What to keep in mind when buying, trading Bitcoin in the UAE

Top Bitcoin & Cryptocurrency Exchanges in the UAE

Analysts cite low tax rate, regulatory environment and political stability, as reasons why a number of exchanges and digital currencies base themselves in the Emirates. Additionally, official support for cryptocurrencies makes bitcoins an attractive investment, although their values can fluctuate dramatically relative to national currencies. You can use local exchanges or select one of the many international exchanges that accept accounts from the Emirates. In addition, sites such as localbitcoins. Many Middle East-based investors may prefer to use a regional cryptocurrency exchange, rather than one based in countries such as the US or Europe.

Here are a few UAE-based and international cryptocurrency exchanges that accept accounts from UAE nationals and residents, and a brief overview about each of them, and what to keep in mind about each:. BitOasis, founded in and based in Dubai, is one of the largest cryptocurrency exchanges in the Middle East, particularly for trading Bitcoin, among other cryptocurrencies it avails the option to trade.

BitOasis allows transactions in USD and AED as well as the use of local credit cards, while also providing an option for users to store cryptocurrencies on its platform through online web wallets. Keep in mind that the exchange requires a minimum deposit of Dh that can be accepted via bank transfer or cash deposit. UAE clients may also deposit funds via exchange houses. While the platform is considered among the most popular means to buy Bitcoins in the countries it services, some of the other perks include multi-signature security measures, which requires more than one signature to transfer funds — enhancing security.

Moreover, while there are no registration fees, but users will be charged a 0. Among the newer cryptocurrency exchanges, Palmex — established in — is also based in Dubai. While the website claims site claims comparatively better security standards and minimal trading fees, the firm does not accept fiat currency for deposit, so you must open an account with Bitcoin or other accepted cryptocurrencies.

When a market charges Taker and Maker fees, they differentiate whether you're increasing the size of the order book or decreasing the size of the order book. When you create an order that is immediately matched with already existing orders, you're a Taker because you take liquidity from the market. When you add an order that doesn't match existing offers, you add liquidity to the market and are charged a Maker fee.

While a trade order gets the Maker fee if the trade order is not matched immediately against an order already on the order book, which adds liquidity, a trade order gets the Taker fee if the trade order is matched immediately against an order already on the order book, which removes liquidity. Simply put, a maker fee is when you create an order on the order book this could be a buy or a sell and someone else completes it, therefore you pay no fees and get the amount paid.

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The one that completed your order pays the fee. The other way around, if you sell into an order already posted, you pay the fee, and they do not. Binance has a trading fee structure that is based upon day trading volume or hour Binance Coin holdings. Trading fees range from 0. Additionally, both Maker and Taker can receive a 25 per cent discount by using Binance Coin instead. Binance facilitates the deposit and withdrawal of funds in crypto and fiat money. The trading fees average at 0.

Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. Founded mid, it is available in almost all countries. While the platform charges a comparatively lower 0.

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Among surveyors and matter researchers, it is highly-rated for security and data protection. However, it requires ID verification, so it is not considered to be private. The user interface is considered to be much more complex for newbie Bitcoin traders. Anyone wishing to trade futures contracts will also need to undergo a KYC verification. After opening an account with a suitable platform, one then buys Bitcoins and adds it to one of the wallets mentioned initially.

You can use Bitcoin ATMs to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. However, that convenience and privacy, comes with a price; most ATMs have fees of 5 per cent to 10 per cent. From there, you'll be able to withdraw your funds. There are two ways to trade Bitcoin: Buy the cryptocurrency itself in the hope of selling it on at a profit, or speculate on its value without ever owning the token. The latter is how CFDs work. To trade, when simply put, one first finds a suitable opportunity or price of Bitcoin to trade, takes a position — which generally means to determine whether or not the price will rise or fall, and lastly all that is left is to monitor your trade and take a call whether to buy or sell.

Increase your exposure to Bitcoin with leverage using borrowed funds to increase one's trading position and go long or short on the price — all without the expense of an exchange account. Having a trading plan is crucial to success for any trader but even more so for Bitcoin traders because the market can see high amounts of volatility, given that volatility makes the market extremely attractive, but difficult to trade.

This is why your trading plan should include ways to manage risk, by outlining your goals and a methodology for entering and exiting trades — known as a trading strategy. Some tips, from analysts at UK-based brokerage IG Group, for creating a trading plan is to set out what you want to achieve from your trading, broken down into short and long-term goals. Also the analysts suggest you decide your acceptable risk from each trade, as well as how much you are willing to risk overall, while recommending that you should also pick a risk-reward ratio, so you know how much potential profit you need to justify your potential loss.

Bitcoin in the UAE: Live AED Price, Best Exchanges, Taxes, and History

What is risk-reward ratio? The risk-reward ratio measures how much your potential reward is, for every dirham you risk. It is measured in a straightforward mathematical calculation: where the price at the start of the trade is subtracted from the price at the end of the time period of the trade, with the subtracted amount divided by the starting price. While choosing which markets you want to trade Bitcoin, your trading plan should also include the way you will analyse the Bitcoin market: either through technical or fundamental analysis.

A deal ticket, commonly known as a trading ticket, is a record of all the terms, conditions, and basic information of a trade agreement. You can also define your close conditions: set a stop to close your position when the market moves against you by a certain amount, or a limit for when it moves in your favour. Stops and limits are central to good risk management.

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To close your position, you simply place the reverse of your original trade. Market holidays may change these hours. You can manage them any time by clicking on the notification icon. This section is about Living in UAE and essential information you cannot live without. By clicking below to sign up, you're agreeing to our Terms of Use and Privacy Policy.

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Saving and Investment. Not only have many governments been considering issuing their own state-backed stablecoins, but Bitcoin adoption is growing alongside a burgeoning blockchain industry. However, it is one of the first countries in the region to have outright guidelines on ICOs and various cryptocurrency-related services. Exchanges and blockchain-related companies are only starting to be licensed this year, so the industry is still very small in the country.

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As of now, there is contradictory information on the legality of Bitcoin in the UAE. On the one hand, it was banned in January under article D. Still, it seems that Bitcoin trading is available in the country. Multiple exchanges have also received licenses this year in the UAE, signaling a shift in how the government treats the industry. Overall, it seems that the government sees promise in blockchain and we can likely expect complete legalization of the cryptocurrency sector in the coming years if this trend continues. Buying and selling Bitcoin in the UAE is possible, but few exchanges exist which are based in the country.

This is not an issue though since most international exchanges offer services in the UAE regardless. Kraken remains one of the best options for UAE residents to trade cryptocurrencies. Supporting fiat deposits, the exchange boasts high liquidity. Based in the United States, it is currently the leading exchange by volume in euros and its services are available globally.

Best Places to Buy Bitcoin in Dubai & Abu Dhabi

It is relatively beginner-friendly. Just keep in mind that you will need to convert the UAE dirham to euros or dollars to be able to trade on the exchange. Bitstamp is noteworthy for being the first cryptocurrency exchange licensed in the European Union. Its services are available in UAE as well. All that is required is a basic KYC check. With a longstanding history in the industry, it is considered among the best exchanges to buy BTC with fiat currency. BC Bitcoin is a UK-based cryptocurrency broker. It prides itself on fast deposits and withdrawals, and generally, verification on the exchange only takes about an hour or so.

It is yet another option for those looking to buy and sell Bitcoin in the UAE. BitOasis is one of the few cryptocurrency exchanges which are licensed and fully operational within the UAE. Because of its unique position within the Middle East, BitOasis has become a popular trading hub for crypto-enthusiasts in the entire region. This is because countries like Saudi Arabia or Egypt, for example, still have no domestic cryptocurrency exchanges. The exchange was launched just this year but is worth signing up for.

If you are not interested in using a cryptocurrency exchange, you can also purchase BTC over-the-counter using LocalBitcoins.