A Guide To Buying Bitcoins In Dubai, United Arab Emirates And The Greater Middle East
- Bitcoin Investing For Beginners
- Bitcoin And Blockchain In A Nutshell
- Benefits Of Bitcoin
- Buy Bitcoin In Dubai, UAE
- 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
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 – also home to Abu Dhabi. Today, we have hundreds of cryptocurrencies on the market, with more cropping up every day. But if you ask most people what a cryptocurrency is they will respond, “Bitcoin”. Well, the truth is that Bitcoin is the pioneer of cryptocurrencies 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. While more technological strides and governmental regulations will need to be achieved, 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 still have a chance. The adoption of Bitcoin and blockchain-backed cryptocurrency is still in its infancy, so there’s a lot of room for growth.
Bitcoin Investing For Beginners
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 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.
“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
Benefits Of Bitcoin
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.
A Few Reasons Why Bitcoin Is Expanding 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.
Buy Bitcoin In Dubai, UAE
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: exchanges! There are three main exchanges that you can use to purchase Bitcoin in the Middle East. These are:
- Regal Assets (read more) – Precious metals firm specializing in cryptocurrency
- LocalBitcoins (read more) – Dealing with local sellers
- 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 storage and dealer that is well known amongst investors for its customer service. Customers can invest in both fully insured cryptocurrency & precious metals stored in ultra-secure offshore vaults. The platform gives investors the ability to purchase Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), Stellar (XLM), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC) and Zcash (ZEC) in large quantities along with Gold, Silver, Platinum and Palladium.
If you are looking for a way to invest in Bitcoin in Dubai and the surrounding Saudi Arabian peninsula, you will need to do your research on Regal Assets. Regal is the first government licensed and insured cryptocurrency investment company in the Middle East.
In addition to cryptocurrency purchase services, Regal Assets also has impressive precious metal and Gold IRA services. Currently, they are the only company in the world to offer an IRA with both precious metals and cryptocurrency (Regal IRA). Together these combine to make the company a great resource for those who want to make an investment in Alternative Assets.
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 storage including transportation and vault security. Regal works directly with the government of Dubai and the Dubai Multi Commodities Centre (DMCC). Each investment account is fully insured by the Lloyd’s of London so that in the event of a crisis you will have peace of mind.
Why Invest With Regal Assets?
- Works with the government in Dubai, United Arab Emirates (DMCC)
- Provides offline key generations for better security
- Fully insured against hacking, natural disaster or theft
- Operated by a company that is the Gold IRA market leader
- Offshore storage of cryptocurrency for improved privacy, diversification, and security
- Fully integrated support system available 24/7
- A free kit will help you learn about the company’s operations and how to invest in cryptocurrencies
- Only offers a few cryptocurrency options for those looking to invest beyond Bitcoin
- Does not offer same day service
Here’s How You Can 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 strong platform for long-term Bitcoin investments. We recommend the Regal Assets company only for the serious investor who is considering an investment in cryptocurrency. Regal Cryptos is now available for international investors to safely invest in Bitcoin, Ethereum, Ripple, Litecoin, Stellar Lumens, and others.
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 platform for local buyers and sellers to 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.
The platform that is LocalBitcoins serves as a marketplace where you can buy Bitcoin from local sellers and have the ability to haggle for a favorable price.
The best thing about the marketplace is that each Bitcoin seller has a rating, so when it comes to performing a transaction your choices are flexible. As for payment options, it is up to you to speak to your chosen seller about what they will accept.
Why Buy Bitcoins On LocalBitcoins?
- Protection by escrow services
- 2-Factor authentication to help you secure your account
- Effective conflict resolution
- A wide range of payment options
- Trades can be instant if the seller responds on time
- No tedious verification
- Low fees of 1% – traders can decide their price for more profits
- There could be many scammers on the platform, so make sure you perform the trade through the site
- The price of Bitcoin is higher when compared to the current market value
- If you want to buy a large number of Bitcoins, some sellers could insist on verification (driver’s license or ID)
Here’s 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.
Conclusion: LocalBitcoins is an excellent option for those who want to perform same day trades with someone nearby. Not only does LocalBitcoins have an easily navigable site, but also they make it easy to vet and review other sellers based on communication preferences. Overall, LocalBitcoins is an effective way to purchase Bitcoins locally from all types of sellers in your geographic region. Read our full review of LocalBitcoins 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 cryptocurrency exchange serving 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 services in the Middle East serving the entire Gulf region including UAE, Bahrain, Oman, Kuwait, and Saudi Arabia.
Another attractive alternative to LocalBitcoins is BitOasis. Not only do they have a clean and easy to use interface, but also they have a multi-signature cryptocurrency wallet which will keep your funds safe. It makes purchasing and holding cryptocurrency an efficient process.
With BitOasis you can easily buy cryptocurrency in Arab Emirate Dollars (AED). Setup is simple as all you need is your email and phone number.
Why Buy Bitcoins On BitOasis?
- User-friendly interface
- Accepts credit and debit cards, as well as bank deposits
- Secure Bitcoin wallet
- Somewhat complicated process because one must use a voucher to purchase Bitcoins
- Higher fees than other exchanges in other parts of the world
Here is how you can get started on BitOasis:
Step 1: Sign up on the platform, and ensure you use a secure password (again).
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 500AED. 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
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, Changelly and/or CEX.IO. If you are international, Coinbase is a great option. Remember though that the latter is more expensive than all other options, while Changelly might be a little bit complicated to use.
Purchasing Bitcoins 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 information to your wallet safe. If you go for an option that gives you the privilege of storing your private key, make sure you keep it secure by all means.
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 high-volume cryptocurrency with maximum security, take a serious look at investing with Regal Assets (view site). Do it the right way and enjoy this new cryptocurrency for generations to come.