Best Way to Buy Bitcoin in Dubai, UAE
In our previous post, we have talked about the different types of bitcoin buying options you have in Dubai and also across the UAE. Now we want to highlight one of our preferred peer-to-peer bitcoin buying options that we think is the best. It’s called Localbitcoins.com.
When you buy something through an exchange there are many hidden costs that you don’t actually see. For example, deposit fees, withdrawal fees, credit card fees (in case you use a credit card for depositing), spread on the price. These can add up to 20-30% of the total investment.
With Localbitcoins.com you buy from other people or traders. You can buy cash, escrow, paypal, bank transfer or whatever the seller prefers. You can find what best suits you. Be warned that you do need to do your due diligence to avoid scams.
Watch this video tutorial on how to use the platform.
Some advice before you start trading:
Don’t send messages with information to the seller before they send you information about themselves.
Don’t deal with anyone outside the platform as you will lose your consumer protection. Localbitcoins offer seller/buyer protection so make sure you use that. It’s the same as ebay/paypal really, they protect you if you do the business through them.
Use the local bitcoin messaging interface. Don’t send info via email, text, call, etc. If you use the built-in messaging function you will have evidence in case something goes wrong.
Do check the background of the seller/buyer on the platform.
If you follow these advices nothing will go wrong.
Please note this post should not be considered as financial advice in any way. It is a personal point of view based on own experience.