The idea of writing this post is to help people to join Crypto World in UAE. Currently, as there are no proper guidelines or manuals, a lot of people are struggling just to do basic steps. These include:
- Changing AED to crypto (BTC, ETH);
- Setting up a wallet;
- Getting into exchanges;
Strangely in every Meetup, public speaking event, coffee talk, I still get the same question – “How do I buy a Bitcoin?”. A little-advanced question is “How do I buy Ripple or Ethereum?”. So let’s start from the beginning.
UAE is a great country. However, world known cryptocurrency exchanges, like Coinbase, Kraken, where you can change fiat money to crypto coins does not support UAE. The really ironic situation we have now here in UAE, as Dubai government wants to have everything on Blockchain by 2020, and cryptocurrencies is/will be one of the driving forces and pillars for it. Thou we still have problems buying Bitcoin.
So here are the simple steps to start.
Changing AED to Crypto
In UAE there are 3 known possibilities to change AED to Crypto:
Currently Bitoasis is the only exchange working in UAE, which accepts dirhams and allows to purchase Bitcoin (BTC), and Ethereum(ETH). These are 2 main cryptocurrencies, which would help you to start in crypto world.
The main drawbacks of using Bitoasis is that is has huge spread on buying, or selling your cryptocurrencies. Additionally, do not do card transfer. It would charge you 5% of the transferable amount. Use bank transfer – this will save you some money as it’s free of charge.
Drawback when selling is that Bitoasis could take from 1-3 days to deliver the money back from cryptoworld to your bank account. Of course, spread would be charged.
Through Broker, WhatsApp group, Slack Groups based in UAE;
The simple option and most trustful is to find a crypto broker, who would sell, buy crypto for you. Although he/she would take some % of the transactions as the fee, but