Summary: The best way to buy Bitcoin and Cryptocurrencies in the United Arab Emirates is with a Dubai Financial Services Authority (DFSA) regulated exchange. With this method, investors can safely deposit Emirati Dirham (AED) to a trading platform to buy, sell and stake digital assets.
Our top pick for investors in the UAE is Rain. They are a DFSA-licensed and Bahrain based exchange that offers over 80 cryptocurrencies to buy and sell with AED with zero fees. Their platform also offers fast and cheap bank transfers from all banks in Dubai and has other payment methods like Debit Cards and Credit Cards.
Best Crypto Exchange UAE
- Fast and cheap AED deposits from any UAE bank to trade 100+ Cryptos.
- DFSA licensed and regulated platform in the United Arab Emirates.
- The only exchange in the Middle East to offer 0% fee trading and tight spreads on trading.
How to Buy Crypto in UAE
As outlined above, the safest and easiest way to buy digital assets in the UAE is through a DFSA-licensed exchange. Platforms that hold these regulatory approvals have been thoroughly vetted and meet strict criteria to operate in the country, making them a safe venue to invest in the asset class.
The best platform to get started is Rain.com because they offer cheap AED deposits and zero fees to trade cryptocurrencies. You can get started in minutes with our simple 4 step guide:
- Sign up to the Rain.com platform and verify your personal or company details.
- Deposit AED or an other currency via Bank Transfer, Debit Card or Credit Card.
- Find the cryptocurrency you want to buy on their platform.
- Input the AED amount you want to buy and execute your trade.
Best Exchanges in the UAE
For investors looking to do further due-diligence on exchanges in the United Arab Emirates, we have outlined the 5 best alternatives to Rain.com. All exchanges listed below are approved by the DFSA to provide virtual asset services in Dubai and are safe to use.
- BitOasis: BitOasis is a Dubai-based cryptocurrency exchange that has been operational since 2014. It offers investors access to trade with over 60 cryptocurrencies, as well as access to buy and sell via bank transfers, debit cards, and credit cards.
- OKX: OKX is a cryptocurrency exchange based in Seychelles that is licensed by the DFSA. They offer trading of over 300 digital assets, support AED deposits and withdrawals, and offer a wide range of features including futures trading, crypto options, an NFT Marketplace and much more.
- Binance: Binance is the world's leading cryptocurrency exchange and offers a wide variety of digital assets to trade and invest in. They offer AED deposits and withdrawals, as well as a range of other payment methods such as bank transfers, debit cards, and credit cards.
- eToro: eToro is one of the most popular multi-asset trading platforms in the world and is available for UAE residents. It provides access to over 6,000 stocks, ETFs, commodities, cryptocurrencies and more.
- Luno: Luno is a leading cryptocurrency exchange that offers a secure platform to invest in digital assets. It supports AED deposits and withdrawals, allows users to trade with over 100 cryptocurrencies, and offers a range of features such as instant accounts and wallet services.
Is it Legal to Buy Crypto in Dubai?
Cryptocurrency investing is not illegal in the United Arab Emirates (UAE), but the regulatory environment for digital currencies is still evolving. The Central Bank of the UAE has issued warnings to the public about the risks of investing in digital currencies, citing their volatility and lack of regulation. However, the government has also expressed interest in utilizing blockchain technology and has been exploring ways to regulate and potentially legitimize digital currencies.
As of 2021, Dubai has also announced its own digital currency, emCash, which is being developed by the government in partnership with a private company. But it is important to note that regulations and laws surrounding crypto investment are subject to change, so it's recommended to stay updated and seek professional advice before making any investment decision.
How is Crypto Taxes in the UAE?
In the United Arab Emirates (UAE), there are currently no specific laws or regulations regarding the taxation of cryptocurrency. Therefore, any profits made from trading or investing in digital currencies would not be subject to tax under current laws. However, it's important to note that regulations and laws surrounding crypto tax are subject to change, so it's recommended to stay updated and seek professional advice before making any investment or transaction involving cryptocurrency.
Investing in cryptocurrencies can be a lucrative opportunity, but it is important to do your own research and due diligence before investing. By using an approved exchange such as Rain.com, investors can buy and sell digital currencies with confidence, in the safety of a regulated platform and with the added protection of legally compliant security measures. We hope this guide has been helpful in informing your decision.
I am the Founder & CEO of Buy Bitcoin Bank and was previously an engineer for a Prop trading firm in Crypto.