First Abu Dhabi Bank (FAB), based in Abu Dhabi, is the largest bank in the United Arab Emirates. The bank was formed in 2017 by the merger of First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD), and it provides a wide range of banking services, including personal, corporate, commercial, and investment banking.
The First Abu Dhabi Bank Cryptocurrency Policy
First Abu Dhabi is a crypto-friendly bank with no regulations banning its customers from purchasing and selling Bitcoin or any other cryptocurrency via licensed and regulated trading platforms. As a result, First Abu Dhabi crypto users can link and transfer cash to a licensed crypto exchange to purchase digital assets.
Is it possible to buy cryptocurrency with First Abu Dhabi Bank?
You can purchase cryptocurrencies through First Abu Dhabi Bank, but you must first connect to a licensed cryptocurrency exchange. As previously stated, this is because First Abu Dhabi does not provide Bitcoin services directly through its online banking platform.
How to buy cryptocurrency with First Abu Dhabi Bank?
The best way to buy Bitcoin or any other cryptocurrency with FAB is through an Abu Dhabi Global Markets (ADGM)-regulated broker like eToro, which is a widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features like “Copy Trading” (which allows users to mimic top-performing crypto traders), a staking service, a custom watchlist, as well as advanced charts and technical analysis tools.
Step-by-Step Guide to Buying Crypto with First Abu Dhabi Bank Online Banking
You can quickly register for a crypto account, complete the appropriate identification procedures, and link your bank accounts to begin trading cryptocurrencies by following a few simple steps. With four simple actions, you can get started in minutes:
Step 1: Open an eToro account and complete your verification (personal or corporate).
Step 2: Enter the amount of AED you wish to deposit on the eToro platform.
Step 3: Log in to your FAB online account and deposit your chosen fiat currency.
Step 4: Finally, find the cryptocurrency you wish to buy and perform your trade.
How to Buy Cryptocurrency Safely?
While cryptocurrency can be a rewarding investment with extremely high returns, its unpredictable nature makes it far riskier than equities. Indeed, many people have been put off investing in digital assets due to the huge number of frauds and cybercrime that target both naïve and seasoned investors.
Fortunately, licensed crypto brokers in the UAE are expected to adhere to UAE anti-money laundering, anti-terrorism funding, cybersecurity, and data protection legislation, as well as establish technology platforms that give real-time ownership and trade information.
Finally, to ensure you’re being cautious while getting started with digital assets, incorporate the following best practice principles into your investing strategy:
Analyze the coin you want to purchase: Make certain you understand how it works and the risks involved.
Use only a secure device: Stay away from public computers and Wi-Fi networks. Always use a VPN on your personal computer to help establish a secure connection between you and the internet, keeping your critical information safe.
Select a reliable exchange: Check that the exchange is licensed by your country’s competent agencies and has a strong track record. Examine the user terms and agreements of the exchange carefully to discover more about where your money is held and what happens to your savings if the company goes bankrupt. You could also go through user reviews to look for any red flags.
Protect your account: To protect your account, use two-factor authentication and a strong password.
Make use of a secure wallet: To keep your cryptocurrency safe from hackers, keep it in a secure wallet. You can choose between a hot (online) and a cold (offline) wallet. Check out our in-depth information on crypto wallets to find the best one for you.
Don’t put money into investments that you can’t afford to lose: Because the cryptocurrency market may be so volatile, you need to be cautious with your investments, especially when first starting. Check out our investment mistakes to avoid a guide for additional financial advice.
Keep an eye on the Market: Keep a close eye on the market and be aware of any changes in the price of the cryptocurrency in which you are investing.
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