Crypto investments are gaining global acceptance. In addition to Bitcoin, there are more than 14000 cryptos currently under circulation in the crypto market. Another interesting aspect is the investment opportunities on these cryptos. The total market capitalization of crypto investments is growing multi-fold. If you are interested in bitcoin trading, visit Bitcoin Code to acquire an utter guide to crypto trading.
How to buy a cryptocurrency in Dubai?
If you are a resident of Dubai and wish to invest in cryptocurrency, then it is recommended to do so from a trusted crypto exchange. Choose a cryptocurrency exchange that’s credible and provides investors with many trading options. It is also important to choose an exchange that has low transaction fees and allows for easier transaction options. Another key important factor is to keep a tab on the payment options on these exchanges.
A most cryptocurrency exchange in Dubai allows investors to easily switch between UD and AED payments.
Let us take a look at key crypto wallets in Dubai to enable smooth buying of cryptocurrencies.
eToro
It is one of the trusted and best exchanges in Dubai. Investors are allowed to trade on 40+ cryptos. In addition to Bitcoin, other popular cryptocurrencies including Ethereum, Polka Dot, and Dogecoin are listed in eToro. The exchange allows investors to complete the user registration in less than 30 minutes. Payments can be easily added to your digital wallet using a credit card, debit card, and internet banking. You can also use Paypal digital payment scheme to add money to your wallet. Compared to other exchanges, eToro provides users with minimal transaction fees. Your investment attracts less than a 1% transaction charge while buying crypto. But, the same charges are not applicable while selling your crypto through this exchange. Both beginners and experienced traders find eToro an easy platform. Users can easily navigate between many windows and also get alerts on market fluctuations.
Binance
Binance is another cheapest exchange allowing for easier crypto trading. Traders are enabled with access to multiple trading tools including market analysis, trends and fluctuations, and in-depth analysis of trends. If you are interested in spot trading then Binance is your best choice. Transaction charges are levied 0.10%% while buying and selling your order. If you are looking at buying Bitcoin using your credit card, then the exchange can charge you up to 4% fees for your transaction. But, one flaw here is the fact that Binance exchange is not compatible with first-time users.
Coinmama
If you’re a beginner in crypto trading, then Coinmama is your best choice. As an investor, you can just go about creating an account using this exchange. Add money to your digital wallet using your credit or debit cards, and bank transfers. Coinmama is capable of sending your Bitcoin to any other wallet address. All Bitcoin received by you reflects in your digital wallet in less than 2 hours of initiating a transaction. One disadvantage or flaw of the Coinmama exchange is its huge transaction fees. Your digital transaction attracts up to 7% charges using cards. And up to 10% while using the bank transfer option to make payments.
Important tips to consider while buying cryptocurrency in Dubai
If you are a beginner in crypto investments, then it is important to consider the below points while buying your crypto.
The credit card fees charged by the exchange
Most crypto exchanges charge between 2%-6% for every crypto transaction using a credit card. Watch out for this information while buying your cryptocurrency
Make small investments
Always make a minimal investment while trading first. Whatever you are buying, invest low. You can also try out to diversify your fund flow.
Always choose crypto exchange instead of ATMs
Bitcoin ATMs are a famous concept in recent times. However, these ATMs charge more than 11% transaction charges as compared to exchanges.
Let us now look at a few frequently asked questions while buying cryptos in Dubai.
- Cryptocurrency is legal in UAE including Dubai. Investors are allowed to buy and sell cryptocurrencies using a credible crypto exchange.
- Other than eToro, you can also choose Coinbase to make investments
- Other than crypto exchanges, there is also Bitcoin ATMs in Dubai
As part of the 2021 business plan, the Dubai financial authority has also announced that the authority is working on developing a framework for cryptocurrency investments.
