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Featured Ripple Broker: XTB
XTB is a low-cost cryptocurrency broker worldwide offering CFDs for Bitcoin, Dash, Litecoin, Ethereum, Ripple, Stellar and more in the UAE. XTB offers customer support 24 hours a day, 7 days a week, security and high liquidity. Open an XTB account today.
Cryptocurrencies have exploded in popularity all over the world, including in the Middle East.
The blockchain payment system has revolutionized the concept of money, and many other people will inevitably start investing in cryptocurrencies and / or actively trading them.
The United Arab Emirates (UAE) is one of the fastest growing markets for cryptocurrencies in the Middle East. Plans to settle cryptocurrencies and the first offers of coins (ICO) by the UAE Securities and Commodities Authority will begin in the first quarter of 2019. Many international and semi-international exchanges currently accept clients from the UAE.
Buying Ripple's XRP cryptocurrency in the UAE is easy, but what matters most is the selected broker or exchange. The first step is to open an account in an exchange that offers XRP. You must also have a cryptographic wallet specifically for XRP or multiple currencies including XRP to receive and store your cryptocurrency.
Bitcoin continues to govern the market like the best cryptocurrency because of its popularity, liquidity and fungible nature. Nevertheless, the interest in the Ripple and XRP remittance network has made it second largest cryptocurrency with a market capitalization of $ 14.7 billion compared to Bitcoin's current market capitalization of $ 68.3 billion. In addition, Ripple recently opened an office in the United Arab Emirates in Dubai, which will only increase interest in cryptocurrencies in the UAE.
Overview: Ripple purchase in the United Arab Emirates
The purchase of XRP in the United Arab Emirates entails access to a cryptocurrency exchange that allows UAE citizens to register and offer the XRP currency. Several local cryptocurrency exchanges currently allow UAE traders to trade in a number of digital currencies.
Due to a number of cryptographic exchanges and digital currencies they currently base their operations in the UAE the low rate of taxation, regulatory support environment and political stability there. The Emirates that deal with XRP can use these exchanges or they can choose among the numerous international stock exchanges that accept accounts from people based in the Emirates.
Also includes the purchase of Ripple XRP get a wallet to withdraw your XRP and keep it after acquiring the cryptocurrency from an exchange. In the steps to purchase XRP listed below, you will find a partial list of exchanges, both local and international, in which Emiratis may purchase XRP, as well as a selection of different types of cryptographic portfolios used to store your XRP after purchase. .
Another option for XRP trading involves speculating on the movements of the cryptocurrency using contracts for difference (CFD). This requires open an account with an online broker, for example XTB and does not require a wallet or exchange account. Keep in mind that in reality you never own the cryptocurrency negotiated through an online broker and therefore you can not use it to pay for goods or services.
Step 1: Open an account for a cryptocurrency exchange
To buy XRPs in the Emirates, the first agenda is to find a suitable cryptocurrency exchange. As mentioned above, several exchanges of cryptocurrencies base their operations in the UAE. Below you will find a partial list of cryptocurrency exchanges based in the United Arab Emirates and internationally offering XRP and accepting accounts from Emirates.
XTB
Finally, if you want to avoid the expenses of a wallet and simply exchanges CFD on XRP without taking possession of the cryptocurrency, you can open an account with an online broker like XTB. You can exchange cryptocurrency with XYB's xStation 5 platform and even trade on the ever popular MetaTrader4 platform.
BitOasis
Founded in 2015 and based in Dubai, BitOasis it is one of the largest cryptocurrency exchanges in the Middle East. Supported currencies include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Cash SV (BSV), Ripple (XRP), Litecoin (LTC), ZCash (ZEC), Monero (XMR), Ethereum Classic ( ETC) and Stellar (XLM).
The company requires a minimum deposit of 300 AEDs that you can make by bank transfer:
Palmex
Founded in 2018 and based in Dubai, Palmex it is one of the last exchanges in the Middle East. Offers trading in a variety of altcoins against several other cryptocurrencies, including DubaiCoin (DBIX), Bitcoin (BTC), Ethereum (ETC) and Ripple (XRP). The platform boasts the highest security standards and minimum trading fees. The company does not accept the fiat currency for the deposit, so you need to open an account with bitcoin or other accepted cryptocurrency.
BC Bitcoin
A cryptocurrency exchange based in the United Kingdom that accepts customers from the Emirates, BC Bitcoin it focuses on fast deposits and withdrawals and offers excellent customer service. Supported currencies include Bitcoin (BTC), Ethereum (ETC), Ripple (XRP), Litecoin (LTC) and Monero (XRM), among others.
A minimum deposit of £ 500 is required and can be made by SEPA bank transfer or bank transfer. Potential customers are charged a deposit fee of $ 10, € 10 or £ 10, depending on the currency of the deposit.
Bitfinex
Taipei-based Bitfinex allows trading in a number of cryptocurrencies and supports a number of professional trading functions, such as margin trading. The currencies supported include Bitcoin (BTC), Ethereum (ETC), Ripple (XRP), Litecoin (LTC) and Monero (XRM) just to name a few.
Customers make deposits and withdrawals via bank transfers.
Changelly
A so-called "instantaneous" international cryptocurrency exchange, Changelly allows its customers to purchase Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP) and Ethereum (ETH) with USD or EUR. According to the website, it provides the best crypto-encrypted exchange rates in the business. The company's trading algorithm integrates with the largest cryptocurrency exchange platforms, including Bittrex, Binance and Poloniex, among others.
Deposits are debited with a 5% Simplex card processing fee with a minimum of $ 10 and can be made with a Visa or Mastercard credit card. Below is a screenshot of Changelly's home page:
CEX.IO
CEX.io accepts customers from all over the world, including the Emirates. In addition to supporting cryptocurrency trading, this exchange allows customers to also exchange nine pairs of forex currencies. The company accepts Crypto Capital, Visa / Mastercard, SEPA transfers and bank transfers for the financing of cryptocurrency purchases.
The company charges an instant trade commission of 7% and a commission of 3.5% + $ 0.25 for credit card transactions.
Step 2: Get a Cryptocurrency portfolio
To exchange XRP and have full control over your transactions, you must first withdraw your XRP from the exchange or from another source to a private individual cryptographic portfolio. Portfolios are available in several forms that allow you to notify the cryptographic network that you want to send and receive transactions.
You can install a wallet on your home desktop, laptop or tablet, as well as an Android or iOS smartphone. You can also use a web-based portfolio that does not require a download and allows you to access your cryptocurrencies anywhere with an Internet connection.
If you trade XRP, you must get a multi-currency or a specific portfolio for Ripple.
In addition to the above portfolios, you can opt for a hardware portfolio, which consists of a peripheral device that connects to a computer like a USB memory stick. This type of wallet offers greater security. The popular portfolios commonly used to exchange XRPs in the UAE are:
Ledger Nano S
One of the most popular hardware wallets available, Ledger Nano S supports more than 40 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). Built around a chip similar to those used in passports and credit cards, the Ledger Nano S wallet protects your assets via a PIN.
Toast
This cross-platform open source XRP portfolio works on Windows, Mac and Linux desktop and tablet computers. A mobile version is available for iOS and Android. Because of its open source nature, StarStone Limited distributes in New Zealand Toast free.
Atomic
The universal multi-asset Atomic the desktop wallet allows you to purchase XRP with USD or EUR using your credit card. In addition to XRP, the portfolio supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and over 300 other coins and tokens that use a single interface. Transactions carry a limit of $ 20,000 per transaction.
Bitfi
A completely wireless hardware portfolio, the Bitfi wallet is provided in a device similar to a smartphone and supports an unlimited number of cryptocurrencies and cryptographic resources. The portfolio offers total protection from online and offline security threats and allows you to manage all your cryptocurrencies on a single dashboard.
Step 3. Collect your XRP in your wallet
Once you purchase your XRP on an exchange, you can withdraw the currency on your XRP or multi-currency portfolio.
You may not want to leave the XRP currency in the exchange where it was purchased because you do not have control of your private keys when you store coins in a bag.
Most experts recommend that you store your XRP in a wallet with your private key. After withdrawing your currency from the bag to your wallet, you have successfully purchased XRP. Furthermore, Ripple requires a Reserve fee of 20 units to keep XRP in a personal portfolio.
Final thoughts
Your selection of an exchange or broker can make a big difference when dealing with cryptocurrencies. You decide if you want to exchange XRP in an online brokerage account or if you want to take possession of the currency. This will determine if you should get a wallet and acquire the currency or open an online trading account with a broker.
In any case, make sure you have some knowledge of it how to exchange cryptocurrency before starting. If you choose to go through an exchange, you can use one based in the UAE that supports XRP or open an account in an international exchange.
Emirati-based cryptanalysts can leverage XTB's sophisticated xStation 5 platform and can also use MetaQuotes MetaTrader4 for transaction and market analysis.
