How to buy Crypto with Rakbank

Can I buy Crypto on Rakbank?

Unfortunately, most major Middle Eastern 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 to a regulated and licensed digital asset exchange like Rain. The platform is based in Bahrain but offers services to UAE, Kuwait, Qatar, Jordan and Saudi residents. Rain is the best trading platform for Rakbank customers and offers over 100 tokens to trade, 24/7 customer service, a mobile app, and much more.

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How to buy Crypto with a Rakbank account

As previously mentioned, the best way to invest in Crypto with a Rakbank account is through the Rain exchange. Rakbank users can deposit AED to Rain via Bank Transfer, Fawri, Credit/Debit card, and more. Follow these three simple steps to get started.

1. Create a free account on Rain with your e-mail and complete the verification requirements.
2. Deposit funds from your Rakbank account via one of the supported payment methods.
3. Find the Cryptocurrency you wish to purchase, input the amount of AED you want to invest, and tap 'Buy'.

Rakbank Cryptocurrency Policy

Rakbank has nothing stated in its policies that would prohibit its users from investing in digital assets. Additionally, there have been zero reports of Rakbank customers' funds being halted when transferring to a regulated and licensed Crypto exchange like Rain. The bank is yet to officially state its stance on digital assets but has made no negative comments in regard to Crypto.

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About Rakbank

Rakbank, also known as the National Bank of Ras Al-Khaimah, is a national bank in the United Arab Emirates. It 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. In 2019, Rakbank was named the “Best Bank in the UAE” by The World Bank.

The bank 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.

Final Thoughts

Rakbank is a bank based in the UAE that does not currently offer any cryptocurrency investing features. Its customers need to sign up to a regulated digital asset exchange like Rain in order to purchase Crypto with AED. The process is very straightforward and customers can easily transfer funds from their Rakbank account to begin trading Cryptos within minutes of creating an account.