A Guide To Buying Bitcoins In Dubai, United Arab Emirates
- The City Of Dubai
- Bitcoin In Dubai
- Bitcoin And The Blockchain In A Nutshell
- Where You Can Buy Bitcoin In Dubai
- Buying Bitcoin Through Regal Assets
- Buying Bitcoins Using LocalBitcoins
- Buying Bitcoins Using BitOasis
- Other Options For Buying Bitcoins In Dubai And The United Arab Emirates
- Our Top Recommendation
The City Of Dubai
Now known as the largest and most populous city in all of the United Arab Emirates, the beautiful city of Dubai begets its humble roots as a simple pearl-fishing village. Over the years Dubai has established itself as an international port city for free trade.
Dubai is not only a global city and business hub of the Middle East but also a major global transport hub for passengers and cargo. Established as a free port in 1901 by Maktoum bin Hasher Al Maktoum, Dubai enforced no taxation on imports or exports.
In the 1980s, Dubai fashioned itself into a free-trade oasis at the prompting of Sheik Mohammed bin Rashid al-Maktoum.
Gold & Oil Trade
Dubai has been at the center of gold trade since the 1960s. Whether exported or imported, the vast majority of Dubai’s gold trade has occurred internationally off the coast of India.
In 1966, 4 million ounces of gold was shipped from London to Dubai which was a world record at the time. Dubai has been and will continue to be a major gold and precious metals exporter across the globe.
Despite its humble roots, the discovery of oil deposits off the coast of Dubai in 1966 accelerated the development and economic growth of the city. Today, only 5% of the emirate’s revenue is from oil.
Modern Day Dubai
If you are traveling to Dubai, you may want to visit its rich collection of skyscrapers and man-made structures. Many residents choose to live in Dubai for its unique selection of real estate, whether they are renting an apartment in the Emirate Towers or booking a room at the expensive Burj al Arab.
- The Burj al Arab is the world’s only “7-star” hotel, which features a Skyview bar, an underwater restaurant, and an outdoor tennis court.
- Opening in 2010, the Burj Khalifa, constructed by more than 30 contracting companies around the world, is the world’s tallest building.
- The Palm Islands are the largest artificial islands in the world Dubai and home to the Palm Jumeirah.
- The city is home to the Dubai Miracle Garden which has over 150 million flowers arranged in colorful arches and patterns.
- Located in downtown Dubai, the Dubai Mall is the second-largest mall in the world by total land area.
نحن ندعم بثبات شبابنا ، وسوف نمكنهم من تحقيق أعلى مستويات الابتكار والإبداع في جميع المجالات – Sheikh Mohammed bin Rashid Al Maktoum
Bitcoin In Dubai
With cryptocurrency getting more mainstream media attention in Dubai, people are clamoring to get a piece of the action to buy Bitcoin in Dubai, United Arab Emirates. Today, there are hundreds of cryptoassets on the market, with more cropping up every day. However, Bitcoin is the first blockchain backed cryptocurrency and remains the most popular and most adopted. If you know where to look you can find a reputable Bitcoin seller in every corner of the United Arab Emirates (UAE).
Over the last few years, the digital currency has trended upwards hitting record highs and making headlines. Bitcoin and related blockchain technologies are already beginning to be used by people, businesses, and governments around the world. If you missed out on the initial Bitcoin craze, you can still hold onto them for the long term. The adoption of Bitcoin is still in its infancy, so there will be more opportunities for growth.
The blockchain has great potential to disrupt a multitude of industries including banking, government, industrial and business sectors. While we may not know which cryptocurrency will eventually become the new “dollar”, we do know that Bitcoin is the first mover in the blockchain era of technology. This means that as long as people hold Bitcoin, it will have inherent value since it will be used as a mean to exchange between currencies.
Obtaining Bitcoin in the United Arab Emirates can be challenging for beginners who want to try their luck in the cryptocurrency market. If you are based in the Gulf region, and particularly in the beautiful city of Dubai, we are going to take you through how you can acquire some Bitcoins in your wallet and build your portfolio. But let’s start with a brief look at what Bitcoin is and the mother technology that is behind its inception.
Bitcoin And The Blockchain In A Nutshell
Bitcoin is a decentralized digital currency built on the Blockchain invented by Satoshi Nakamoto. No one knows who the inventor is or if it was created by a group of developers; as it stands the identity of Satoshi remains a mystery. In order to process transactions efficiently without involving an intermediary, Bitcoin utilizes the Blockchain technology. Think of the Blockchain as a network of nodes and computers that work together to ensure each transaction is cryptographically secure.
There are many reasons to love Bitcoin. It can be used as a store of value and serve as a powerful hedge against the dollar. At the same time, Bitcoin is seamless, transparent and easily transferable between Fiat currency and Gold. For many pundits, Bitcoin is a unique gimmick, while technologists consider it a more effective way to securely hold and transfer money. Early adopters know that Bitcoin is a borderless currency that has real potential to disrupt global economics.
Late last year, we saw Dubai make headlines when a residential real estate was sold in digital currency, notably Bitcoin. Yes, it happened in September when Aston Plaza started offering off-plan studio as well as one and two bedroom units for around 30 – 70 Bitcoins, a time when the digital currency was worth around $4,900 (Dh18,000). This showed the world that indeed Bitcoin can be used as a payment option – not just a digital asset.
“The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens” – Sheikh Mohammed bin Rashid Al Maktoum
Bitcoin Expansion Across The Middle East:
- User anonymity – While each transaction can be easily traced from one address to another, the identity of users remains private and discrete. Personal purchases from a wallet cannot be associated with your details unless you wish to publish your transactions publicly.
- No third-party influence – Unlike fiat currency which is widely controlled by central banks and governments across the globe, Bitcoin is unique because third parties do not directly influence it. It operates purely on peer-to-peer transactions, guaranteeing more freedom and control for people across the planet.
- Low transaction fees – Standard bank transfers involve fees. Cross-border payments attract higher costs because of intermediaries. By utilizing Bitcoin and the blockchain, transaction costs are inherently low.
- Faster payments – Bitcoin payments are seamless to complete. Unlike the traditional bank wire transfer which could take days or weeks to process, Bitcoin transactions are handled on the more efficient blockchain network, which has no wait periods for authorization requirements.
- No paperwork – With Bitcoin transactions, forget about sending proof of address, showing your passport or ID card or going into a bank. You just need your own wallet, and an address to send Bitcoins to.
- Appreciating value – Apart from being used as a digital currency, Bitcoin can also be used as a store of value, which makes it viable as an investment.
Where You Can Buy Bitcoin In Dubai
Now that you have an idea of what Bitcoin is, let’s get back to our main agenda – how you can acquire this cryptocurrency while in Dubai, UAE and the greater Middle East. There are many options, but we will take you through the most accessible routes. There are three main exchanges you can use to purchase Bitcoin in the Middle East. These are:
- Regal Assets (read more) – Precious metals firm specializing in cryptoassets
- LocalBitcoins (read more) – Buy and sell Bitcoin with local merchants
- BitOasis (read more) – Tested cryptocurrency exchange
- More Options
Note: Remember that each of these exchanges has their Pros and Cons, which we will look at, so weigh your options depending on your needs.
Buying Bitcoin Through Regal Assets
Regal Assets is a prominent precious metals custodian and dealer that is well known among investors for its customer service and state of the art security. Investors can invest in Alternative Assets like cryptocurrency & precious metals which are stored in ultra-secure offshore vaults located in a crypto-friendly jurisdiction. Regal is insured by the Lloyd’s of London.
Regal Assets is the world’s first government licensed and insured cryptoasset investment company in Dubai and the surrounding Saudi Arabian peninsula.
Within Regal Assets, they have two main programs for investing in Alternative Assets. The Regal IRA gives investors access to invest in precious metals such as Gold, Silver, Platinum and Palladium in large quantities along with cryptoassets. Regal Cryptos is available for international investors to safely invest in alternative assets with cash such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), Ethereum (ETH), Ethereum Classic (ETC), Stellar Lumens (XLM) and privacy cryptoassets Monero (XMR), Zcash (ZEC) and Dash.
Currently, they are the only company in the world to offer an Alternative Assets IRA with both precious metals and cryptocurrency (Regal IRA). Together these combine to make the company a great resource for those who want a balanced portfolio and diversification within their Alternative Investment.
Since this platform offers a unique way to purchase Bitcoin, it boasts many benefits for investors. One of the most striking things about Regal Assets is the cold storage and offline wallet that they offer. When you purchase Bitcoin and other cryptocurrencies, your private keys are stored in a cold wallet securely located away from any natural disaster, emergency or government confiscation.
The company is responsible for safe keeping including transportation and vault security. Regal works directly with the government of Dubai and the Dubai Multi Commodities Centre (DMCC).
- The Regal IRA program is the world’s first Alternative Assets IRA that gives investors the power to invest in both hard assets (precious metals) and digital assets (cryptocurrencies).
- The Regal Cryptos grants international investors the ability to make cash investments in the cryptocurrency of their choosing (minimum $5,000) and store the private keys within secure vaults.
How To Make An Investment With Regal Assets:
Investing in Bitcoin with the company is simple.
Step 1: Create an account. Visit the company’s official website and sign up, ensuring that you fill out all of your details correctly. There are three steps in the account creation: (1) Account holder information, (2) Birth information, and (3) Source of funds.
Step 2: Once you are given access, fill out the provided form, and your account will be reviewed and set up within 24 hours.
Step 3: The next step is to fund your account, which is a simple process.
Step 4: Once complete, the job is on the company’s side to process and deliver your investment. They will load your account and proceed to put the funds in cold storage for the utmost security.
Step 5: At any time, feel free to call your personal company representative for updates on your account.
Summary: Remember to always do your due diligence as an investor, however, it seems that Regal Assets has developed a virtually flawless platform for long-term Bitcoin investments. Regal Cryptos is available for international investors to safely invest in alternative assets with cash such as Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Stellar Lumens (XLM), and privacy cryptoassets, Monero (XMR), Zcash (ZEC) and Dash among others. Through the Regal IRA, investors have the power to invest in cryptoassets and precious metals including Gold, Silver, Platinum and Palladium.
If you would like to visit the company in person while in Dubai, here is their company information:
Regal Assets Company Information:
Address: Almas Tower, Suite 36-F Jumeirah Lake Towers Dubai, United Arab Emirates
International Investors: www.regalcryptos.com
Years in Business: 9 Years
Regal Assets is a proud member of the BBB and BCA and holds the highest rating a company can obtain from the BBB and BCA. Regal Assets has been a featured member of the BCA due to their high level of customer service. With a 5 star out of 5-star customer service review and over 711 reviews, Regal Assets has earned a preferred membership status with TrustLink. Inc. Magazine has ranked Regal Assets No. 20 in the United States for financial services landing Regal Assets on the Inc. Magazine 500 List, an exclusive ranking of the nation’s fastest-growing private companies. As an industry leader, Regal Assets has attracted the support and business of prominent figures and celebrities including Alan Thicke, Dennis Miller, Laura Ingraham, Jerry Doyle, Lars Larson, and Alan Colmes. Regal Assets has been featured in Smart Money, Forbes, Market Watch, Reuters, The Street, And the Hollywood Reporter.
Disclosure: The owners of this website may be paid for sales or leads generated from recommendations or links to various investment opportunities. We strongly recommend seeking the advice of your financial adviser before making any investment.
“Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. But I am not familiar with the specific product to assert whether it is the best potential setup. And we need a long time to establish confidence.” – Nassim Taleb, New York Times Best Selling Author
Buying Bitcoins Using LocalBitcoins
LocalBitcoins is a person-to-person Bitcoin trading platform with over 1,000,000+ active users in which local buyers and sellers can meet up and exchange Bitcoin (P2P). They serve 248 countries worldwide. Not only can you purchase Bitcoin in the UAE on LocalBitcoins, but also the rest of the Middle East including Bahrain, Cyprus, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, Turkey, and Yemen.
LocalBitcoins serves as a marketplace where you can buy Bitcoin from local sellers and have the ability to haggle for a favorable price. The platform is unique in that it has a reputation and feedback system for buyers and sellers along with an escrow and conflict resolution service. The platform is simple to use and fun to navigate. It is easy for a registered trader in just about any city or country around the world to locate and find a nearby Bitcoin merchant.
Registering, buying and selling Bitcoin on LocalBitcoins is completely free and getting verified is fast and only requires (1) E-mail, (2) Phone number or (3) Identity verification. Every Bitcoin seller has a rating, so when it comes to performing a transaction your choices are flexible and can be instant. There are hundreds of options for payment including cash, credit card, cashier’s check, gift card, postal mail, MoneyGram, PayPal, Western Union, Venmo, Square Cash, Walmart 2 Walmart, QIWI, Payoneer, Payza, Xoom, MobilePay, Chase QuickPay, Google Wallet, WebMoney, Vanilla and various cryptocurrencies. Users who create advertisements are charged a 1% fee for every completed trade.
Each account can be secured with Two-Factor Authentication (2FA) which can be enabled within the Google Authenticator app or with a paper code. Getting in touch with customer support is easily accessible and response times are fast.
The best aspect of the marketplace is that every user has their own web wallet.
How To Get Started On LocalBitcoins:
Step 1: Sign up on the site and use a secure password. The website shows Bitcoin sellers within your city or region regardless of whether or not you have an account. It is recommended that you list yourself to enjoy the escrow services that the platform offers.
Step 2: Once you have signed in, go ahead and search for local Bitcoin sellers in the ‘Buy’ section. You will likely see many offers with different payment options. Now, your job is just to hit Buy, ensuring that the user you select has a favorable rating (preferably more than 90%), for a swift trade.
LocalBitcoins Sellers in UAE
Step 3: When you click Buy*, you will go to a page with details about the terms of trade (created by the seller), information on trade limits, payment methods, and some fields, where you need to enter either the number of Bitcoins you wish to purchase or the amount of money in AED. There’s also a chat section where you can add more information. When you complete filling these fields, hit, “Send trade request.’
*Alternatively, you can directly message the seller to schedule a time and place to meet up.
Step 4: The Bitcoin seller will now receive a notification of your request, and the number of Bitcoins you intend to buy will credit from their account to LocalBitcoin’s escrow service. They will also respond on the chat section, asking you to send the payment. Don’t worry about anything – go ahead and make the payment. Once you finish, click on the confirmation on the bottom right of the page.
Step 5: Once the seller confirms payment, the Bitcoins will release and reflect in your account. LocalBitcoins saves the chats for some time should you return with a complaint about the transaction.
You now have Bitcoin in your possession or within your web wallet.
Conclusion: LocalBitcoins is an excellent option for those who want to perform a same-day trade with a local seller in Dubai or anywhere in the world. Not only does LocalBitcoins have an easily navigable site, but also their user management system makes it easy to vet and review other buyers & sellers. Overall, LocalBitcoins has no fees and is an effective platform for purchasing Bitcoin from nearby merchants using just about any payment method out there. If you want to learn more about LocalBitcoins feel free to read our full review here.
“At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things.” – Peter Diamandis, CEO of the X PRIZE Foundation
Buying Bitcoins Using BitOasis
BitOasis is the leading digital asset wallet and exchange service in the Middle East & North Africa. The multi-signature BitOasis Wallet (available on Android and iOS) also provides the highest level of security. It is the first platform to offer cryptocurrency buying, selling and trading services in the Middle East serving the entire Gulf region including the United Arab Emirates (UAE), Bahrain, Oman, Kuwait, and Saudi Arabia.
Another attractive alternative to LocalBitcoins if you are in the Dubai region is BitOasis. Albeit it does not feature nearby merchants, BitOasis is an excellent trading exchange for instantly buying, selling and trading Bitcoin and other cryptocurrencies once registered and verified on the platform.
With BitOasis one can easily get started with buying Bitcoin in UAE Dirham (AED). When you sign up to BitOasis, you will instantly gain access to your BitOasis wallet, which allows you to buy and sell Bitcoin securely. All other digital assets can be stored on the Trading Platform only. Local and international deposits have a minimum amount of 300 AED. All other questions can be answered from within the Frequently Asked Questions (FAQ) page.
Not only does BitOasis have a clean and relaxed interface, but also their iOS and Android apps help to make the exchange a fun and accessible experience. On BitOasis, you can buy, sell and trade Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash ABC (BCH), Bitcoin Cash SV (BSV), Ripple (XMR), Litecoin (LTC), ZCash (ZEC), Monero (XMR), Ethereum Classic (ETC), and Stellar (XLM). The BitOasis wallet helps to make the process of purchasing and holding cryptocurrency as enjoyable as possible.
BitOasis is a great option for quickly and efficiently purchasing BTC on the go. If you are in the Middle East and/or North Africa we recommend getting started with BitOasis as it is the premier bitcoin asset exchange in the region, and will continue to grow for the foreseeable future. The withdrawal feature is available for BitOasis traders in the United Arab Emirates (UAE), Saudi Arabia, Kuwait, and Bahrain only. Those located in Dubai will find BitOasis easily accessible to meet their needs.
How To Get Started On BitOasis:
Step 1: Sign up on the platform, and ensure you use a secure password.
Step 2: In order to proceed with the purchase, you will have to create a voucher so that you can exchange it for the number of bitcoins you want. To do this, you will need to make a payment via credit card or bank transfer. The credit card takes less time and is the most recommended method. Bank transfer is cheaper but will for some time before confirmation.
Step 3: Click on the Buy Bitcoin tab found on the left side of the page, input the amount (voucher amount) as well as the payment method, in this case, credit card, and then hit Next. The charges will be around 6%, so you will pay a processing fee of 300 AED for Bitcoins worth 500 AED. Check that the transaction details displayed on the voucher correctly reflect the number of Bitcoins you want to buy.
Step 4: Confirm the payments by clicking “Proceed With Payment,” and you will redirect to the platform’s payment gateway, where you will need to fill in your credit card details. Click on the “Pay Now” tab and wait for verification of the transaction. This could take anywhere from a few minutes to 15 minutes, depending on the number of requests.
Step 5: Done! After some time, you will see the Bitcoins in your BitOasis wallet.
Conclusion: Overall, the BitOasis interface is user-friendly and makes it simple for new visitors to navigate and purchase cryptocurrency quickly. The BitOasis Wallet works seamlessly with the exchange and is also available on the iOS app store, so you can check your funds anywhere you go.
“Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments.” — Leon Luow, Nobel Peace Prize nominee
Other Options For Buying Bitcoins In Dubai And The United Arab Emirates
Regal Assets, LocalBitcoins and BitOasis are not the only exchanges where you can buy Bitcoins in Dubai and the rest of the UAE – they are just the most popular in the region. If you want to explore other options, you can also go on Paxful, Coinmama, and/or CEX.IO. If you are international, Coinbase is a great option too.
Purchasing Bitcoin in Dubai becomes easier with the use of various exchanges, including those that we have covered. And as with any other investment, make sure you secure yours by keeping all your information within a cold storage wallet. If you want to purchase Gold and other precious metals in addition to Bitcoin the Regal IRA is an excellent option.
For those in the UAE looking for a trusted Bitcoin seller in Dubai, you will want to do your proper research before making a purchase decision. Hopefully, this guide has offered a way for you to learn about your options and how you can invest in cryptocurrency while in Dubai, UAE.
If you go for LocalBitcoins (view site), be careful when dealing with sellers and only go for reputable ones. If you decide to go with BitOasis (view site), make sure that you use due diligence to verify your identity and set up your account. Lastly, if you want to store a high-volume of cryptocurrency with maximum security, seriously consider investing with Regal Assets (view site).