Cryptocurrency has made sending money across borders super easy for people all around the world. Unlike regular banks, which often involve lengthy processes, high fees, and limited access, cryptocurrencies let you send money anywhere without those problems.
In Dubai, people use cryptocurrency for different things. Some send money to family in other countries, others use it for international business deals, and it works really well for that too. Buying cryptocurrency in Dubai is a simple process, and there are many ways to do it.
- Crypto Exchanges: Buying cryptocurrency through a crypto exchange in Dubai is very easy. Start by signing up for an account on a reputable exchange platform that operates in the UAE, like BitOasis or Binance. After completing the registration process, you’ll need to verify your identity as per local regulations, which often involves providing identification documents.
Once your account is verified, you can deposit funds into your exchange account using a bank transfer, credit card, or other available payment methods. Next, browse the exchange for the cryptocurrency you want to buy, such as Bitcoin, Ethereum, BNB, USDT, etc.
Place an order, specifying the amount you want to purchase, and review the transaction details before confirming. Once the order is executed, the cryptocurrency will be credited to your exchange wallet.
- P2P Platforms: Peer-to-peer (P2P) platforms like Paxful allow users in Dubai buy cryptocurrency directly from other individuals. To get started, create an account on the P2P platform and complete the necessary identity verification.
Once your account is set up, you can browse listings from sellers who are willing to sell cryptocurrency in exchange for the local currency.
Choose a seller with good reviews and a favorable offer, then initiate a trade. The platform will provide an escrow service to secure the transaction. Follow the seller’s instructions for payment, which may include using online banking services. After confirming payment, the cryptocurrency will be released from escrow to your wallet.
Best Crypto Wallet in UAE
Having your own crypto wallet is like having your own safe place for your cryptocurrencies. When you buy cryptocurrencies on an exchange or from someone else, it is advisable to transfer them to your wallet. This way, you have full control and ownership of your coins. It’s safer because you’re not relying on someone else to keep your money secure. Here are a few crypto wallet available in UAE:
- Trust Wallet: Trust Wallet is a mobile cryptocurrency wallet available in the UAE and worldwide. It is known for its user-friendly interface and security features. Users can store a variety of cryptocurrencies in Trust Wallet, and it supports the Binance Smart Chain, allowing seamless interaction with decentralized applications (DApps).
- MetaMask: MetaMask is a popular Ethereum-based wallet that is accessible in the UAE and around the world. While primarily designed as a browser extension, it also offers a mobile app version. MetaMask allows users to manage Ethereum-based assets and access decentralized applications (DApps) within their web browsers.
- Coinomi: Coinomi is a multi-currency wallet that is accessible in the UAE. It supports many cryptocurrencies, including Bitcoin, Ethereum, and various altcoins. Coinomi also provides the ability to exchange cryptocurrencies within the wallet through integrated services. It is compatible with both mobile and desktop devices.
Bitcoin ATM in UAE
In UAE, there are several Bitcoin ATMs, and they are straightforward to use. Here are the steps to use a Bitcoin ATM:
- Find a Bitcoin ATM near your location using online directories like CoinATMRadar.
- On the ATM, select the option to “Buy Bitcoin” or a similar option on the screen.
- Some ATMs may require identity verification, so be prepared to provide your mobile number or scan your ID if prompted.
- Enter the amount of Bitcoin you want to buy in the local currency (AED).
- If you have a Bitcoin wallet, scan the QR code from your wallet app where you want to receive the purchased Bitcoin.
- Enter the required amount of cash (AED) into the ATM. Make sure it matches the amount you specified.
- Review the transaction details on the screen, including the amount and Bitcoin address. Confirm the purchase.
- The ATM will provide a receipt for your transaction. You will also receive a confirmation of the transaction on your wallet if you provided a QR code.
- Once the transaction is confirmed, the Bitcoin you purchased will be sent to your wallet.
Selling BTC for Naira
If you have received Bitcoin from a friend or family member in the UAE and want to convert it to Naira, you have several options available to you. However, Dart Africa is the go-to platform for converting Bitcoin to Naira.
Dart Africa has a variety of features that make it ideal for selling Bitcoin for Naira.
- Fast Payout: Dart Africa stands out for its exceptional speed in processing payouts. When you decide to sell your Bitcoin for Naira, you won’t have to wait to access your funds.
- Best Crypto Rate: One of Dart Africa’s standout features is its commitment to offering some of the most competitive cryptocurrency exchange rates in the market. When you choose Dart Africa to sell your Bitcoin, you can rest assured that you’ll receive the best possible value for your digital currency.
- Crypto Rate Calculator: Dart Africa provides a user-friendly crypto rate calculator that simplifies the process of converting Bitcoin to Naira. This tool allows you know the precise Naira amount you’ll receive for your Bitcoin.
- Excellent Customer Support: Customer support is a cornerstone of Dart Africa’s service. Their responsive customer support team is always ready to assist you with any questions, concerns, or issues you may encounter when carrying out your transaction.