The first and only Bitcoin whitepaper came out in August 2008, which marked the beginning of a new technological era for the world. The introduction of Bitcoin to the world meant two things - blockchain technology and cryptocurrencies. Although it took almost half a decade for Bitcoin to gain global recognition, Bitcoin is and has always been the prime cryptocurrency around which the market of other cryptocurrencies, also called altcoins, revolves. In other words, Bitcoin, mostly, determines the direction - bearish (price falls) or bullish (price rises) - for the cryptocurrency market as a whole.
Cryptocurrency markets are quite volatile, which reflects in how the cryptocurrency markets move differently compared to conventional stock markets. But over the past decade, Bitcoin has yielded mostly positive returns in the long term as its price has only gone up in this period, which makes it an excellent asset for long term investments.
Again, for traders, Bitcoin is quite an asset because the price volatility creates the difference in price that traders need to buy/sell an asset. However, it is recommended to invest and trade only the amount one can afford to lose.
Where to buy Bitcoin in UAE?
To begin with, let us first state that cryptocurrency has no legal issues in UAE, whatsoever. In fact, UAE is one of the most receptive nations in terms of adoption for blockchain technology and cryptocurrencies.
Bitbns is the best cryptocurrency exchange to buy Bitcoin in UAE. The exchange extended the reach of its services to UAE after dominating the cryptocurrency market in India in terms of trading volume. In 2019, Bitbns was ranked 1st among Indian cryptocurrency exchanges in terms of transparency.
Unlike any other cryptocurrency exchange in the UAE, Bitbns is equipped with risk management tools that help traders not only invest, but invest wisely by evaluating and limiting the risk factors to a bare minimum. Among many order types that serve trade-specific purposes, Bracket Orders can be counted upon to mitigate risk by the highest degree.
Another highly appreciated feature offered by Bitbns is Margin Trading. Margin trading has two sides to it - margin borrowing and margin lending.
While margin borrowing allows a trader to borrow upto 3x of their net worth and trade with 4x leverage, margin lending is a great way for HODLERs to lend their cryptocurrency funds and earn interest on it.
The kind of trading experience a trader can expect on Bitbns is far ahead of its competitors’ due to the exchange’s innovative approach at building new solutions apt for the prevailing market conditions and governance in the region. In the upcoming sections, we will learn how to buy Bitcoin in Dubai and other parts of UAE:
Buying Bitcoin in UAE
In this section, you will learn how to buy Bitcoin in UAE, which starts with signing up on Bitbns by following some easy steps:
Step 1: Signing Up to Buy Bitcoin
The signup process on Bitbns is as easy as it can get. A trader in UAE can simply use the Signup link, fill all the required information and click ‘Register' to complete the signup process. The signup is followed by a Know Your Customer (KYC) process, which the user can choose to skip for the moment. However, for withdrawals, KYC has to be completed.
Step 2: Depositing AED to Buy Bitcoin
After completing the signup, traders can deposit AED to their Bitbns FIAT wallet and buy Bitcoin with it. At present, UAE traders can deposit AED using USDT P2P method, which allows them to buy USDT with AED, and then with USDT they can purchase the following cryptocurrencies - Bitcoin (BTC), Bitcoin Cash ABC (BCHABC), BitTorrent Token (BTT), Cardano (ADA), EOS (EOS), Ethereum (ETH), Litecoin (LTC), Neo (NEO), Ripple (XRP), Skycoin (SKY), Stellar (XLM), and Tron (TRX).
Step 3: Buying Bitcoin and other cryptocurrencies in UAE
Once you have USDT in your Bitbns cryptocurrency wallet, you can buy from among the list of available cryptocurrencies. Cryptocurrencies can be purchased using different order types available on Bitbns, some of which are:
Using limit orders, you can set the limit price for purchase or sale of cryptocurrencies. Essentially, limit orders are of two types: Buy limit order (for buying) and sell limit order (for selling). When you place a buy limit order, you define the maximum price you are willing to pay for a particular cryptocurrency, in which case your order may be fulfilled at that price point or less. On the other hand, with sell limit order, you define the minimum price for which you are willing to sell a cryptocurrency. In this case, your cryptocurrency would be sold at that price or higher.
Stop-limit orders are also of two types: Buy Stop-limit order and Sell Stop-limit order. A stop limit order is effective when a trader is unable to constantly monitor the market. In case of a stop-limit order, your order is sent to the open order book only when the stop price is touched or crossed. FYI, an open order book is a list where all the active order requested by buyers and sellers can be seen. The most recently executed order determines the market price of Bitcoin in AED and same goes for other cryptocurrencies.
Bracket Orders allow traders to fix the entry, exit and stop-limit price, which helps a trader avoid making bad trade decisions due to fear, uncertainty, and doubt (FUD). There are two types of bracket orders as well: buy side bracket order that starts with purchase and ends on sale of cryptocurrencies, and sell side bracket order that starts with sale and ends on purchase of cryptocurrencies.