How to Buy Bitcoin in Dubai [2024]

by Dec 18, 2023Blockchain Technology0 comments

Are you interested in buying and selling cryptocurrency in Dubai? This article is made just for you. The process involves using trusted cryptocurrency exchanges and depositing money to make trades. These exchanges can work in different ways, either centralized, decentralized, or over-the-counter (OTC).

Trading cryptocurrency in Dubai and worldwide has become a big topic since FTX, which used to be the third-largest centralized exchange, collapsed. People now feel less secure since 2021. Crypto traders now prioritize security and avoid keeping their cryptocurrency in centralized exchanges for a long time. Instead, they transfer their cryptocurrency to decentralized exchanges when they are not actively trading.

Regular on-chain trades are not simple and can have fees. Centralized exchanges have been preferred in the past because they offer quick trades, easy-to-use interfaces, and low fees since these trades happen off-chain. However, recent events have made people lose trust in centralized exchanges. Luckily, exchanges like Binance, Kraken, ByBit, and OKX still have some level of trustworthiness.

Cryptocurrency Trading in Dubai

Bitcoin in Dubai

Crypto trading in Dubai offers a sense of protection from the government. Traders in Dubai enjoy more freedom, peace of mind, and the ability to overcome international limitations. The Dubai crypto market is like a dream come true for traders and investors who value the freedom to spend directly from their wallets.

Traders often make multiple trades each day, taking advantage of market fluctuations and aiming to consistently buy at a low price and sell at a high price. However, this poses a challenge when it comes to taxes, and this is where Dubai stands out. Unlike other countries, the UAE doesn’t impose any tax on gains made from crypto.

When it comes to buying and selling crypto in Dubai, there are three main types of cryptocurrency exchanges: centralized exchanges (CEXs), decentralized exchanges (DEXs), and over-the-counter (OTC) exchanges. Unlike other places, Dubai has fast exchange regulations, which means fewer unnecessary obstacles for companies. This makes Dubai an exceptional hub for Web3 businesses.

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Why is Dubai a Preferred Destination for Cryptocurrency Ttrading?

Dubai’s crypto market is highly sought after due to its numerous advantages. Let’s explore some of the key benefits:

Bitcoin in Dubai
  • Zero Crypto Gain Tax: One of the biggest advantages of buying and selling crypto in Dubai is the absence of crypto gain tax. Currently, and even in the future, it is unlikely to exceed 5% even after five years. This tax policy is welcoming and appealing to traders.
  • Easy Transactions: Dubai’s cryptocurrency exchanges provide a smooth buying and selling experience, supported by a legal framework for banks and exchanges. This enables seamless transactions.
  • OTC Options: If you prefer to avoid exchange fees for deposits and withdrawals, Dubai offers excellent over-the-counter (OTC) options like CryptoDesk. These allow you to make direct transactions without incurring additional fees.
  • Quick On-Counter Services: Dubai provides on-counter buy and sell crypto services, allowing you to withdraw or deposit funds within minutes. This greatly enhances your trading activities, with CryptoDesk being a prominent and trusted company offering this service.
  • Community Engagement: Dubai hosts various community meetups and focused discussions that assist traders in making well-informed trading decisions.
  • Access to Insider News: Dubai offers access to “insider news,” providing valuable information that can help you make profitable trades. Many crypto millionaires and billionaires reside in Dubai and are involved in high-quality crypto projects.
  • Crypto Payments: Trading profits can easily be converted into goods, as numerous merchants in Dubai accept crypto payments. This eliminates the need to convert your crypto funds before making purchases.

The list of benefits of living in Dubai and engaging in crypto trading is extensive, attracting traders from around the world. Dubai’s welcoming advancements in the crypto industry fulfill the long-awaited need for a hub that promotes and supports it.

How to Buy Bitcoin in Dubai?

Many people are moving to Dubai and they want to know how to buy and sell crypto in Dubai to get the best exchange rates and have a smooth experience. 

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Let’s explore the process further:

Step 1: Choose a Trustworthy Crypto Exchange

The first and most important step is to select a reliable crypto exchange. In Dubai’s crypto market, there are different options available. However, recent events have made people skeptical about centralized exchanges (CEXs), especially for long-term investments.

Alternative options include decentralized exchanges (DEXs), over-the-counter (OTC) exchanges, and hybrid exchanges like CryptoDesk.

Crypto enthusiasts prefer to buy Bitcoin and other cryptocurrencies in Dubai for long-term purposes. They are increasingly using decentralized wallets like Metamask, Trust Wallet, and cold wallets. CryptoDesk simplifies the process and provides convenience.

Step 2: Deposit Funds into Your Crypto Wallet

The second step involves adding funds to your wallet, whether it’s connected to a CEX or DEX. Here, we have three main options to consider.

  1. Firstly, CEXs offer bank transfers, but sometimes they have unfair fees and limitations on transfers.
  2. The second option is peer-to-peer (P2P) transactions, where we interact with unknown third parties, but there have been cases of scams.
  3. The third option is to use OTC exchanges like CryptoDesk, which not only have physical offices but also provide the best exchange rates in Dubai.

Step 3: Visit CryptoDesk’s Office

Visiting CryptoDesk’s office is a quick way to get the best exchange rate in Dirham. The process is simple: go to their website, book an appointment through WhatsApp or Telegram, and visit the office to complete your transaction within minutes.

Step 4: Send Crypto and Receive Cash, or Give Cash and Buy Crypto

The process is straightforward. Just bring your Emirates ID or passport, state your needs, and CryptoDesk will help you buy and sell crypto with cash or through a bank transfer at ideal rates in just a few minutes. Whether you want to buy crypto with cash or a bank transfer, or if you want to sell it, CryptoDesk has got you covered.

What to Keep in Mind When Buying and Selling Crypto in Dubai

When you’re involved in crypto trading in Dubai, it’s crucial to consider the following factors for a safe and secure experience:

  • Choose a registered exchange in Dubai.
  • Make sure the exchange has a strong presence in the market.
  • Verify the exchange’s reputation and background.
  • Look for fair exchange rates to ensure you’re not charged unfairly.
  • Consider the withdrawal limits set by the exchange.
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Conclusion

We hope that this article has provided you with a clear understanding of how to buy Bitcoin in Dubai. If you still have any difficulties or need further tutorials and assistance, please leave a comment, and we will do our best to provide helpful insights to avoid any mistakes and asset loss. Additionally, don’t forget to subscribe to our daily newsletter to receive the latest news and updates on cryptocurrency, trading, the metaverse, and NFTs.

FAQ

Can you purchase Bitcoin in Dubai with cash?

Yes, you can buy Bitcoin in Dubai with cash. To do this, you need to set up an account with a crypto exchange. Once your account is ready, you can add fiat money funds to it and proceed to purchase Bitcoin.

Does Dubai have Bitcoin ATMs?

Yes, Dubai has Bitcoin ATMs. These ATMs allow visitors to the UAE to insert cash and instantly buy Bitcoin. The first Bitcoin ATM in Dubai was installed at the Rixos Premium Dubai Hotel in 2019.

Is buying Bitcoin through P2P common in Dubai?

Buying Bitcoin through peer-to-peer (P2P) exchanges, where users trade directly with each other, is not as common in Dubai. While P2P exchanges are more prevalent in countries with stricter cryptocurrency regulations, Dubai’s major exchanges usually offer both standard trading options and P2P functionality. Some exchanges that provide P2P trading in Dubai include Binance, Paxful, OKX, HTX, Bybit, and KuCoin.

Are there crypto-friendly banks in the UAE?

Yes, there are crypto-friendly banks in the UAE. Banks in Dubai and the UAE generally have a positive view of cryptocurrencies and crypto users. For example, First Abu Dhabi Bank (FAB) doesn’t have any policies that restrict customers from buying and selling crypto. While FAB doesn’t offer crypto trading services, you can link your FAB account with a crypto exchange to fund Bitcoin purchases. FAB also has plans to incorporate Web3 and digital assets for its users in the future.

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We do not endorse or promote any specific cryptocurrencies, projects, exchanges, or investments mentioned on this website. The inclusion of any external links does not imply endorsement or recommendation.
Please note that the cryptocurrency market is highly volatile and involves substantial risks. You should carefully consider your own financial situation and risk tolerance before engaging in any cryptocurrency-related activities.

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