Dubai is a dream place to live and enjoy a luxury lifestyle, but you may be wondering how to buy Bitcoin in Dubai and whether it’s legal to buy crypto in Dubai. What does Dubai think about Bitcoin? The exceptional Dubai has always been a chief town, and the good thing is that it is absolutely tax-free and crypto-friendly.
If you have decided to trade in Dubai, there is absolutely no tax to pay for trading in Dubai. The fact that it’s tax-free and crypto-friendly has attracted many crypto and blockchain companies to the Middle East. Moreover, there are multiple ways to invest in crypto and trade in crypto while living in Dubai. You might be wondering if crypto is legal there. What are the rules and regulations? Well, there are some policies to secure the investment of investors, but there is no such law against the trading or buying of Bitcoin.
How can you buy Bitcoin in UAE?
If you want to purchase Bitcoin in Dubai or anywhere else, it is quite simple. You just need to follow simple steps: choose a trusted crypto exchange, create an account on that exchange, and then simply add funds to your exchange account to buy the crypto you want to buy. Bitcoin is the pioneer currency, so it is available on every trusted exchange, big or small. Investors usually buy Bitcoins from an exchange and move them to a hardware wallet or personal wallet to be more secure. In case something happens to the exchange, your crypto will be safe.
Here is the process how you can buy crypto in UAE:
Selection of Exchange: The first step when it comes to buying Bitcoin is the selection of an exchange. Investors should always give priority to exchanges that are trusted and have many online reviews.
Register an Account: In this step, when you have decided to go with a specific exchange, register an account and don’t forget to add two-factor authentication for maximum security. New users will have to go through Know Your Customer (KYC) checks to purchase crypto.
Add Funds and Buy: When you have created the account and have completed every required step, your account should be ready to add funds. Funds can be added in the form of fiat currency, such as USD or Dirhams. Once you have added the funds, you can buy any crypto you would like with trading pairs.
Which crypto exchanges are operational in Dubai and the UAE?
The amazing thing is that there are many well-known crypto exchanges that are operational in the UAE. Investors can research and choose from a variety of trusted exchanges that offer high security when it comes to your fund’s safety. Some of the leading exchanges that are operational in Dubai are OKX, HTX, BINANCE, eToro, Bybit, and many more that are regulated by the UAE Financial Services Regulatory Authority (FSRA) or the Abu Dhabi Global Market (ADGM).
Can anyone buy Bitcoin through P2P?
(P2P) which is known as Peer-to-Peer, is quite popular nowadays as it works through an escrow system, which is different from centralized and decentralized methods. P2P works in a unique and safe way where buyers and sellers agree on the specific price before the transaction, and a third party is involved, which is completely safe.