you will also need a wallet to withdraw and store your bitcoins. You can find an incomplete list of local and international exchanges where you can buy BTC in the UAE, as well as several different types of crypto wallets used to store your BTC after purchase.

Another option for trading BTC is to speculate on cryptocurrency trends using Contracts for Difference (CFDs). This requires you to open an account with an online broker such as XTB and does not require a wallet or exchange account. Keep in mind that if you use a broker and trade BTC CFDs, you never own bitcoins and cannot use them to pay for goods and services or to receive gifts and payments.

  • Open an account on a cryptocurrency exchange.

Below you can find a partial list of UAE and international cryptocurrency exchanges that accept UAE accounts.

  • Get a cryptocurrency wallet (optional).

In order to fully control your BTC or any other cryptocurrency transactions, you must withdraw your bitcoins from crypto exchanges or other sources to your personal crypto wallet, and then properly protect the keys of your wallet.

When you want to send and receive transactions, the wallet communicates with an encrypted network. A wallet address is similar to an email address, except that you can use your wallet address to make purchases and receive payments. The wallet can be installed on a desktop computer, laptop or tablet, or on an Android or iOS smartphone. Another type of wallet is a web-based wallet that does not need to be downloaded, and you can access your cryptocurrency wherever there is an internet connection.

Alternatively, a hardware wallet can be used instead, which consists of a peripheral device that can be plugged into a computer like a USB drive.

  • Withdraw your BTC to your wallet.

After purchasing bitcoins on an exchange or other source, you can withdraw the currency to your personal bitcoin or multicurrency wallet. Leaving bitcoins on the exchange can be risky because the exchange can be hacked and you have no control over your private key.

Always use your own private key to store bitcoins in your wallet. After you have successfully withdrawn the currency from the exchange, you have successfully purchased BTC.

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