Although Bitcoin is considered the most liquid, the UAE does not recognize it as a legal tender. The only legal tender in UAE is the Dirham. However, UAE residents can involve an exchange and open an account. They can trade in Bitcoin and other crypto currencies while operating these accounts. Bitcoin is universally accepted and you can use it to trade in any currency.
It is true that with certain limitations you can trade in some other digital currencies in the UAE, but whichever currency you are trading in, you definitely require a secure method to store such a currency. Cold storage hardware wallets are accepted widely as the best method to protect your crypto currency. The popular hardware wallets are the likes of ledger Nano S or the TRezor. They are widely accepted as the cold storage wallets which are excellent when it comes to protect your peer to peer money.
There are the exchanges that have the benefit of built in wallets, but they are vulnerable to theft because they are centralized. Once you have chosen a wallet that you can rely on, the next step is to choose a reliable and suitable currency exchange where you may have to involve verifying your identity for some transactions and these transactions will vary with each broker. Finally comes the actual step of buying any of the accepted decentralized money.
Here you need to understand that it is quite easy to buy Bitcoin in the UAE. However, the exchange or the broker you select is the most important decision. The first step to buy crypto currency in the UAE is to open an account at a crypto currency exchange. Along with this you also need to get a crypto wallet as explained above. This wallet is to store your coins, give gifts and make purchases.
Then again the investors in the UAE have the option to choose among local as well as international exchanges that accept accounts from the Emirates. However, most of the investors from the Emirates prefer local digital currency exchanges. The main reason behind this is that there are many foreign based exchanges like the US based CoinBase, which don’t allow investors in some geographical areas to trade on their platforms.
The best part is that there are also UAE based exchanges along with the foreign ones. These exchanges accept accounts from UAE residents. The main among them are:
BitOasis was formed in 2015 and has a base in Dubai, it is one of the largest exchanges in the Middle East. Along with the BTC the other supported currencies are the Ripple, Ethereum, Bitcoin cash ABC and Bitcoin cash SV, Litecoin, Monero, ethereum classic, ZCash, and Stellar.
This is one of the newest exchanges in the UAE, and was established in 2018 based out of Dubai. This exchange provides a variety of digital currencies along with Bitcoin and these currencies include Dubaicoin DBIX, Ethereum ETC, Ripple XRP and others. The site of this exchange is very secure and they charge minimal trading fee.
There are the Bitfinex exchange which is based in Taiwan and supports the professional trading features like margin trading. Apart from BTC it also supports Ethereum, ripple, Litecoin and Monero along with others.
This is a UK based exchange and accepts customers from around the world along with the Emirates. Apart from providing Bitcoin and other peer to peer money exchanges it also allows you to deal in nine forex currency pairs. It accepts Crypto capital, visa, and Master Card credit cards, SEPA credit and bank transfers and bank transfers for the purchase of crypto currency.
The Middle East has accepted the digital currency explosion just as it does all new technology. Many governments in the Middle East are now joining hands with the financial companies to issue their own peer to peer currency. Almost all the countries have been affected by the electronic currency bug and UAE has especially taken it very seriously. There were plans by the securities and commodities authority of the UAE started to regulate the initial coin offerings in the first quarter of 2019 and it has steadily been growing.
Earning money now is insufficient, since it may not be enough to meet life's financial objectives. As a result, it is critical to spend money. Saving money in the bank is the same as giving up an opportunity to make money. It is crucial to invest carefully in the different plans available on the market, choosing the one that is ideally tailored to your objectives.
With new technologies and goods, the investment market is rising by the day. The conditions for investing in different forms of investment instruments differ depending on the providers in the UAE.
Expats can invest in stocks, bonds, real estate, cash, UAE mutual funds, or other forms of funds in the UAE.