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How to buy Crypto with a RAKBANK Account

How to buy Crypto with a RAKBANK Account

Dylan Matthews
Fact Checked
Aug 11, 2022

Summary: RAKBANK in the United Arab Emirates (UAE) does not directly offer cryptocurrency investing services through their online banking platform.

This means that RAKBANK customers will need to sign up to a licensed digital asset broker in the UAE if they want to buy Crypto. We recommend buying cryptocurrencies on the eToro platform because they offer the lowest fees to deposit AED and trade thousands of different assets.

Table of Contents

Platform Highlights

Can I buy Crypto on RAKBANK?

Unfortunately most major banks including RAKBANK are yet to implement a crypto-investing feature on their platforms. This is because the regulations and licensing required to operate a cryptocurrency exchange are much harder to acquire than traditional banking and finance institutions.

You can still invest in crypto with your RAKBANK account by depositing AED onto a centralized cryptocurrency exchange like eToro. Once your funds are on eToro you will have access to multiple assets including cryptocurrencies, currencies, commodities, stocks, ETFs, indices and much more. Not only can you buy and sell crypto on the platform but you can also stake it.

How to buy Crypto with RAKBANK account

The best way to invest in digital assets with a RAKBANK account is with the eToro trading platform. They offer fast and cheap AED deposits from RAKBANK accounts to trade over 70 cryptocurrencies and over 7,000 stocks, ETFs, commodities, bonds and other assets.

It’s important to note that you can only fund your eToro account with the following currencies -  USD, GBP, AUD & EUR. You can send AED from your RAKBANK account, however it will automatically convert to USD when the funds arrive in your account. Follow the below steps to get started. 

  • Step One: Sign up to eToro, verify your identity and complete the questionnaire.
  • Step Two: Select ‘Deposit Funds’ and choose Bank Transfer as payment method and enter the amount of USD you wish to deposit.
  • Step Three: You will be redirected to their banking details page, simply copy their details into your RAKBANK banking app and send the desired amount to their bank. Bank transfers may take approximately 4-7 business days to be processed from the time of transfer.
  • Step Four: Once your funds have arrived into your eToro account, visit the home page and search for the cryptocurrency you wish to purchase and select ‘Trade’.
Invest in digital assets with RAKBANK via eToro.

RAKBANK Cryptocurrency Policy

RAKBANK does not have anything stated in their policies that would prohibit their users from investing in digital assets such as cryptocurrency.

Furthermore, there have been zero reports of RAKBANK account holders' funds being halted when transferring to cryptocurrency exchanges. The bank is yet to officially state their stance on cryptocurrencies but have made no negative comments in regards to crypto or DeFi.

About RAKBANK

RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a national bank in the United Arab Emirates. RAKBANK was established in 1976 and is one of the oldest banks in the country. The bank has its headquarters in the city of Ras Al-Khaimah and branches throughout the UAE.

RAKBANK

RAKBANK offers a wide range of banking products and services for individuals, businesses and corporations. The bank’s products and services include savings and checking accounts, loans, credit cards, investment services, and more. RAKBANK also offers online banking and mobile banking services.

In 2019, RAKBANK was named the “Best Bank in the UAE” by The World Bank. The bank has also received numerous other awards and recognition for its products, services and commitment to customer service.

Dylan Matthews

I am the Founder & CEO of Buy Bitcoin Bank and was previously an engineer for a Prop trading firm in Crypto.

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