Jump to document

How to buy bitcoin in UAE

United Arab Emirates
Bitcoin

The UAE is rightfully considered one of the most developed eastern states in the world. This situation applies not only to the high standard of living in the country, but also to the development of bitcoin and the virtual assets. The UAE has consistently taken steps towards progress by providing a framework for the regulation of cryptocurrencies in accordance with local laws. A friendly environment for the emergence of agencies, exchanges and devices for trading digital currency has significantly brought the country closer to the honorary title of a ‘blockchain capital’.

The UAE considers cryptocurrency and bitcoin in particular a high-risk commodity, which is why they seek to provide bank users with total security. In this regard, in order to competently and consciously track the movements of cryptocurrencies, three large organizations are involved in regulation in the UAE: FSRA (Financial Services Regulatory Authority), SCA (Securities and Commodities Authority) and DFSA (Dubai Financial Services Agency).

The first step in the world of cryptocurrency is the choice of a good exchange service. Itez is the official platform on the basis of which it is possible to purchase digital currency by following the step-by-step instructions

How to buy Bitcoin on Itez:
step-by-step instruction
1.

In order to buy bitcoin, it is not necessary to register on the Itez website. In a handy calculator, you can quickly calculate the cost of BTC based on the amount you plan to use for payment. The smallest purchase amount in dollar terms is 50 USD. By the way, the same applies to the euro - the starting purchase threshold starts at €50. Well, in our instructions, as promised, we will go through all the stages of purchase BTC for dollars step by step.

2.

After converting the currency to BTC, you will see the final result in the "You Get" field and on the "Buy" button. Click the button and enter your email address in the following window.

3.

Confirm your email with a 6-digit code sent to the previously indicated e-mail and click the "Verify" button.

4.

Specify the purchase amount in the Itez dialog box. Copy the recipient address - your bitcoin wallet - from the “Accept” section.

Important: you should not manually copy the bitcoin wallet address. The blockchain system does not give any information about bitcoin addresses problems, and if an error occurs during manual entry, all the buyer's funds may be lost.

For example, this is how the copy address button looks like in the Exodus wallet:

5.

After copying the bitcoin wallet address, paste it into the dialog box.

Check your data — it is important to make sure that the address is entered correctly.

6.

After pushing the “Card details” button, enter the required card information: card number and expiration date, the cardholder name and CVC-code — three numbers on the back of the card.

7.

Push the “Pay” button and enter the one-time bank code in the following window. As soon as the transaction receives 6 confirmations in the blockchain network, your bitcoin wallet balance will be top-up.

Important: the transaction will wait for confirmations for time. After six network confirmations, bitcoin will be on your e-wallet; when buying with Itez it will take for about 15 minutes. This is a very good speed for the Bitcoin network since transactions in the most popular blockchain network are somewhat slower than in other networks due to its properties and high load.

8.

The transaction will first wait for confirmations from the blockchain network.

After six confirmations, the BTC networks will be yours for good; when buying from Itez, this will happen on average within 15 minutes.

This is a very good indicator for the Bitcoin network, since transactions are somewhat slower in the most popular blockchain network than in other networks, due to its design features and high workload.

Banks

With each new breakthrough in the development of the banking system, an increasing number of people consider the UAE a safe place for their finances. Statistics show that a significant number of wealthy people in the world are beginning to transfer funds to the UAE bank accounts.

The most famous banks in the UAE are the following: First Abu Dhabi Bank which is the largest bank in terms of assets; Emirates NBD, that operates in the areas of retail banking and information technology; the oldest bank Mashreq, providing retail banking and asset management services; as well as representatives of Islamic banking in demand in the UAE, for example: Dubai Islamic Bank and Abu Dhabi Islamic Bank.

Bank cards

On the territory of the UAE, Visa, MasterCard and American Express cards are accepted for payment, and more recently, cards of the Russian system called Mir. However, in recent years, the number of payment systems has increased significantly, and therefore, to purchase cryptocurrency in the UAE, a client can use the services of not only international payment systems, but also the local ones. Each of them is loyally set to cooperate with the digital assets, which makes buying bitcoin a simple and convenient investment tool.

How to store bitcoin

To work with bitcoin, like any other cryptocurrency, the user needs an electronic wallet that allows to create transactions or receive transfers to your address. The list of the most popular e-wallets includes the following: Bitcoin Core — the first original wallet created before storing bitcoin; Blockchain.com, which is considered the most reliable; Coinbase, which provides significant assistance in trading coins directly; BitGo, featuring a high level of security; Xapo, which combines the security and convenience of accessing data.

Itez
About Itez

Itez is an instant bitcoin purchase resource. Itez is a certified operator holding a license to sell and store cryptocurrencies of a financial regulator from Estonia. What does this give to customers?

First of all it is safety, since the operator is fully responsible for the risks. He conducts a compliance check, provides cryptocurrency on time and is always in touch with customers, if the need arises. Secondly, it`s efficient. The average time for receiving bitcoin to a client's account is a quarter of an hour. For comparison, let's take similar services Indacoin and MoonPay: when working with them, the time it takes for bitcoin to be credited to the client's electronic wallet will take for about an hour - it depends on how busy the network is. Thirdly, the service offers to customers a favorable exchange rate. Rate changes occur in accordance with the liquidity provider's information, therefore, the BTC value on the Itez website is as close as possible to the market value. The site has no hidden fees as the final BTC value is displayed instantly. If the purchase price does not exceed € 300, then the buyer does not need verification.

Expand