How to Buy Cryptocurrency in United Arab Emirates
Buying cryptocurrency in United Arab Emirates
The United Arab Emirates has been considered one of the most progressive crypto countries worldwide. A government-owned licensing company, Kiklabb, even lets its clients pay the Dubai Financial Services Authority for their trade license or their visa fees with digital assets. As part of its business plan for 2021, the Dubai Services Authority announced to work on establishing a regulatory framework for cryptocurrencies. What’s more, the United Arab Emirates and Saudi Arabia are allegedly teaming up to work on a joint central bank digital currency study initiative, which has been dubbed “Project Aber”. Blockchain technology was also recognized by the United Arab Emirates’ government very early on. Most of the United Arab Emirates’ population seems to have acknowledged their government’s initiatives in blockchain technology. Regarding cryptocurrency, it is speculated that a big part of the population (especially investors), have to a degree, invested in or are involved in different cryptocurrencies.
As of 20/03/2021
These exchanges all accept customers from United Arab Emirates. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
eToro is a social trading platform that allows you to buy into cryptocurrencies, international stocks and shares and more complex financial assets. It also has an innovative Copy Trader feature where you can choose to follow other successful traders and automatically copy their trades to hopefully share in their success
- Fully regulated financial institution
- Trade crypto, stocks and other financial assets
- Follow and copy the trades of expert traders
- Fees (spreads) are high
- Only USD as base currency
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options