Do you live in UAE and are interested in buying Bitcoin ?
These days, everyone is talking about Bitcoin. It’s growing in popularity by the day throughout UAE.
Are you interested in Bitcoin, but aren’t quite sure how to buy it, or what investment strategies you should use?
Let’s take a quick look at how you can buy BTC Bitcoin in the United Arab Emirates.
Buying Bitcoin in UAE in “4 Easy Steps”
Buying Bitcoin in UAE is easier than you think! It is 100% legal and safe.
- find safe trading platform
- create a free account
- decide how much money do you want to invest
- if you want to invest and hold, buy real Bitcoins
- if you want to daytrade, buy CFD on Bitcoin
1. Choose a Safe Trading Platform
First, you’ll need to select a trading platform, which is an online company that connects you with the market (other people who want to buy/sell Bitcoin ) and also provides related investment services.
The three main characters of a good trading platform are:
- Good reputation
For the purpose of our guide, we recommend eToro. It’s a trading platform with a well-established history, top-of-the-line security, and an intuitive design and last but not the least user-friendly.
2. Create an Account
Next, you’ll need to create your free account here.
You can play with free practice (demo) account first, and deposit later on.
No worries, you can deposit AED currency it will be automatically converted into USD.
In case you are wondering, eToro is 100% legal in UAE.
In order to invest real money, you’ll need to first provide some basic identifying info plus scanned copy of your national ID card/passport. Expats from other countries living in UAE are accepted! All the personal info you provide is designed to protect you so no one else can access your account.
Once your account is ready, you’ll want to deposit money so you can buy Bitcoins.
Base account currencies are USD, EURO, AUD, GBP.
However you can deposit almost any currency and it will be converted automatically (your bank can charge you exchange rate fees though)
3. Select Bitcoin
You’re ready to buy your first Bitcoin now!
eToro provides two search methods:
- Either you can type “Bitcoin” into the search field at the top of the page.
- Or you can also click on “Trading Markets” on the left side of the page. A list will appear of different investments. Choose Crypto and then Bitcoin.
4. Finalize the Trade
On this page, you can select the amount of money you want to invest. It’s viewable by two metrics:
Typically, most people choose Amounts.
You can invest minimum amount $25 into Bitcoin. Minimum deposit on eToro is $200.
After selecting an Amount, click on Open Trade. Congratulations! You’ve just bought your first Bitcoin!
Note: If you want to invest then buy real bitcoin with no leverage (choose x1 leverage) if you want to daytrade CFD on Bitcoin using leverage 1:2 (choose x2 leverage).
You can also set STOP-LOSS if you want to eliminate future losses in case the market price goes against you, and you can also use LIMIT to take profit in future.
- 0,75% spread from total transaction amount
- $5 fee to withdraw money
How to Use Bitcoin
Now that you’ve purchased Bitcoin, what can you do with it?
Most people in UAE use Bitcoin as an investment. They hold onto their Bitcoin, hoping it will eventually increase in value.
However, you can also spend Bitcoin. Many places now accept Bitcoin throughout United Arab Emirates and Dubai. You can spend your Bitcoin at many online stores in Dubai, travel agencies, airlines, and even some physical stores.
To spend Bitcoin, you’ll need a Bitcoin Wallet. It’s a type of virtual storage space, often called a virtual wallet, that holds your Bitcoin securely. Even if you don’t plan on spending your Bitcoin, storing it in a Bitcoin Wallet is typically the most secure option.
eToro has you covered, regarding the crypto wallet! You can easily transfer your purchased Bitcoins into its own eToro wallet that is one of the safest available right now. You can hold onto your crypto and wait for the price increase.
How to Pay for Bitcoin
The three most common ways to pay for Bitcoin are the following:
- You can buy Bitcoin with VISA/Mastercard/Maestro Card on eToro
- You can buy Bitcoin with Paypal on eToro
- Bank Transfer (wire transfer) for deposits over $500
Generally, PayPal and debit cards are secure enough for most transactions. However, if you’re transferring an especially large amount of money, a bank transfer provides an extra layer of security.
Don’t feel intimidated by the process of purchasing Bitcoin – it’s easy and secure. Use a trusted platform such as eToro, transfer money into the account with a debit card or Paypal, and buy the desired amount. Whether you want to invest it or spend it, you can buy Bitcoin today.