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Home»EXCHANGE NEWS»Emirates NBD supports crypto exchanges in the UAE.
EXCHANGE NEWS

Emirates NBD supports crypto exchanges in the UAE.

By Crypto FlexsOctober 11, 20244 Mins Read
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Emirates NBD supports crypto exchanges in the UAE.
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Many independent traders and individuals who move to Dubai to continue trading and investing in the cryptocurrency market find it confusing to find the right way to buy and sell cryptocurrencies. Emirates NBD is one of the best banks in the UAE, and many users continue to look for ways to buy cryptocurrencies using their Emirates NBD bank account.

In this guide, we will share many details that will help you with cryptocurrency trading in UAE and can help you find cryptocurrency friendly banks and structures in UAE. We will also share some solutions on how to buy and sell cryptocurrency using Emirates NBD bank account.

Note: CoinSutra is a community-run platform. If you would like to add your experience or opinion, please reply in the comments below or send us an email via the contact form.

Before I share some solutions and read comments about other users’ suggestions. Let’s take a look at the problem and see why it happens.

The hard truth about Emirates NBD bank and cryptocurrency exchange (via Reddit)

If you want to open a personal Emirates NBD account for cryptocurrency trading income, sales representatives will often open the account for you, but the compliance department will eventually close the account. This is especially true if your income increases and can no longer be treated as personal income.

Here is the story of a private trader.

Another Reddit user responded:

The best way to resolve such a situation is as follows:

  • Commencement of business under cryptocurrency trading license
  • Open a business bank account
  • Pay your own salary and dividends.

Now, while this sounds like the best way to run a legal private cryptocurrency trading and investment business in the UAE, many people are freelancers and looking for an easy-to-use solution.

Here are some solutions you can look into: If you have any other ideas, feel free to suggest them in the comments section below.

Sarwa Account: Free Cryptocurrency Trading

For smaller accounts looking for a limited set of cryptocurrencies for investing and trading, Sarwa is a good choice. They have been around for many years and are primarily an American stock investment platform. You can invest and trade in US stocks, ETFs, and bonds. There is also a section that allows cryptocurrency trading.

Sarwa Advantages for Cryptocurrency Investment:

  • Easy-to-use platform that allows you to add funds to AED from any bank account, including Emirates NBD
  • No fees to buy/sell cryptocurrency – no transaction fees

Sarwa Cons for Cryptocurrency Investment:

  • Cryptocurrency withdrawals are not permitted

Wio Bank Cryptocurrency Transactions:

Wio Bank is a digital bank regulated by the Central Bank of the UAE and our shareholders include Abu Dhabi Development Company ADQ, Alpha Dhabi Holding, e& and First Abu Dhabi Bank (FAB).

Wio Bank offers a variety of features including:

Wio Bank has made a name for itself in the UAE’s digital banking space, offering cryptocurrency services through a third-party platform called Fuze, which allows investments or transactions from Wio Bank accounts.

The problem with the Wio Bank cryptocurrency trading platform is that it charges very high fees for buying and selling. As of this writing, they charge 2% of the transaction value, which is one of the highest rates. Another drawback of the Wio platform is that you cannot withdraw cryptocurrency. This means that you cannot use features such as staking or earning interest on your assets.

Advantages of Wio Bank cryptocurrency investment:

  • Fast and easy-to-use mobile app
  • Open an account in 10-15 minutes (digital account)
  • Buy cryptocurrency with AED
  • Place recurring purchase orders (suitable for auto-invest or SIP)

Disadvantages of Wio Bank virtual asset trading:

  • High commission (2%)
  • There is no option to withdraw funds.

However, for anyone looking for a quick and easy way to legally invest in cryptocurrencies, both Sarwa Bank and Wio Bank seem like great options.

Note: It doesn’t matter which platform you use – Rain.com, Sarwa, Wio Bank, etc. Bank compliance questions will always be asked and these should be answered simply as this is a standard process. For example, investing in the stock market, investing in personal investments, etc. However, if you are a professional trader or investor and your trading value is high, you may want to consider opening a registered cryptocurrency trading company. It may cost you a bit in terms of accounting, but it’s completely headache-free and you can use platforms like Binance and Bybit that offer corporate accounts.

We bring it to you: How to buy cryptocurrency using Emirates NBD Bank

Now it is time to tell you about the various exchanges and platforms supported by Emirates NBD Bank. How are you liquidating your cryptocurrency income and which structure is best for you? Share your comments below and add more value to the community.

Please help us improve. Was this helpful?

Thanks for your feedback!

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