Cashing in on cryptocurrency in the UAE
Are you planning to get into crypto space? That’s fantastic! Crypto is moving so fast and can be used by novices. And the most popular one is: How do you exchange your crypto for money? This guide will show you two ways — over-the-counter (OTC) and Peer-to-Peer (P2P) — and why UAE is a top crypto-betting destination.
The reason why the UAE is a crypto mecca
If you’re in UAE then you’re lucky! Because of the transparent regulations and supportive policies, the nation is becoming an international cryptocurrency centre. Dubai’s Virtual Asset Regulatory Authority (VARA) protects the security of crypto transactions. The cryptos can be bought, sold and exchanged more easily than ever with this system.
What is OTC trading?
OTC trading is the direct means by which individuals or companies can exchange cryptocurrencies with each other without the need of exchanges. Great for those who care about privacy, security, and speed (especially large transactions). OTC trading is now in vogue in UAE as it is very easy and accessible. For example Dubai and Abu Dhabi are full of OTC desks and platforms that make converting your crypto into cash a breeze.
The Crypto Desk, for instance, a registered and trusted exchange with physical offices in Dubai. You can meet a agent, get to know them, and finalize your transaction in person. This is an ideal one for anyone who is new to the game or wants to talk to people in person.
Using peer-to-peer (P2P) platforms
P2P platforms like Binance are fantastic if you are more familiar with using an online exchange. This is how you can get started:
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Create an account: Join Binance and pass identity check.
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Try out P2P: Head to the P2P section of the app and choose an exchange rate that works for you.
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Shop through sellers: Check vendors’ descriptions, ratings, and user reviews to make sure you are buying from a legitimate seller.
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Sign the contract: Close your trade via bank transfer or other settlement methods.
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The biggest benefit of P2P platforms are the high fees because you will have several service providers competing with you. In addition, you’ll have an estimated time for your exchange so you know the status upfront and have some reassurance.
Crypto ATMs: A convenient alternative
There are also some crypto ATMs available in Dubai to buy coins such as Bitcoin with money. This is easy, but mainly not ideal for smaller amounts due to the higher fees.
Why OTC trading is popular
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Privacy: With OTC trading you can trade without publishing personal details on public platforms.
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Simple To Use: Most of the OTC in Dubai are step-by-step guided and beginners friendly.
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Transactions are quicker: Transactions happen to get done much faster compared to other exchanges.
Navigating crypto in the UAE
Nowhere else is it easier to convert cryptocurrency to cash than in UAE. So whether Binance’s P2P system (which has low rates and transparent fees) or a crypto desk such as The Crypto Desk is the option for you. Dubai’s licensed OTC desks are safe and trusted if you want to do it in person.
In the meantime, crypto ATMs are a quick and simple alternative for smaller amounts.
Get off to a good crypto start
With the UAE’s expanding crypto market, there is something for every type of trader. You can safely sell, purchase, and trade cryptocurrencies through the platforms such as Binance and Dubai’s huge OTC network. So whether you’re trading crypto for cash or entering the digital asset explosion, the UAE has a lot to support you.
Become an early adopter today and get to know how simple and effective the cryptocurrency industry is in UAE.
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