Bitcoin is a type of cryptocurrency launched in 2009 by the pseudonymous Satoshi Nakamoto. Buy Bitcoin in Dubai with our help. It is more commonly known as BTC and its value is quite volatile. Despite this, it is one of the fastest-growing forms of the asset class in the world.
Buy Bitcoin in Dubai: Summary
- Bitcoin is a digital currency which is one of the most highly priced cryptocurrencies currently.
- It uses blockchain technology as a decentralised ledger system.
- You can buy bitcoin in Dubai via exchange platforms like Changelly, BitOasis, Binance, dYdX, etc.
- Binance is one of the largest cryptocurrency exchanges across the globe that permits trade in more than 500 cryptocurrencies.
- dYdX is a decentralized crypto exchange that runs on a blockchain-based decentralized margin trading technology.
- The dYdX decentralized trading platform is open-source, transparent, and free to use.
What is Bitcoin?
Bitcoin is a cryptocurrency created in January 2009 with the proposition of cheaper transaction fees than standard online payment methods. As of now, it is the biggest cryptocurrency in terms of volume and is emerging as a better store of value.
Bitcoin, unlike conventional cash, is generated, circulated, exchanged, and stored via a decentralized ledger system known as a blockchain. Bitcoin token balances are stored using public and private “keys”. They are long strings of numbers and characters connected by the mathematical encryption method that created them. The public key is the address visible to the public and to which others can transfer bitcoin. The private key is intended to be a closely kept secret and only used to authorize bitcoin transactions.
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How to Buy Bitcoin in Dubai?
Dubai has embraced the digital currency boom, and purchasing Bitcoin in Dubai is simple; nevertheless, the broker or exchange you choose is critical. Here are a few of the best cryptocurrency exchanges to buy bitcoin from in Dubai:
Buy Bitcoin in Dubai with Binance
What is Binance?
Binance is a prominent cryptocurrency exchange based in Hong Kong that was launched in 2017. It is the biggest trading platform in terms of volume and offers various crypto assets for trading including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own Binance Coin (BNB).
Read our Binance review to know more about the platform’s features.
How to Buy Bitcoin from Binance in Dubai?
Follow the steps listed below to buy bitcoin from Dubai.
- Open the official website of Binance and click on the Register button on the top right corner of your screen.
- Sign up using your email ID or registered phone number and verify your account by entering the pin sent to your respective email ID or phone number.
- Then complete the verification process to successfully create your account.
- Select the ‘Buy crypto (AED)’ option in the upper left corner. Then, click on the drop-down list and opt for ‘the Credit/ Debit Card’ option.
- Select the fiat currency through which you would like to facilitate this trade. In this case it would be AED.
- Select BTC in the coin to buy.
- Then click on continue and enter your credit/debit card details to fulfil the transaction.
Binance Pros & Cons:
| PROS | CONS |
|---|---|
| Low trading fee. | Lack of transparency in a corporate structure. |
| User-friendly platform. | No FDIC/ SIPC insurance. |
| Supports more than 500 cryptocurrencies. | Have been facing a regulatory crackdown. |
| It enables you to earn interest and prizes by saving or staking cryptocurrency. | |
| Supports withdrawals and deposits via fiat and cryptocurrency. | |
| Binance is accessible in almost all countries. |
Buy Bitcoin in Dubai with dYdX
What is dYdX?
dYdX, which has been in existence since April 2019, is predominantly a derivatives exchange. dYdX is a blockchain-based decentralized margin trading platform. Through its decentralized exchange, the protocol allows its users to lend, borrow, and speculate on the future value of crypto assets (DEX). The dYdX decentralized trading platform is open-source, transparent, and free to use. One of the most enticing features is the ability to perform trustless peer-to-peer short sales and options transactions on any ERC-20 asset.
Moreover, dYdX’s Ethereum-based DEX allows traders to trade spot, margin, and perpetual contracts without registering, completing KYC processes, or turning over assets to a centralized authority, as is the case with traditional CEXes.
How to Buy Bitcoin from dYdX in Dubai?
Follow the steps given below to buy bitcoin from Dubai using dYdX:
- Open the official website of dYdX and click on the Trade option in the top-right corner of the screen.
- Then click on Perpetuals.
- After that, click on Bitcoin (BTC) in the cryptocurrencies listed under Market.
- Then connect your Ethereum based wallet and deposit funds into it to start trading.
- Enter the amount of Bitcoin you would like purchase then approve the transaction.
Pros & Cons:
| PROS | CONS |
|---|---|
| Offers competitive rates for trading in cryptocurrencies as compared to the global market. | Very few trading pairs. |
| Easy user interface. | Only provides spot and trading leverages of ETH, BTC, PNK |
| Speedy transaction process | No FAQ section. |
| Accessible on both desktop and mobile phone | |
| A tight security mechanism that has never been breached. |
Buy Bitcoin in Dubai: Conclusion
Binance and dYdX crypto exchange platforms are the easiest and safest ways to buy bitcoin from Dubai. Binance has a low trading fee with a user-friendly web and mobile application interface. Moreover, it is supported in almost every country. dYdX offers competitive rates for trading in crypto. It enables speedy transactions and has a secure safety management system.
Frequently Asked Questions
Is Bitcoin legal in Dubai?
Yes, it is legal in Dubai.
Is Binance accessible to the people living in Dubai?
Yes, Binance is one of the most used cryptocurrency platforms in the UAE.
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