Users often keep bitcoin in their digital wallets, however there may come a point when you need to sell your bitcoin and turn your BTC into cash. You can accomplish this in a few different ways, whether you’re in Dubai or somewhere else. Therefore, this article will guide you about how to sell bitcoin in Dubai!
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What are the different ways to sell Bitcoin in Dubai?
In Dubai, you can sell bitcoin in a number of methods, including:
- Exchanges for cryptocurrencies: Popular sites where you can sell Bitcoin in Dubai include BitOasis, CEX.IO, and Binance. You must register, confirm your identity, then add Bitcoin to the exchange wallet. You can place a sell order after you have money in your account and get paid using your local currency or another accepted payment method.
- Peer-to-peer (P2P) platforms: P2P services like LocalBitcoins and Paxful let users trade bitcoin with other users in Dubai in an unmediated manner. You can look through the list of offers, pick a buyer who will pay what you want to be paid, and finish the deal using the pre-agreed payment method.
- Bitcoin ATMs: Some sites in Dubai have bitcoin ATMs where you may exchange bitcoin for cash. To sell your Bitcoin, find a Bitcoin ATM nearby, enter the address of your wallet, and then follow the on-screen directions. It is crucial to remember that compared to other ways, Bitcoin ATM costs could be greater.
- Over the counter (OTC) trading: OTC trading is the act of buying and selling Bitcoin without the use of an exchange, directly with a counterparty. OTC trading typically involves institutional investors or large volume traders and may have a minimum transaction size. To investigate this possibility, it is advised to speak with an OTC broker or trading desk that is based in Dubai.
How to sell Bitcoin in Dubai using a Crypto Exchange?
- The procedure to sell Bitcoin in Dubai is the same as it would be elsewhere. The general procedures are as follows:
- Select a cryptocurrency exchange: You can sell your Bitcoin at one of the many cryptocurrency exchanges in Dubai. Among the well-known ones are BitOasis, Binance, and CEX.IO.
- Create an account: After selecting an exchange, you must do so by inputting your personal data and finishing the verification process.
- You must have money in your exchange account in order to sell Bitcoin. Bank transfers, credit/debit cards, and other payment methods accepted by the exchange can all be used to contribute money.
- Once you have money in your exchange account, you can sell your Bitcoin.
- Money withdrawal: After your sell order is carried out, money will show up in your exchange account. These funds can be withdrawn to your bank account or another exchange-accepted payment method.
How to sell USDT in Dubai?
The following steps can be used to sell USDT (Tether) in Dubai:
- In Dubai, look for a cryptocurrency exchange that accepts USDT. Find a trustworthy Dubai-based cryptocurrency exchange that allows USDT trading. Among the most well-liked choices are BitOasis, CoinMENA, and Rain.
- Create an account by submitting the required personal information and identification documents, such as a passport or national ID card, after you have located an exchange.
- Transfer USDT to the exchange: After making an account, send USDT to the wallet of the exchange. You can either buy USDT on the exchange or send it directly from your personal wallet to accomplish this.
- Place in a sell order: Once your USDT has arrived in your exchange account, submit a sell order for the desired selling amount. When making a sale, you have the option of setting a price or going with the current price.
- Withdraw the money: After selling your USDT, you can transfer the profits to a bank account or another preferred payment system.
It is crucial to be aware that country-specific cryptocurrency legislation may change over time. When selling USDT in Dubai, make sure to abide by all applicable laws and regulations.
Conclusion
Transactions with cryptocurrencies are inherently dangerous. Fraud is always a possibility, and cryptocurrency prices may fluctuate. Before engaging in any bitcoin transaction, be sure you are aware of the hazards involved.
It can be a terrific method to get rid of extra Bitcoin to sell it in Dubai, but it’s necessary to be aware of the risks.
Always utilize a trustworthy exchange when selling Bitcoin.
In Dubai, there are numerous exchanges where you may trade Bitcoin. But not every one of these interactions is the same. Before using any exchange, make sure to do some research about it. This will make it more likely that you will receive the highest price for your Bitcoin and that you may sell it in a secure and safe manner.
How to sell Ethereum in Dubai?
To sell Ethereum in Dubai, you need to follow the same steps as mentioned above for selling USDT. Instead of USDT transfer Ethereum.
Is selling bitcoin at OTC secure?
When selling Bitcoin over the counter (OTC), it is possible to ensure its security as long as the source is credible and well-trusted. OTC providers are often businesses or people who help buyers and sellers of big amounts of Bitcoin conduct their business outside of conventional cryptocurrency exchanges.
What is the price of selling Bitcoin in Dubai?
Depending on the site you use and the amount you sell, the price of selling Bitcoin in Dubai fluctuates. Platform fees typically range from 1 to 2 percent of the transaction value.
