Summary: Rakbank currently does not provide options for its customers to buy cryptocurrencies directly within its services. Emirati investors keen on exploring digital currencies must utilize an approved trading platform. The bank allows fund transfers to exchanges recognized by the ADGM or other Middle Eastern regulatory entities.
Upon thorough examination, we found that eToro is the most fitting choice for Rakbank customers. It enables swift AED deposits, which can then be used to trade over 3,000 cryptocurrencies, stocks, commodities, indices, forex, and ETFs. Moreover, eToro is overseen by the ADGM, guaranteeing a safe trading environment.
- They have received an In-Principle Approval to operate as a crypto broker in Abu Dhabi.
- Buy, sell and trade over 3,000 Cryptocurrencies, Stocks, ETFs and more.
- Instant AED deposits from Rakbank via bank transfer, and debit or credit card.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Can I Buy Bitcoin with Rakbank?
Certainly, Rakbank allows its customers to transfer funds from their bank accounts to recognized digital currency platforms in the UAE. Once your funds have been moved, you can exchange them for Bitcoin or other digital currencies. It's crucial to highlight that Rakbank doesn't provide direct cryptocurrency trading services itself. For a seamless investment process, we recommend selecting a platform that welcomes deposits in UAE Dirham (AED).
How to Buy Crypto with Rakbank
The optimal way for Rakbank customers to purchase cryptocurrency is through an exchange endorsed by the ADGM. Our experts determined that eToro stands out due to its adherence to regulations, broad selection of available assets, and low fees. It welcomes AED deposits through various payment channels, encompassing bank transfers, credit cards, Skrill, and PayPal.
Here's a guide for customers to smoothly start trading Bitcoin and other digital assets:
- Create Account: Begin by setting up an eToro account and undergoing the identity validation steps.
- Choose Currency: Once you click "Deposit Funds", opt for "AED" as your preferred currency.
- Transfer Funds: Kickstart the fund transfer from your Rakbank account or card.
- Buy Crypto: Locate the token of interest using the search feature, pick it, and complete your purchase.
Rakbank Cryptocurrency Policy
Rakbank embraces an open-minded stance on cryptocurrencies, ensuring rigorous adherence to pertinent regulatory guidelines. It allows its customers to venture through credible platforms. Our top recommendation, eToro Ltd., holds a full license from the Abu Dhabi Global Market (ADGM). It's established in the UAE, with its main office situated in the core of Abu Dhabi's financial hub.
Digital Asset Investing Fees
For those venturing into digital assets with Rakbank, grasping the associated fee structures is essential for maximizing investment outcomes. Here's a comprehensive breakdown of the primary expenses you might face on an exchange:
- Trading Margin: These are expenses linked to the purchase and sale of cryptocurrencies. On eToro, spreads generally hover around 1% or below.
- Deposit Fees: There might be specific charges when adding funds, depending on the method selected. Direct bank transfers from Rakbank are typically exempt from fees, whereas credit and debit cards might incur charges exceeding 2%.
- Withdrawal Fees: The costs for pulling out funds differ based on the cryptocurrency. For example, Bitcoin transactions have a set fee of 0.0005 BTC.
In contrast to various market platforms like Coinbase, which might levy up to 5% on deals, eToro's varied options and competitive pricing make it a particularly attractive choice for Rakbank clients.
What is Rakbank?
Rakbank, officially known as the National Bank of Ras Al Khaimah (P.J.S.C), is a prominent financial institution in the United Arab Emirates. Established in 1976, the bank has carved a niche for itself by offering a wide array of banking services that cater to both individual and corporate clients. Known for its focus on customers, it provides services ranging from personal banking and loans to business accounts and treasury solutions.
The bank has gained a reputation for its innovative digital banking solutions, which include mobile banking apps and online platforms, making banking more accessible and convenient for its customers. With a strong focus on community engagement, it also actively participates in various social responsibility initiatives. The bank symbolizes reliability, innovation, and community involvement in the UAE's financial landscape.
To conclude, while Rakbank doesn't offer direct cryptocurrency trading, it facilitates transfers to recognized platforms, notably eToro. eToro is the best option for its regulatory compliance, diverse asset offerings, and competitive fee structure. Rakbank's progressive approach to cryptocurrencies, combined with its longstanding reputation in the UAE's banking sector, ensures that its customers have both traditional and modern financial tools at their disposal.