Summary: Rakbank currently lacks a dedicated avenue for cryptocurrency investments within its broad range of financial services. For those keen on purchasing digital assets such as Bitcoin, we advise transferring funds from your Rakbank account or card to a trustworthy exchange that adheres to the country’s financial regulator, the Central Bank of the UAE.
After conducting a comprehensive review of top exchanges, we suggest Bybit for Rakbank customers. Bybit facilitates free AED deposits and offers a robust selection of more than 850 digital currencies at competitive rates. As a global platform, it can be used in several languages, which includes English and Arabic.
- Free AED deposits from Rakbank via bank transfer, credit cards and more.
- Buy, sell and trade 850+ cryptocurrencies for low fees via spot and futures trading.
- Regulated and trusted exchange with over 18 million users in the Middle East.
Can I Buy Bitcoin with Rakbank?
Absolutely, Rakbank enables its customers to transfer funds to credible cryptocurrency exchanges located in the UAE. After you've securely transferred your money, you have the freedom to buy Bitcoin or explore other types of digital currencies. It's important to note that Rakbank itself doesn't directly handle cryptocurrency transactions. For a smooth and secure investment journey, we advise opting for an exchange regulated by the Central Bank of the UAE.
How to Buy Crypto with Rakbank
Rakbank customers interested in diving into the cryptocurrency market have come to the right place. Reputable platforms like Bybit provide a smooth and secure avenue for you to invest in various digital assets. It allows deposits in UAE Dirham (AED), giving you the flexibility to fund your account through multiple channels, including bank transfers, debit cards, and credit cards.
Here's a comprehensive guide on how to buy cryptocurrency through your Rakbank account:
- Create an Account: Your journey starts with registering an account on Bybit. Make sure to complete all the required verification procedures to enhance the security of your account.
- Select Your Payment Method: Navigate to the 'Buy Crypto' section and choose the payment option that aligns with your preferences.
- Decide on Your Currency: Next, you'll need to select the currency you wish to use for your investment. Whether you opt for AED, USD, or another supported currency, the choice is entirely yours.
- Initiate Your Investment: Once you've selected, pick the specific cryptocurrency you want to invest in. Input the amount you're willing to invest and finalize the transaction to complete your purchase.
Rakbank Cryptocurrency Policy
Rakbank adopts a prudent yet open-minded stance towards cryptocurrencies. The bank allows its clients to engage with trading platforms that meet the standards established by credible regulatory institutions such as the Central Bank of the UAE and the Securities and Commodities Authority (SCA). With a focus on customer security and compliance with legal requirements, Rakbank reserves the right to suspend transactions with platforms that could jeopardize the safety of its 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 customer-centric approach, Rakbank 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, Rakbank also actively participates in various social responsibility initiatives. The bank symbolizes reliability, innovation, and community involvement in the UAE's financial landscape.
Final Thoughts
To wrap up, Rakbank doesn't offer direct cryptocurrency services but enables secure fund transfers to reputable, regulated exchanges. We recommend Bybit for Rakbank customers due to its free AED deposits and extensive digital currency offerings. Bybit's user-friendly interface supports multiple languages, including English and Arabic, catering to a global user base.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
