USDT is the most popular cryptocurrency in the Middle East. This is due to the importance of the digital dollar in the daily lives of Middle Easterners. Today we will talk about the best ways to buy USDT in the UAE in 2024. Let's learn more about how to buy this currency in the UAE, the headquarters of most crypto companies.
In this article
Why is USDT important in the UAE?
For you as a trader
How to buy USDT in UAE in 2024?
How to buy USDT on the free market?
Best Platforms for P2P Marketplace
Buy USDT in UAE via Bank Card
Binance platform
Why is USDT important in the UAE?
It is well known that the UAE seeks to be the world’s first digitization and encryption hub. For this reason, it was one of the first countries to legalize crypto and create its own legislation. A law was also issued to approve employee salaries in crypto in the UAE. This means that crypto today plays a very important role in the UAE’s economy. Consequently, this places a very heavy burden on stablecoins. As these currencies are the primary method by which all large and important financial settlements are made in the crypto world. These currencies do not fluctuate in price and are always stable at all times. This is why traders, users, and major investors prefer them over Bitcoin and Ethereum as payment options.
So if you want to invest in a financial asset that is increasing in price, you will not buy USDT in the UAE. But you might buy Bitcoin because its price always increases in the long run. But if you want to pay someone a certain amount or make a certain financial settlement, it is better for you to do this through stablecoins. This is because they always maintain their price value against the dollar. One US dollar is always equal to 1 USDT. This makes USDT a very excellent currency for payment and settlement of various financial transactions.
For you as a trader
As for individual traders and crypto users in general, they can benefit from buying USDT in the UAE as well. This is because it is the best way to buy crypto easily and conveniently. USDT is an encrypted version of the dollar that lives on the blockchain and has the value of a dollar. So what you do when you buy is convert your US dollars into USDT.
Also if you want to send money from the UAE to any country in the world, the best way to do this would be USDT. This is because within a few minutes you will be able to send this money to anywhere in the world with low fees and even on holidays and vacations.
How to buy USDT in UAE in 2024?
In order to buy USDT in the UAE in 2024, there are two ways:
Either through a centralized platform of the P2P free market
Or via a bank card, whether debit or credit
Note that both methods will be centralized. This is due to laws and regulations. Theoretically, you can buy USDT from someone directly if you hand them the dirhams in cash in their hands and they transfer the coins to your wallet instantly. However, we never recommend dealing in this way except with family and individuals only. The crypto world is full of risks and it would be very risky to do this transaction with a stranger.
So the available methods are to buy USDT through a centralized platform or through the open market, which we will talk about more. The other method is through a bank transfer or a bank card. Even if you want to buy USDT from decentralized platforms, you will need to buy via a bank card as well. Or you may be a writer or freelancer and receive your wages in USDT on a hot wallet, and this is a way to get USDT on the blockchain.
How to buy USDT on the free market?
On centralized platforms like Binance and OKEx you will find a free market known as P2P or Peer to peer. This market is simply a way to buy USDT without going through a middleman or using a bank card. This is great if your bank card doesn’t support cryptocurrency exchanges. Note that you will need to create an account and then verify your identity on these platforms. You will also need a way to pay merchants with fiat currencies.
Best Platforms for P2P Marketplace
There are four very large platforms that are considered the best ever for buying USDT in the UAE via the P2P free market, and these platforms, in order, are:
Binance platform
OKX platform
Paybit platform
Kucoin platform
We always recommend Binance over other platforms in the Middle East because of its wide popularity in this region. For example, in Europe, we recommend KuCoin because Binance is not available. Binance will always provide you with the best prices for buying even through the free market. You will find the best and largest sellers and merchants on the platform, licensed and operating legally. You will be able to buy through them with the utmost ease, instantaneously and with the lowest fees. As for OKX, it is considered the best alternative to Binance in case you cannot use Binance for any reason. Although the remaining platforms are large and reliable, we do not recommend them over Binance and OKX. But they are good alternatives that exist and are available if you need them.
Buy USDT in UAE via Bank Card
Another way to buy USDT in the UAE is via a bank card. Note that in both cases, whether duty free or bank card, you will need to go through KYC procedures as we mentioned. In order to use any of the trusted centralized platforms in the UAE, you will always need to prove your identity on the platform.
Also make sure that your bank accepts crypto exchanges. Sometimes you will find that exchanges like Binance and OKEx allow you to buy through a third party through the exchange. Here you will need to create an account on the third party exchange like Paymonade and then buy and you will receive the coins in your account on the central exchange.
You may be able to transfer funds directly through your bank via wire transfer, but this method is not instantaneous and the funds may take several days to reach your account. Also, this method is not available all the time due to the different laws around this, so it may become available in the future.
We have previously talked about the steps required to buy USDT with a credit card more than once. These steps do not differ from one platform to another, only the payment method or third party may differ, but they are usually the same steps.
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