Crypto Banks
How to buy Crypto with Rakbank

How to buy Crypto with Rakbank

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January 25, 2023
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Summary: Rakbank is one of the leading financial institutions in the United Arab Emirates that offers traditional banking products and services. Unfortunately, it does not provide any Cryptocurrency investing features through its online 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 purchasing Cryptocurrency through Rain as they are an Abu Dhabi Global Markets (ADGM) licensed digital asset exchange. Rain is the only zero-fee trading platform in the UAE, meaning that there are no costs to invest in Crypto through the exchange.

Table of Contents

Best Crypto Exchange for Rakbank Users

Platform Highlights

  • Free and Fast AED deposits from Rakbank to buy and sell 100+ Cryptos.
  • Regulated exchange in the United Arab Emirates and the Middle East.
  • The cheapest trading platform in the UAE that offers 0% trading and deposit fees.
Rain.com - Rakbank
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Audited Proof of Reserves
Audited Proof of Reserves

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.

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'.
How to buy Crypto with a Rakbank account.
How to buy Crypto with a Rakbank account.

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.

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.

Dylan Matthews

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.

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