This guide will explain step by step how to buy bitcoins in Arab countries and you will find in it everything you need to know about this exciting topic. We will also discuss the brokers you can use to buy bitcoins, what is the cryptocurrency investment mechanism in general, and finally the steps required to start the buying process today.
How to Buy Bitcoins in Arab Countries Today: A Step-by-Step Guide
Do you want to buy bitcoins in Arab countries now but don't know where to start? If you are looking to buy bitcoins, follow the instructions below that explain step by step how to do it.
1. Open a brokerage account with FXVC
The first step you need to do is visit the FXVC website and open an account. The process will only take a few minutes during which you will need to provide some personal information.
The required information includes your full name, email address, and a password of your choice. You will be directed to the Proof of Identity window.
2. Identity verification
Here you will have to prove your identity by sending some documents:
- Official identification: passport, national identification or driver's license.
- Proof of address: bank statement or utility bill.
3. Download the FXVC application
Although this step is not required, there are many benefits to downloading the FXVC application. The application allows you to buy and sell bitcoins from anywhere, as long as you have an Internet connection. You can download the app for free from the Apple Store or Android.
3. Deposit money
You can go ahead and deposit the money. It should be noted that the minimum deposit is 250 USD, which you can deposit using credit / debit cards or bank transfer and also by using an electronic wallet of your choice.
4. Start trading bitcoins
After you have configured FXVC and made your deposit, and after all the steps mentioned above have been taken. You will now be able to trade Bitcoin. Search for the term "Bitcoin" and then it will show you a curve of the evolution of its value in recent months, as well as the price and other information. All you have to do is click on the deposit button as shown below to have invested in Bitcoin.
What is Bitcoin?
The digital currency Bitcoin is one of the non-traditional asset classes, which is experiencing a lot of daily speculation. Despite this, many in the Arab country still do not understand the nature of Bitcoin's work. For this reason, it is important that you first get some basic knowledge about what Bitcoin is before you start making any investment.
- Bitcoin in its simplest definition is a digital currency that was first born in 2009.
- The creation of this cryptocurrency and the technology behind it is attributed to an unknown developer under the pseudonym Satoshi Nakamoto.
- The main concept of cryptocurrency is that it is not owned or controlled by any person, organization, government, or even central banks.
- Rather, it is a decentralized currency.
Why do we buy bitcoins?
As mentioned above, the vast majority buy Bitcoin as an investment. Despite this, it should be noted that digital currencies in general and Bitcoin in particular are subject to strong fluctuations and their prices are experiencing ups and downs in the form of price jumps throughout the day.
Despite these risks and the importance of being aware of them, there are still a few reasons why you might consider buying Bitcoin in Arab countries now.
Note: Although you can easily buy bitcoins in dirhams from Arab countries, the prices of cryptocurrencies in US dollars are generally discussed.
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