Summary: Emirates Islamic Bank doesn’t offer investors the chance to buy cryptocurrencies on its own platform. However, its customers can use their bank accounts to connect to a crypto broker to purchase digital assets like Bitcoin (BTC) and Ethereum (ETH).
In short, to buy Bitcoin and other cryptos with Emirates Islamic, investors in the United Arab Emirates will need to sign up with a crypto-friendly exchange and deposit United Arab Emirates Dirham (AED) from their bank account. For this, we recommend going through a multi-asset investment platform, eToro. After testing over ten other trading platforms, we concluded it to be the top choice for Emirates Islamic Bank customers, as eToro offers low trading fees and has a wide selection of cryptocurrencies.
Best Crypto Exchange for Intermediate Traders and Investors
-
Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.
-
0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
Can you buy crypto with Emirates Islamic Bank?
You can buy crypto with Emirates Islamic Bank, but you need to connect to a licensed cryptocurrency exchange. As mentioned above, this is because Emirates Islamic does not offer cryptocurrency services directly through its online banking platform.
How to buy crypto with Emirates Islamic Bank?
The best way to buy Bitcoin (BTC) or any other cryptocurrency with Emirates Islamic Bank is through a broker like eToro, which is a widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features such as Copy Trading (enables users to imitate top-performing crypto traders), a custom watchlist, as well as advanced charts and technical analysis tools.
How to buy crypto with Emirates Islamic Bank online banking: Step-by-Step
You can get started in minutes with four simple steps:
- Step 1: Create an account on eToro and complete your verification (personal or company);
- Step 2: Enter the AED amount you want to deposit on the eToro platform;
- Step 3: Connect your Emirates Islamic online account to deposit your selected fiat currency;
- Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.
Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Best Crypto Exchange for Intermediate Traders and Investors
-
Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.
-
0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
About Emirates Islamic Bank
Emirates Islamic is an Islamic bank headquartered in Dubai, United Arab Emirates. Founded in 2004, it delivers banking services in line with Sharia principles.
Services offered by Emirates Islamic include:
- Personal banking: Checking and savings accounts, credit cards, loans;
- Business banking: Business banking accounts and cards.
Emirates Islamic Bank crypto policy
Emirates Islamic has no policies prohibiting its users from buying and selling cryptocurrencies through licensed and regulated trading platforms.
To conclude, the bank hasn’t launched any official policies or press releases about its rules on transferring funds to crypto exchanges or online brokers. Therefore, Emirates Islamic Bank crypto users are free to use their bank accounts to link to investing platforms that offer digital currencies, like eToro. Check the Emirates Islamic Bank website for any up-to-date fees for using your Emirates Islamic banking account to buy crypto.
How to buy crypto safely
As a relatively new asset class, cryptocurrencies remain affected by extreme price volatility, making them much riskier than traditional financial instruments such as stocks or bonds. In addition, fraud and cybercrime in the crypto sphere are particularly rampant, putting both seasoned and inexperienced investors at risk.
Tips for starting out with crypto
Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. Let’s look at a few tips on what you should do when getting started with digital assets and how to best protect yourself and your money:
- Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks are;
- Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
- Choose a reputable exchange: Ensure the exchange has a license from an appropriate regulator in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
- Secure your account: Use two-factor authentication and a strong password to protect your account;
- Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
- Don’t invest money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, take a look at our guide on investing mistakes to avoid;
- Monitor your investments: Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about how to buy crypto with Emirates Islamic Bank:
Is it legal to trade crypto in the UAE?
There are no prohibitions against the trading of crypto assets in the UAE. However, cryptocurrency exchanges must acquire a license from the Abu Dhabi Global Markets (ADGM) to operate legally.
How to buy crypto with Emirates Islamic Bank?
You can buy crypto with Emirates Islamic Bank by depositing AED to a licensed third-party trading platform that offers cryptocurrencies.
Can you buy crypto with Emirates Islamic Bank?
While Emirates Islamic Bank doesn’t offer crypto trading directly through its own platform, customers can connect their Emirates Islamic accounts to a regulated cryptocurrency exchange to buy digital assets.
Can you buy Bitcoin with Emirates Islamic Bank?
Yes, Emirates Islamic Bank crypto users can use their banking accounts to buy Bitcoin by connecting to a regulated cryptocurrency exchange. However, Emirates Islamic Bank doesn’t offer crypto trading directly through its platform.
What is Emirates Islamic Bank's crypto policy?
Emirates Islamic Bank has no policies prohibiting its users from buying and selling cryptocurrencies through licensed crypto exchanges.
What crypto exchanges does Emirates Islamic Bank allow?
Customers can deposit funds from their Emirates Islamic accounts to crypto brokers like eToro.
Best Crypto Exchange for Intermediate Traders and Investors
-
Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.
-
0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
