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Cryptocurrency Exchange in UAE

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Who even made these limits? There are no exchange volume ceilings on Godex. You can easily swap as many coins as you desire.

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FAQ

Can I get a Bitcoin debit card in Dubai?

Almost in any country, a person who wants to buy Bitcoins can turn to exchanges or use BTC ATMs But besides this, many countries have their own unique ways of buying cryptocurrency. Bitcoin can be purchased on Dubai crypto exchanges, Abu Dhabi crypto exchanges, via global crypto marketplaces or using a credit or debit card, Paypal, Srill or other cashless payment system. For example, BitOasis, a crypto exchange in the UAE, makes it possible to buy Bitcoins with credit cards in five more Middle Eastern countries like Saudi Arabia, Kuwait, Qatar, Bahrain and Oman. At the end of March 2019, Dubai acquired the first Bitcoin ATM, which allowed locals and tourists to purchase cryptocurrency. However, the Bitcoin ATM was soon dismantled and, according to Amhora`s twit, it should be re-installed once the owner company resolves its legal obligations with the authorities. Construction companies in Dubai have incorporated Bitcoin as a payment method for real estate. However, using Bitcoin to buy real estate in Dubai is not as easy as using the local currency and requires going through a complex procedure engaging the third parties.

What is the price of Bitcoin in Dubai?

The fluctuations in the rate of the most popular cryptocurrency are taking place against the backdrop of a record $ 1 trillion capitalization of the digital currency sector. Experts warn that pullbacks in the Bitcoin rate are inevitable, but, so far, its growth is not in the nature of a bubble.

Which cryptocurrencies can be bought in the UAE?

Trading crypto exchanges in Dubai is not limited by the number one crypto coin.

  • The United Arab Emirates has started a collaboration with the Ripple cryptocurrency primarily aimed at increasing the transparency of remittances sent to Asia, adding a huge potential for the digital currency sector.
  • The United Arab Emirates has joined the number of countries that accept the opening of virtual marketplaces, such as Bitex cryptocurrency exchange Dubai. This Dubai cryptocurrency exchange allows trading Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
  • Dubai-based Emcredit and Britain's Object Tech Group have begun jointly developing emCash, a cryptocurrency that can be used for retail purchases in Dubai. The UAE citizens will be able to pay with emCash via smartphones. It is expected that transactions using emCash will be more reliable and merchants will receive money instantly, since the financial intermediaries will not have to wait for transactions to be processed. EmCash is supposed to reduce the risk of fraud as well as inflation as the currency is going to be issued in real time upon the demand.
  • Using classic cryptocurrencies like Bitcoins for the payment of the services is more expensive due to high commissions. If you need to exchange $10 thousand, this is not a problem, but when it is about a cup of coffee, the operation becomes unprofitable.

Cryptocurrency Exchange in the UAE

Although the countries of the Middle East are usually associated with tourism, oil and other minerals, the United Arab Emirates (UAE) have deliberately moved away from oil dependence in recent decades and they are actively growing touristic sphere and technology laying a solid technological foundation for blockchain development. There is a huge untapped potential in the Middle East which can seriously change the established procedure for working with cryptocurrencies, as some of the world's richest families seek to grab a piece of the lucrative digital coin market.

Cryptocurrency Trading in Dubai

Dubai is in the epicenter of blockchain innovation and it is leading the race by creating the Global Blockchain Council. It is already embedding blockchain in its judicial systems and land registries.

Back in 2016, the UAE government began introducing the blockchain system into all systems of the economy and accounting and reporting, in particular. It is not limited only by the sale of real estate with BTC, which means that utility bills and other payments related to real estate can be also paid with virtual money.

The decision to develop blockchain technologies in the UAE is the result of cooperation between representatives of various initiatives supported by the state. It is, for example, the Dubai-based smart city program and the Dubai Future Foundation, which constantly researches and evaluates the latest technological innovations that can make Dubai more convenient, safer and happier for its residents. In order to implement these programs, the UAE has already attracted such giants as IBM, Cisco, Microsoft, etc.

Taking into account the global cryptocurrency market, which volume, according to the experts' forecasts, will exceed $ 6 billion by 2025, and the huge potential for development of the blockchain, the importance of capitalization can hardly be overestimated. The UAE authorities, which announced that more than half of all federal transactions will be blockchain-based by 2021, are at the forefront of this trend.

The best crypto exchange in the UAE

Cryptocurrency exchanges in the UAE and all over the world are the most common way for crypto enthusiasts to buy coins. They have a wide range of functions for generating profits and the lowest commission costs, since they are the liquidity providers.

Godex.io exchange is one of the speediest services that has proved its reputation on the global scene including the UAE crypto exchange players and the Middle East region. Having the standard kit of the major crypto players like Bitcoin, Ethereum, Bitcoin Cash, it is not forgetting about penny coins and currencies with smaller market capitalization offering more than 200 coins to exchange. Its strong reliability is based on the modern security protocols including the availability of servers` physical protection. Fast order completion (from 5 to 30 minutes), absence of the exchange limits and customer anonymity specify the key service benefits. For each cryptocurrency Godex.io offers a fixed exchange rate which remains stable until the transaction is completed. All sales/purchase transactions on the platform are anonymous as no third party can access the user's personal data.

Exchange Hacks for Crypto in Dubai

As traditional financial organizations with advanced cyber protection are in no hurry to enter the crypto world the hackers find this moment as the most appropriate for attacking crypto exchanges, especially the young companies which have not tested their security systems yet.

Many countries have started implementing guidelines in order to control the purchase and sale of cryptocurrencies, as well as to prevent their unauthorized use, however, the current position of cryptocurrencies in the UAE is gray and the future is uncertain. Therefore, crypto owners are advised to avoid storing large amounts on exchanges, and to use the devices disconnected from the Internet. Experts advise using exchanges only for conversion.

Regal RA DMCC, registered in Dubai, a subsidiary of Regal Assets Inc., which received the first state license for trading cryptocurrencies in the Middle East, offered investors a special service such as cryptocurrency storage. It promises to secure investments in cryptocurrencies from the risks of losing them as a result of hacking, viruses and intruders, and other factors.

Cryptocurrency trading in the United Arab Emirates

The United Arab Emirates have become a global hub for the sale of cryptocurrencies.

The UAE authorities have announced a launch of a blockchain strategy aimed at making the country a global industry leader by 2021.

As a part of the program, it is planned to introduce blockchain technologies in the private and public sectors, as well as to finance educational initiatives aimed at familiarizing residents with the blockchain and accelerating its popularization. Sheikh Mohammed noted that the implementation of blockchain solutions will help the UAE save almost $ 3 billion.

It is noteworthy that all initiatives within the framework of these programs and projects ultimately pursue one main goal which is to make the country's inhabitants the happiest people on Earth. Such statements slip through in all interviews with responsible persons. However, they also have an economic ground. The UAE government has spent more than $ 35 billion on the development of the service sector and high technologies in order to abandon the commodity economy model (the UAE is a large exporter of oil and gas). As a result, the Emirates did not suffer in 2016, when oil prices almost halved. In all new sectors of the economy, primarily those related to high technologies, UAE citizens work on an exclusive basis, while the rough work (for example, construction) is performed by foreign labor. According to senior officials of the UAE, citizens will become more professional and more efficient when they are happy. Therefore, caring for happiness is economically beneficial, and the development of high technologies, like blockchain, means newly founded jobs, new markets and, accordingly, additional income.