Where to buy Crypto/Bitcoin in UAE (Warnings: Before Investment)
Hi, I'm Manabu.
This article explains where to buy Crypto/Bitcoin in UAE🇦🇪
Table of Contents
- 1. Where to buy Crypto / Bitcoin in UAE
- 2. Best Stock Exchange and Forex Brokers
😌 About me: I have my own company in UAE and a residency Visa there. I'm also a Crypto investor since 2017. I love BTC and ETH. I will explain based on my actual experiences.
✍️ Notes (Before Reading): I use referral links, but I will never tell a lie for money. I have been blogging since 2013, which has made me more than $2 million in revenue. I like blogging and sharing my knowledge from my experiences.
1. Where to buy Crypto / Bitcoin in UAE🇦🇪
In a nutshell, the followings are my recommendations.
BitOasis is a pioneer of the UAE's Crypto exchange. I have an account there, and their customer support is excellent. When I had KYC issues, for example, they were cooperative and quick to respond.
However, I also recommend you Bybit and Crypto.com for the following reason:
Crypto exchange Bybit said it will open its global headquarters in Dubai and crypto platform Crypto.com said it would establish a regional hub there, the latest moves in the UAE's drive to become a center for the virtual asset sector.
Most people don't like KYC, right? Because it is time-consuming and annoying. So it is important that the Crypto exchange you want to open your account has a regional hub in UAE, which speeds up the registration process.
Moreover, BitOasis, Bybit, and Crypto.com support bank transfer🏦, which means you can reduce the transaction fee. In the UAE, for example, you can use Binance, but the fee is high because they only accept credit card payments💳.
Warnings: Before investing in Crypto in UAE.
Be aware that some banks don't like Crypto. Sometimes they ban Crypto. It is better to check the Terms and Conditions before investing in Crypto.
Especially if you intend to deposit the Crypto trading profit, you should be careful. Your account may be closed because of that.
My Solution: Trading Crypto in Thailand
I have a residency Visa in Thailand🇹🇭; the name is Thailand Elite Visa, a residency program that allows you to stay in Thailand for 5 to 20 years. It might not be a good reference, but the reason is as follows:
- UAE: Place for the business 💰
- Thailand: Place for a living 🏡
It is ok to buy and trade Crypto in UAE, which is completely legal. But I hedge my risks by decentralizing my funds just in case. I use Bitkub, the most famous Crypto exchange in Thailand.
*FYI: I follow the rules of Flag theory, the most efficient way for an individual to maximize their profit. Specifically, the idea is to diversify the location of work, life, and asset management.
Summary: Where to buy Crypto / Bitcoin in UAE
Here is a quick summary:
Crypto Exchanges in UAE (My Recommendation)
Warnings: Before investing in Crypto
- Better to check the Terms and Conditions of your bank
- I use Crypto exchange in Thailand to hedge my risks
Though I am currently trading Crypto in Thailand, the UAE government is extremely bullish on Crypto. So It doesn't take much time to improve the crypto environment in the UAE, I think😌
2. Best Stock Exchange and Forex Brokers
You might have an interest in Stock Exchange and Forex Brokers in UAE. I share my actual experiences about that.
You can open your account in POEMS in Singapore🇸🇬 without having any visa. POEMS stands for Phillip Online Electronic Mart System, a well-known stock exchange in Singapore that has financial hubs in 15 countries.
As for Forex Brokers, I primarily use XM trading, and sometimes I use FXCM. Both are well-known Forex Brokers, so Safe and reliable. If you use a TradingView, I recommend using FXCM because they integrate their trading panel in it.
What about Stock exchange and Forex Brokers in UAE?
I set up my trading account before going to UAE, and I'm satisfied with that. That's why I'm still using it. Of course, you can open your account in UAE, but there is a problem; customer support.
I contacted a well-known bank🏦 in UAE to open my trading account, but no one responded. So I guess you need to find someone to introduce you to the bank. Otherwise, they don't trust you.
*When I opened my personal and corporate bank account in UAE, there was someone who introduced me to the bank. So the Referral is necessary, I guess.
How to find someone who supports you?
When you apply for a residency Visa in UAE, you probably use an agency to support you, and most of the agencies have a Bank Account Opening Support. So it's better to use it.
For example, I use Virtuzone, a Business management consultant in Dubai, to establish my company in UAE. They also support a Bank Account Opening for a few hundred dollars.
*FYI: if you want to know the information about incorporation in UAE, please read: I'm Digital Nomad living in UAE and Thailand with 0% tax.
Is Dubai going to raise its tax to 9%?
Last but not least, here is an important news:
The UAE’s statutory tax rate will be 9% for taxable income exceeding 375,000 UAE dirhams ($102,000). And zero for taxable income up to that amount “to support small businesses and startups.”
As for personal income from the investment, you can enjoy 0% tax in UAE. However, the UAE government may increase the tax rate in the near future.
Currently (April 2022), there is no tax on the company in the Free zone, geographically demarcated areas within the UAE permitting 100% foreign ownership. We don't know the future, but I guess it will continue for three to five years, in my opinion.
Okay, that's it for my blog. Thanks for reading. Basically, I'm on Twitter and posting information about Crypto and new lifestyle. If you have any interest, please check my tweet. Thanks!