With Bitcoin going up, everyone’s grinding their teeth and wants a piece of it, one way or another. When it comes to where to buy bitcoins however, the options are quite limited, especially when we talk about the Gulf region, more specifically the UAE. So the question on everyone’s mind is; How to buy Bitcoin in Dubai? Everyone’s rushing to take their first step into the crypto world, but are having cold feet. Recently some local exchanges have been building a good trust with their customers and now everyone with a verified account can buy bitcoin in UAE and hence enter into the Crypto World. Here we will provide you a complete guide for buying bitcoins in Dubai and rest of the UAE and the Gulf region as well.
What is Bitcoin & BlockChain?
Bitcoin is a type of Decentralized Cryptocurrency which was incepted back in 2009. The name behind this creation is Satoshi Nakamoto, whose real identity is still a myth because it’s an alias used by what could be one person, or speculated by many to be a group of developers, behind the creation of Bitcoin. In the normal world we trade commodities and goods in the age-old currencies known to us as hard cash, whether in online forms of different currencies such as ( $ | £ | € ) or the actual physical paper form of these. Bitcoin is the same the only difference is that it doesn’t exist in form of bills or coins, is totally encrypted and safe to use, and it does not require an intermediary bank to oversee the transaction. Just like the real money you can buy whatever you want from those that accept it (who have drastically increased in number), plus you get to keep your identity hidden, if need be.
If you want to transfer bitcoins, the banks shenanigans are avoided so you don’t have to wait for days or weeks, it’s done in minutes. All this is made possible with the help of the breakthrough blockchain technology, which is pretty awesome the more you discover about it.
But the hype really started in early 2017 when Bitcoin’s price increased exponentially and in the matter of months reached thousands, making a lot of people incredibly rich, and this is where the attention started and everyone started having $ signs in their eyes.
We, the Crypto-News team as well, were personally afraid to invest in it in the beginning. Slowly we built up the courage, did our own research, and ever since the world of cryptos has gained our trust and it has proved to be a very lucrative venture indeed.
if you are still confused on how it works, which is expected (since we ourselves still have a lot of question marks), check out this very informative video. Also if you would like to read more about bitcoin and its origin, read our articles on the History of Bitcoin and “What is Bitcoin?”.
By the way, now the Live rate for Bitcoin can be seen on our Sidebar with our cool widgets, and if you want to see the most accurate rate you can always visit CoinMarketCap.com 😉
How to Buy Bitcoin in UAE?
So as mentioned before, Bitcoin works on a technology called Blockchain. There can only be a total of 21million Bitcoins that can be mined and 16.75million coins have been mined already up to date.
Bitcoins are created in the process of mining which refers to the process when miners verify a certain number of blockchain transactions, where they actually end up earning bitcoins as their fee.
Bitcoin was the first ever seen cryptocurrency, and soon other currencies such as Ethereum, Litecoin, Ripple and many others started following lead, each with their own unique twist and added value to the blockchain game.
Just like depositing your local currency in bank accounts, bitcoins are stored in special kinds of wallets which are composed of strings of numbers and letters referring to a unique address.
There are two types of Wallets:
- Hardware Wallets
- Online Wallets
So what are the easiest ways to buy Bitcoins in Dubai / UAE?
Well, bitcoins can be acquired in several ways, such as;
- Bitcoin Mining
- Buying Bitcoins through exchanges
- Payments made to you in Bitcoin (in return for services)
Miners can use specially available software, with the help of servers and computers with high processing power, to solve complex mathematical problems to verify transactions, then they are issued a certain amount of bitcoins as their fee.
Just like currency exchanges, there are many online crypto exchanges from which you can buy Bitcoin, trade other coins, and cash out. Accepted methods of payments are PayPal, Credit Cards or Bank Transfers.
This is the case where you provide some service and get paid with BTC instead of regular cash, Crypto’s are doing really well with the E-Commerce world when it comes to payments.
Leading Bitcoin Exchanges in UAE to Buy Bitcoins?
If you’re not up to the tedious task of mining, and you just want to buy bitcoins, the following exchanges offer UAE customers services on their platforms where you can signup and actually buy and trade bitcoin. They are regulated and make you go through a long verification process, but it is worth the wait.
- BitOasis (Tested & Recommended by CryptoNews)
- Changelly (Tested & Recommended by CryptoNews)
- LocalBitcoins (Less Secure – Dealing with local sellers)
- CEX.IO (Trusted but High Charges)
Buying Bitcoins from BitOasis:
Buying Bitcoins from BitOasis is really simple, the following are the accepted modes of payments:
- Debit/Credit Card
— BitOasis (@bitoasis) February 21, 2017
BitOasis charges 6% of the amount of Bitcoins you wish to purchase, for example, if you want to buy Bitcoins for 5000AED you have to pay a 300AED processing fee.
- Online Bank Transfer
You can also use Bank transfer to buy Bitcoins from BitOasis for a much smaller processing fee, but you will have to wait longer, as well as fulfill some deposit requirements or you will be charged some penalties mentioned below.
- You will be charged 150AED if you deposit without creating a voucher.
- You will be charged 100AED if incorrect User ID of Reference is put.
- You will be charged 150AED if you put incorrect Reference Number and also fail to create the voucher first.
- You will be charged 100AED if you process the payment from an Unrecognized Bank by BitOasis.
How to Create the Voucher in BitOasis?
Creating a voucher in Bitcoin is really important before you carry out any transaction, as you can only exchange the voucher with Bitcoins.
Following are the detailed steps involved in creating a voucher:
- Click on Buy Bitcoin from the Side Menu.
- Input the Voucher Amount and select one of the payment methods and press Next.
- After entering the desired amount click the next button on the bottom right, at this point BitOasis will show you the total amount of the transaction including the voucher fee.
- Verify the Total amount and press “Proceed to Payment” button and it will navigate you to their payment gateway.
Enter your Valid Credit/Debit Card information and click on “Pay Now“, after the successful payment you will be navigated to BitOasis website.
Now wait for your transaction to be verified by the blockchain, usually, it takes less than 15minutes depending on the no. of transactions requested per region.
Congratulations! You have done it ?
When all the confirmations are done you will see the available bitcoin balance in your wallet, BitOasis wallet is secure but by any means;
If you wish to transfer your Bitcoins to a personal hardware or online wallet you can also do that. You can always navigate to your personal wallet if you don’t want to get into any hassle and just want to check if you got your coins or not, I am also attaching an image from the blockchain for a fully approved blockchain transaction for Bitcoin.
Note: This transaction is a bit old, a fresh transaction is fully verified after three confirmations.
How to Buy Bitcoins from LocalBitcoins?
LocalBitcoin is another alternative to BitOasis if you want to buy Bitcoin instantly with quick registration, I call it the Social Crypto Market, people will post their listings adding a constraint like the one shown below.
This guy is offering Bitcoin for 62,582.30AED and his preferred method for the payment is Bank Transfer, and the limit is also there that you can only buy Bitcoin in the range 6000-82,623 AED,
Steps to Complete the Transaction:
- Sign Up for LocalBitcoins its free.
- Choose your favorite seller and click Buy, You will be navigated to the buying page.
- Enter the number of Bitcoins you want to buy, keeping the limit valid set by the seller.
- Once finalized Press “Send Trade Request” button.
- The seller can directly follow up on the trade and the messages will also be sent to your registered email.
How to Buy Bitcoins from Changelly?
Changelly is another crypto exchange where you can buy and trade Bitcoins and other top cryptocurrencies,
One thing I like about Changelly is that it’s very user-friendly and the interface is quite simple, making transactions super easy.
In order to proceed with your first Bitcoin transaction you need to follow these following simple steps:
- Navigate to the Changelly Website.
- Sign up for a free Changelly via Facebook, Google+, Twitter or Email.
- Once you login you will see the exchange toolbar above the fold of the page.
- Populate the fields with the desired amount you want to exchange USD ? BTC (You can also exchange in other cryptos).
- After you have input the amount you wish, click on “Exchange“
- Click “Next“
- In the next step, you will need to put your wallet address on Bitcoin, its a unique string of letters and numbers. Bitcoin wallets are available online for free, some of the best wallets recommended by Bitcoin are listed here.
How to buy Bitcoins from CEX.IO
Unfortunately, CEX.IO has disabled new registrations for now, as soon as they become available, we will provide the complete guide on how to buy Bitcoins from there. We have team members who are certified on the platform, so you can always reach out to us if you need urgent assistance, we are always happy to help our fellow Crypto-Traders ?. Now that you have acquired some bitcoins, why not start trading on Altcoins and benefit from the crazy returns? Read our articles on How to buy Ripple, How to buy Ethereum in UAE, and How to Buy Altcoins with Ethereum!
We hope so that you liked our Noob guide for How to buy Bitcoin in Dubai and the rest of the UAE? If you have any more queries please comment below we would love to help, Cheers! ?
- 1 What is Bitcoin & BlockChain?
- 2 How to Buy Bitcoin in UAE?
- 3 Leading Bitcoin Exchanges in UAE to Buy Bitcoins?
- 4 How to buy Bitcoins from CEX.IO