Home Cryptocurrency How To Buy Cryptocurrency in UAE – A Step by Step Guide

How To Buy Cryptocurrency in UAE – A Step by Step Guide

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The best way to buy cryptocurrency in UAE is through a regulated crypto exchange or broker. The best brokers to buy cryptocurrency in UAE are: eToro, CoinbaseOKEx, and Binance. eToro is a leading provider of premium platforms and services for UAE residents. Coinbase is the best choice to buy Bitcoin for beginners. OKEx has the lowest fees for UAE residents. 

To buy cryptocurrencies you will need to to open an account with a regulated broker or exchange, deposit funds using credit or debit card and complete the cryptocurrency purchase.

Best Exchanges To Buy Cryptocurrency In UAE: 

  • eToro has the best overall offer for UAE residents. 
  • Coinbase has beginner-friendly services. 
  • OKEx has the lowest trading fees for buying Bitcoin in the UAE. 
  • Binance offers asset diversity and premium platforms for traders at all levels. 
RANKBROKERGENERALPLATFORM SCOREBEST FORWEBSITE
#1eToroSuperior social trading experience4.9/5Best overall offerOfficial website
#2CoinbaseFor traders at all levels4.4/5Beginner-friendly servicesOfficial website
#3OKExExcellent of its safety measures4.5/5Lowest trading feesOfficial website
#4BinanceBest portfolio with a focus on diversity4.3/5Premium platformsOfficial website

Cryptocurrency Exchanges in UAE Overview: 

01. eToro: Best Overall Offer for UAE Residents 

etoro-login

eToro is a popular and trustworthy online broker for UAE investors. It offers a superior social trading experience with its proprietary platforms. It has top-tier licenses from the ASIC and FCA. 

eToro offers access to a demo account and a professional app. It has the best offers for cryptocurrency trading in the UAE. 


02. Coinbase: Best Beginner-friendly Services 

Coinbase is the leading US-based cryptocurrency exchange with beginner-friendly services. It offers access to 14 different cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. 

Its platforms are easy to learn and suitable for traders at all levels. Coinbase is a popular choice for UAE investors, especially when it comes to trading cryptocurrency. 


03. OKEx: Best Trading Fees For Buying Bitcoin in The UAE 

OKEx is a popular cryptocurrency exchange with an impressive trading volume. It is a top choice for buying and selling cryptocurrency in the UAE with low costs. 

OKEx has a competitive fee structure, and its commissions start at 0.10% per slide. This exchange has an excellent reputation because of its safety measures. 


04. Binance: Best Asset Portfolio and Platforms For Traders At All Levels

Binance is a popular cryptocurrency exchange, especially among UAE residents. Its platforms enable the largest amount of daily trading volume in a secure online environment. Binance has the best asset portfolio with a focus on diversity. 

Binance is a top choice for both beginners and professional investors. It has a trading commission that starts at just 0.1% per slide. 


How To Buy Cryptocurrency In UAE? A Step by Step Guide

The most common way to buy cryptocurrency in UAE is to open a trading account with a cryptocurrency broker or exchange, deposit funds using credit or debit card and fulfil the cryptocurrency purchase.

1. Open a Trading Account at a Crypto Exchange or Broker

To buy cryptocurrency in UAE you need to open a trading account with one of the crypto Exchanges (BitOasis, Kraken, Coinbase) or a crypto brokerage account at one of the brokers offering cryptocurrency trading (eToro).

2Deposit Funds

When the trading account verification is processed you will be able to deposit money using a bank transfer or credit/debit card. Deposits take up to 5 days to appear on your funding account.

3. Buy Cryptocurrency

After your fund deposit is visible on your trading account you will be able to buy cryptocurrencies the exchange or broker is offering using their trading platform. You are allowed to buy fractions of each cryptocurrency. 

4. Store Cryptocurrency on your e-wallet

We recommend to store your cryptocurrency in a e-wallet using a private key. This way you keep your purchase safe also if the broker or exchanges is hacked or stops working.

How to Buy Cryptocurrency in UAE Using eToro

The best broker and exchange to buy Ethereum is eToro. Here is a step-by-step guide using eToro to buy Ethereum in the UAE.

buy cryptocurrency in UAE with eToro

 Step 1: Open a Trading account on eToro 

First you need to open a trading account with eToro. On their official website, you’ll find the sign-up form requesting: your full name, residential address, source of funds, date of birth, contact Information.

After you’ve submitted the needed information, the next step is to verify your eToro trading account.

Step 2: Verify Trading Account 

eToro allows investors to trade no more than $2,000 before verifying their account. Users need to submit an images of their Passport and proof of residence. eToro follows strict KFC regulations from UAE and verifying your account is mandatory. 

Step 3: Deposit

eToro offers access to most deposit options. Choose the funding options that meet your needs. After you fund your account, the next step is to buy Cryptocurrency. 

Step 4: Buy Cryptocurrency

Once the deposit appears in your wallet, eToro will allow you to complete your first Cryptocurrency purchase. Crytptos have different symbols and selecting it will begin to set up your trade. Choose the amount of cryptocurrency you’d like to purchase and click “Submit.” Your transaction will complete in a matter of minutes. 

buy-cryptocurrency-with-etoro

The Future of Cryptocurrencies and Blockchain in UAE

The UAE is accelerating its efforts towards building an attractive environment for cryptocurrencies and blockchain technology expecting to gain over 1100 new crypto related businesses registrations only by the end of 2022. As part of the “2022-2027 strategy” to boost their digital economy and investment from blockchain companies, UAE has implemented a modern framework of crypto friendly laws and policies. To back the effort, The Central Bank of UAE has announced to launch its own digital cryptocurrency by the end of 2027 to make their economy look even more crypto adaptive.

A recent survey conducted by NDAM (Nickel Digital Asset Management) showed that institutional investors and fund managers from UAE recognised the trend of a growing crypto friendly environment and allocated their assets to cryptocurrencies and digital coins such as Bitcoin.

The Regulation of Cryptocurrencies in UAE

Currently there is no unified regulation on cryptocurrencies in UAE and trading with virtual assets like Bitcoin still remain Illegal. Following the latest statement of The Central Bank of the UAE saying that crypto or virtual assets are not presently accepted or acknowledged as legal tender in the UAE, the only legal tender in this country recognised by the central bank remains the UAE dirham.

While the legality of virtual currencies is still vague, cryptocurrency exchanges like BitOasis have been licensed to operate in the global crypto market. As of now UAE citizens are allowed to buy, sell and hold cryptocurrencies as investments, but they are not able to buy any physical goods with them.

Buy Crypto in UAE Using Debit/Credit Cards and Paypal

Debit Cards

Buying cryptocurrency with a debit card is one of the safest and most convenient approaches. All online brokers reviewed in this article accept Visa and MasterCard. But when it comes to fees, eToro has the most competitive offers. It lets traders buy cryptocurrency with a debit card at a fee of 0.5%. 

Credit Cards 

Many traders in the UAE choose to buy cryptocurrency with a credit card. It is a safe and convenient method for new investors. The drawback is that the card issuers charge an advance fee on cryptocurrency purchases of up to 5%. 

PayPal 

PayPal is another popular option for buying cryptocurrency in the UAE. The best broker to use PayPal transfers with is eToro. It offers competitive fees and instant transfer at a fee of 0.5%. 

Crypto-to-Crypto 

Another option for investing in cryptocurrency is to use tokens to buy digital assets. For example, if you have Bitcoin but want to buy Dogecoin, this exchange is possible in a matter of minutes. You will have to deposit the funds into a preferred cryptocurrency exchange. 

Related:
How to Buy Bitcoin in UAE, Best Bitcoin Trading Platform, How to buy Ethereum in UAE

How Much Does It Cost To Buy Cryptocurrency In the UAE? 

Your broker of choice sets the commission fee for your cryptocurrency trading. Check our in-depth reviews to discover additional information on online brokers and trading fees. 

Deposit Fees 

Cryptocurrency brokers usually charge 3-5% for debit or credit card deposits. eToro has a competitive fee structure with a 0.5% commission for both Visa and MasterCard. 

Trading Fees 

Many brokers have additional trading fees for buying cryptocurrency in the UAE. For example, Coinbase has a standard trading commission of 1.49%, while at eToro, you will pay a spread of 0.75% to buy Bitcoin. 

Related: Best cryptocurrency exchange UAE

How To Sell Cryptocurrency In UAE? 

Selling cryptocurrency in the UAE is a straightforward process. For example, if you use eToro, you’ll have to access your portfolio and click on the Sell button. The best way to make money from a cryptocurrency investment is with capital gains. Capital gains refers to selling your crypto tokens for a higher price than you originally paid. Check our in-depth reviews to learn more about buying and selling cryptocurrencies in the UAE. 

Related: Best cryptocurrency to invest in 2021


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Methodology 

The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.

Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.

Disclosure

All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

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