Being a cryptocurrency writer, I am always inclined to the latest updates in the industry.
And I feel like a crypto fever has struck the UAE.
Why do I feel so?
Well, here is what the Bitbns website says: they have enabled trading on the platform using AED (United Arab Emirates Dirham).
Now money just doesn’t attract money but also cryptomoney. Because everyone in the UAE can now buy and sell cryptocurrencies on Bitbns exchange.
How Can I Trade Using AED?
Can I buy cryptocurrency just by giving Bitbns my AED?
Well, the answer is a little complicated. There is more to it than what meets the eye. Bitbns currently supports only the USDT P2P method for deposit and withdrawal.
USDT P2P? Urgh! Now what is that ?
In the most simplest way, USDT P2P is a method where you first buy USDT using your AED and then you buy the cryptocurrency you like. Maybe Bitcoin, Ripple, Ethereum, or anything.
Interesting. Isn’t it?
As we have now understood the trading mechanism involved, let us concentrate on the requirement of trading on Bitbns exchange.
Bitbns Trading Requirement:
The article states this:
For depositing and trading, you don’t have to verify your KYC.
But for making withdrawals, KYC verification is mandatory. Which seems perfectly fine these days (every exchange does this).
Should we go further?
I heavily researched on Bitbns entering the UAE for all my curious readers.
So chop chop! Let’s find out more.
Why Is Bitbns Entering The UAE?
Bitbns recently established a partnership with OKEx — one of the largest cryptocurrency exchange in the world.
Gaurav Dahake, Bitbns CEO explained in an interview in July, 2019 about his plans to enter the UAE market. With OKEx as a partner, Bitbns is only going to expand to other countries.
Let us also see what the traders get?
What Are The Benefits?
- The company has rolled out a little contest. On tagging your UAE based friends in the twitter post, the company will give away Flipkart vouchers to its 5 lucky winners. (Details).
- Every tagged user who will sign up gets a discount of 2000 AED on the trading fees.
- Bitbns has also launched a bounty reward campaign which is active till 9th September, 2019 (Details)
- UAE-based trader will now have access to bracket order, margin trading, stop-limit order and more options. Know more about them in the official post here.
With all these key points, Bitbns appears unstoppable. It plans to smash its previous records and be a leader in the cryptocurrency space.
Now the question is: what next? We will let you know.
Meanwhile, you can share your views in the comment section below.