Cryptocurrency is a virtual or digital currency that uses cryptography to secure its transactions and control the creation of new units. Crypto assets are decentralized, so they are not subject to the control of financial institutions or governments. The first cryptocurrency, Bitcoin, was created in 2009.
For years now, cryptocurrency has been traded on unregulated digital exchanges. This has made it difficult for people in some countries, like the UAE, to buy cryptocurrency.
Cryptocurrency Markets by TradingView
In February 2018, however, the Abu Dhabi Global Market (ADGM), one of the world’s leading financial centers, announced that it would be launching a regulated cryptocurrency exchange. This move is sure to make it easier for people in the UAE to invest in cryptocurrency.
The framework is intended to handle the complete spectrum of risks connected with crypto assets, including money laundering and financial fraud, consumer protection, technological governance, custody, and exchange operations. This new structure is one of ADGM’s numerous initiatives and continuous commitments to help Abu Dhabi diversify its economy via innovation and sustainability projects.
The public consultation received overwhelmingly positive feedback, with local and international respondents praising the proposed regulatory framework’s comprehensiveness. Several adjustments to the regulatory system have been implemented in response to constructive feedback from these respondents, with one major change being the establishment of a sliding scale Daily Value Trading Levy on Crypto Asset Exchanges.
Apart from this, many trading platforms in the UAE already allow you to buy cryptocurrency. eToro, Kraken, and BitOasis are just a few of the many platforms that allow you to buy Bitcoin, Ethereum, and other cryptocurrencies.
When it buying cryptocurrency, it’s crucial to remember that it is still an unregulated market. This means that there is a high risk of fraud and price manipulation.
While their popularity is increasing, cryptocurrency is still a relatively new concept for many people. If you’re interested in buying cryptocurrency in the United Arab Emirates (UAE), here’s what you need to know.
If you are interested in purchasing cryptocurrency in the UAE, there are a few different ways to do so. But be sure to do your own research before investing any money.
One way to invest in cryptocurrency in the UAE is through a local exchange. These exchanges are regulated by the ADGM, which offers increased protection against fraud and price manipulation.
When using a local exchange, you will need to go through a know-your-customer (KYC) process to verify your identity. Once you have been verified, you can link your bank account or credit card to the exchange and start buying cryptocurrency.
Another way to buy cryptocurrency in the UAE is through international exchange. These platforms are not regulated by the ADGM but may offer lower fees. However, carefully research any international exchange before using it, as there is a higher risk of fraud and price manipulation.
You can also buy cryptocurrency directly from another person. This is often done through online forums or social media platforms. Be careful before meeting up with someone to buy cryptocurrency, as there is a risk of fraud or theft.
Finally, you can mine cryptocurrency yourself. Crypto mining involves using computers to solve complex math problems to verify transactions on the blockchain. While this method can be convenient depending on your resources, it can be very expensive and time-consuming.
Again, make sure to do your own research before buying cryptocurrency in the UAE. This is an unregulated market, and there is a high risk of fraud or theft. So do your due diligence and carefully consider all your options before investing any money.
The most important thing to remember is that you should never invest more than you can afford to lose. The price of cryptocurrencies fluctuates rapidly and is extremely volatile. Therefore, invest only according to your risk appetite and closely monitor the market to avoid losses.
The Abu Dhabi Global Market (ADGM) has announced a new regulatory framework for cryptocurrency activities in the ADGM. The framework is designed to handle the complete spectrum of risks connected with crypto assets, including money laundering and financial fraud, consumer protection, technological risks, and market manipulation.
The new framework requires businesses that want to operate in the space to obtain a license from the ADGM. This licensing process will be conducted by the Financial Services Regulatory Authority (FSRA), which will also oversee the ongoing regulation of these businesses.
In addition to the licensing requirement, businesses will also need to comply with other regulations, including anti-money laundering (AML) and countering-the-financing-of-terrorism (CFT) rules. Businesses will also be required to implement know-your-customer (KYC) procedures.
The ADGM has also announced a new Daily Value Trading Levy on Crypto Asset Exchanges. The levy is a sliding scale tax based on the value of each trade and is designed to discourage speculative trading.
The ADGM’s new regulatory framework is a positive step for the cryptocurrency industry in the UAE. The framework provides increased protection for investors and should help to foster more innovation in the space.
Aside from its popularity, there are a lot of reasons to buy and invest in cryptocurrency in the UAE.
These are just some of the reasons why you should invest in cryptocurrency in the UAE. There are many other reasons not mentioned here. However, these ten reasons should give you a good idea of the benefits of buying cryptocurrency.
There are a few different payment methods that you can use to buy cryptocurrency in UAE.
These are just some of the most popular payment methods for buying cryptocurrency in the UAE. There are many other payment methods available as well. However, these five methods are the most commonly used.
If you want to buy crypto from a trading platform, here’s a general guide to what you need to do:
Note: The exact steps may vary depending on the exchange you are using.
When buying cryptocurrency, you will need to pay fees. These fees can be divided into two categories: trading fees and withdrawal fees.
Note: Some exchanges do not charge withdrawal fees. However, they may charge higher trading fees to make up for this.
eToro is the leading crypto exchange in the UAE for several reasons.
Trading digital currencies necessitate safeguarding your dollars and valuables. Top financial regulators FCA, ASIC, and CySEC have approved and regulated this eToro. Therefore, residents of the UAE might consider it a safe platform. With just $25 (about 92 AED), you can enter the world of cryptocurrency.
When you use this broker to do a transaction, such as buying Bitcoin, you will only be charged a spread. The gap starts at just 0.75 percent, making investing in Bitcoin extremely competitive. However, purchasing cryptocurrencies might be scary for newcomers due to their incapacity to safeguard them properly.
To ensure eToro’s security, your tokens can be purchased, sold, exchanged, and kept on the site itself. If you wish to cash out your investment, you should construct a sell order rather than making many transfers between wallets or third-party exchanges.
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Coinbase also offers a crypto wallet service. This allows you to store your cryptocurrency offline in a secure location.
In addition, Coinbase is one of the few exchanges that offer insurance for your cryptocurrency. So if your account is hacked or if Coinbase loses your cryptocurrency, you will be compensated by the exchange.
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The minimum order size is merely 0.0001 BTC. If you are not confident in your ability to handle your storage and security procedures, the platform will retain the majority of your cash in cold storage.
The platform offers more than 500 tokens to trade, from well-known ones to new and upcoming projects. So it’s always better to do your research when investing in new coins or altcoins.
Binance is the most accurate site for analyzing crypto quotes in your local currency and tracking the success of your portfolio. The platform will display the crypto rates if you use AED as your default currency. As a result, you shouldn’t have to convert your money or use a separate calculator to calculate your profits and losses.
The trading fee ranges from 0.1% to 0.01%, based on the trading volume over the past 30 days. You can also reduce your fees by 50% if you use Binance Coin (BNB) to pay your trading fees.
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As an added benefit, you can trade Bitcoin for a variety of fiat currencies, including USD, British pounds, and CAD, at this Dubai crypto exchange. Coinmama also accepts a range of payment options, including credit and debit card transactions.
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Kraken lets you trade with a high degree of liquidity. The exchange also offers margin trading, which allows you to trade with more money than you have in your account.
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