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How To Buy Bitcoin In Dubai 2024
Bitcoin is quickly becoming one of the most popular investment options for both long-term investors and traders who want to take advantage of ‘digital gold’. The recent surge in popularity comes largely down to exciting price forecasts which have put Bitcoin on a path to reach $100k by the end of 2024. In this guide, I will walk you through how to buy Bitcoin in Dubai so that you can invest before it reaches this target.
How To Buy Bitcoin in 5 Steps
Let’s jump straight in and take a look at how to buy Bitcoin in the UAE. For the purpose of this guide, I will cover how to buy BTC from a centralized exchange.
The process may differ if you use a decentralized exchange.
Step 1: Compare Bitcoin exchanges
You can buy Bitcoin in Dubai using several crypto exchanges. Therefore, the first thing you need to do is identify several options and compare them to find the most suitable platform.
When deciding which exchange to use to buy Bitcoin, you must first determine what features you are looking for. Would you like a simple interface, or does an advanced platform appeal more to you? Would an exchange with a demo account be more suitable for a beginner? What are the requirements for opening an account and using it?
One of the most significant features you need to compare across different exchanges is the platform fees. Crypto exchanges vary in the fees charged, depending on the available services. Check that your exchange of choice has favorable fees, especially if you plan to buy Bitcoin regularly.
Step 2: Register for an account
Once you’ve chosen the ideal exchange, you will need to register for an account before you can start trading.
For most exchanges, this process is quite simple and straightforward.
Head on to the exchange’s official website to sign up for an account. The first step will probably require that you enter an email address and password.
You will then receive a verification link that you must click on before using your account.
Depending on the crypto exchange, you may then have to complete Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
Most platforms will ask you for more details, including government-issued identification documents.
Again, the time taken to verify accounts will vary among exchanges. However, most will take up to just a few days, after which you can start trading.
Exchanges that conduct KYC and AML checks may not be your best choice if you’d like to remain anonymous when buying Bitcoin.
As such, this should be one of the factors you consider when comparing exchanges in the first step.
Step 3: Deposit fiat currency
Next, you will need to fund your account with fiat currency to facilitate your Bitcoin purchase.
While there are certain local exchanges that allow you to use AED, you will probably have to deposit in USD to use most crypto exchange platforms.
Most platforms offer different deposit options for funding your account. The most common methods are credit and debit cards, PayPal, and bank deposits.
If the crypto exchange of your choice offers different options, compare the fees for each deposit method. The fees might also vary depending on the fiat amount you want to deposit, so confirm that your deposit can cover the deposit fees as well.
Step 4: Buy Bitcoin
With fiat money in your account, you can now easily buy Bitcoin. You will first have to navigate the exchange’s interface and find the Bitcoin page.
Here, you will then enter the amount you are willing to spend on your purchase. The platform will then display the amount of BTC you will receive, as well as the transaction charges for your trade.
If you are satisfied with the order’s details, you can then proceed to confirm the trade. The exchange will then credit Bitcoin to your account and update your details to reflect the balance in your fiat currency.
Step 5: Store Bitcoin in a Wallet
The final step is determining how you will store your Bitcoin. Although you could hold your BTC in the exchange’s account, it isn’t advisable, as you don’t have control over your private keys and could lose access to your digital assets.
You can choose from different crypto wallet options to store your Bitcoin. A hot wallet will be enough if you are holding a small amount of BTC for a short time. However, you need to find a more secure wallet, such as a cold or paper wallet, for large BTC amounts and longer time periods.
What Are The Best Crypto Exchanges to Buy Bitcoin in the UAE?
To help you make an informed decision, we compared five of the best crypto exchanges in Dubai. For each of the exchanges in this article, we examined the trading fees charged on the platform and their ease of use.
Below’s a breakdown summary of this information.
| Exchange | Fees | Ease of Use |
| Binance | 0.1% | Great. Provides beginner-friendly and advanced interfaces |
| Uphold | 0.25% – 2.95% | Great. Easy sign-up process, intuitive interface, and one-step payments |
| eToro | 1% | Good. Features an intuitive design and a beginner-friendly interface. |
| CoinMena | 0.75% | Offers demo accounts, educational material, and OTC desk accounts for larger transactions |
| ByBit | 0.05%-0.02% | The platform’s advanced features may be too complex for beginners |
5 Most Popular Crypto Exchanges In Dubai
Here’s why I have rated the above exchanges as the best platforms to buy Bitcoin in Dubai. Read through each mini-review to understand whether or not the platform might be suitable.
1. Binance
Binance is the world’s largest and most popular exchange, with over 169 million users globally, including those in Dubai. The platform offers various digital asset products catering to new and experienced traders.
For many users looking to buy Bitcoin in Dubai, Binance is the go-to platform, thanks to various available trading options, including spot, margin, and futures trading. The users can earn from their digital assets through staking and other lending and borrowing options.
Binance offers an NFT marketplace where users can trade and loan NFTs. The platform’s launchpad is also an excellent place to discover new tokens to buy or earn.
When we examined the exchange’s operations, we found that Binance acquired a license from the Dubai Virtual Assets Regulatory Authority. The license allows the platform to target retail investors as well as qualified and institutional investors.
| Pros | Cons |
| Allows users to switch between a simple and more advanced interface | The user interface may be too complex for novice traders |
| The diverse range of features caters to all types of traders | |
| The platform’s global presence allows for more accessibility | |
| Users can trade more than 100 virtual assets |
2. Uphold
If you’d like to access and trade more cryptocurrencies other than Bitcoin, you might want to check out Uphold.
The multi-asset trading platform offers one of the broadest range of assets for users to invest in. Users get to choose from fiat currencies, cryptocurrencies, and precious metals.
Uphold is compliant with several regulatory bodies. In Dubai, it operates under the FinCEN license. The platform is also big on transparency, publishing its real-time assets and liabilities online for users to review.
One of Uphold’s unique features is cross-asset trading. Thanks to the platform’s Anything-For-Anything features, users can easily switch any asset for another on the platform. For instance, you can swap your Bitcoin for a precious metal, like gold.
Additionally, users can acquire the Uphold Card so they can use crypto for their daily transactions. The card is especially handy for frequent travelers as it charges a 0% fee on foreign transactions. Cardholders can also earn rewards through the platform’s staking program.
We also like that Uphold allows for one-step payments. Unlike other exchanges, Uphold users don’t need to deposit fiat into their accounts first. The platform can easily buy Bitcoin through the linked payment method.
| Pros | Cons |
| Allows users to switch their cryptocurrencies for other assets, including precious metals | High spread fees, especially for low-volume cryptocurrencies |
| Offers a wide range of different types of assets | |
| Provides comprehensive educational content for novice traders | |
| Has a low minimum deposit amount of $1 |
3. eToro
Over the years, eToro has gained quite a reputation as a versatile and global multi-asset investment platform.
In addition to Bitcoin and other top cryptocurrencies, users can use the platform to trade and invest in stocks, indices, ETFs, and commodities, making it an excellent choice for investors who would like to diversify their portfolios.
eToro’s social aspect is one of the features that sets it apart from other exchanges. The social investment platform offers a copy-trading feature that allows users to view and replicate trading strategies from other users. Investors on the platform can also connect and learn strategies from the platform’s top traders.
When browsing through the platform, we found it to be quite suitable for beginners, thanks to the simple sign-up process. Besides, eToro offers a variety of educational material through its Academy to help users navigate the platform and learn about trading in general.
eToro also offers smart portfolios that allow users to invest in curated collections of assets around certain themes, such as green energy. With this feature, traders can leverage the markets without managing a portfolio themselves.
| Pros | Cons |
| Allows for copy trading, so beginners can learn from advanced users | Charges high non-trading fees |
| Simple and easy-to-use interface design | |
| Wide variety of trading options besides cryptocurrencies | |
| Smart portfolios allow for thematic diversification. |
4. CoinMENA
Despite being a new addition to the industry, CoinMENA has quickly grown to become a popular platform for Bitcoin investors in Dubai.
The Sharia-compliant platform is fully licensed by Dubai’s Virtual Assets Regulatory Authority (VARA). It is the only regulated exchange with a license from the Central Bank of Bahrain.
CoinMENA sets itself apart by continuously adding new features that appeal to its users. Some of the users’ favorites include the copy trading feature, demo accounts for beginners, an advanced trading app, and educational material.
One of CoinMENA’s unique features is the Over the Counter (OTC) desk. If you’d like to buy a large amount of Bitcoin, OTC trading allows you to enjoy additional benefits on the platform. You get a dedicated account manager to help with the transactions, deep liquidity pools, reduced fees, and preferential pricing.
We also loved that the platform offers bilingual customer support for English and Arabic speakers.
| Pros | Cons |
| Sharia-compliant and fully regulated | Relatively high fees compared to other platforms |
| OTC desk makes it easy for users to complete larger transaction orders | |
| Fast and simple registration process | |
| Excellent customer support |
5. ByBit
If you are an experienced trader looking for leveraged trading options after buying Bitcoin, ByBit might be an excellent choice. The platform is well-established as a derivatives exchange and comes with a range of diverse features that help users trade futures contracts with high leverage.
ByBit’s comprehensive platform supports various order types, including stop loss, limit, conditional, market, and instant buy options. It also offers advanced analysis and integrated charting tools from TradingView for more technical traders.
ByBit also offers other crypto-trading options besides derivatives trading. Users can trade cryptocurrencies at prevailing market prices or use leverage of up to 100x to borrow funds and boost their trading positions. They can also stake their digital assets to earn rewards, discover new projects, and create and collect NFTs.
One of ByBit’s best features is the robust security measures in place. The platform uses multi-signature cold wallet storage to ensure enhanced security for users’ funds.
| Pros | Cons |
| Comprehensive features that are ideal for derivatives trading | Complex platform features may intimidate beginners |
| Advanced trading tools available for experienced users | Few spot trading options are available |
| High-leverage options for more attractive yields | |
| Enhanced security features ensure fund protection |
Is Bitcoin Legal In Dubai?
Although the Central Bank of UAE has not licensed Bitcoin and other cryptocurrencies in Dubai, residents can trade, own, and deposit cryptocurrencies on different crypto exchange platforms.
These platforms must first obtain a license to operate in Dubai.
However, the recent launch of DubaiCoin (DBIX) might change the regulatory status in Dubai. The city controls DBIX’s price, and residents can use the coin to purchase goods and services both online and offline.
Requirements For Buying Bitcoin In Dubai
To successfully buy Bitcoin in Dubai, you need to meet certain requirements. Let’s break them down below:
- Exchange account: You must first create an account with a reputable crypto exchange so you can access the global Bitcoin market. To create the account, you will need a working email address and a strong password that you will have to provide each time you want to access it.
- Personal identification documents: If the crypto exchange you are using conducts KYC checks, you will also need some identification documents when setting up your account. In most cases, government-issued IDs and passports will suffice.
- Method of payment: To buy Bitcoin, you must first deposit fiat currency into your account. To facilitate this deposit, you’ll need a method of payment. Methods of payment vary across different exchanges, but the most common ones are bank transfers, credit and debit cards, and PayPal.
- Wallet: Once you have bought your BTC, you will need a digital wallet to facilitate the initial transaction. Depending on your preference, you may also need a more secure wallet to store your BTC once you’ve transferred it from the platform.
- Secure internet connection: Finally, you’ll need a stable connection to the internet so you can seamlessly buy Bitcoin on an exchange. Ensure it is a secure connection, and avoid accessing your wallet on public networks to reduce the chances of a security breach.
How To Choose An Exchange For Buying Bitcoin
Now that we’ve discussed how to buy Bitcoin in Dubai and the requirements you need to meet, how do you choose the right platform for your purchase? Let’s examine some factors you should consider when choosing an exchange.
Fees and Charges
As mentioned earlier, crypto exchanges typically charge different trading fees for various services on the platform. These fees may include deposit, withdrawal, and trading fees.
Check and ensure that you understand what charges an exchange will impose on you before signing up for an account.
Also see: How to buy Bitcoin with low fees
Most exchanges will charge varying fees based on the size of the transaction or frequency. Therefore, you must consider how and how often you plan to use the platform to determine a suitable fee structure.
You should also consider hidden charges, which may eat into your trading profits. Also, keep in mind that platforms may regularly change their fee structures, so you need to keep up with any changes through the exchange’s website.
Payment Methods
Check that the exchange of your choice offers various payment methods which are suitable for you. Platforms that offer multiple payment methods are more flexible and could be better suited for traders who will be buying Bitcoin more frequently.
Some of the common payment options include using credit and debit cards, PayPal, and bank deposits. If you anticipate buying Bitcoin while on the go, you must also determine how the exchange’s deposit methods differ in different areas.
Market Volume
An exchange’s market volume reflects the platform’s trading activity, which plays a crucial role in making trading easy for users.
A high market volume means higher liquidity, which facilitates smoother transactions.
Exchanges with higher market volumes typically have more users who trade often or hold large amounts of Bitcoin. This makes it easier for you to cash in on your Bitcoin when the price is going up or sell your assets when the price is plummeting.
In 2023, liquidity on the Binance exchange dropped below 25% which made it difficult to trade Bitcoin on the platform. It is worth checking for liquidity issues before signing up to an exchange.
Reputation
Researching an exchange’s track record is one of the fastest ways to sort out the chaff. Start by going through the exchange’s official website to find any loopholes in their descriptions. Look through users’ reviews to see what other people have to say about the platform’s overall service.
Before settling for an exchange, you should also check to see if any reputable investors have endorsed the platform, which could boost confidence in the exchange. You should also determine if there have been any security breaches in the past.
Security
Seeing as the crypto world is filled with cases of crypto scams and hacks, you must check that your exchange of choice is secure enough to avoid losing your Bitcoin.
Most exchanges will offer information on their security measures somewhere on their website. Choose exchanges that incorporate robust security measures like 2-factor authentication (2FA) and other encryption options, such as multi-signature wallets.
Additional security measures you should consider include cold storage, regulatory compliance, and insurance to cover any losses in the case of a security breach.
User Experience
An exchange’s user interface and ease of use also play a crucial role in how users interact with the platform. If you are especially new to cryptocurrencies, you must choose a platform with a simple and straightforward interface to ensure a seamless experience when buying Bitcoin.
Does the crypto exchange offer an intuitive design? Is the interface overcrowded with advanced features, or is it easy to navigate?
You should also check that the platform offers various BTC trading pairs you may want to use. Exchanges that come with a mobile trading app are also excellent options for those who’d like to trade on the go.
Exchange Transparency
Most crypto exchanges will be upfront about the terms of use on their platform. For instance, the exchange may disclose the fees for different services on the platform, its operational jurisdictions, and the security measures it has in place.
Some exchanges may also avail their order books and provide frequent reports for users to verify the platform’s trading activity and liquidity.
Crypto exchanges that are dodgy with such information are less likely to be trustworthy and may be prone to security hacks and breaches.
Customer Support
If you are buying Bitcoin on an exchange for the first time, you may have some questions on how to navigate the platform. Besides, you may run into issues when using the platform. As such, you need a platform with quick and reliable customer support service.
Check that the exchange offers multiple customer support options, such as email, phone, and live chat. User reviews on the platform will also help you determine its responsiveness to queries and customer support availability.
Our methodology
At Bankless Times, we aim to provide comprehensive reviews to help you make an informed decision when buying Bitcoin in Dubai.
For this review, we looked at various determining factors, including the platforms’ ease of use, platform fees, available features, and regulatory compliance. We also highlight some unique features that may be particularly useful to specific Bitcoin traders.
Final Thoughts and Next Steps
To buy Bitcoin in Dubai, you will need to sign up to a registered crypto exchange and swap fiat currency for BTC.
The process is relatively straightforward, as long as you choose an exchange that is suitable for your desired strategy and goals.
After reading through this guide, I recommend that you spend some time researching different platforms to find a Bitcoin exchange that is suitable for you. Look at fees, trading tools, user interface and customer support to find the best platform.
It is also a good idea to read up on the latest crypto news before making any investing decisions.
Remember, the Bitcoin is a volatile asset and there is no guarantee that the value of your investment will go up.
FAQS
Can you buy Bitcoin anonymously in Dubai?
Yes, you can buy Bitcoin anonymously in Dubai by paying for it in cash. There are several OTC sites that make it easier for you to do this, including the Sell Bitcoin in Dubai shop. P2P exchanges, like Pursa also allow you to make international wire transfers without any KYC or registration. You can also use the Bitcoin ATM at Rixos Premium Dubai Hotel.
What is the best Bitcoin platform in Dubai?
Dubai residents looking for Bitcoin platforms have several options. Binance is one of the leading exchanges in the world and would appeal to users who want access to the global markets. On the other hand, CoinMENA is an excellent choice for users seeking a Sharia-compliant Bitcoin platform that’s more localized.
Can I buy Bitcoin with a credit card in Dubai?
Yes, you can use your credit card to buy Bitcoin in Dubai on several platforms. Many of the leading crypto exchanges operating in the region offer different payment methods, including using credit cards.
Which Bitcoin wallet is best in Dubai?
The choice of the best Bitcoin wallet in Dubai boils down to the user’s preference. Bitcoin hardware wallets that offer enhanced security, like Trezor and Ledger, are the best choice for users who want to store large amounts of BTC for prolonged periods.
Conversely, frequent traders who need to access Bitcoin while on the go may prefer hot wallets like MetaMask and TrustWallet.
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