Where Can I Find a Bitcoin ATM in the UAE?
Bitcoin ATMs are a convenient way to buy and sell Bitcoin and other cryptocurrencies for cold hard cash. This method usually incurs relatively high (5-10%) fees, but that’s the price to be paid for the convenience of getting cash for your Bitcoin in less than half an hour.
Many ATM operators publish live prices for their machines, so you can see the exact rate you’ll get before even visiting the ATM.
Some will require you to complete identity verification, though for many this is as simple as confirming a phone number.
Our Bitcoin ATM locator lists just one Bitcoin ATM in the United Arab Emirates, located in the Rixos Premium Hotel in Dubai.
What Is the Price of Bitcoin in the UAE?
Bitcoin prices are changing every second.
Another good way to check the price of Bitcoin in the UAE is to go the your exchange of choice and check the price in your local currency that Bitcoin last sold for. The price of an asset is just this – the value of the compensation for which it was most recently exchanged. This price differs across markets, i.e. one exchange may have a slightly lower or higher price depending on varying barriers to entry and liquidity. So, the price that matters most is the one you can actually trade at.
See above for a list of the best Bitcoin exchanges in the UAE.
There are also a range of websites such as CoinMarketCap and Nomics that list the prices of hundreds of digital assets, drawn from a range of exchanges and averaged out.
Can I Buy Property With Bitcoin in the UAE?
Buying property with Bitcoin in the United Arab Emirates is definitely possible, though not the always the simplest way to go about investing in real estate.
In late 2019, real estate developer Ellington Properties announced that it would accept payment in Bitcoin for all of their listed porperties.
As a tech-driven and customer-focused company, we move with the market trends to meet the customer aspirations, especially in this era of digital financial engagement. Cryptocurrency is becoming an increasingly popular payment method. Enhancing the customer experience through an added payment choice, Bitcoin Suisse will serve as our preferred crypto brokerage provider that will further add to our international property transactions – and in turn, bring more value to Dubai’s economy.Paula WehbehHead of Business Strategy, Ellington Properties
Another Dubai-based developer – Knox Group – has sold out of the 400 units it offered to the market with the option of paying with Bitcoin (via the U.S. company BitPay).
Knox Group’s Aston Plaza residences.
But while purchasing property with Bitcoin through certain real estate firms may be as straightforward as possible, there are still restrictions to keep in mind.
The UAE still prohibits the use of cryptocurrencies as a method of payment or deposit. This means that you can’t exactly buy a house with Bitcoin, you must work with a third-party broker who will convert it to fiat currency before sending it to the seller.
It’s not quite yet the decentralized future many have imagined, but it’s a step in the right direction.
Can I Get a Bitcoin Debit Card in the UAE?
Bitcoin debit cards are a great way to turn your crypto gains into holidays, gifts, or just groceries. Bitcoin debit cards allow you to spend a range of cryptocurrencies (always Bitcoin, often Ethereum, and sometimes other altcoins) wherever Visa or MasterCard is accepted. You either pre-load a certain amount of Bitcoin onto the card and convert it to fiat currency manually, or this is done at the time of purchase.
Unfortunately, there are not many Bitcoin debit cards available to UAE residents.
|Available in the United Arab Emirates?|
|Uquid||Available to existing Uquid customers in the UAE|
|Wirex||Account available, but not the debit card|
Uquid offers virtual and physical debit cards, both of which can be topped up with Bitcoin and linked to PayPal and other online payment services. Physical cards can be used for ATM withdrawals, while POS transactions are fee-free. Both are valid for three years.
No identity verification is required if you stay under $1000/£1000/€1000 limit over the lifetime of the card. Beyond that, you’ll need to provide identity verification and proof of address.
How Do I Cash Out Bitcoin in the UAE?
The easiest way to cash out of Bitcoin in the UAE is to use an exchange that supports withdrawals of your preferred fiat currency. BitOasis allows users located in the United Arab Emirates, Saudi Arabia, Kuwait, and Bahrain to withdraw AED to the bank account reigstered with the exchange.
The abovementioned Bitcoin debit cards allow you to withdraw cash from any ATM. If you’re able to get your hands on a Uquid debit card, this may be the easiest way to convert your Bitcoin into cash.
Bitcoin ATMs are another way to exchange your BTC for fiat currency. There is one Bitcoin ATM in the United Arab Emirates, located in Dubai.
LocalBitcoins and other P2P exchanges are another option.
Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you’ll minimize any potential problems.
As selling Bitcoin for fiat currency is generally considered a taxable event, you’ll want to make sure you comply with local regulations regarding taxation of capital gains. Check out our guide to the best cryptocurrency tax software to help you maximize your profits.