Bitcoin in UAE – Bitcoin trading in UAE
Are you thinking of investing into Bitcoin in UAE? If you have been watching the financial news lately, you might have heard about the exponential rise in the world’s most known cryptocurrency. So a lot of people in the UAE are thinking “Should I invest in Bitcoin in UAE?”. Before jumping to any quick conclusion, let us have a quick view on different aspects of Bitcoin. After that, it will be automatically clear, whether you should trade bitcoin in UAE or Dubai. It should be your decision after knowing pros and cons of Bitcoin Trading in UAE, whether to trade it or just give it a try.
If you decide to give Bitcoin trading in UAE a try then IQ Option is one of the best available options to you. They offer you Cryptocurrency trading, Forex trading, CFD and Binary Options under one trading platform. You can use all these financial trading instruments strategically to make use of the trading opportunities in the market.
What is Bitcoin?
Bitcoin is a kind of digital currency, also known as the cryptocurrency. The term Cryptocurrency means that it is a highly encrypted currency, which means hacking of Bitcoin is almost impossible. Like any other currency, you can exchange Bitcoin, and its price keeps fluctuating in relation to other major currencies like USD, EURO etc. This brings the opportunity for trading on its price fluctuation and earn.
All the conventional currencies are centralized, which means they are controlled by a central bank. For example, UAE Dirham is issued by United Arab Emirates Central Bank. Whereas Bitcoin is decentralized, meaning there is no central bank, country or government managing it. That means it is not susceptible to government or any central bank mismanagement.
Let us discuss some Pros and Cons of Bitcoin, before finally jumping onto the topic “Bitcoin in UAE“.
Pros of Bitcoin
- Easy to send money – Money can be sent or received instantly over the internet without having to go through any bank intermediary. Hence no bank charges involved.
- Limited supply – There is a maximum limit to Bitcoin that can ever be mined. This limits the amount of bitcoin that can ever be produced. This is different from traditional currencies which are printed as required by governments. This limited supply is the reason that helped to contribute to the rise in the price of Bitcoin.
- Private – some people think Bitcoin transaction is anonymous, but actually, it’s more private. The transaction made can be seen on the blockchain – the public Bitcoin ledger. But the name and identifying details of the transaction cannot be seen. Most people like this kind of private transactions.
- No transaction fees – Unlike all the bank cards VISA or MASTERCARD, a merchant accepting Bitcoin does not have to pay any hefty fees.
Cons of Bitcoin
- Risky and sharp price fluctuation – Bitcoin has shown a steady rise for several months, then falling 20 -40% over few days. Bitcoin trading goes on all seven days a week and 24 hours a day, and the price keeps fluctuating. Sometimes a small global news can send the price tumbling down.
- So, it’s basically not stable as there are a lot of unknown factors that may affect the price abruptly. The important rule here is “Don’t put any money into Bitcoin which you can’t afford to lose.”
- Bitcoin transactions are not reversible – Unlike a payment made by credit card, Bitcoin transactions are not reversible. So if you send Bitcoin to the wrong person, you can not retrieve it back.
- Lost wallet – There are lots of stories from people who have lost their Bitcoin wallet address through computer crash, virus-infected computer and stolen computer, thus losing all their money in Bitcoin wallet.
For the above-discussed reasons, you really have to know what you’re doing and take the time to research how to buy and store your Bitcoins properly. Always keep a hard copy of your wallet address in a safe place.
Now, you are better informed about Bitcoin and other Cryptocurrencies and can take a decision on investing on Bitcoin in UAE.
Sign up to trade Bitcoin – IQ Option
Bitcoin trading in UAE with IQ Option
If you have gone through the above discussion, you might have realized that there are high risks involved while trading or investing on Bitcoin in UAE. There are many ways to invest in Bitcoin in Dubai, UAE.
Bitcoin trading in UAE
In order to invest in Bitcoin, the investor has to understand the Bitcoin Wallet, the type of Wallets etc. It is important to maintain your Wallet securely on your computer. Open your account for a Bitcoin Wallet. Buy Bitcoins and store them in your wallet. You have to wait for the price appreciation to get profit.
Alternately, the traders can open an account with IQ Option to start trading Bitcoin. There are a number of technical indicators available on the trading platform to help you take a better decision and increase your potential profit. IQ Option provides most competitive spread in the industry while trading Bitcoin. Start trading Bitcoin and other Cryptocurrencies with IQ Option with the simple account opening process.
- Sign up with IQ Option for Free Demo trading account.
- Start trading Bitcoin in UAE in a Demo account with $1000 virtual money for practice.
- Make a deposit to your account and start trading Bitcoin and other assets under one account.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK.
|General Risk Warning:
The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.