Although there are many ways to exchange bitcoins in the UAE, the exchange process is pretty much the same.
The first step is to determine the currency you will accept for your bitcoins.
If you live in the UAE, you ideally want to exchange your bitcoins into Dirhams (AED), so you can transact locally with ease. Once you have the equivalent value in Dirhams, you can pop into any local store and buy whatever you want without questions. Most local workers also only accept Dirhams.
You need to have the bitcoins in an accepted account/wallet to exchange them for Dirhams. Therefore, after deciding the currency to which you want to exchange your bitcoins, you need to make sure you have an accepted cryptocurrency wallet. Fortunately, consumers can now choose from dozens of global bitcoin wallets, from Coinbase to Coinmama, and so forth.
Alternatively, you may opt to deal directly with the seller, in which case you don’t need a cryptocurrency account. For instance, if selling bitcoin to a friend through a peer-to-peer arrangement, you don’t need an account as you can meet up and complete the transaction physically
This process varies depending on the exchange method. For instance, if you’re transacting online via an exchange platform, then you need to head to your cryptocurrency account and hit the “Withdraw” button, input the bitcoin amount you’d like to exchange, and “Send”. Alternatively, you may be asked to scan a QR code.
However, if you’re selling to someone you know, you can just send the bitcoins from your account to the buyer’s crypto account.
If you’re selling bitcoins online, you’ll receive the equivalent amount in Dirhams in your account. However, if you’re selling to a friend, you’ll receive the amount in cash.
The two most important things here are the exchange rate and waiting time. The exchange rate directly determines the amount (in Dirhams) you’ll get for each bitcoin. So, make sure you’re getting the best exchange rate possible. Meanwhile, waiting time refers to the time you need to wait to receive the Dirhams in your account. Make sure to find a buyer with a short waiting time, if not instant transactions.
Unfortunately, many bitcoin buyers and exchanges aren’t very reliable. Alternatively, others may take too long to complete the transaction. So it could be many hours before you have the equivalent Dirhams in your account.
Sarafex is here to eliminate the uncertainties surrounding buying and selling bitcoin in the United Arab Emirates. Whether you’re selling or buying, you can now look forward to a 100% reliable platform that guarantees minimal waiting times.
Sarafex is a Dubai-based platform designed purposely to enable local and online stores in the UAE to transact in bitcoins and other cryptocurrencies. We make buying and selling bitcoins simple and guarantee quick transactions so you can serve your customers better.
We also serve individuals who’d like to invest in crypto or who may want to leverage the cryptocurrency wave to cash in.
If you have bitcoins in your account that you’d like to exchange for UAE AEDs, the Sarafex process is straightforward. Here’s how to proceed to get cash or bank transfer for your bitcoins.
The first step is to choose whether you’d like to buy or sell bitcoin. Since you’re interested in selling bitcoin, select “Sell Crypto” from the two options.
Sarafex sells many crypto coins, from Litecoins to Tether and Ethereum. You need to select Bitcoin from the list. Click on Bitcoin (BTC) from the options and click “Next.”
There are two ways to look at this step. First, you can look at it as the value of bitcoins you’d like to sell. Alternatively, you can see it as the amount in Dirhams that you’d like to receive in your account. Whichever the case, the Sarafex platform has an inbuilt calculator to help.
If you’d like to convert a specific BTC value, input the value in the BTC field (to the left) and let the calculator determine how much (in Dirhams) you’ll receive. Alternatively, if you’d like to receive a specific Dirham amount, say 10,000 AED, input the amount in the AED field (to the right) and let the calculator determine how many bitcoins you need to sell.
Remember that the calculator excludes exchange fees during conversion. We will discuss the exchange fee afterward. After feeding the amount, click “Next” to proceed to the next step.
You only need to provide your full name and phone number to contact you to complete the transaction. The name and phone number also help us identify the customer.
Once done, click on the “Send Code” button. You’ll receive an authentication code within seconds. Input this code so we can verify your phone number.
Agree with the terms and conditions of the transactions to formally initiate the transaction.
We’ll then call you to process the transaction, and you’ll receive your Dirhams in the shortest time possible.
Besides selling bitcoins for cash, you can also sell your cryptos at the nearest cryptocurrency exchange in Dubai. For instance, we now have many dedicated Dubai bitcoin exchanges that will process the transaction within seconds. The following are four exchange alternatives;
Peer-to-peer bitcoin transactions are very common today. A peer-to-peer transaction is a direct exchange between a willing buyer and a willing seller. You can find many such people online and offline. Once you meet up, you can agree on an exchange rate and time of transaction. After that, you just need to transfer your bitcoins into their crypto wallet, and they’ll hand over the agreed amount in Dirhams.
Peer-to-peer exchanges are direct and often instant. They are also typically free of bottlenecks as long as you find the right buyer. However, beware of scammers and make sure you’re getting a great exchange rate.
If you can’t find someone to sell to in a peer-to-peer transaction, consider bitcoin exchanges. Fortunately, there are so many international exchanges, however, only a few of them provide UAE Dirham for withdrawal.
An exchange is pretty much like a peer-to-peer system except that the process is automated, with an exchange machine sitting between the buyer and seller. Once at the exchange, you’ll be asked to provide a few details then “Sell” or “Deposit” your bitcoins. Then the exchange will, in return, deposit the agreed FIAT amount to your account.
Exchanges are extremely reliable as they’re bound by money laundering laws. The only downside is that you may need to wait several minutes or hours to receive your money and that mostly you need to verify your account through a KYC process.
Services such as Piixpay have revolutionized the selling and buying of cryptocurrencies. These platforms allow you to sell or buy bitcoins and other cryptocurrencies with a few clicks. Moreover, the transactions are near-instant – there’s no waiting time at all.
Once you’re on the website, input the value of bitcoins you’d like to sell. An in-built calculator helps with the exchange conversion, and you’ll receive your money within a few days.
The two downsides of PiixPay are:
Finally, you can also convert your bitcoins to Tether (USDT) or other stable coins, such as BUSD and Paxos Standard, if you’d like to put your money in reserve for future investment in Bitcoin or other coins.
Why do so? Because stable coins are incredibly stable. Their values don’t fluctuate like Bitcoin, Ethereum, and other crypto coins. As such, stable coins are a sure way to maintain the dollar value of your investment as you wait for better investment opportunities.
However, beware that the “stability” of stable coins means they aren’t profitable as there is no volatility as bitcoins and other cryptos. It’s essentially a means to preserve the value of your investment.
Now you know how to sell bitcoins in Dubai, UAE. But, again, we must stress the need to only deal with trustworthy buyers. Don’t fall for scams and cybercriminals’ traps. Similarly, make sure you’re up to date on global crypto exchange rates, so you know when you’re not getting the best value for your bitcoins. Contact the Sarafex support team if you have any questions.
Accept various cryptocurrencies as a means of payment in your business or buy or sell cryptocurrencies as an individual. It's simple, with Sarafex! Receive your exchanged funds as a manager cheque, cash delivery or crypto transfer within 1-2 business days or the same day.
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