Bitcoin ATMs in UAE

Most of the Bitcoin ATMs in the UAE are in Dubai. We've researched where they are and displayed them on our Bitcoin ATM map below.

Bitcoin & Cryptocurrency Trading in the UAE

The United Arab Emirates doesn't recognize Bitcoin as a legal form of tender, but it's not banned either. While the UAE warns against it, buying and selling Bitcoin is pretty easy there.⁽²⁾

Yet for a longtime the UAE has been one of the more progressive crypto countries. The government owned licensing firm Kiklabb allows clients to pay fees using digital assets to the Dubai Financial Services Authority. The Dubai Financial Services Authority also announced it is working on a framework for crypto as part of its 2021 business plan. The UAE seems to be building a framework for a complete crypto-enabled system.⁽³⁾

Before the end of 2022, Dubai's Virtual Assets Regulatory Authority (VARA) is scheduled to release comprehensive regulatory framework that companies can use to create or launch products in the UAE. This is meant to support the region's desire to become a top a metaverse economy and create 40,000 virtual jobs in the crypto industry. "How can you be optimistic about something you haven't read?" Irina Heaver, partner of Blockchain and Digital Assets at Keystone Law Dubai said.⁽⁴⁾

• Even without these regulations and guidelines, crypto is booming in the Middle East.
• In a report released in October 2022 by Chainalysis, the volume of crypto transactions in the Middle East is 48% higher than the same period a year ago, faster than in any other world region.

Choosing an Exchange

If you want to buy Bitcoin from an exchange local to the United Arab Emirates, BitOasis is one of the largest exchanges in the Middle East.

Based in Dubai, BitOasis supports many of the largest cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

They're one of the best exchanges to choose if you live in a country they service, thanks to their low fees.

Secure Storage

Before you buy Bitcoin or any other cryptocurrency, it's crucial to have a secure form of storage. Investing in Bitcoin is no joke, nor is securing your investment.

If you live in the United Arab Emirates, go with a trusted hardware wallet like the Ledger Nano X or the Trezor. Cold storage hardware wallets are the best way to protect your coins.

Many Bitcoin exchanges offer built-in wallets, but they're centralized and as a consequence, vulnerable to theft. Since it is never recommended that you leave your cryptocurrency on an exchange, purchase a wallet of your own for security reasons (preferably a hardware wallet). If you don't have a wallet, refer to our guide below on the Best Bitcoin and Cryptocurrency Wallets.

Buying Bitcoin

Once you have your wallet situation squared away, you're good to go. Choose your exchange, verify your identity, add your payment method, and buy Bitcoin.

Again, the easiest ways to buy Bitcoin in the UAE is through the cryptocurrency exchanges outlined above. Just select one based on your requirements and preferences using our list outlined above. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.

Another way to buy Bitcoins in the UAE is through Bitcoin teller machines (ATMs). These ATMs allow users to instantly purchase the cryptocurrency using cash, and most of them only require a telephone number for verification, so long as you aren't buying a lot of Bitcoin, they are more private than exchanges.

Unfortunately, there is only one Bitcoin ATM in all of the UAE and it's in Dubai at the 5-star Rixos Premium Hotel.

Exchange Hacks and Crypto Scams in UAE

UAE-based exchanges have so far avoided any major hacks, though there have been a number of Bitcoin-related scams targeting Emirati crypto enthusiasts.

Bar Works

One longtime fraudster - 50 year old Renwick Haddow of the UK - scammed 150 UAE residents and many hundreds more around the world with his company Bar Works. The company offered investors the chance to purchase a desk at one of their locations - former bars and restaurants converted to office spaces - for $25,000. The desk could then be leased back to Bar Works for a promised annual return of 14%.

Bar Works' first location opened in October 2015 at 47 West 39th Street, New York City, looking very much like... a bar.

But rest assured, the company hired unnamed auditors who described Bar Works' business model as "bomb-proof."

Not bomb-proof enough, however, to collapse in the end, as Ponzis tend to do. In April 2017, the company announced that it was experiencing "difficulties with its banking facilities," and the following month investors were told that their monthly payments would be delayed due to "constructive restructuring."

Bar Works' CEO Renwick Haddow - whom the company claimed was just an advisor - was arrested after attempting to enter Morocco with an active Interpol warrant out in his name. He was then extradited to the U.S., where he faces multiple 20 year sentences.

Aziz Com Mirza

Closer to home, a Pakistani-born Canadian man was arrested in October 2019 in Dubai after perpetrating a number of scams such as the International Success Group (ISG) as well as a cryptocurrency called Habibi Coin. Police were alerted after a UAE resident reported losing $150,000 in one of Com Mirza's business endeavors.

Gulf News had previously published a profile of the flashy Aziz Com Mirza - who lived in the half-mile high Burj Khalifa and drives supercars - accusing him of conducting a string of dodgy pyramid schemes and failed real estate projects.

Habibi Coin was marketed as a "Sharia-compliant" cryptocurrency and "the Bitcoin of the Middle East." Hundreds of investors from the Middle East, US, and UK each invested tens of thousands of dollars of their own money into the coin, which is worthless after failing to deliver on any of its promises.⁽⁵⁾

Bitcoin Mining in UAE

Mining Bitcoin in the United Arab Emirates is not the best idea if you want to acquire Bitcoin - this is especially the case if you're expecting to turn a profit, which is next to impossible.

Bitcoin mining has come a long way from its golden age when nearly anyone could mine profitably. Now, only large mining farms in companies with cheap electricity are left.

The United Arab Emirates isn't incredibly high on the charts in terms of energy costs, but their certainly not low, either.

On average, UAE citizens pay roughly 0.296 Dirham per kWh ($0.08), which is lower than the prices in the United States and Canada.

But countries like China, India, and even Georgia have an edge, where electricity costs are $0.05 or less per kWh.

Even in countries with electricity and the best Bitcoin mining hardware, it's challenging to turn a profit. You'd be lucky to make your money back after the startup cost if you make a profit at all.

If you don't believe me, you can check your project profitability with our Bitcoin mining profitability calculator tool by clicking that link. If you were to use an Antminer S19, you would still lose nearly $2,000 a year.

This calculation assumes you are using a brand new Antminer S19, one of the most efficient ASICs around in 2020

Bitcoin's block difficulty is continuously increasing, and with the current price of Bitcoin, it doesn't look like Bitcoin mining is profitable for the average person. Although, the Bitcoin halving might change that soon.

Either way, if you're a resident of the United Arab Emirates and you want Bitcoin, leave mining to the pros. Instead, choose one of the exchanges above, and buy it directly from there.

Bitcoin in the City of Dubai

Does Coinbase work in Dubai?

Coinbase does NOT support customers in Dubai as of September of 2020.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

Can I buy property with Bitcoin or cryptocurrency in Dubai?

Aston Plaza and Residences in Dubai were offering the first 150 residences in their tower for Bitcoin purchase only. If you wanted to pay in Cash, you had to wait. However, all of these units have been sold.

Besides Aston, There are few known developers stating publicly that they accept Bitcoin, there have been reports that many developers are open to accepting Bitcoin when offered by a prospective customer.

Can I get a Bitcoin or crypto debit card in Dubai?

You can get Bitcoin debit cards in Dubai by using Pursa.co, which makes it simple to get all sorts of debit cards in many variations of fiat and Bitcoin and other cryptocurrency.

Bitcoin Debit Card Availability in UAE

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.

Quote from Ellington Properties