The digital currency explosion in the Middle East has prompted many governments there to collaborate with different companies to provide their versions of cryptocurrencies. Alongside this development, a slew of cryptocurrency companies and exchanges have also begun their operations throughout the Middle East, including the UAE.
People in the UAE have taken cryptocurrencies, especially bitcoin seriously. The result is seen in the dominance of this digital currency on the market. Its wide spread acceptance, liquidity, and popularity has meant more and more merchants are now accepting it as a form of payment. While buying bitcoin is easy, you need to make sure you select an appropriate exchange or broker. This will be your first step in buying bitcoin in the UAE. At the end of the step, you need to have a functional crypto wallet that can store your bitcoins, receive gifts, and make purchases. This popular digital currency is available in the UAE since 2014 and growing rapidly since then.
Here, we are listing some of the most popular exchange companies that will help you buy, store, and sell bitcoins.
How to Buy Bitcoin in UAE
1. Paxful
Came into existence in 2015, Paxful is a peer-to-peer digital wallet and cryptocurrency exchange provider. In using Paxful, clients can buy and sell bitcoins and other cryptos whenever required. Currently, the company has more than 4.8 million active users and has offices in the Philippines, Estonia, the USA, and Hong Kong. Opening an account with Paxful is simple and hassle-free. All a client needs to do is meet mandatory registration requirements. Additional KYC identity checks may be required to extend activity limits in certain territories. This may include answering some security-related questions and video verification. A Bitcoin app is also provided by the company that can be downloaded to Android and iOS devices. This app guarantees a secure and safe access to the cryptocurrency marketplace.
2. CEX.IO
The CEX.IO is the perfect cryptocurrency exchange platform you should be looking at if you are looking at something that supports different digital assets and accepts multiple deposit types. What is great about this company is both beginners and advanced users can use the platform for buying and selling a variety of cryptos, including bitcoin. Registered in the US, CEX.IO has got the license from FinCEN and it provides all users an advanced level of protection while trading through its level two DSS certificate. To get the best experience out of CEX.IO, users need to have a verified account. This can be achieved by submitting relevant documents and providing some personal information. Next up, users need to provide a proof of address, a selfie of them holding necessary document, and submit their identity document that is approved by the government.
3. Coinbase
If you’re looking for a digital platform that will help you store, buy, and sell cryptocurrencies, including bitcoin, then Coinbase will suffice. Having exchanged $6 billion worth of digital currency and serving more than 10 million customers already, Coinbase is the one-stop-shop for everything related to cryptocurrencies and more. Coinbase provides clients competitive market spreads and thereby making it possible for them to carry out speculation and day trading easily. The best part about Coinbase is that its platform is consistent across the mobile app and the website. So, clients can maintain their positions while on the move. To open an account with Coinbase, you first need to create a hosted wallet. Thereafter, speculate on price movements and/or buy and sell coins.
4. Changelly
This cryptocurrency exchange acts as a bridge between users and exchanges. Based in Malta, this instant and non-custodial exchange supports not just bitcoin but also Etherium (ETH), Ripple (XRP), and Bitcoin Cash (BCH). For deposits, Changelly accepts both EUR and USD. If the details provided on its website is anything to go by then Changelly provides the best crypto-to-crypto rates in the industry. What is special about this exchange is it lets users to trade using some of the largest and most trusted cryptocurrency exchange platforms, including Polonix, Bittrex, and Binance. For depositing into your Changelly account, you can either use Mastercard or Visa credit cards. The minimum deposit amount is $10. Besides the exchanges mentioned above, Changelly lets you buy and sell bitcoins through another platform called localbitcoins.com.